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, 14 new build apartments and the refurbishment of the upper parts of 128 Worplesdon Road into 2 apartments.
Alongside the development of the site for J Sainsbury’s and Ladbrokes, BHP constructed the new build residential element totalling 14 units together with the comprehensive refurbishment of 2 apartments above the Ladbrokes.
Business Case
STRENGTHS
- Part income producing
- Existing consent for retail and residential
- No social housing content
OPPORTUNITIES
- To undertake a new development of residential without any social housing contribution
- To improve the internal layouts of the extant planning consent
WEAKNESSES
- Residential element could only be constructed in same phase as the retail
- Clearance of site included removal of redundant petrol tanks
- Utility capacity marginal
THREATS
- Successful implementation of the planning consent prior to its expiry
- Requirement to access neighbours’ gardens for the construction phase