Gerald Eve has advised LaSalle Investment Management on the sale of a 7.5-acre residential development site on the River Ember in East Molesey, Surrey to CALA Homes for circa £30 million.
Gerald Eve has provided strategic development advice on this and other development opportunities within the portfolio over the last ten years. Where the opportunity arose to bring forward this underutilised industrial estate for a significantly higher alternative use value, Gerald Eve led the appointment of Wates Developments as planning promoter.
The sale follows the successful planning promotion of a 95 unit residential scheme for which outline planning permission was achieved in December 2015.
East Molesey and Thames Ditton are one of Greater London’s most popular residential areas. As well as a riverside location, the site also benefits from expansive open spaces and nearby recreation areas. It offers excellent local amenities and good transport links, with Crossrail 2 earmarked for the area.
Alex Gillington, partner at Gerald Eve, said: “Imber Riverside’s unique position makes it a particularly attractive site for residential development, and as such the bidding process was highly competitive, which was supported by obtaining the outline planning permission for residential in advance of sale.”
Gerald Eve acted on behalf of LaSalle Investment Management in the sale, and also advised on the appointment of Wates Developments as promoter.