Lotus Living, the family-owned property developer, has acquired a 2.84-acre freehold development site near St Albans city station.
The property comprises a 2,910 sq ft registry office called ‘The Gatehouse’ which is let until 2034 to Hertfordshire County Council, and two standalone offices extending to 42,759 sq ft. The offices, 2 and 3 Victoria Square, have permitted development rights for 55 units. Although, a capacity study was carried out by PRP Architects to demonstrate scope in the delivery of more than 100 homes via infill development and extensions.
Knight Frank Investment Management instructed Montagu Evans’ land agency and office investment teams to provide disposal advice and manage the sale of the site. Montagu Evans had previously advised on the initial planning and development prospects.
Harry Charman, senior associate at Montagu Evans, said: “This sale reflects our joined‑up Residential: Connected approach – delivering value while positioning the site for future housing delivery in one of the South East’s most sought‑after markets. Well‑located sites of this scale, directly adjacent to major transport hubs, continue to attract strong investor/developer demand.”
Image: Montagu Evans
© Eastern Echo (powered by ukpropertyforums.com).
This article and its contents are the intellectual property of UK Property Forums and may not be reproduced, distributed, or used in any form without prior written permission. The views expressed are those of the author(s) and do not constitute legal or professional advice.
