Horley Business Park

HORLEY

Acquired off market from a private landowner, BHP unconditionally exchanged contracts to purchase the vacant property in a matter of days from becoming aware of the opportunity.

A Permitted Development Rights planning consent existed across the office asset but BHP was also aware of the programmed consultation and changes to the Local Plan and the ‘call for sites’ from Reigate & Banstead Borough Council. Following its acquisition, BHP approached RBBC and negotiated a Joint Venture to promote the subject asset alongside strategic land assembly culminating in a shared desire to promote and develop a new office park adjacent to Gatwick.

Unaffected by any plans for the second runway at Gatwick, Horley Business Park is an exciting opportunity to provide exemplar quality office accommodation in a heavily landscaped environment immediately adjacent to one of the most strategic transport hubs in the South of England.

STRENGTHS

  • Situated immediately adjacent to London Gatwick
  • PDR consent existed at the time of acquisition
  • Under developed site

OPPORTUNITIES

  • Business cases for either office or residential
  • Imminent Local plan revisions already planned by the LPA
  • Severe lack of available Grade A offices in the M23 corridor

WEAKNESSES

  • Largely vacant with the exception of a small cottage
  • Immediate road access to London Gatwick convoluted through Horley
  • Acoustic threat from Gatwick

Threats

  • Planning risk
  • Timeline of Local Plan changes not in direct control
  • Void costs