The Oval

London

Acting on behalf of Ernst & Young and Heritable Bank we advised on the planning issues and risks associated with the development potential of a site adjacent to the famous gas holders and proposed options to enhance its value.

Location: The Oval, London
Status: Appraisal carried out and strategic advice provided
Size: 0.3 hectares
Scale: Site

The original developer sought a residential redevelopment but was frustrated by the Health & Safety Executive who made a strong objection to the proposals. When Heritable Bank exercised their option to take back the asset we undertook an in-depth analysis of the planning law and practice in relation to this site and to hazardous development sites across the UK and the risks involved.

The conclusion of this work was that the gasholder site was deemed to pose only a limited threat to the surrounding residents and that, in planning terms, this did not form a material constraint. However we advised that, given the numerous other similarly controversial and larger gasholder sites coming forward, the client was best served at the current time by holding the asset and letting other sites create the precedent.

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