Investment case studies
Portland House, Gerrards Cross
Thursday, December 11, 2014
In 2010 Frosts Commercial department was instructed by owners, Invesco Real Estate, to let two office buildings in Station Road, Gerrards Cross that had been built in the 1970s and 80s. Market conditions at the time indicated that this was going to be challenging and, although several short term lets were secured, it became obvious that a different solution was needed for the long term future of the buildings. Lateral thinking enabled the commercial department to capitalise on a change in planning legislation at that time and to suggest an alternative for the owners who were advised to sell the freehold.
The freehold opportunity was put out to both commercial and residential development companies and Frosts secured a figure in excess of £3.2m from a residential developer that exceeded the owners’ expectations. The Frost Partnership then dealt with negotiation of old restrictive covenants on the land restricting the use of the land. They secured planning consent to turn one of the buildings into 16 residential 1, 2 bedroom apartments and studios which have subsequently been successfully marketed by Frosts Gerrards Cross branch.
A number of the studios and apartments were bought as investment properties and the Lettings department of our Gerrards Cross branch has been instructed to let and manage these properties. Inland Homes has recently secured planning consent to realise the development potential of the second building in creating 15 more luxury apartments in central Gerrards Cross which will be marketed shortly.