At the time of our initial engagement, 255 Lordship Lane comprised a part-completed, major residential led mixed-use development of 32 apartments and c. 6,700 sq ft of flexible commercial accommodation. Located in Tottenham, North London and benefitting from strong transport links to central London including via Crossrail 2, and significant regeneration of the surrounding area, on completion the property would comprise a rare and attractive unbroken new build investment proposition.
Following the original developer entering Administration and the lender commencing completion of the build via a new contractor, Hilco Global Real Estate Advisory were initially instructed by Administrators at Grant Thornton Limited (Channel Islands) to provide strategic valuation advice based upon various exit options open to them to assist their decision making.
The engagement progressed into receiving instructions to dispose of the freehold as one lot and our team undertook an open marketing campaign that resulted in significant competitive interest. The marketing however, comprised only a small part of our involvement, with our dedicated team leveraging their experience of distressed real estate situations to go over and above the work of a standard agency instruction.
Due to the lack of a full suite of pre-packaged building information, we were required to ‘roll our sleeves up’ and get into a significant amount of detail in relation to the build case. In order to secure a sale, we acted as the go between the project manager and purchaser throughout, assisting on numerous non agency related matters including issues relating to planning, amendments to the finish, warranties, fire regulations, compliance and other build documentation.
Despite the impact of the ‘mini budget’ on the economy, and particularly the subsequent residential property market conditions, we successfully concluded a transaction in November 2022.
“Our engagement on 255 Lordship Lane demonstrated the flexibility, experience and market knowledge of the Hilco Global Real Estate Advisory team as well as our ability to overcome numerous building related issues and complete a sale in challenging economic conditions.” - Nick Hughes, Director, Hilco Global Real Estate Advisory
“Hilco Global Real Estate Advisory provided a steady hand throughout our initial decision-making process. They were responsive, attentive, and realistic at all times during the process, and their tenacity and experience in distressed real estate was a significant factor in achieving a successful sale in challenging circumstances.” - Grant Thornton Limited, Channel Islands
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