Project: 12 Sherwood Street, 48 fully furnished Luxury apartments available to let, 24hr concierge
Client: Crown Estate
Date: September 2018
3-33 Caroline Street was owned and occupied by the Chartered Accountants and Business Advisers, Moore Stephens LLP who were using the premises for document storage, although these buildings had become surplus to requirements. The property comprises of four light industrial/storage buildings, providing a gross internal area of c. 30,000 sq ft. Located in close proximity to Limehouse DLR station, within 10 minutes travel time of both the City of London and Canary Wharf, there was clear development potential which was likely to generate a higher value than in its current use as storage.
Moore Stephens instructed JLL to dispose of their Freehold interest in the four properties and secure an unconditional sale at a price that could be proved to be the maximum achievable as part of an open marketing campaign.
- JLL undertook pre-sale planning due diligence in order to provide our client with a view on the likely achievable price based upon the development potential of the site.
- We ran an open marketing campaign, inviting offers from a wide number of competing developers in order to generate competitive tension and draw the best price out of interested parties.
- During the marketing campaign, we identified that a neighbouring planning application had been submitted that could impact on our client’s property. We submitted representations to the Local Planning Authority and the neighbouring developer made amendments and resubmitted their plans to remove the negative impacts on our client’s site.
- The property was sold to a private residential developer for c. £4.5m.