Aston Rose acts for RHP on £4.7m Acquisition of Development Site in Feltham

RHP has completed on the freehold acquisition of a brownfield land development site at Southville Road (TW14 8AP). The 0.36 hectare (0.89 acres) vacant site was acquired for £4.7m. Aston Rose acted for RHP. Planning permission is in place for redevelopment to construct a part three and part four storey building comprising 52 residential apartments (42 private together with a provision for 10 affordable units), 39 car parking spaces, 90 cycle parking spaces and bin store, together with comprehensive landscaping across the site. RHP is proposing the scheme comprises 100% affordable housing. Bramble Estates has been appointed as principle contractor to deliver the site. Following acceptance of the offer made by Aston Rose on behalf of RHP, contracts were exchanged within 15 days and, having met timescales with regard to the valuation and obtaining board approval, completion was just 11 days later. Duncan Wilson, Head of Development Consultancy at Aston Rose said: “The site at Southville Road represents a fantastic acquisition for our client, RHP. It was a hard fought acquisition with a great deal of competition but by working closely together we managed to undertake the valuation and gain board approval prior to submitting the offer. In addition we engaged with Bramble Estates early on in the due diligence process so, when submitting the offer, we had 100% confidence in our ability to perform.” Robin Oliver, commented: “RHP is committed to delivering over 2,000 high quality affordable homes across south-west London in the coming years. Our AA- credit rating and successful bond issue means we are well funded to achieve this goal. The key blocker to delivery is finding land, so this scheme represented a fantastic opportunity to boost the delivery of affordable housing. Aston Rose’s skills and expertise were absolutely integral to the deal and they provided both excellent service and high quality advice throughout the acquisition. Working closely with their professional team we were able to act quickly to meet the vendor’s financial targets and preferred timescale to secure the site.”