Cleveland Street, Westminster

Status: sold.

Category: planning and development.

Role: advisory to a private investment company.

Holding period: 1-2 years.

Description

The long leasehold of a unique 0.75-acre site with a mix of commercial tenancies and uses was purchased. The site was under-developed when compared to the surrounding properties, and had a potential for a massive uplift in bulk and mass.

Shortly after acquiring an interest, Weinbergers renegotiated the existing leasehold terms to allow for a residential new development with a mixed-use component at the lower levels, and also progressed with the planning application. Weinbergers also negotiated a surrender of the existing tenancies, so that vacant possession can be obtained upon planning grant. Shortly before submitting the planning application, a prime Central London developer made an unconditional offer for the leasehold interest, which was accepted.

Skills needed:
past
Categories:
Past Investments

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