Montagu Evans acted as disposal agents for the sale of a subdivided retail warehouse unit and associated car park, on behalf of Columbia Threadneedle Investments.
The client faced numerous challenges including the emerging planning policy which created uncertainty as to the density achievable on the site. Numerous developers had already acquired development sites in the local area meaning there was a limited number of prospective purchasers.
Our solution was to assemble a professional design team, including planners and architects, to prepare a Pre-Application document. Montagu Evans then met with LB Southwark and received formal planning feedback. The residential-led redevelopment extending to 20 storeys and comprising approximately 250 units received positive planning feedback.
Montagu Evans then provided advice to aid the renegotiation of lease terms to create a length of unexpired income that would be attractive to the development market. A targeted marketing campaign was undertaken to select an unconditional purchaser. This campaign was supported by marketing material (brochure, website, dataroom), planning documents and technical surveys targeting a range of residential developers with known requirements in the immediate area.
The asset was sold for a competitive price above the book value of the asset.