Summary
BHP’s first purchase, the Directors still find great amusement in the knowledge that it remains Tudor Toone’s smallest ever fee invoice.
Unconditionally acquired from a disheartened Landlord, the purchase was easily underwritten by the inherent value of the residential content.
During the legal process, a sale was agreed in respect of the rear office building to BHP’s building contractor.
The upper parts of the retail units were refurbished and sold. Upon securing vacant possession of the existing retail units, they were redecorated and let to Subway and a local jeweller.
Once agreement was reached with a neighbouring apartment owner to permanently block up their window, planning consent was obtained to facilitate the pre let to William Hill and residential apartments above. These were constructed and disposed of by way of private treaty.
Business Case
STRENGTHS
- Prime pitch in the High Street
- Partially income producing
- Vacant site for redevelopment
OPPORTUNITIES
- To secure improved tenants and rents from the existing retail units
- To construct a shop upon the vacant site in the High Street
- To refurbish the upper parts of the retail for residential
- To sell the rear office premises
WEAKNESSES
- Leatherhead High Street demand was poor
- Development of the site beyond ground floor blighted by window in adjacent property
- Limited car parking
THREATS
- Limited demand for Leatherhead High Street retail
- Limited car parking may hinder the residential sales
- Full maximisation of the vacant site to include upper levels would be dependant on permanently blocking up a neighbour’s kitchen window