Commercial Agency – Site at Howt Green, Sittingbourne

Howt Green, Sheppey Way, Sittingbourne ME9 8QT

About this project

Harrisons were involved in this site for a number of years providing a variety of property related advice to our client, FloPlast Limited, a well-established manufacturer and supplier of plastic building and plumbing products.

We initially provided advice in relation to the industrial market to assist with a planning application for residential development.  A planning application was subsequently submitted for the outline consent for 42 residential houses, which was subsequently approved at committee, subject to the agreement of a Section 106 agreement.

The Section 106 took sometime to draft and agree and in the meantime the industrial market significantly improved.  This resulted in a viability issue for the residential development, where the property was now more likely valuable as a commercial site than for residential development, due to the requirements for affordable housing. 

As a consequence, the next step would have been to renegotiate the Section 106 agreement to reduce the level of affordable housing.  However, given the recent improvement of the industrial market and now that the site was surplus to requirement for the client’s day to day business, it was considered that a sale could be achieved more quickly without the need to seek changes to the residential consent.

We were instructed to place the property on the open market, for sale as a commercial site with buildings thus tapping into the recent increase in the industrial market and lack of alternative stock. There were significant expressions of interest and a number of offers submitted on different bases, including for development.

All offers were presented to the client with appropriate advice and a purchaser was selected.  Following appropriate compliance checks, the sale was placed with solicitors for drafting and agreeing of the contracts with Harrisons providing support through to completion of the sale.

Property Details:

Location

The premises are located on the east side of Sheppey Way, immediately south of its junction with Bramblefield Lane. Sheppey Way forms part of the former A249. However, a dual carriageway A249 is now situated to the east providing good direct access to the M2 and M20 motorways to the south.

Description

Circa 4 acre site occupied by a variety of warehouse / factory buildings, most recently occupied by Floplast, in varying degrees of condition. It is our understanding that the premises originally comprised an Engineering and Vehicle Maintenance Depot, purpose built for the Army and subsequently occupied by British Telecom.

The property has a high pressure gas main to the southern boundary limiting development of the property.

Accommodation

Main warehouse factory and offices 25,840 sq ft (2,400 sq m)

Rear Lean-to Warehouse 7,420 sq ft (690.0 sqm)

Detached Modern Warehouse 12,870 sq ft (1,196 sq m)

Former Vehicle Workshop 5,720 sq ft (531 sq m)

External Store 470 sq ft (44 sq m)

Total Gross Internal Floor Area 52,320 ft (4,861 m)

Transaction Details

The property was sold £2,825,000.