10/24/2019 | Press release | Distributed by Public on 10/24/2019 02:14
The 0.7 acre site is occupied by a 13,500 sq ft retail warehouse let in its entirety to B&M.
The property benefits from allocation for mixed use redevelopment within the Old Kent Road Area Action Plan. This area has been identified in the London Plan to provide a minimum of 12,000 new homes and 5,000 new jobs with the infrastructure enhancement of the Bakerloo Line Extension scheduled for 2030 completion.
Maggie McQuaid from the Charities Property Fund at Savills IM stated 'We are delighted with the result of this transaction. The Fund owned the asset for almost 20 years and strategically asset managed to unlock the true development potential of the site which is an excellent outcome for all of our investors.'
Andrew Cox, Director Savills Land team said: 'We are delighted with the outcome of the sale on behalf of the Charities Property Fund. This shows that appetite remains strong for unconsented residential development opportunities across the capital. This is particularly evident in locations such as the Old Kent Road, which will undergo significant regeneration to deliver new homes where Londoners can afford to buy'.
The purchaser's identity remains confidential.