Charter Land has sold two significant residential developments sites in south east London to Higgins Group for £10.1m.
The first of the two freehold sales, a 0.41-acre plot at 83-89 Queens Road, London SE15, close to Peckham High Street has the benefit of planning permission for 47 residential units in addition to a ground floor retail unit pre-let to Sainsbury’s on a 15-year term at £75,000 pa.
The second freehold also totals 0.41 acres and is at 525-529 Old Kent Road, SE1 and benefits from planning permission for 38 residential units.
Charles Sandy from Charter Land – which specialises in preparing sites for residential and mixed-use development – commented: “The improved London overground train network – or ‘Ginger Line’ as it’s known because of its colour on the transport map – is opening up new areas of London for house buyers.
“As soon as the London overground line was included on the Tube map it raised awareness of the London areas it runs through. It has had a hugely positive effect in south east London. Zoopla reports that house prices in Peckham have risen 9.7% in the past year while for better properties that figure is probably closer to 20%.
“The disposal of these two sites has allowed us to capitalise on the huge demand in London for consented sites. The proceeds will be used for future acquisitions”
Levy advised Charter Land on the sale of both sites. Higgins Group was unrepresented.