Wright & Partners were approached by the owners to advise on how the value may be maximised of a newly acquired retail warehouse investment (80,000 sq ft plus car parking) with adjoining vacant land (approximately 1.5 acres), situated adjacent to the Surrey Quays shopping centre and within sight of Canary Wharf.
The key here was to determine the most suitable use in planning terms in order to maximise value. Wright & Partners were very familiar with the area and, equally importantly, the planning policy of the Local Authority, LB Southwark. The conclusion, after detailed discussions with the Planning Department, was that a substantial residential scheme was the preferred option on the site and, indeed, the most profitable.
The client was not a developer but Wright & Partners identified such a party as a suitable purchaser, assisted by supportive plans and planning material and the investment and adjoining development site were subsequently sold at a figure close to double the price paid by the client.
The vacant site was immediately developed as a residential scheme over several storeys and detailed planning consent for further residential development has now been achieved for the remainder of the site
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