Working together for a win-win development outcome

Having recently successfully developed an adjacent property, Fruition Properties was approached in 2013 by the landowner of three Victorian terraced cottages. Known as Waterworks Cottages, the properties had become uninhabitable due to water leakage and disrepair and in fact were becoming a liability in terms of rates and general upkeep.

The owner, Derrick Lynch, was keen that any development should not impact upon his garage business which would share the same entrance as the properties, but as an entrepreneur he also knew there was value in his site and wanted a share in the benefit. He needed an experienced property developer to become a trusted partner rather than to simply sell on the land.

We were able to help Derrick with a bespoke solution that allowed him to consolidate his position enabling him to bring the site forward in partnership with Fruition Properties instead of selling to another developer.

Using our dedicated in house team of planning specialists we obtained planning for the scheme which Fruition Properties funded. Once planning was achieved we raised the necessary finance to progress the development into the construction phase.

The final development, Florian House, was completed in 2016 and comprised seven one, two and three bedroom apartments and two five bedroom houses in a exclusive gated setting. Designed to a high specification, rare for a new build in the area at the time, the design and detailed finish was aligned with our portfolio of developments throughout London.

Despite some delays in the planning stage and the markets being in flux after the financial crisis, the team at Fruition Properties delivered an enhanced planning outcome and outperformed against the original financial metrics set out in the development agreement.

The scheme received a large spread of positive media coverage at the time, and by the summer of 2016 was fully occupied, homeowners and investors having been widely impressed with the development and the quality of its product specification and finish and the offer of significant capital growth potential over the coming years.

We are always looking for development opportunities. If you have a land or airspace opportunity please contact our specialist land team for a free property evaluation.