Chingford Pub Sold for Redevelopment
In 2014 Kingsbury co-ordinated the sale of The Royston Arms, a Public House occupying a large site on Chingford Mount Road which had shut down shortly beforehand.
After a two year battle with the planners, the new owners obtained planning permission in the summer of this year to redevelop the site with a new build scheme of 22 apartments with approximately 7,000ft² of retail space at ground floor.
We were then instructed to source a purchaser for the consented site subject to the Seller retaining a long lease of the commercial space, which they intended to let out and keep for long term investment. Our aim was not just to achieve top value, but to also find a developer who will deliver the block to a high standard within a fixed timetable.
A shortlist of active developers was approached and within a short period we had a selection of offers, with the property being sold at our client’s target price and completing immediately after the Judicial Review period expired.
Construction is due to begin in the first Quarter of 2017 and we will be inviting rental offers for the retail space in due course.
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