November 1, 2016
Angle Property funded by Palmer Capital are delighted to announce the successful sale of The Marsham House site located in the heart of Gerrards Cross for £10m to Laidlaw Estates.
The site was acquired for £4.2m in September 2013, and originally comprised a 13,874 sq. ft. four storey 1970s office building. The site is located in a well sought after area just 300m from Gerrards Cross train station. The entire property was unoccupied but let to Renew Holdings at £241,250 per annum for another circa 55 years.
A surrender of the lease was negotiated and planning permission for a 50 unit apartment scheme was achieved in late 2015.
Angle Property have been appointed as the Development Manager to Laidlaw Estates for the residential development.
The project was funded by the £200m Palmer Capital Development Funds, which have significant further capacity for similar projects.
The project achieved a 42.1% IRR and 2.6x EqM.
Chris Button, Director at Palmer Capital commented:
“We are thrilled to have secured a post Brexit sale of this nature which perfectly reflects our investment strategy of investing in planning gain projects in urban locations. The success of this project showcases the continuing demand for consented residential land.”
Tony Williamson, Director at Angle Property commented:
“This is a typical Angle project – the long-lease in place was unusual but provided the “Angle” for us to see value and an opportunity. We are delighted how the project has turned out thus far and are looking forward to working with our new partner to deliver a successful completed development”.
Author: Property Week
Link: http://www.propertyweek.com/news/marsham-house-goes-to-laidlaw-for-%C2%A310m/5085954.article