240 Affordable Homes for Harlow
As Local Authorities continue to find ways to meet the challenge of providing affordable housing solutions, private sector development is often utilised to help meet these requirements. When this can be combined with bringing back to life an under-used office building, the social and economic benefits have an even wider impact.
Terminus House, a prominent 14-storey 1960’s office development located in the heart of Harlow town centre, had reached the end of its useful life as an office, and required significant investment to bring up to date, yet without the occupier demand, was commercially unviable. Following a successful application to convert the premises to residential use under Permitted Development Rights, Kingsbury acted on behalf of the freeholders to carry out a sale of the property.
Following a short open marketing process, a number of offers were received and a sale successfully completed to a specialist developer of affordable homes who operate and manage a significant portfolio on behalf of Local Authorities across the South-East of England. The sale completed in July, and building works are already underway and expected to me completed early in 2017, and will provide 240 homes.
Since the introduction of Permitted Development Rights (PDR) allowing the change of use offices to residential, Kingsbury have become established as market leaders in the acquisition, sale and management of sale of PD schemes, having already completed sales for in excess of 1,700 units.
If you own an office premises which could benefit from PDR anywhere in England, please contact Paul Heale on 020 7183 2529 or firstname.lastname@example.org for initial advice
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- Sold for £8,700,000
- Termins House Terminus Street Harlow Essex CM20 1XA
- Permitted Development
- Prominent 14-storey building
- Town centre location
- Multi storey car park offering further development potential
- Set to provide 240 affordable homes
Kingsbury provided a well-considered strategy for dealing with all aspects of the sale of our building and delivered on their assurances to us. Highly recommended.
Terminus House Estates Ltd