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.

Simultaneously agreeing an agreement to lease with Halifax with a purchase contract, BHP unconditionally acquired the properties.

In parallel, 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

  • Strong retail pitch
  • Pre let to Halifax

OPPORTUNITIES

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

WEAKNESSES

  • The retail was partially leased inside the LTA 1954
  • Whilst pre let to Halifax, VP and planning were required

Threats

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