70-74 High Street

Sittingbourne

Being aware, through its retail agency contacts, of the outstanding Halifax Bank requirement for Sittingbourne, BHP together with its agents sourced a site on the High Street comprising 3 dilapidated shops.

BHP secured detailed planning consent for the demolition of the dilapidated retail units along with the construction of the bank and 3 apartments above.

BHP undertook the construction and, upon completion, sold the Halifax at auction prior to disposing of the apartments by private treaty.

STRENGTHS

  • Pre let to Halifax underwrote the residential development
  • Town centre position

OPPORTUNITIES

  • To secure Halifax as a pre let
  • To achieve increased massing through development of upper floors for residential

WEAKNESSES

  • Development could have been frustrated by the occupational tenants of the site who had leases inside the LTA 1954
  • Sittingbourne residential values were limited

Threats

  • Planning risk
  • Securing vacant possession as the retail units were leased within the LTA 1954