Off-Market Acquisition in Palmers Green

We sourced an off-market development opportunity on behalf of a longstanding client. Harston+Co were in a unique position to make the deal happen, leveraging a long-established relationship to win a highly competitive bidding process and managing what proved to be a complex transaction, requiring a high level of expertise.

Harston+Co were retained by a longstanding client to source development sites. We brought our client an off-market opportunity through a historic relationship with the seller’s agent. This relationship put us in a position to win a competitive bidding process, despite not putting forward the highest bid.

The property is a landmark building in Palmers Green, North London, developed in 1920 for Evans and Davies department store. The property was spread over 20,000 square feet with the upper floors having been most recently used as offices by Enfield council. Planning consent had been granted to convert the upper parts into 13 apartments with potential for further development on the roof space, retaining retail use on the ground floor.

Once agreed, the transaction proved to be complex, due to a telephone mast on the roof of the building. In order to satisfy our client’s lender, we needed to agree the relocation of the telephone mast prior to the commencement of development works, requiring consultation with specialist advisors. We successfully delivered a solution, enabling the transaction to proceed.