Acquired and asset managed as an office investment to improve the underlying asset valuation, during which time a planning application was made to convert the whole block from office to residential using Permitted Development Rights.
A further PDR application was made to allow flexibility when converting the different wings of the existing building.
A planning permission was also achieved to add a further storey consisting of two penthouse flats on the Deodar Road elevation after prolonged consultation with local neighbours.
- Excellent position in South West London
- Market dynamics very much in the Landlord’s favour
- Very low passing rents
- Opportunity to prove ERV through refurbishment of a unit immediately
- To convert to residential if the PDR expiry window is extended to 2019
- Opportunity to add to massing through additional floor on the units over-looking Wandsworth Park
- Low initial yield
- Inability to refurbish more than one unit immediately
- Without any massing additions, financial performance dependent on rent review settlements
- PDR window closing and may result in lesser tenant demand
- Planning risk in respect of proposed additional floors
- Void & construction risk in respect of additional floors