The Property
Arranged as a terrace of three properties, providing 5,500 sqft of commercial accommodation across the ground floor, and six over-sized flats across the upper parts. The site also benefits from full planning permission for a newly-built development over twelve storeys, comprising ground floor retail space plus forty seven apartments.
Prominently positioned in the heart of Bromley’s town centre, the property occupies a prime location midway along the High Street, adjacent to the main entrance of The Glades Shopping Centre and just a four minute walk (0.2 miles) from Bromley South Train Station.
Comprising a parade of three substantial mixed-use unbroken freehold buildings, the property also benefitted from full planning consent (granted at appeal and subsequently amended via a Section 73 approval for an additional stair core) for re-development into a newly-built 12 storey building, comprising 2,760 sqft of ground floor retail space and 47 self-contained apartments (3 x studios, 24 x one beds, & 20 x two beds), with 10 units to be delivered via shared ownership tenure.
The Transaction
We acted on behalf of a retained client in the acquisition of the freehold interest. Contracts were exchanged within four working days of receipt of the legal pack. Our client acquired the site with the intention of refurbishing and retaining the existing accommodation, rather than pursuing comprehensive re-development.
Following exchange of contracts, our client opted to dispose of the ground floor commercial units prior to completion of their acquisition. We acted again as sole agent in the disposal of all three commercial units on a virtual freehold basis (new 999 year leases). This sale exchanged and completed simultaneously with our clients completion of their freehold acquisition, requiring detailed transaction management to ensure both deals completed seamlessly. Both transactions were completed entirely off market.
Click here to see further details on the virtual freehold sale of the commercial units.
Location
