IAS WINNER: 14-16 Verney Road, Bermondsey, SE16
IAS WINNER: 14-16 Verney Road, Bermondsey, SE16
The IAS Award was received for the redevelopment and sale of a secondary industrial scheme in Verney Road, Bermondsey, South East London.
The judges commented that they were looking for a creative deal which went beyond the ordinary and were impressed by the foresight and vision which was required to secure control of the site and execute three sales that resulted in a profit margin of 48%.
GMW acted on behalf of City & Provincial in acquiring the former ‘Action for Blind People’ Warehouse and Offices on Verney Road, Bermondsey SE16, on a site of approximately 2.69 acres. Following the purchase of the site, GMW simultaneously agreed a Leaseback of the office element to Action for Blind People (Part of RNIB Group) for a term of 15 years.
Part of the segregated warehouse, approximately 24,000 sq ft, was LET to Constantine on Full Repairing and Insuring terms for 15 years. The remainder of the warehouse, approximately 19,620 sq ft was SOLD to TBS Property LLP.
The investments of both the offices and industrial unit were then sold in separate transactions with a total profit margin of approximately 48%.