The sale of The Gables represented a truly unique opportunity in one of South London's most sought-after private estates. Occupying one of the largest plots at the head of the Cator Estate's most prestigious road, The Gables comprised more than 12,000 sqft GIA across 1.25 acres.
We acted as sole agents to the NHS South East London Clinical Commissioning Group (CCG), who in turn had let the subject property to a close care provider fulfilling a Government contract. With the contract coming to an end and the property no longer fit for purpose it was decided to dispose of the asset, and recycle the proceeds into other important health and social care projects.
Whilst the property was to be sold vacant and on an unconditional basis, a variety of factors made the process challenging. The first round of viewings were undertaken with patients still in residence, and the second during a national lockdown. Guardians frustrated the last viewings, but we succeeded in generating several unconditional offers ahead of the £5M guide. The legal process was further compromised by Estate covenants and a Department of Health restriction, but contracts were ultimately exchanged during the second lockdown. A lengthy completion period was agreed to enable our clients to procure vacant possession, and the matter completed in January 2022.
This property was the jewel in the CCG's crown, and we were proud to manage the sale on their behalf. We regularly act for a variety of public bodies, and would be happy to assist any others with asset management or disposal services.
PROJECT ADDRESS: The Gables, 2-4 Blackheath Park, Blackheath, London SE3 9RR
