Ermin Apartments
The Brewers’ Company are Trustees of the Dame Alice Owen Foundation charity. They wanted to realise the potential of an underutilised 1960s commercial building. Full planning consent was obtained for 60 residential apartments (31 private, 29 affordable) and approximately 30,000 sq ft of commercial space. Thornsett entered into a development agreement on an open book basis with a number of overage provisions. The Foundation retained apartments and community space to generate ongoing income for the Charity. Construction started in early 2011 and was completed in early 2013.
Benefits for Client
- Retained 50% of the commercial space
- Retained 9 residential units
- Sales overage of £1,440,945
- Additional apartment retained through build cost overage
- Ground rent income retained
The Development
- 60 apartments (31 private)
- 30,000 sqft of commercial space
- Gross Development Value: £22,500,000
Development Features
- Ground level taken up by commercial space
- Concierge service for private apartments
- Close to amenities of Upper Street
Thornsett’s management of the construction process has been first class
— David Ross, Clerk, The Worshipful Company of Brewers
