Former ED police station fetches in excess of 5 million!

[Louisa]

According to this article in the South London Press, the new buyers have paid well in excess of 5 million pounds for the former site. Quite astonishing considering the limited room for development that there is. So guys, take your bets, do you think 5 mil was a fair cop or daylight robbery? Also who's the buyer?

http://www.southlondon-today.co.uk/news.cfm?id=1965&headline=It?s%20a%20fair%20cop!

Louisa.

[Mrs Y]

Whoever bought it, should be put in Jail !!!!

[Jeremy]

Limited room? Its a pretty big site...

[HennyPenny]

If this is accurate, what is the ?5 million going to be spent on?

[Alan Medic]

If this is accurate it's already been spent.

[the_gamechanger]

It's a v big site they will make a decent return on it no problem

[picmicnic]

My understanding (could be quite wrong) is that roughly 1/3 of the price of a new build property is the cost of the land. Therefore if the land is being sold for ?5 million, the developer will be looking to build properties on that plot of land worth ?15 million. Lets say that is roughly 30, two bedroom flats selling for ?500,000 each. Taking a rough look at the size of plot I suspect that many flats could be fit on that plot of land e.g. a 3 story building with 3 flats on each floor on the Lordship lane and Landcroft road side of the plot of land and 4 flats on each floor on the Whateley road side.

[neilson99]

What's all this rubbish it talks about being as asset of community value? A disused, old, anonymous block, which had very little public access unless you were on the wrong side of the law. The sooner they knock it down the better. I'm amazed the campaigning for Waitrose hasn't started up again to be honest. A cinema would be good but if not I can't imagine why anyone would object to houses and flats being built.

Also, does anyone know the status of the old flying squad house and land that is being developed opposite the Actress on Crystal Palace Road?

[steveo]

Tower block 36 floors

[bemusED]

my guess...

definitely - apartments on upper floors, around 20-25 flats, typically 2bed, likely 2-3 stories on Landcroft stepping up along Whateley to 3-4 on Lordship

inevitably - retail on ground floor, like a Little Waitrose

probably - lots of forum members fretting about future parking mayhem?

(ps, I'm a neighbour and welcome this site being redeveloped)

[lane lover]

The building is an eyesore, and anything the buyer can do to improve the site would be great. It is a deceptively big site, so not surpised it went for alot of money.

Mixed retail/residential would be good. Waitrose/M&S downstairs and two floors of flats above.

Done.

[Ron70]

I'm pretty sure there's a thread somewhere on this Forum where James Barber has stated that the site will be redeveloped as a school?

[Earl Aelfheah]

I'm sire soithwark will insist on half of it being made into parking spaces.

[DuncanW]

picmicnic Wrote:

-------------------------------------------------------

> My understanding (could be quite wrong) is that

> roughly 1/3 of the price of a new build property

> is the cost of the land. Therefore if the land is

> being sold for ?5 million, the developer will be

> looking to build properties on that plot of land

> worth ?15 million. Lets say that is roughly 30,

> two bedroom flats selling for ?500,000 each.

> Taking a rough look at the size of plot I suspect

> that many flats could be fit on that plot of land

> e.g. a 3 story building with 3 flats on each floor

> on the Lordship lane and Landcroft road side of

> the plot of land and 4 flats on each floor on the

> Whateley road side.

Doesn't the ratio of land price/build cost = value vary massively dependent upon where in the country or even where in London the property is, as build costs are fairly uniform but land costs vary hugely?

[Vik]

The Crystal Palace Road site is mentioned in the link in the first post, as is James B's school quote.

[Sue]

neilson99 Wrote:

-------------------------------------------------------

>

> Also, does anyone know the status of the old

> flying squad house and land that is being

> developed opposite the Actress on Crystal Palace

> Road?

xxxxxx

Developers looking to build high flats, thus plunging neighbours into darkness, amongst other things.

Immediate neighbours and other nearby residents contesting plans.

[LondonMix]

Land is more expensive in London for the reasons Duncan says. They will make back the 5m easily if they are allowed to develop residential on the site. I agree its likely going to be supermarket with flats. There are a lot of new flats coming up in the area. Don't forget about the ones on Lordship lane where the street art festival was plus the new development on Crystal palace.

All the new flats coming to market should help meet demand. I have friends who are buying and 15 people at the open day to a pokey first floor flat shows how much excess demand there is at the moment.

[picmicnic]

DuncanW Wrote:

-------------------------------------------------------

> picmicnic Wrote:

> --------------------------------------------------

> -----

> > My understanding (could be quite wrong) is that

> > roughly 1/3 of the price of a new build

> property

> > is the cost of the land. Therefore if the land

> is

> > being sold for ?5 million, the developer will

> be

> > looking to build properties on that plot of

> land

> > worth ?15 million. Lets say that is roughly 30,

> > two bedroom flats selling for ?500,000 each.

> > Taking a rough look at the size of plot I

> suspect

> > that many flats could be fit on that plot of

> land

> > e.g. a 3 story building with 3 flats on each

> floor

> > on the Lordship lane and Landcroft road side of

> > the plot of land and 4 flats on each floor on

> the

> > Whateley road side.

>

> Doesn't the ratio of land price/build cost = value

> vary massively dependent upon where in the country

> or even where in London the property is, as build

> costs are fairly uniform but land costs vary

> hugely?

Yes the ratio will vary massively dependent on location.

In East Dulwich and other similar areas of London I believe its roughly 1/3.

e.g.

-Assuming the ?500,000 2 bed flat is 1000 sq ft and the build cost is ?200 per foot. The build cost for the flat is therefore ?200,000 or 40% of the purchase price.

-Expenses + stamp duty + cost of selling + profit I believe is roughly 25% of the purchase price (give or take 10%)

-Leaving about 35% for the cost of the land

Note - I am no expert, this is based on a conversation with someone in a pub a couple of month back.

[LondonMix]

That's right except that most two bed flats aren't 1,000 sft! Try 750 sft if you are being generous.

The smaller size of the flat means that land is 45% of the final market value.

[NickT]

I live at the rear of the Police Station and do welcome the redevelopment of the site, I would contest vigorously any proposal that didn't include off street parking though.

[purplehaze]

My prediction it'll be a mix of flats and shops fronting lordship lane with a new road off whately / landcroft with grandish 3/4 story houses at 1.2 a pop

[jamescpr90]

Planning application has been submitted for the old police station at the junction of CPR and Upland Road for a development of 4 flats and 5 houises.

[jamescpr90]

No off street parking is being provided for the CPR/Upland Road development.Parking is going to become a nightmare that may "force" the Council into imposing restrictions.

[spider69]

Which is what they want as it produces money.

[mark88]

Multi storey car park is what we really need .