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Freehold Development Disposal

NEW ROAD & FIELDGATE STREET, WHITECHAPEL, LONDON E1


Client

Barts & the London Charity

Property

Uninterrupted block of ten buildings on a site of circa 0.6 acres

Project Summary

Strettons were appointed by Barts and the London Charity to advise on the disposal of a series of buildings in Whitechapel. Many of the buildings in the block were either semi-derelict and vacant or were under-performing investment properties let at low rents.

We were asked to provide development and valuation advice in accordance with Charities Act requirements with a view to advising on a potential disposal of the site. 

We coordinated the appointment of an architect and planning consultant to prepare capacity studies for a number of different conversion and redevelopment options. 

There were a number of issues highlighted with an anticipated comprehensive redevelopment of the plot. These included the conservation area status of the area, the helipad for the Royal London Hospital opposite and overlooking issues to the rear which restricted the height and density of any new build redevelopment. Further complications with existing commercial leases in place, some with rights of tenure, were also identified.  

A detailed development and valuation appraisal was provided with marketing recommendations to offer the site for sale by informal tender, seeking offers both unconditionally and subject to planning.

Due to the strength of offers for the various parts of the site contrasted to those received for a single site transaction, terms were agreed for a break-up of the block to a number of prospective purchasers, additionally including an adjacent restaurant investment owned by the client. 

In conjunction with the vendor’s solicitors, we carefully managed the sale process to ensure close co-ordination over the exchange and completion dates of the various contracts to minimise risks arising from this disposal strategy.

Our pro-active approach to the disposal ensured the combined price secured for the site considerably exceeded the client’s expectations and with the sale being concluded far more swiftly and reliably than if a subject to planning offer had been selected.

Mark Bolton

020 7614 0900
mark.bolton@strettons.co.uk