Mixed-use, residential-led redevelopment of former retail site

Investment Summary

This project comprised the redevelopment of two single storey adjoining retail units, the adjoining car park and service yard in Sutton town centre. A number of scheme options were explored through feasibility testing with the project architects and technical team. A planning application was subsequently prepared and submitted to intensify the use of the site with new ground floor commercial and residential apartments above. Planning consent was obtained for a 7-storey residential-led development, comprising 46 apartments above a new ground floor Class E commercial unit. The site was sold above the guide price of £3.5m in July 2022.

Asset Management Highlights

• Non-core site formed part of a larger Client holding and comprised two poor quality, part vacant single storey retail units identified with the potential to expand vertically to enhance value.
• Planning consent for new development tripled existing floorspace accommodation.
• Ownership title split and Client retained their core High Street and residential holding.