Site

• Waddington Avenue is a bungalow with a rear garden measuring approximately 45m long by 16m wide
• The area of the site for the new houses is approximately 697m2
• The site is located within the London Borough of Croydon
• Topographically, the site is on a gradient which broadly falls from west to east
• The site’s frontage overlooks an area flanked by houses
• The Site is not in a Flood Zone or within any area of heritage protection

Acquisition

• We identified the site through our internal direct sourcing processes
• Agreed purchase with the Vendor being conditional on obtaining planning approval for residential development of the site
• Because of the purchase being conditional on planning, we were able to agree with the Vendor a price above market value

Finance

• Given the purchase is subject to planning permission, there is no upfront cash outlay to purchase the site
• Red Banksia incurs all costs associated with obtaining planning permission to develop the site. These costs are paid solely by Red Banksia, with no cost to the Vendor
• We will explore our opportunities to develop the site using development finance when the outcome of our planning application is known

Planning

Demolition of the existing dwelling and redevelopment of the site to provide three two-bedroom houses, two-bedroom houses, and one three-bedroom house all with accommodation within the roof space with associated refuse and cycle provision and landscaping.

Schedule of Accommodation

Note GIA = Gross Internal Area (Code of Measuring Practice, 6th Edition) and does not include communal areas.