Sevenoaks' 'twin towers' Tubs Hill House sold by Development Securities for 11m with it likely to become flats

An office building near Sevenoaks station has been sold by developers for 11 million in a deal which is likely to see it turned into flats.

Development Securities have made an initial profit of 3 million from the sale of Tubs Hill House to residential development business Prime Place, part of construction firm Willmott Dixon.

The property investment business bought the 64,800 sq ft commerical property in November 2013, when administrators acting for Lloyds were selling off assets of the taxpayer-owned bank.

Tubs Hill House in London Road, Sevenoaks, has been sold by developers for 11 million

Since then, Development Securities has applied to turn the offices recognised for its twin towers into residential accommodation, with a planning permission submitted to convert it into 91 apartments.

If the application is approved, the firm will receive another payment of 2 million.

Development Securities executive director Matthew Weiner said: Tubs Hill House will create a desirable new residential tower in Sevenoaks, a key London commuter town where residential demand is very strong.

Willmott Dixon is an experienced residential developer and we are pleased to have secured a sale to such a high-quality partner.

This latest sale demonstrates our trading activities whereby we are able to source sound opportunities and then capture value over the short-term, adding to our strengthening cash flows.

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Sevenoaks' 'twin towers' Tubs Hill House sold by Development Securities for 11m with it likely to become flats