Project: Whitechapel Central, Safestore site, Whitechapel, London E1
Client: London & Quadrant
London & Quadrant are London’s largest Registered Provider and fourth largest housebuilder by volume. JLL’s London Land team began working with them in 2010 in their search for large strategically located development sites, suitable for private housing-led development in order to provide development profits to subsidise the provision of affordable housing. The intention was also to build up a significant portfolio of Private Rented Sector (PRS) units from the sites.
- To source land and development opportunities of scale across Greater London, in this case a 4 acre industrial / self-storage facility in an up-and-coming area, suitable for a significant portion of PRS.
- Provide market intelligence and data in order to feed into the detailed financial analysis.
- To provide residential sales values and rates, letting values and rates, preferred unit mix and sizing, residential amenity content, parking, commercial values and ground rent incomes.
- To provide land value analysis and appraisals.
- Provide commercial and market advice on the content bid submissions.
- Advise on different acquisition routes – unconditional, conditional on planning, and hybrid approaches.
- Agree Heads of Terms and assist with contract negotiations.
- We provided our market input in a timely and accurate manner.
- We successfully went through three rounds of competitive bidding.
- Our client was selected as the preferred bidder in July 2013 and, after soil investigation studies were completed, we swiftly proceeded to a simultaneous exchange and completion with a short term leaseback to the vendor.
- Purchase price of £42 million.
- The proposed scheme consisted of a mixed use, residential-led offering.