LEEDS-based Oakapple Group has been granted planning permission to build an £18m mixed-use scheme in Clapham, South London.
The development will include 10,000 sq ft of offices, 40 luxury apartments and a basement car park for 22 cars.
Oakapple bought the site in 2006 from Kone, in a sale and leaseback deal. As part of the agreement, Oakapple spent £1.6m extending and refurbishing the existing 7,000 sq ft offices for the global lift and escalator manufacturer. Kone has outgrown its current offices, but wants to remain in Clapham long term.
With planning permission secured, Kone will move temporarily to offices nearby, while the existing offices are demolished to make way for the new scheme. Once complete, Kone will occupy all the grade A office space.
The one, two and three-bedroom apartments, which agents have advised will be pre-sold off-plan, will be valued from £350,000 to £550,000. The scheme also provides 16 residential units for sub market sale and social rent. Work will begin on site in Spring 2013.
The chairman of Oakapple, Philip Taylor, said: “It is great to be developing again. We are in a very fortunate position of having pre-let all the office space, and although the residential market remains stagnant in much of the UK, there is still great demand in London.”