Pair of Entirely Commercial Buildings With Development Potential

The property comprised a pair of adjoining, entirely commercial unbroken freehold buildings, arranged over basement, ground, first and second floors, extending to approximately 5,300 sqft (492 sqm) GIA.

The buildings presented a clear opportunity for residential-led redevelopment through change of use and conversion. Further potential was evidenced by a recently lapsed planning consent for the addition of a new third floor, by way of a set-back mansard roof, together with rear extensions at ground, first and second floor levels. While the lapsed consent was for additional office accommodation, it provided a useful indication of the massing and development envelope previously considered acceptable.

Situated in the heart of Croydon, the property is surrounded by a wide range of national retailers and amenities. The town’s three principal railway stations – East, West and South Croydon – are all within approximately half a mile.

In this instance we acted on behalf of the purchaser, who acquired the vacant freehold interest on an entirely unconditional basis. Following receipt of the legal pack, contracts were exchanged within 14 working days, with the transaction subsequently completed off market.

The seller, a recently retired chartered surveyor, had owned the property for several decades and, prior to our involvement, had been subject to a number of unsuccessful attempts to sell the asset to other purchasers.

This marks our fourth transaction in the London Borough of Croydon within a four-month period. In the first of this sequence of Croydon transactions, we acted as sole agents for the vendor in the sale of a substantial parade of six buildings situated directly opposite this property. The two transactions were entirely independent, involving separate sellers and buyers.