Case Studies

Trafalgar Way, Isle of Dogs

A 1 acre site located at the north of the Isle of Dogs within walking distance of Canary Wharf.

A contract for the acquisition of the freehold was exchanged in January 2007. Over a short, 6 month period, a planning application was drawn up with MAKE architects, under the guidance of Ken Shuttleworth, for the redevelopment of the site.

Pre-application discussions and local consultations were undertaken with the London Borough of Tower Hamlets and local stakeholders.

The scheme consists of approx. 416 residential units in 2 towers of 30 and 36 storeys above a creche, gymnasium, children's playspace, replacement McDonalds restaurant and a number of retail units.

Plannig consent was achieved on 10th November 2009 after a protracted planning process. The scheme includes an agreement to provide most of the affordable housing off-site.

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Great Tower Street, EC3

An 18,500 sq ft office building on Great Tower Street with B1 space on 7 floors over ground and basement retail.

This investment property was acquired from a fund in March 2008.

The investment is being actively managed in terms of income stream and the building management is also being undertaken by SB2 to ensure a close relationship with the tenants.

The investment has offered a good opportunity to buy into the City market with a building showing a robust yield over a long-term period and with potential upside available once the market recovers.

The strategy is to increase the value of the property over the medium term and to then either hold or sell on.

Sumner Road, Peckham Rye

A 0.44 acre site located to the north of Peckham High Street.

The freehold site was acquired unconditionally in November 2007 with the benefit of an outline planning permission for a change of use to residential.

A Reserved Matters Approval (subject to a s.106) was granted by the London Borough of Southwark.

The scheme consisted of approx. 44 residential units in a single 4 storey building being a mixture of private and affordable tenures.

A contract for sale was exchanged in August 2008 and the site was sold in February 2009 to London & Quadrant Housing Trust, who will build out the new scheme.

The project risk was minimised by securing an onward sale at the earliest opportunity in the design process. This has also helped to achieve a consent in the shortest possible timeframe.

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St Georges House, Ipswich

The site was acquired in January 2007, comprising 1.20 acres and 30,412 sq ft of existing retail parade.

A scheme was drawn up to include a 120 bed hotel, 50 extra care units and a new retail parade at ground floor level.

The site generated sufficient income to be "self-funding" as well as covering nearly all of the professional fees required to achieve planning consent.

SB2 sold on their interest in the scheme in March 2009.

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Oriel House, Colchester

An existing income producing investment acquired in November 2007.

The property is let to a blue chip national newspaper tenant who have a lease of the whole.

The investment is cash-flow positive, and a new lease has been agreed with the tenants increasing the length of the lease and the rent payable.

The increased lease term, coupled with the increased rent, will underpin the investment value over the medium term.

The strategy is to hold the property over the medium term.

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Paul's Street, EC2

A brown-field infill site located on Paul Street within walking distance of Broadgate and the City.

The long lease of the site was acquired in August 2006 through an option agreement and development agreement with the vendors who own and occupy the adjacent building.

A planning application was submitted for a scheme to the London Borough of Islington 9 months after exchange of contracts and a consent was achieved within the statutory 13 week period.

The scheme consists of 9 residential units above 13,000 sq ft of Commercial B1space and a small retail unit.

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Crouch Street, Colchester, Essex

Crouch Street was acquired in 2003 with for investment purposes and potential long term development gains.

At the point of purchase it was showing an initial yield of 7%. Planning permission was then obtained on part of the site for 24 flats and 3 shops leaving the rest of the site well let. Simultaneously we negotiated with our tenants in order obtain vacant possession of the land with the planning consent enabling us to sell the consent.

The planning consent was subsequently sold to Bellway Homes in July 2006. The sale was structured to enable SB2 to retain the Freehold, 3 shops and surplus land commercial space.

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Quick House, Worship Street, London, EC2

Quick House was acquired in September 2003 with the intention of holding it as a long term investment.

At the time of purchase it was producing a net yield of circa 9.5%. In order to protect the investment on a long term basis SB2 undertook a program of refurbishment and re-gearing the income.

In May 2006 the decision was taken to take advantage of the yield compression that had occured during the course of ownership and the building was sold at a yield of just in excess of 6% in July 2006.

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Fairfield Road, Bow, London, E3

A 1.48 acre brown-field site located to the east of Bow within walking distance of the Olympic Village.

The site was assembled from three separate ownerships over the course of 2003/4, one on an unconditional basis and two on a subject to planning basis.

The intention with the site was to maximise the residential potential and then to sell on to either a housing association or residential developer.

SB2 were faced with a number of complex challenges including an adjoining railway, a Grade II listed Bus Depot and Cross Rail wanting to divert a sewer under the site.

Planning permission was granted in September 2005 for 146 residential flats and 217.5 sq meters of mixed commercial space.

Subsequently following a full marketing campaign to both the private and affordable housing sectors the site was sold to Genesis Housing Association.

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Westferry Road, Isle of Dogs, London E14

A brown field site acquired in February 2002 extending to approximately is a 0.2 acre located on the western side of the Isle of Dogs.

The site was acquired on an unconditional basis with a view to maximising the residential planning potential and then either trading the asset on to a house builder or building out and selling the flats.

After protracted planning negotiations consent was granted for a residential development totalling 13 private flats.

The site was subsequently sold in February 2005 to Israeli Developers 'Regnum Ltd'.

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Leytonstone High Road, London E11

A former Esso Petrol Filling Station extending to 0.37 acres acquired in May 2004 on a subject to planning basis.

The intention was to obtain planning permission for an entirely affordable housing scheme and then to sell it to a Housing Association.

Planning permission was obtained in November 2004 for 42 affordable flats and the site was simultaneously sold to Toynbee Housing Association.

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Tabernacle Street, London, EC2

SB2 were approached in September 2004 by Barrowgate Properties Ltd to design and obtain planning permission for 0.1 acre site that had been in their ownership for a numbers of years.

The brief was to examine all sectors of the market and to design a scheme that maximised the site give its considerable constraints.

In July 2005 planning permission granted for 14 flats (9 private and 5 shared ownership) and a 4,700 sq ft restaurant.

Barrowgate now hold the site with consent.

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Church Street, Colchester, Essex

A former post office bicycle shed acquired in June 2003 with planning permission for conversion into 2 town houses.

Located in the heart of Colchester close to the famous Jumbo Water-Tower and within walking distance of the main retail district.

Using local builders the properties were successfully converted and sold in March 2004.

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