Summary
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.
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.
Business Case
STRENGTHS
- Pre let to Halifax underwrote the residential development
- Town centre position
OPPORTUNITIES
- To secure Halifax as a pre let
- To achieve increased massing through development of upper floors for residential
WEAKNESSES
- Development could have been frustrated by the occupational tenants of the site who had leases inside the LTA 1954
- Sittingbourne residential values were limited
THREATS
- Planning risk
- Securing vacant possession as the retail units were leased within the LTA 1954