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Sutton Sitematch property finds buyer

Fri 27th July 2012, 2:38 pm

Sutton Council has found a buyer for one of its key development sites.

Victoria House: Sold to developer following Sitematch London event

In documents released online, the council said that a number of developers had enquired about the Victoria House site at the Sitematch London event held at City Hall in March, and that a developer has since bought the site with a view to redevelopment.

The developer was named as Stonegate Homes, a property investment and development company based in Great Bookham, which has yet to announce its plans for the site.

The document said: "A number of developers enquired about Victoria House but this site has been in National Asset Management Agency – (NAMA). This ownership issue, and the fact that Ladbrokes have a long lease (20 years) at Victoria House, have meant it has been a ‘stuck’ site for so long.

"However, since the event, we have has worked with Allsop (the site's property auctioneer), and the site now has a buyer."

The council added that it found the Sitematch London event had been "very productive", saying "We learned developers are very interested in Sutton and see it as borough they would like to invest/provide developments in.

"We also learned that many developers are interested in our property/assets to either a) buy and development independently or b) form partnerships with the council and develop sites in partnership.

"Lastly, we learned that developers have different priorities and different skills which means they are interested in different sites."

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