Challenge

Vail Williams was appointed by John Keil Limited, the owners of 127-131 Great Suffolk Street in the heart of Borough & Bankside in London.

We were appointed to provide development consultancy in relation to the building, which was multi-let as offices and workshops. This included redevelopment options, an existing use valuation and disposal advice which resulted in a sale above existing use value and a significant overage payment for our client.

How we helped

• The project was approached in phases, initially with a high-level planning assessment to inform value potential. The building also had a complex history and parts had ‘architectural merit’.
• The planning report set out policy and the options that were considered deliverable, covering heights, massing, uses and constraints.
• The site’s proximity to Central London meant Permitted Development Rights (PDR) to allow office uses to change to residential without the need for planning permission had been removed.
• We managed third party architectural input, so an optimum scheme could be prepared, and residual values assessed.
• This indicated that redevelopment would generate more that the existing investment or vacant possession value.
• Three options were assessed with detailed appraisals undertaken covering residential and commercial uses, with similar value outcomes.