Case studies
Confidential client
Secured planning consent to enable a sale that exceeded client expectations Appointed LPA Receivers on Project Omega, comprising four sites, for a major banking client. All four sites were sold within 12 months, met client expectations despite complications.- Location London
- Key figures Planning consent for 754 residential units, 601 student accommodation units, 337 hotel rooms, over 100,000 sq ft of commercial floor space.
- Additional Information Joe Pitt, +44 (0) 20 7338 4005
The results
- Successful sale of a site in receivership
- BNPPRE acted as LPA Receiver, appointed by a major banking client, sold the site with an increased level of recovery by significantly improving the planning consent
- The site was sold quickly, with a swift resolution of complex issues
The challenges
- To maximise recovery from a non-performing commercial property loan quickly. The asset was a vast site on the East perimeter of the City of London and only part-way through planning. There were also complexities with an adjacent property that needed to be resolved.
What we did
- We recommended a strategy to add value through improving the planning consent of the site.
- We engaged with Tower Hamlets to obtain the consent for 754 residential units, 601 student accommodation units, 337 hotel rooms and 10,000 sq m of commercial floor space.
- We employed an asset manager to progress the site quickly and effectively.
- We negotiated a sale that exceeded expectations to a major UK housebuilder.
English