79-83 South End
South CroydonVIEW ALL OUR TRANSACTIONS
BHP assembled the two adjacent properties with a specific agenda of, once contractually secure, pre-letting them to Ladbrokes.
There was no planning risk given the existing A2 uses on both retail units.
Upon purchase, the properties were adapted to accommodate the Ladbrokes pre let along with refurbishment of the upper to residential.
The residential apartments were sold off by private treaty and following an initial hold of the retail element, BHP subsequently sold the Ladbrokes at auction.
- Known Ladbrokes requirement which remained unsatisfied
- Combined units would satisfy Ladbrokes
- Pre let subject to planning
- Pre let to Ladbrokes subject to planning
- Private buyers may pay a premium to acquire an asset not elected for VAT
- To refurbish the upper parts for residential
- Not a prime pitch
- Site assembly
- Letting to Ladbrokes prohibited the election for VAT
- VAT loss on refurbishment could increase if the HMRC altered rates
- Planning risk on not achieving A2