Maida Vale W9
Marsh & Parsons' Residential Developments were retained by an active London developer to purchase buildings and sites within central and west London. The client requested buildings in secondary locations that had the potential for development and were prepared to purchase without a residential planning consent in place. Having intimate knowledge of the relevant postcodes, we undertook a survey of potential hotspots and identified a public house in Maida Vale that had the possibility of significantly enhanced values through re-development. We contacted the owners with a cash offer, terms were agreed and the transaction completed with Marsh & Parsons New Homes now providing feasibility and development consultancy for a scheme of apartments to suit the local market.
Wandsworth Common SW17
Marsh & Parsons were instructed by the Church Institute of Tooting to undertake a desktop appraisal of several commercial/recreational buildings adjacent to Wandsworth Common. Enjoying a highly desirable location, the buildings had previously been used as a snooker hall, and recreation rooms for The Church Institute members over a considerable period of time. Due to declining membership and numbers of visitors the current format was no longer feasible to the Institute. The complexity of the site with its community and leisure use and, being situated in a conservation Area, required the abilities and knowledge of the experienced team in the developments department. After providing guidance to the architects and planners, a mixed use residential and commercial planning consent was achieved on the site and Marsh & Parsons Developments team took the site to market. After a successful marketing campaign we achieved considerable interest and a succesful sale to a private developer.
Millers Way, Brook Green W6
Marsh & Parsons were instructed by a medium-sized London developer to dispose of a highly attractive residential development site in West London. In anticipation of gaining full residential consent we prepared a sales pack and immediately engaged the market upon the planning permission being put in place. The development involved the part conversion of an existing Mill House and further re-development to surrounding land providing 9 outstanding loft apartments with associated underground parking. We launched the property and received immediate interest at the Guide Price resulting in ‘sealed bids’ and a successful sale. The new owner has engaged Marsh & Parsons New Homes in the sale and marketing of the finished apartments.
Cambridge Street , Pimlico SW1
Marsh & Parsons were instructed by David & Simon Rueben to dispose of this significant stucco fronted building in the heart of Pimlico with consent for mixed use re-development. Formerly a public house and forming part of a larger portfolio of properties, we appraised the site and took the property to the market, achieving multiple bids within four weeks and culminating in a contract race which effected a sale in 24 hours from receipt of draft documentation. The successful purchaser was an existing and rapidly expanding boutique hotel operator keen to capitalise on this superb Westminster location.
Harrow Road W10
Marsh & Parsons were instructed by H20 Urban, a joint venture between British Waterways and BLOC to appraise a potential development site located on the Grand Union Canal. Through our expertise in the local and international sales market, our New Homes team provided projected sales figures and advise on specification and layout, working alongside the architects to secure a detailed planning consent. Once this was in place we undertook a discreet ‘off-market’ search for a suitable developer who went on to exchange contracts within 24 hours of receipt of draft documentation. We are currently advising on the New Homes pricing to ensure a smooth and successful launch in late 2012.
Ascalon Street SW8
Marsh & Parsons were instructed to dispose of a mixed-use development site with detailed consent for a commercial/residential scheme comprising 32 apartments and 17 secure parking spaces. Due to the unique location of the site and the difficulties faced by private developers in gaining funding we elected to introduce the site to a series of Housing Associations, specifically identifying those who specialise in providing Affordable/Intermediate housing. Upon agreeing a sale to A2 Dominion we achieved a simultaneous exchange and completion in late 2011.
Avondale Park Road
Marsh & Parsons were instructed by a Jersey based trust to dispose of this former public house converted into five residential apartments set in a valuableLondon location. Although primarily an investment opportunity, we identified an additional layer of development potential and after conducting a feasibility study, our advice was that it was possible, subject to planning, to add a basement and further floor level creating an additional two apartments. After a short marketing campaign we successfully sourced an investor and sold the building.
Marsh & Parsons were instructed by Grant Thornton, on behalf of NAMA, to bring this recently constructed block of apartments to the market. The building was completed in 2009 as part of the larger IPSUS01developmentand comprised 41 residential apartments which had never been occupied, alongside significant underground parking. We commenced an aggressive and far-reaching marketing campaign which resulted in multiple bids and a sale to a Canadian based investment fund, making their London debut in the residential market.
Marsh & Parsons was instructed by a local investor to dispose of this freehold HMO building located in this sought after garden square. In need of refurbishment and part vacant with three sitting tenants, the accommodation was arranged over five floors and consisted of twelve rooms. Due to the complexity of this arrangement and the HMO status, the clients engaged Marsh & Parsons Investment team due to their experience and background in the sale of such buildings. Through contacting our database of specialist buyers in this sector, and after a series of ‘block viewings’ we received several excellent offers by informal tender and the client was in the fortunate position of choosing their buyer from a list of financially solid buyers.
Grosvenor Waterside, Chelsea SW3 – Residential Investment Portfolio
Marsh & Parsons were instructed by an investor to dispose of a portfolio in this prime London location. We advised that the current return would not support our target price and so positioned the deal as a 'yield based investment' delivering a 5.5% net rental guarantee for 2 years, successfully disposing of the scheme to a private investor.
The development comprised 28 residential units in one block with two studios, 14 one bedroom, seven two bedrooms and four three bedroom apartments. The net internal floor area was 18,677 sq ft. This self contained block was sold as a single investment and was subsequently rent and managed in its entirety by Marsh & Parsons.
This prime residential block exhibits a 5.75 % initial yield.
Collingham Place, SW7
Marsh & Parsons were invited to advise on the conversion of a Victorian hotel into nine luxury apartments, providing recommendations for layout, specification and rental figures. We successfully sourced an investor for the entire development, pre-selling all of the units and going on to let and manage the properties for the client.