We were instructed to advise on the sale of a 25,000 sq ft vacant HQ building in Marylebone by a long standing German fund client. During our pitch process we had noted that the property was outside of the Article Four zone and therefore had potential for permitted development . This transformed the potential value from an off-pitch office location to a prime residential location. It also widened the target market from only office investors to residential and even other uses such as hotel.
The eventual purchaser was delighted with the asset and intends to convert the building to residential. The value was certainly enhanced by the planning aspect, and was a factor that was shrewdly picked up by our team, and secured the instruction.
