Tubs Hill House is a 64,800 square-foot office building 200 metres from Sevenoaks station. Development Securities bought it for £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 £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 £2m.
Got a story? Email news@theconstructionindex.co.uk
