Knight Frank sells £30m development opportunity in Surrey

The site, which has a gross development value of £30m, has been acquired by award-winning housebuilder Riverdale Developments in partnership with Searls Land and Pyxis.

With a long planning history, the site currently benefits from detailed permission for 38 extra care and 28 close care units, plus outline planning for 98 extra care units and a care home with up to 60 beds.

According to Knight Frank, there is further potential for the site to become a residential-led housing scheme of more than 100 units, subject to achieving the necessary planning consent.

The buyer's plans for the development will be revealed in due course.

Nick Laugharne, Operations Director in Land & Residential Investment, Wates Land and Development Division said: “We’re delighted to have completed this sale to Riverdale Developments, who share our commitment to award-winning homes and communities. This sale is a great result for the business and demonstrates once again how we’re able to adapt our strategy to generate a strong outcome for the business.

“We’d like to thank Riverdale Developments and Pyxis Land for their speed and professionalism in getting this over the line and wish them the best of luck with their application”

Nick Alderman, Head of Central London Land Agency at Knight Frank, said: "It was a pleasure to facilitate the sale of this important site. Recent policy changes designed to ease planning on ‘Grey Belt’ sites has helped to boost development opportunities. Greater London's housing delivery is significantly behind target, so it’s great to know our advice and the success of this transaction will make a positive contribution to addressing this shortage. 

“We wish Riverdale Developments every success with their venture and look forward to seeing the development progress."

ENDS

Notes to Editors

Knight Frank LLP is the leading independent global property consultancy, serving as our clients’ partners in property for 128 years. Headquartered in London, Knight Frank has more than 27,000 people operating from 600 offices across 50 territories. The Group advises clients ranging from individual owners and buyers to major developers, investors and corporate tenants. For further information about the Firm, please visit knightfrank.com.