Sep
28

Old Police Station gets new lease of life

HNF Property has recently completed the letting of the former Penge Police Station and rear building following a major redevelopment.

HNF identified the marriage value between the redundant police station and rear buildings within our client’s ownership. We entered the tender to purchase the police station on behalf of our clients. Successfully acquiring the freehold interest.

Further assistance was provided through the planning process and consent was obtained for a conversion to provide 16 residential flats at a rent of £185,000 for 10 years.

We negotiated a full repairing lease to Kings Education on entirety to provide secure residential accommodation for their overseas students.

The property has now been refurbished to the highest standards enhancing the landmark building and ensuring its long term existence.

The deal has provided our clients with a highly secure long term investment on the original capital outlay and in addition the clients have seen a significant uplift in the capital value.