Acquired off market from a private landowner, BHP unconditionally exchanged contracts to purchase the vacant property in a matter of days from becoming aware of the opportunity.
A Permitted Development Rights planning consent existed across the office asset but BHP was also aware of the programmed consultation and changes to the Local Plan and the ‘call for sites’ from Reigate & Banstead Borough Council. Following its acquisition, BHP approached RBBC and negotiated a Joint Venture to promote the subject asset alongside strategic land assembly culminating in a shared desire to promote and develop a new office park adjacent to Gatwick.
Unaffected by any plans for the second runway at Gatwick, Horley Business Park is an exciting opportunity to provide exemplar quality office accommodation in a heavily landscaped environment immediately adjacent to one of the most strategic transport hubs in the South of England.
BHP act as development manager having agreed a joint venture with the local planning authority, Reigate and Banstead Borough Council. A master planning and design team have been working on the site in preparation for the Examination in Public which took place in November 2018. The land allocation is anticipated in Q2 2019.
- Situated immediately adjacent to London Gatwick
- PDR consent existed at the time of acquisition
- Under developed site
- Business cases for either office or residential
- Imminent Local plan revisions already planned by the LPA
- Severe lack of available Grade A offices in the M23 corridor
- Largely vacant with the exception of a small cottage
- Immediate road access to London Gatwick convoluted through Horley
- Acoustic threat from Gatwick
- Planning risk
- Timeline of Local Plan changes not in direct control
- Void costs