Residential Land & Development London Residential Land & Development London 1
Introduction 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. Our objective is to maximise the value of our clients assets. We specialise in assessing each opportunity to ensure that the strategy is appropriate in today s challenging market, where disposals, acquisitions and joint ventures require a thorough understanding of our clients requirements and the prevailing economic environment. We draw upon specialist sector knowledge within Jones Lang LaSalle to ensure that any aspect of a transaction is carefully considered; this can include alternative use options such as student accommodation, hotel, healthcare or private rented sector models. We are able to deal with large and complex land assembly projects to single plots and therefore we are able to offer corporate clients strategic advice across the most diverse property portfolio. Services Land analysis and option appraisal Portfolio reviews Development consultancy Land sales with or without planning permission Acquisition complex land assembly to single buildings / plots Mixed-use land opportunities Specialist knowledge of towers / tall buildings Affordable housing and viability assessments Residential funding Planning Valuation QUEENSBURY KENTON Key Transactions KINGSBURY WEMBLEY PARK COLINDALE HENDON THE HYDE THE HYDE HOLDERS HILL HENDON BRENT CROSS CHURCH END 3 EAST FINCHLEY Hampstead Heath HAMPSTEAD GARDEN Parliament Hill MUSWELL HILL HIGHGATE Alexandra CROUCH END BOWES PARK HORNSEY STROUD GREEN NOEL PARK FINSBURY PARK HARRINGAY Finsbury WEST GREEN 24 rsenden Hill tshanger WELL Syon Kew Gardens EALING 13 ACTON CHISWICK SHEPHERD S BUSH 16 HAMMERSMITH Barnes Common HOLLAND PARK FULHAM MAIDA VALE 15 NOTTING HILL KENSINGTON HAMPSTEAD PADDINGTON BAYSWATER SOUTH KENSINGTON 5 CHELSEA HARBOUR ST JOHN S WOOD 22 4 Hyde KNIGHTSBRIDGE CHELSEA 18 PRIMROSE HILL Regent s MARYLEBONE BLOOMSBURY Battersea St James s WESTMINSTER BELGRAVIA PIMLICO BATTERSEA CAMDEN TOWN MAYFAIR ST PANCRAS 14 6 20 9 8 1 21 NINE ELMS ISLINGTON HIGHBURY FINSBURY CLERKENWELL BARBICAN COVENT GARDEN TEMPLE CITY OF 17 LONDON WATERLOO HOXTON 2 SHOREDITCH 7 11 WAPPING CANADA WATER Victoria LIMEHOUSE 23 CANARY WHARF 19 ISLE OF DOGS STRATFORD (OLYMPIC VILLAGE) GREENWICH Greenwich Blackheath UPTON PARK RICHMOND 10 Clapham Common 2 Residential Richmond Land & Development London 12 Wimbledon Common 25 Dulwich
Key highlights 1 Heart of Nine Elms, Ponton Road, London SW8 On behalf of a fine art auction house we acted as development consultant and land agent on this 2.7 acre site in the heart of the Vauxhall, Nine Elms and Battersea (VNEB) opportunity area. The site benefited from an allocation for high density residentialled development. An indicative scheme was drawn up for 400 residential apartments and 30,000 sq ft of commercial space before an open market disposal campaign. The site was sold unconditionally (with overage) in excess of 35 million to a UK investor with a short term leaseback. This was the first unconditional land disposal in VNEB post financial. 2 St. Dunstan s House, Fetter Lane, City of London EC4A Acting on behalf of the Ministry of Justice and The Crown Estate, Jones Lang LaSalle sold the freehold interest of this high-profile site in the City to a PLC housebuilder. The site, which consisted of a 53,400 sq ft vacant office and court building, was granted planning permission in 2010 for a wholly private scheme of 76 apartments. Jones Lang LaSalle provided development consultancy advice throughout the process including negotiation of a payment lieu of affordable housing. The site sold for in excess of 30 million within 10 days of terms being agreed. 3 Hampstead Reach, London NW3 This 1.5 acre site was marketed with planning permission for 77 apartments, 3 townhouses and 15,000 sq ft of commercial office space. The site was sold to a housing association for over 20 million on behalf of the Albany Group & Galliard Homes. 4 Hamilton Grove, St. John s Wood, London NW8 Acting on behalf the Freshwater Group of Companies, we sold this prime St. John s Wood site with planning permission for 13 houses and two mews houses for in excess of 20 million. The total site area was 1.14 acres and was sold with the benefit of vacant possession to a UK-based private investor / developer. Residential Land & Development London 1
5 Logan Place, London W2 Acting on behalf of a UK property company, Jones Lang LaSalle sold the freehold of this prime, cleared site in the Royal Borough of Kensington and Chelsea with planning permission for a new development of 9 apartments and 7 underground car parking spaces. The proposed scheme consisted of 15,600 sq ft and a sale price in excess of 10 million was achieved. 6 73 Great Peter Street, Westminster, London SW1 The freehold interest of this vacant 17,674 sq ft office building was sold for 8.35 million on behalf of AXA REIM. The property is located in a prominent location in close proximity to Westminster Abbey and the Houses of Parliament. The property was sold unconditionally on planning, with the potential for 26 residential units. 7 Queen Elizabeth Street, Shad Thames, London SE1 Jones Lang LaSalle were appointed to sell the freehold interest in a four storey office block and adjacent car park on behalf SSAFA Forces Help. The property consists of 18,000 sq ft of office accommodation on a site of approximately 0.2 acres. The site was sold subject to vacant possession for 5 million to a private developer. 2 Residential Land & Development London
8 Battersea Power Station, Nine Elms, London SW8 Acting on behalf of a joint venture between SP Setia Berhad, Sime Darby Berhad and the Employees Provident Fund, Jones Lang LaSalle provided development consultancy and acquisition advice on Europe s most iconic development opportunity, which was purchased for 400 million. Situated on a 40 acre site and set to provide 3,400 homes as part of a mixed-use scheme, Battersea Power Station is London s most high profile new homes development. Jones Lang LaSalle residential ran the most successful off-plan launch in UK history, selling Phase One of the scheme in Q1 2013. 9 Willow House, London SW1 Acting on behalf of a private fund, we advised on the disposal of the freehold interest of an existing office building comprising of 9,128 sq. ft. of B1 accommodation. The building is multi-let to five tenants with vacant possession in May 2014. The property was sold unconditionally for in excess of 5 million to an international investor. 10 Eltringham Street Depot, Wandsworth, London SW18 We advised on the acquisition of the freehold interest of Eltringham Street Depot for 21 million. The 1.58 acre site has planning permission for 6 blocks ranging in height from 3 to 9 storeys, providing 139 one, two and three bedroom apartments. The site was acquired on behalf of a major housing association from the London Borough of Wandsworth. 11 Three Colts Lane, London E2 Acting on behalf of a niche London developer, Jones Lang LaSalle disposed of this site in the vibrant Bethnal Green area of East London for 14 million. The site comprised two vacant warehouse units with a planning permission allowing for the demolition of the existing buildings and the construction of a scheme comprising of 149 apartments above 13,000 sq ft of commercial space. The site was purchased by a build-to-let developer who plans to buildout the scheme and hold as part of a growing portfolio of private rented homes they are managing across London and the South East. Residential Land & Development London 3
12 Latchmere House, Church Road, Ham, Richmond Acting on behalf of the Ministry of Justice, Jones Lang LaSalle sold the freehold interest in this 9 acre site adjacent to Richmond and Ham Common. The property comprises an extensive range of former prison buildings and the original (circa 1808) Latchmere House. The property sold on an unconditional basis for 22.5 million to a major London developer. 4 Residential Land & Development London
Residential Land & Development London 5
13 Colonial Drive, Bollo Lane, Chiswick W4 On behalf of Blackstone, we sold the freehold interest of this 1.8 acre site for a figure in excess of 18 million. The site was sold with the benefit of planning permission for a mixed-use scheme consisting of 124 residential units. The site was sold to PLC housebuilder. 14 St James s Centre, Castle Lane, Westminster SW1 Instructed by Westminster Kingsway College, Jones Lang LaSalle sold the freehold of this 28,000 sq ft building on a 0.3 acre site close to Victoria Station for over 10 million. The site was sold unconditionally to a UK REIT. 15 White Knight Laundry, Kensal Road, Kensal Town W10 We sold this 30,000 sq ft commercial property and 2 small homes on behalf of White Knight Laundry Services. The 0.6 acre site was sold following the production of a detailed planning analysis which outlined the potential for C3 use, despite being located in a designated employment zone. The property was sold for 5 million to a niche developer on an unconditional basis. 16 Goldhawk Industrial Estate, Hammersmith & Fulham W6 Acting on behalf of a residential developer, we sold the freehold interest in the Goldhawk Industrial Estate in this affluent residential area. The 0.75 site had planning permission for 24 townhouses, 33 apartments and 16,000 sq ft of commercial office space. The site was purchased for approximately 20 million by a major housing association. 6 Residential Land & Development London
17 7-10 Adam Street, Strand, Westminster WC2 We were appointed by receivers to sell this historic, Grade II* listed terrace of 4 Georgian townhouses. The 25,000 sq ft buildings comprised serviced offices on the upper floors with a private members club in the extensive basement space, including a bar and restaurant housed within large vaults beneath Adam Street itself. The property was acquired by a major West End landlord for 12.5 million in an unconditional deal. 18 19 Cotswold Mews, Battersea Square, Battersea SW11 Acting on behalf of a commercial investor, we sold the freehold interest of Cotswold Mews for 4.78 million. The team advised the landlord on obtaining a detailed planning permission for conversion of the existing office complex to 5 town houses and 4 apartments, before marketing the opportunity. The site was sold to a private developer, with the landlord retaining the ground floor restaurant unit. South Quay Plaza, Docklands E14 Jones Lang LaSalle unlocked a complicated Docklands office complex, resulting in the disposal of a 1.5 acre development site to a PLC developer. South Quay Plaza was one of the first major speculative office projects built in the London Docklands Enterprise Zone in the 1980 s consisting of 383,000 sq ft of retail and offices. The opportunity consisted of just over 1 acre and a high rise tower development is planned. 20 18 Buckingham Gate, Victoria, Westminster SW1 We sold this 1960 s self-contained office building extending to 15,530 sq ft for a figure in excess of 10 million on behalf of a pension fund. The property is in a highly prominent location in St. James s with views over Buckingham Palace, St James s and the Queen Victoria Memorial. The property sold to a private investor with local expertise on an unconditional basis. The sale price achieved was considerably in excess of the guide and completion was achieved in 4 working days. Residential Land & Development London 7
21 New Covent Garden Market, Nine Elms, London SW8 We were appointed to act on behalf of a joint venture between VINCI and St. Modwen for the acquisition of New Covent Garden Market. The regeneration of the 57 acre site will see the development of 550,000 sq ft of modern market facilities. These facilities will be funded through the release of 20 acres of surplus land which will then be developed to create a residential led mixed-use regeneration scheme, providing up to 2,800 new homes. The joint venture signed an agreement with the Covent Garden Market Authority to be the development partner. 8 Residential Land & Development London
22 Young Street & Hortensia Road Car, Kensington, London W8 Acting on behalf of the Royal Borough of Kensington and Chelsea, Jones Lang LaSalle managed the disposal of the Long Leasehold interest of two car parks in a subject to planning deal. This was an innovative build-to-let model which guaranteed the freeholder an income of over 1.5 million per annum. The two sites, totalling approximately 0.75 acres, are located on Young Street and Hortensia Road respectively in excellent residential locations with favourable planning policy for creation of new homes. 23 Cannons Wharf, Surrey Quays, London SE8 Sold with the benefit of vacant possession on behalf of a private vendor, we disposed of the freehold interest in a former business centre, insulcrete works and paper mill with consent for 700 residential units and 60,000 sq ft of commercial space. The site is set on 7.43 acres of land and was purchased for over 30 million by a national housebuilder. 24 Lawrence Road, Tottenham, London N15 Acting on behalf of Receivers, we sold this 4 acre site in Tottenham to a PLC housebuilder for 10.6 million, conditional on planning consent. The site did not benefit from planning but Jones Lang LaSalle worked with planning officers to ensure that a residential led mixed-use scheme had received indicative support from the local authority. The site has since achieved a planning permission for a scheme comprising of 264 dwellings and over 5,000 sq ft of retail space. 25 Palmerston Road, Wimbledon SW19 Acting on behalf of the University of the Arts, we advised on the disposal of the freehold of this 0.23 acre teaching facility site. Jones Lang LaSalle advised the university on achieving an optimised planning consent - for a 24 apartment scheme with a low affordable housing provision. We received numerous bids for the site which sold in excess of the guide price of 2.25 million after an open marketing campaign. Residential Land & Development London 9
Key contacts Land & Development - London Simon Hodson Head of Residential Land +44 (0)20 7087 5533 simon.hodson@eu.jll.com Will Grant Director +44 (0)20 7087 5563 will.grant@eu.jll.com Bruno Jaczkowski Director +44 (0)20 7087 5548 bruno.jaczkowski@eu.jll.com Oliver Leedham Associate Director +44 (0)20 7087 5562 oliver.leedham@eu.jll.com James Cobb Associate Director +44 (0)20 7087 5552 james.cobb@eu.jll.com Rob Copley Senior Surveyor +44 (0)20 7852 4122 rob.copley@eu.jll.com Regional Land, Affordable Housing & Funding Stephen Hogg Lead Director - Regional Land +44 (0)161 238 7402 stephen.hogg@eu.jll.com Richard Petty Director of Affordable Housing +44 (0)20 7087 5971 richard.petty@eu.jll.com Tom Upton Director of Residential Funding +44 (0)20 7087 5054 tom.upton@eu.jll.com Residential Executive Andrew Frost Lead Director - UK Residential +44 (0)20 7087 5566 andrew.frost@eu.jll.com Tim Wright Director +44 (0)20 7087 5544 tim.wright@eu.jll.com Peter Murray Director +44 (0)20 7087 5530 peter.murray@eu.jll.com James Thomas Director +44 (0)20 7399 5584 james.thomas@eu.jll.com John Callander Director +44 (0)20 7087 5540 john.callander@eu.jll.com www.jll.co.uk/residential COPYRIGHT JONES LANG LASALLE IP, INC. 2013. 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 h does not accept any liability in negligence or otherwise for any loss or damage suffered by any party resulting from reliance on this publication. 10 Residential Land & Development London