Our development leads come from a variety of sources, but increasingly nowadays they stem from the good name we've established over the last 25 years. In March 2017 a solicitor contacted us asking if we could assist a client of his. The client had exchanged contract to sell a site by way of an option, but the buyer had failed to proceed. We quickly completed an appraisal of the property which appeared ideal for the development of a small apartment block.
We introduced a buyer to exchange an option on terms familiar to the seller, and secured a non-refundable deposit of 5% of the agreed price. The buyer retained our services to promote the site, we held a pre-application meeting with Croydon Council within a fortnight of exchange. Our full planning application for 8 flats, was made just four weeks later.
The application was approved under delegated powers inside the statutory period, which meant we'd delivered a full planning permission just 12 weeks after receiving the solicitor's first call!
Our buyer had intended to offset an Affordable Housing provision from a larger project elsewhere, but unfortunately that application didn't move quite as quickly. We therefore took the site to the market and promptly agreed terms at a healthy premium. Our client's option was assigned in just over a week!
Clearly there was a happy ending to the story, but had the ultimate seller engaged our services directly rather than asking us to introduce a buyer, he would have benefited from the full premium that our client enjoyed from the deal. We'd always prefer to act for the seller in any deal, after all, our role is to add value, so who better than on behalf of the seller?
PROJECT ADDRESS: 23-31 Dennett Road, Croydon, Surrey CR0 3JD
CLIENT: Private Developer
SALE PRICE: £1,250,000
