Case Study
As part of a wider portfolio review of office and depot sites, the owner Wessex Water Services Limited (WWSL) requested a stock condition survey be undertaken on site. The principal asset consisting of 45 South Street, Grade II Listed, a B1 office leased and occupied by Citizens Advice Bureau, set behind this block was a linked building of Victorian origin originally used as a rope factory. The ground floor building utilised in part for the supply depot as offices and welfare facilities, the first floor had been vacated for numerous years.
Asset description, use and condition were reported upon with urgent and future maintenance requirements highlighted with costs. Recommendation was made to consider the current function, operational status and need and if appropriate a local relocation may be more cost effective than remaining. This strategy offered the potential for alternative uses to be secured increasing land value prior to disposal. With the recommendation accepted, Nest Homes developed a strategic plan and working with the Estates and Operational teams within WWSL, we identified and agreed an alternate site within the WWSL portfolio and defined and agreed the operational need moving forward and cost of delivery.
Planning Approvals – We presented preliminary designs of both the new depot facility and residential proposals to the Local Planning Authority (LPA). With further design development and thorough site investigation of the existing asset both applications were approved. We oversaw the development of the new depot facility, ensuring budgets and operational need was met.
The final proposal fully addressed conservation area and listed building designations, they retained 45 South Street (office) for WWSL with designated parking to the rear, the Victorian depot building would be converted into three, two bedroom town houses and the depot yard received 11, 2 & 3 bedroom houses and two, one bedroom flats (over-car-port). Extensive site investigation, archaeology and remediation works continued during the construction phase on site, works completed June 2018 with 85% of the properties sold off plan.
The Aim
Efficient asset relocation funded through Land sale with profit
The lssues
Identifying suitable alternative location within existing land holding. Local Planning Policies and designations. Historic site uses (Brown field)
The Solution
Secure planning approvals for relocation and new residential alternative use, funded relocation through increase land sale value with profit
The Outcome
Depot relocated and funded from land disposal with profit. Land acquisition and residential development by Nest Homes