1 LAND Disposals and acquisitions across London jll.co.uk/residential
2 LAND SALES & ACQUISITIONS INTRODUCTION Understanding the potential of land is about insight and vision. In central London, for example, this means understanding the physical constraints of height, zoning and infrastructure alongside the many different legal, planning and technical issues. At the same time it s essential to have a picture of where the market is going. How will the demand for particular developments change over time? What will the market look like in 10-15 years? In short: what does the future hold? JLL clients value the confidence we can provide confidence that there will be a market for the development planned for their land; that the developers can deliver; and that the funding is going to be available.
3 With policy and planning rules changing, office, industrial and retail sites present more opportunities for residential development. Understanding the potential of land and buildings, then creating spaces that are viable and attractive for living, demands highly specialised expertise but creates lasting value. We help our clients to unlock this. We minimise risk for clients Using a unique combination of commercial acumen, market knowledge and analytical skill, we help clients make the appropriate development decisions. We are well placed to help our clients by predicting market developments Our specialists have insight into value and cost, planning policy, political factors and supply and demand. We are impartial about the route to sale Our focus is on orchestrating and executing the best sale strategy. We help precondition sites for sale and drive the planning process, answering the question: Is the product being proposed appropriate for the market? With planning applications alone often costing over 1m, it s essential to know as much as possible about potential outcomes. Using specialist knowledge we consider each stage of a transaction, putting in place checks and milestones to ensure a timely process. We ensure a no surprises approach, with both parties working from the same assumptions. We examine alternative use options such as student accommodation, healthcare, hotels or private accommodation. We have a dedicated Land and Development team across the UK specialising in the sale and acquisition of land and buildings for residential, mixed-use and regeneration projects. Key services the team provide include: Land analysis and option appraisal Portfolio reviews Development consultancy Land sales with or without planning permission Acquisition complex land assembly to single individual properties Specialist knowledge of towers / tall buildings Strategic land We work closely with other JLL teams including: Affordable housing and viability Residential funding Planning Valuation Capital markets Offices Retail Industrial Hotels Student housing Healthcare
4 KEY SITES 1 27-29 Albert Embankment, Southbank, SE1 2 206 Brompton Road, Kensington, SW3 3 Harcourt House, Cavendish Square, W1 4 Ram Brewery, Wandsworth, SW18 5 Harrington Court, South Kensington, SW7 6 Arthur West House, Hampstead, NW3 7 8 9 Ashley House, 2 Monck Street, Westminster, SW1 Marco Polo House, Queenstown Road, London, SW8 Safestore, Whitechapel, E1 10 New Scotland Yard, 10 Broadway, London SW1H 0BG 11 12 Cambridge House, Hammersmith, London, W6 The Perfume Factory, North Acton, W3 13 14 Tower Bridge Magistrates Court, Shad Thames, SE1 1 & 5 Palace Court, Notting Hill, W2
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6 KEY PROJECTS 1 27-29 Albert Embankment, Southbank, SE1 35,000 sq ft GIA 1960 s office building Consent granted for a 28 storey, iconic mixed-use tower GDV over 100 million JLL advised Mayfair Charities, through pre-planning feasibility, detailed planning application, development consultancy, affordable housing assessment, and the eventual exit strategy. 2 206 Brompton Road, Kensington, SW3 0.26 acre prime site in Knightsbridge 28,000 sq ft GIA Site sold to a private purchaser in excess of the 35 million guide price The MOD instructed JLL to market the site, including part of the former Brompton Road London Underground station, in an overt marketing campaign to a range of domestic and foreign developers. 3 Harcourt House, Cavendish Square, W1 56,500 sq ft NIA commercial space 7,400 sq ft GIA of residential accommodation Site sold unconditionally for 75 million ( 1,200 per sq ft) Acting on behalf of HSBC Pension Fund and LaSalle Investment Management, JLL was instructed to optimise the sale price of this prize eight storey Edwardian, Central London mixed use building.
4 RAM Brewery, Wandsworth, SW18 7.75 acre site 690,000 sq ft Planning consent for 661 residential units LAND AND DEVELOPMENT 7 JLL was instructed to carry out a global campaign to secure a 50/50 funding partner for the redevelopment of the former brewery. Located in Wandsworth the new development will lead to restoration of a substantial amount of the listed historic buildings.
5 Harrington Court, South Kensington, SW7 Prime block in South Kensington Mix of retail units and serviced apartments (C1 and C3 uses) JLL acted on behalf of a private Middle Eastern purchaser in the acquisition of this prime block. We navigated the purchaser through a competitive bidding process to acquire the building in excess of 55million exchanging in 2 days from acceptance of terms.
6 9 Arthur West House, Hampstead, NW3 0.5 acre site 42,000 sq ft building comprised of 141 bedrooms C2 residential institution Prior to acquisition JLL provided the expertise of the planning and development consultancy teams to de-risk the site and give indicative GDV. We acquired the site for a senior living specialist in Q1 2014 for c. 30 million. 7 Ashley House, 2 Monck Street, Westminster, SW1 25,000 sq ft NIA former Government office building Suitable for a change of use from office to residential Site sold unconditionally for approximately 30million ( 1,140 per sq ft) a record for the area Prior to marketing, JLL appointed a project team and secured positive preapplication advice from Westminster for a residential-led redevelopment. The preapplication demonstrated the existing 25,000 sq ft NIA building could be demolished and replaced with a new building of over 45,000 sq ft NIA. 8 Marco Polo House, Queenstown Road, London, SW8 3.10 acre site 155,000 sq ft headquarter offices (QVC) Located in the Nine Elms on the Southbank opportunity area JLL marketed the property on behalf of the Marcus Cooper Group to a targeted list of potential purchasers. The site sold to Berkeley Group for 107 million and has planning permission for 456 apartments and 13,500 sq ft commercial accommodation. 9 Safestore, Whitechapel, E1 3.5 acre site 600 units residential-led mixed use development Significant PRS opportunity, located next to a Crossrail station London & Quadrant selected JLL to secure major PRS opportunities across London and with the experience of 10 teams working collaboratively we outbid a number of major housebuilders and funds to acquire this landmark site. Working alongside a core acquisition team of Stock Woolstencroft Architects and DP9, we acquired the site in a competitive bidding process unconditionally for 41.1million with a short term leaseback to the vendor whilst planning permission could be obtained.
LAND AND DEVELOPMENT 10 10 NEW SCOTLAND YARD 1.72 acre 585,000 sq ft existing GIA 1960s office space suitable for redevelopment Existing headquarters of the Met Police JLL marketed this Central London development site on behalf of the Met and the Mayor s Office for Policing and Crime. We provided pre-application advice in respect of a range of development solutions, including a mix of residential, offices, retail and a hotel. We launched a Global interactive sales campaign with a guide price of 250 million.
11 11 Cambridge House, Hammersmith, London, W6 Unique office building in a residential area, totalling 72,245 sq ft Office let to 10 tenants with a fragmented lease profile JLL recognised that there were a multitude of options for the building, including comprehensive refurbishment, Permitted Development Rights conversion, redevelopment to residential and education. The site was sold over the guide price for 29.5 million to an opportunity fund for a record /per sq ft for the area. 12 The Perfume Factory, North Acton, W3 Multi-let 80,000 sq ft serviced office complex Former Elizabeth Arden perfume factory 2.8 Acre freehold site JLL identified the site as having potential for major redevelopment and produced a strategic report in conjunction with the Planning team. Located within the Park Royal Southern Gateway Opportunity Area and benefitting from future Crossrail and HS2 infrastructure. We marketed the site to a shortlist of key developers and sold unconditionally in excess of 28m. 13 Tower Bridge Magistrates Court, Shad Thames, SE1 0.62 acre site Grade II listed 40,000 sq ft GIA and car park Site sold for over 15 million to a hotel developer Prior to marketing, JLL negotiated the surrender of a long leasehold interest held over part of the building by the Metropolitan Police. 14 1 & 5 Palace Court, Notting Hill, W2 Buildings of 6,600 sq ft and 7,000 sq ft GIA Site sold for over 13million Acting on behalf of Court Appointed Managers, JLL sold the site unconditionally to a single buyer. The two period townhouses had been operating as a single apart-hotel business but were vacant and suited conversation to residential apartments.
LONDON LAND TEAM HEAD OF RESIDENTIAL LAND SIMON HODSON T +44 (0)207 087 5533 simon.hodson@eu.jll.com DIRECTOR CENTRAL LONDON WILL GRANT T +44 (0)207 087 5563 will.grant@eu.jll.com DIRECTOR ACQUISITIONS BRUNO JACZKOWSKI T +44 (0)207 087 5548 bruno.jaczkowski@eu.jll.com DIRECTOR STRATEGIC LAND THOMAS STEVENSON T +44 (0)207 087 5482 thomas.stevenson@eu.jll.com ASSOCIATE DIRECTOR JAMES COBB T +44 (0)207 087 5552 james.cobb@eu.jll.com ASSOCIATE DIRECTOR OLIVER LEEDHAM T +44 (0)207 087 5562 oliver.leedham@eu.jll.com ASSOCIATE DIRECTOR PETER DAY T +44 (0)207 399 5263 peter.day@eu.jll.com SURVEYOR CHRIS DUGGAN T +44 (0)207 852 4952 chris.duggan@eu.jll.com SURVEYOR MATT FITTER T +44 (0)207 852 4963 matt.fitter@eu.jll.com SURVEYOR SONNY DAWES T +44 (0)207 087 5679 sonny.dawes@eu.jll.com SURVEYING EXECUTIVE JACK BEARD T +44 (0)207 087 5714 jack.beard@eu.jll.com REGIONAL KEY CONTACTS BIRMINGHAM MICHAEL BROUGH T +44 (0)121 214 9980 michael.brough@eu.jll.com BRISTOL PADDY SYKES T +44 (0)117 928 1643 paddy.sykes@eu.jll.com EDINBURGH JASON HOGG T +44 (0)131 301 6710 jason.hogg@eu.jll.com EXETER CHARLES KISLINGBURY T +44 (0)139 242 9301 charles.kislingbury@eu.jll.com LEEDS GUY ACKERNLEY T +44 (0)113 205 3340 guy.ackernley@eu.jll.com MANCHESTER STEPHEN HOGG T +44 (0)161 238 7402 stephen.hogg@eu.jll.com jll.co.uk/residential COPYRIGHT JONES LANG LASALLE IP, INC. 2014. This publication is the sole property of Jones Lang LaSalle IP, Inc. and must not be copied, reproduced or transmitted in any form or by any means, either in whole or in part, without the prior written consent of Jones Lang LaSalle IP, Inc. The information contained in this publication has been obtained from sources generally regarded to be reliable. However, no representation is made, or warranty given, in respect of the accuracy of this information. We would like to be informed of any inaccuracies so that we may correct them. Jones Lang LaSalle does not accept any liability in negligence or otherwise for any loss or damage suffered by any party resulting from reliance on this publication.