Action House, Bermondsey, London SE15
The Brief
LRI had been managing this office building in Bermondsey for 5 years when tasked with carrying out a strategic review of the client’s portfolio. Given the amount of pd residential development that had been carried out in the area we advised that it would be a good time to ‘test the market’ as opportunities became scarcer.
The Property
The property is circa 12,000 sq ft of office space over 3 floors with parking and good access to tube and train services. On acquisition the office had been occupied by a charity but during course of ownership had been re-let to a serviced office provider who are the current occupiers.
The Deal
Via a contact we were aware the local authority were anxious to retain control of various aspects of the area. We established that the client’s land was under land designated for a future secondary school. Though the lease still had a number of years remaining the LA were happy to ‘bank’ the land and the client made a 60 percent profit on disposal.
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