Acting on behalf of a long established client, Parkdale Investments Ltd, GMW were involved in the selection of a development partner for a 1.3 hectare site currently comprising traditional industrial uses. This part of East London has seen a huge amount of development for residential and student housing uses, and Parkdale were keen to capitalise on the enhanced value for these uses. Several schemes for these development categories are already underway in the location.
Parkdale selected U & I as a partner and, after a lengthy period of negotiation, the parties entered into a joint venture agreement. U & I were under an obligation to procure planning permission for the site and in July 2017 secured a permission for 337 residential units together with approximately 18,000 sq ft of commercial space. Some 24% of the residential element was to be used for affordable provision.
Parkdale were able to enhance the value of their landholding and have the potential to be involved in the ongoing development as a result of the joint venture. GMW were able to provide strategic advice in the selection of the partner as well as valuation advice, and were involved in the content of the joint venture agreement.