How a development realised far greater returns through astute work to change an Action Plan’s boundaries.
Paul Koopman’s first boss had retired from practice but he had kept in touch with Paul despite having employed hundreds of surveyors during his working life. In the first instance Paul was asked to undertake a head lease rent review of an industrial estate in Wandsworth back in 1999. The Tenant was the London Borough of Wandsworth and they under-let the small units to the occupiers. The review action was repeated in 2004 and on both occasions substantial uplifts were achieved.
The 25 year lease was coming to an end in 2009 so Koopmans were appointed to manage the estate directly, the Borough falling out of the picture. This could have been a good management instruction for many years but Koopmans were aware of what was happening in the area – it was going to change significantly via the Nine Elms Area Action Plan. The only problem was that this property fell outside of the action plan, depriving the owners of the estate, a collection of individuals, (many that had either inherited their units from the original purchasers or that were octogenarian investors) a substantial uplift in value.
Koopmans advised that the investors seek planning advice and working with the party that we recommended we managed to alter the boundaries of the Action Area and secure the inclusion of the estate in this exciting and changing part of London.
The development potential of the land was not lost on Koopmans nor the shareholders and over the next four years, Koopmans put together a team of experts with the end goal of securing planning consent for the site for residential development.
Koopmans put together and led the team of (amongst others) architects; planning advisors; landscape architects, M & E consultants; rights of light surveyors and solicitors; We managed the estate itself with the long term aim in mind albeit ensuring an income for the owners and a well managed estate for the occupiers.
Along the way we formed a joint venture with the neighbouring owner, a major Plc, working well with them and their retained advisors for everyone’s benefit.
A planning application was submitted after detailed pre-application consultation with the Local Planning Authority and in January 2014 consent was granted for a scheme comprising 294 apartments shown in the CGI above.
In December 2013 before planning and on an unconditional basis two major parties vied keenly to purchase the site. The sale of the site completed to the winning party in February 2014 for a price that was eye watering to the owners of the site.
Paul Koopman acknowledges that “This was a great project to be involved with and we were able to show proactively the full extent of our skill set across general practice commercial property asset management for the benefit of a great client”
Paul’s former boss wrote to all the shareholders after completion:
“The result that has been achieved, after an enormous amount of very detailed work, which began in 2009, but which increased greatly over the last two years, can only be described as truly remarkable and as the former Chairman of the company I wish, together with my fellow director Susan Field, to emphasise to you all that in no small measure this has been because of the skill and dedication of Paul Koopman, his assistant Jamie Arva and the entire professional team involved.”
Other shareholders wrote:
“I would like to echo Tanya’s thanks to you and to all the team that worked so hard to reach this amazing conclusion. I am in a state of shock and disbelief!
Thank you again for your determination and commitment to this project. You should be very proud of yourselves.”
In the bank this morning!
Thank you so much for your & the team’s hard work in bringing this to fruition. Please pass on my gratitude to the negotiators, lawyers, surveyors, Directors, secretaries etc Who’d have thought all those years ago that it would come to this…?”