Tubs Hill House is a 64,800 square-foot office building 200 metres from Sevenoaks station. Development Securities bought it for 拢5.5m in November 2013 from administrators acting on behalf of Lloyds Banking Group and subsequently secured permitted development rights to convert the offices into residential accommodation.
Prime Place has now paid 拢11m for it.
A planning application is currently being progressed for a residential conversion of up to 91 units. If and when planning consent is secured, Development Securities could receive a further top up payment of up to 拢2m.
Got a story? Email news@theconstructionindex.co.uk
