Office Sold For Permitted Development
Since changes to legislation were introduced in 2013, Kingsbury’s planning and agency teams have managed the development and disposal of B1 office buildings suitable for Permitted Development to C3 residential use, which will provide over 450 new homes.
Southgate House, located in Stevenage town centre, is typical of the style of office which now offers better value for residential use. On behalf of clients London & Cambridge Property, initial planning investigations were carried out to ensure that the property fitted to criteria for Change of Use, following which an open marketing process was undertaken.
A range of offers were received for the 14-storey tower, with unconditional contracts being quickly exchanged in excess of the £2,250,000 guide price. The property is now subject to a Prior Approval application for 68 residential units, where works will begin later this year, which will restore activity to this landmark building.
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- Sold for £2,400,000
- Stevenage SG1
- Permitted Development
- Change of Use under Permitted Development
- Landmark office building in Stevenage town centre
- Unconditional open-market disposal
- 68 new homes to be developed
Kingsbury assist LCP in devising development and disposal strategies across our national portfolio, and have consistently demonstrated their ability to maximise value in an efficient and professional manor
London & Cambridge Properties