The site was sold by the authority in 2021 to developers RER for £25million and is on the market with estate agents Savills.
Planning permission for the Grade II listed building has already been granted and Savills says the site has an estimated gross value development of £250 million.
The site, located opposite Kingston University in Penrhyn Road, also includes 69 car parking spaces and three acres of landscaped gardens.
Statement from Surrey County Council.
The claim that the former County Hall site is now worth ten times its sale price is incorrect. Although the specific details of the initial sale between Surrey County Council and RER are confidential, it is reaffirmed that the Council received the best value for the property. The County Hall buildings in Kingston-Upon-Thames were sold for £25 million, subject to contract, as approved by the Surrey County Council Cabinet in January 2021. It was fully agreed that the cost and risk of Surrey County Council both retaining the vacant asset for a period of years, as well pursuing planning approval due to its Grade II Listed status was wholly unjustified for the public purse.
RER have recently decided to place the campus on the market, seeking bids above £40million for the campus considering their approved development scheme. RER have already invested a further £9.1million in the scheme above the original purchase price of £25million, as per their most recent published accounts to December 2022.
The County Hall campus secured an outline planning consent from Royal Borough of Kingston in September 2023, though further formalities are required before development can commence. Interested parties will need to evaluate the costs, time, and risks associated with the project, estimating the end value of the completed development minus expenses such as demolition, redevelopment, heritage restoration, consultant fees, project finance, and marketing. This development is projected to require over £150 million in additional investment, excluding land acquisition costs, and may take 3 to 5 years to complete. This would take costs to over £185 million.
Regarding the Bittoms Car Park, Surrey County Council’s remaining asset from the County Hall campus, it has been identified for mixed residential and commercial development and the Royal Borough of Kingston has invited agents to advise on its marketing. Once formally approved, the site is expected to fetch a substantial sum upon disposal.”
