BHP acquired Monson Road in December 2014 following a competitive bidding process. During the vendor’s marketing campaign, through BHP’s agency contacts, Cook was identified for the retail tenancy, an ‘off market’ requirement given their existing unit was only two doors away. An agreement to lease was simultaneously exchanged with the purchase contract.
In respect of the upper floors, BHP refined the PDR consent and undertook the refurbishment works to create seven warehouse style apartments all of which sold within 4 months of PC.
- Located in an improving retail pitch close to the main shopping area
- Vacant offices with existing PDR consent
- Improving housing market with further growth anticipated
- Outstanding dilapidations claim with former office tenant
- Opportunity to refine and improve existing PDR consent on upper floors
- Cook had expressed a desire to relocate to the premises
- Office specification beyond its useful economic life
- Poor building fabric and aesthetics
- Restrictive covenants in place preventing residential use
- Planning risk with respect to the envelope due to conservation area
- Uncertain construction costs due to poor building fabric
- No parking provision for the apartments