Tuckerman - Offices Development - London SE11, Kennington Road

Date: 29 Jul 2003

Tuckerman has sold the freehold of 405 Kennington Road SE11 for Motcomb Estates to CIBA plc.

CIBA plc is a speculative firm of developers and intend to refurbish the 1960's dilapidated office block & retain the employment use; in addition to this they will be creating 14 new apartments on the adjacent site.

The building, approximately 20,000 sqft, was formerly used by Lambeth Health Department, but has been empty for 3 years. CIBA are on the verge of signing a prelet agreement with one of the South East's biggest firms of solicitors that are currently operating out of 3 auxiliary buildings in the borough.

The move to the new premises will be of great benefit to Fisher Meredith & their clients who are mainly from the local community. The office refurbishment created will be a state of the art environment for their tenant, Fisher Meredith.

CIBA are in the final stages of discussion with Lambeth Planning who have indicated that they will embrace a mixed use scheme for the site. There has already been very strong local support from the Residents Associations and businesses within the area for the refurbishment and development of this previously neglected site.

CIBA hope to have their planning agreed in the forthcoming months and are ready to commence on site immediately to transform this disused empty eyesore into a landmark impressive building.

Paul Boyd, director of CIBA, says that 'not only will the development provide space for 250 jobs, but will raise the aspirations and values for people that live and work in the immediate area.... the Oval & Kennington are undergoing exciting regeneration times'

Tuckerman's introduced both the building and the tenant to CIBA plc.

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