Summary
Acquired from an off shore vendor, the property had an extant planning consent for the erection of a new retail unit of c. 3,000 sqft and 14 new build apartments.
The retail consent had an hours of use restriction and this had prevented its successful letting to a food operator.
J Sainsbury and Tesco had active requirements for the location and following a review of the hours of use on competing food outlets, it was felt an application to extend the hours of use restriction would be successful.
The site was acquired and terms were agreed with J Sainsbury’s on a subject to planning basis. In parallel, a planning application was submitted for minor variations along with a relaxation of the hours of use restriction. Planning was obtained by delegated powers and the new retail unit constructed for J Sainsbury’s, which was then disposed of by private treaty.
128 Worplesdon Road was refurbished and subsequently leased to Ladbrokes.
Business Case
STRENGTHS
- Known requirements form Tesco & J Sainsbury’s
- Busy primary route into Guildford
- Existing consent for retail and residential
OPPORTUNITIES
- To secure an established food retailer if the hours of use restrictions could be relaxed
- To undertake a new development of residential without any social housing contribution
WEAKNESSES
- Hours of use restriction in the existing planning consent
- Clearance of site included removal of redundant petrol tanks
- Utility capacity marginal
THREATS
- Planning risk in not securing the relaxation of the hours of use restriction
- Successful implementation of the planning consent prior to its expiry
- Requirement to access neighbours gardens for the construction phase