Former Cinema in Walthamstow Sold to HA
Housing Associations are very acquisitive at present and often the most competitive bidders for consented development sites in London. They can be flexible on purchase structure, are generally extremely well funded and many have substantial quotas to meet on delivering residential units.
This was demonstrated by our recent sale of a site on Buxton Road in Walthamstow town centre, where a Registered Provider were the most attractive bidder by a considerable margin.
The property (historically a cinema) benefits from planning permission to build 48 apartments, of which 10 were designated for shared ownership. In addition to the affordable housing requirement, the Section 106 Agreement obligated for a viability re-assessment to take place prior to completion of the development, which could result in financial contribution of up to £2,000,000 payable to Waltham Forest.
We openly marketed the site and although numerous offers were received, private developers could not get close to an acceptable price due to the potential contribution. The highest offer received was from a Housing Association which was subject to varying the Section 106 Agreement to 100% affordable housing, thus removing the requirement for the viability re-assessment.
The offer was accepted and contracts were exchanged on a conditional basis. Negotiations with the Local Authority were straightforward and completion took place within 10 weeks.
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- Sold for £6,000,000
- Former Cinema Buxton Road Walthamstow London E17 7EH
- Former Cinema benefitting from planning permission to build 48 apartments
- Sold to Housing Association
- Sought after residential location
- Acquired on a conditional basis