Bridge House

Bridge Street
Horsham

Acquired in conjunction with Gorse Lane Properties, the property was purchased with a delayed completion.

During the period between exchange and completion, BHP successfully obtained a change of use consent to convert the offices to apartments.

During the strip out works, BHP negotiated the sale of the entire building to a Housing association in shell and core condition, thereby benefitting from the planning value improvements and securing an early exit.

STRENGTHS

  • Town centre location
  • Adjacent to the railway station
  • Regular floor plates

OPPORTUNITIES

  • To improve the asset value through a change of use to residential
  • Benefit from an improving housing market
  • Known Social housing requirements

WEAKNESSES

  • Acoustic issues resulting from proximity to the railway
  • Poor office demand in Horsham
  • Poor aesthetics

Threats

  • Planning risk
  • Poor office market if change of use application failed
  • Acoustic issue relating to the railway would affect pricing