Summary
Unconditionally acquired ‘off market’ from a former Battle of Britain fighter pilot, BHP was seeking to exploit the very attractive market dynamics of the Wimbledon office market.
BHP prepared a 2 storey freehold office scheme which complimented the existing building with a combination of refurbishment and new build. A scheme of 10 units was planned with party wall and rights of light studies undertaken to ensure compliance.
Approaches were made to neighbours with regards to improving the appearance of their units for future marketability of the completed development.
During the course of the planning application, an adjacent landowner made an approach to BHP and acquired the site for land assembly purposes.
Whilst more attractive returns were potentially available, BHP made the decision to consolidate their profit without any additional development/ market risk in what were increasingly uncertain times.
Business Case
STRENGTHS
- Very attractive supply demand dynamics
- Very close proximity to Wimbledon railway station
- Attractive town in South West London
- Very good local amenities for future occupiers
OPPORTUNITIES
- Ability to provide freehold office units
- Very limited competing stock
- Ability to provide product suitable for private pension scheme
WEAKNESSES
- Poor access to site off The Broadway for construction
- Existing buildings in a very poor condition
THREATS
- Planning risk
- Perceived risk from some ‘un-neighbourly uses’
- Way-leave agreements and rights of access restricted development
- Party wall / rights of light issues