JLL Residential

Greycoat - Land Site Sales

Grey 109 Site Sales Case Study
Project: Sale of 33 Greycoat Street, London SW1
Client: Standard Life Investments
Date: Q4 2014

situation

JLL acted on behalf of Standard Life Investments on the sale of this vacant office building in Victoria.  Our client’s public sector tenant, in line with many other similar occupiers in Victoria, had decided to vacate the premises and JLL were instructed to advise on the options for delivering best value for Standard Life going forward.  The 22,000 sq ft building over basement, ground and four upper floors was located in an area benefitting from the effect of a number of nearby residential-led mixed-use development opportunities.  JLL identified the building’s residential redevelopment potential and instructed an architect to undertake a feasibility study to showcase the potential for the creation of a quality residential conversion.

brief

JLL were instructed by Standard Life Investments to dispose of their Freehold interest in the building and to secure best value from a sale in the swiftest possible timescale with a target to exchange contracts prior to the end of 2014.  

The client had a preference to secure a sale on an unconditional basis whilst also benefitting from securing a sale price in excess of the existing value of the building as an office by marketing the property as a development opportunity and capturing the additional value derived from the future residential development opportunity.

outcome

  • Instructed in September 2014 with exchange of contracts secured before Christmas 2014.
  • Our marketing material clearly demonstrated the strong development potential of the building and gave developers the confidence to put forward unconditional offers in excess of the existing use value of the building without the benefit of a residential planning permission.
  • Secured an unconditional sale at a price of £14m.