Instructed in late 2017 by the Trust, Montagu Evans provide a Red Book valuation of surplus land at St. Ann’s Hospital in the London Borough of Haringey as part of the off market disposal to the Greater London Authority. The disposal was to be completed by the end of the financial year, in March 2018, providing the Trust with independent valuation advice in line with Estate Code to ensure best value had been achieved. The nature of the deal, a single land payment from one public sector body to another remains unique in the residential land market.
At the valuation date, the site benefitted from planning permission for the delivery of 470 new build and conversion units, including 14% affordable housing, across 17.89 acres (7.24Ha) of surplus land. Montagu Evans valued the permitted scheme at £53m, enabling the deal to complete. We understand that the Greater London Authority is revisiting the permitted residential density in an effort to increase the number of units delivered with the inclusion of 60% affordable housing which, again, is relatively unique situation in the current market on sites of this scale.