Units 1, 1A & 2 Valmar Trading Estate Valmar Road, London SE5 9NW. London Development Opportunity on behalf of Joint Law of Property Act Receivers

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Laureen Simpson
5 years ago
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1 London Development Opportunity on behalf of Joint Law of Property Act Receivers Units 1, 1A & 2 Valmar Trading Estate Valmar Road, London SE5 9NW

Description The property forms part of the Valmar Trading Estate although it has separate access points in addition from Denmark Hill.

The current construction comprises three units as follows: Location Camberwell is a district of South London in the London Borough of Southwark, approximately 5 km (3 miles) south east of Central

Camberwell benefits from excellent road communications being connected to Central London by Camberwell Road in the north and Camberwell New Road (A202) in the west.

5 miles) to the south and provides regular rail services to London Victoria and London Blackfriars with a journey time of approximately 10 minutes.

2 Description The property forms part of the Valmar Trading Estate although it has separate access points in addition from Denmark Hill. It is a dilapidated property in a number of sections on a site offering development opportunity. The current construction comprises three units as follows: Location Camberwell is a district of South London in the London Borough of Southwark, approximately 5 km (3 miles) south east of Central London. To the west it has a boundary with the London Borough of Lambeth. Camberwell benefits from excellent road communications being connected to Central London by Camberwell Road in the north and Camberwell New Road (A202) in the west. The area is also well served by public transport with numerous bus routes provided. Denmark Hill Station is 0.8 km (0.5 miles) to the south and provides regular rail services to London Victoria and London Blackfriars with a journey time of approximately 10 minutes. In addition, Oval Underground Station (Northern Line) is 1.6km (1 mile) to the north-west. London City Airport is approximately 15 km (9 miles) to the north-east and London Heathrow Airport is approximately 29 km (18 miles) to the west. Situation The property is located within a predominantly residential / mixed use area, on the eastern side of Valmar Road, close to its junction with Coldharbour Lane. Denmark Hill (A215) is situated approximately 100 metres to the east and provides access to Camberwell New Road (A202) which in turn connects to the A2. Denmark Hill Station is approximately 0.5 km (0.3 miles) to the south east. The property is positioned off Valmar Road, a residential street. In recognition of the location, on the opposite side of Valmar Road is located the Crawford Primary School. Denmark Hill is the principal commercial location for Camberwell and benefits from numerous shops, public houses and eateries. The historic Oval cricket ground is 1.6 km (1 mile) to the north-west. The ground has staged international cricket since it was built in 1845 and was the ground where the Ashes were born. Vehicular and pedestrian access to the site can be gained from a gateway fronting Valmar Road. The access rights are contained in the transfer dated 17th May These rights are subject to contributions to the maintenance, repair, upkeep and insurance of the estate road. Purchasers must rely upon their own inspections, searches and enquiries in relation to the same. Pedestrian and vehicular access to the property is gained via a passageway (coloured blue on the title plan TGL174572) from Denmark Hill (although note the buildings above the passageway are excluded and do not comprise part of the property). Pedestrian access only to the property is also gained via a passageway from Denmark Hill (coloured brown/orange on the title plan TGL174572). Unit 1 comprises a three storey building of brick construction currently arranged as office accommodation on ground floor, 8 residential bed-sits on first floor and further office accommodation on second floor. We understand that enforcement notices have been served by the Local Authority please refer to the data room for further information. Unit 1A is situated to the rear of Unit 1 and comprises a single storey warehouse unit with part profile cladding and park brick elevations beneath a pitched corrugated roof. Unit 2 comprises a light industrial unit arranged over basement, ground and first floors. The property has had microbrewery equipment installed and part of the ground floor has been removed to accommodate fermentation vessels. The remainder of the space has been used for storage purposes. The property benefits from a yard area and surface car parking to the front of Units 1 & 2. Note that the site contains a large element of rubble and surplus material. Accommodation The property has been measured by BKR Floor Plans and provides the following accommodation: Net Internal Area Gross Internal Area Sq M Sq Ft Sq M Sq Ft Unit 1 Ground Floor , ,608 First Floor , ,187 Second Floor , ,187 Sub-Total , ,982 Unit 1A Ground Floor , ,660 Unit 2 Lower Ground Floor , ,425 Ground Floor , ,177 First Floor , ,075 Sub-Total 1, ,574 1, ,677 TOTAL 2, ,344 2, ,319 A set of floor plans is available to download.

Rateable Value According to the Valuation Office the rateable value for Unit 1 is 22,750. The Uniform Business Rate is 47.1 pence per pound for 2014/2015.

3 Rateable Value According to the Valuation Office the rateable value for Unit 1 is 22,750. The Uniform Business Rate is 47.1 pence per pound for 2014/2015. Units 1A has a rateable value of zero and the entry for Unit 2 has been deleted. Therefore, we understand there are currently no rates payable for these units. Site We estimate the site area to be approximately 0.27 hectares (0.66 acres). Tenure Freehold Tenancies The property is offered for sale subject to the terms of an (A) assured shorthold tenancy and the occupation of one of the residential bed-sits on the first floor of Unit 1, and (B) the terms of a long lease ("Lease") dated 1st May 2006 in respect of part basement of Unit 2 between (1) the Company and (2) Nicholas John Harper and Malcolm John Harrison for a term of 5 years from 1st May The assured shorthold tenant indicated on 22nd July 2014 that he intended to vacate the property within 8 weeks and the Receivers are liaising with him to agree the terms and the date of his vacation of the property. Possession proceedings were issued against the tenant on 17th March 2014 based on rent arrears and a notice pursuant to section 8 of the Housing Act 1988 (as amended by section 151 of the Housing Act 1996). The tenant attended a hearing on 2nd May and stated that he occupied the Property under an AST dated 28th March 2013 made between Valmar Works Limited (1) and the tenant (2). The tenant also stated that he had been paying rent to Valmar Works Limited and provided a schedule of payments. The tenant later lodged a defence to the claim relying on those matters. An application has been made to the court to strike out the defence and for a possession order. The hearing of the application is on 8th October It is understood that the Lease in respect of part basement of Unit 2 is historic and there is no one in occupation of the property pursuant to the Lease. Notwhithstanding the above it will be for any purchaser to rely on their own inspections, searches and enquiries in relation to the same. To the extent that the Lease is historic, it will be for any purchaser to arrange for its removal from the title to Unit 2, if required. Value Added Tax Prospective purchasers should refer to the Special Conditions of Sale in respect of the VAT position at the property. It is anticipated no VAT will be charged however the contract and purchase price must remain VAT exclusive. Planning Unit 1 The first floor currently has consent for offices (B1) and Storage & Distribution (B8). However, the previous owner undertook an unauthorised change of use to form seven self-contained residential units. As a result, on 8th May 2013 Southwark Council served an enforcement notice which deemed that the change of use was unacceptable due to the location of the residential units within an industrial setting and the unacceptable quality of the accommodation, with the rooms and unit sizes being less than the required standard of 50 sq m for one-bedroom flats. The Receivers and the Receivers' Solicitors have been liaising with the planning enforcement officer in relation to the enforcement notice who is aware that the Receivers are attempting to rectify the planning breach by recovering possession of Unit C from the tenant. Planning consent was granted on 21 December 2012 for change of use of the ground floor unit.from B1/B8 to A1/A3, involving a single storey side extension. This planning consent has not been implemented as far as the Receivers are aware. Unit 1A Planning permission was granted on 17th February 2010 for Erection of additional floor and external alterations including balconies to west, north and south facing elevations, in connection with change of use from antique warehouse (B8) to artist studios (B1), providing 10 artist studios (5 on each floor). As far as the Receivers are aware this planning consent has been implemented and may therefore have lapsed. Unit 2 Planning permission was granted on 18th November 2011 for Change of use from B1(c) (Light Industrial) to a micro brewery (use class B2 General Industrial), erection of two additional floors to building, 2-storey rear extension, extension at basement level to front of building and refurbishment / remodelling of facades. It appears that some works associated with the application have commenced as microbrewery equipment has been installed in the premises. However, the extension / refurbishment has not been carried out as far as the Receivers are aware. The Receivers understand that there are further documents in relation to the planning position of the Property which are available from the local authorities website. Any interested party should conduct their own searches of the website and rely on their own searches, inspections and enquiries in relation to the same

Overage We draw purchasers attention to the Deed of Covenant referred to within the legal package whereby in accordance with a deed of transfer dated 23rd October 2007, an overage is due to James

4 Overage We draw purchasers attention to the Deed of Covenant referred to within the legal package whereby in accordance with a deed of transfer dated 23rd October 2007, an overage is due to James McNaughton Group Limited should residential planning permission be obtained or development of the property commences. The overage payment amounts to 30% of the difference between the "Enhanced Value" and the "Base Value". The obligation expires 22nd October Notwithstanding the above any interested party should conduct their own review of the transfer dated 23rd October 2007 and take their own advice and rely on their own searches, inspections and enquiries in relation to the same. Chattels and Equipment The Receivers are aware of a number of items / chattels at the property which belong to the Company and third parties. The Receivers are arranging to serve notices ("Notices") pursuant to section 12 of the Torts (Interference of Goods) Act 1977 on the proprietors of those items /chattels. The Notices will give the identified proprietors a deadline of 5pm on Friday 5 September 2014 within which to remove their items / chattels from the property. If the items / chattels are not removed by 5pm on Friday 5 September 2014 then the Receivers will take non-collection of the Goods as consent to dispose of the same in such manner as they, in their sole and absolute discretion may decide. The property will be sold on the basis that all equipment, loose items and chattels at the Property at completion are excluded from the sale. The Receivers will be free to proceed to exchange of contracts after 5pm on Friday 5 September 2014.

5 Proposal Guide price 1,850,000 (One Million, Eight Hundred and Fifty Thousand Pounds), subject to contract. LPA Receivers Simon Robert Thomas and Nicholas Hugh O'Reilly ("Receivers") both of Moorfields Corporate Recovery Limited, are the appointed joint Law of Property Act receivers of the Property. The Receivers act as agent on behalf of the registered proprietor (TBAC Investments Limited ("Company")) without any personal liability. The documents / information provided have been provided for information purposes only. No representation or warranties can or will be given by or on behalf of the Receivers or DLA Piper UK LLP ("Receivers" Solicitors"). Please note that this is a sale by the Company acting by the Receivers. The Receivers have extremely limited knowledge of the Property. The Property is sold as seen and no warranties or covenants for title can or will be given. Any purchaser must rely on their own inspections, searches, enquiries and due diligence. Investment Considerations 1. An opportunity to acquire a freehold development site; 2. An Inner London location with good communications to Central London; acres; 4. On behalf of Joint Law of Property Act Receivers; Contact Singer Vielle Wigmore Street dale@singervielle.co.uk London W1U 3RF Tel: richard@singervielle.co.uk Fax: neil@singervielle.co.uk Vendors Solicitor Faye@singervielle.co.uk Jackie@singervielle.co.uk DLA Piper UK LLP 3 Noble Street rowena.crew@dlapiper.co.uk London EC2V 7EE Tel: Subject to Contract & exclusive of VAT This property is being marketed on behalf of joint Fixed Charge Receivers Simon Robert Thomas and Nicholas Hugh O'Reilly who are acting as agents of TBAC Investments Limited, without personal liability and therefore no warranties or guarantees in any respect including but not limited to VAT can be given. The Fixed Charge Receivers are not bound to accept the highest or any offer and are acting without personal liability. Misrepresentation Act 1967 Singer Vielle for themselves and for the Vendors or Lessors of this property whose Agents they are give notice that: 1. The particulars are set out as a general outline only for the guidance of intending purchasers or lessees, and do not constitute, nor constitute part of, an offer or contract 2. All descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given in good faith and are believed to be correct but any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them. 3. No person in the employment of Singer Vielle has any authority to make or give any representation or warranty whatever in relation to this property. 4. All maps are for identification purposes only and should not be relied upon for accuracy. 5. Unless otherwise stated, all prices and rentals quoted are exclusive of Value Added Tax to which they may be subject. Finance Act 1989 Unless otherwise stated, all prices and rents are quoted exclusive of VAT. Property Misdescriptions Act 1991 These details are believed to be correct at the time of compilation, but may be subject to subsequent amendment. Concerning the Properties listed and/or appearing on the Site: 1. Under no circumstances shall we be liable to you for any direct, indirect, consequential, incidental or special damages arising out of your purchase or lease of any Properties on the Site. 2. Under no circumstances shall we be liable for any errors or incompleteness of the information relating to any Property listed on this Site or if any Property has been withdrawn from sale or lease nor shall we be responsible for any inaccurate dimensions of any Properties or price listed. 3. Our website service permits you to enquire about and to purchase or lease Properties appearing on or listed on this Site. Such enquiries, purchase or leasing can only be made and permitted strictly subject to the terms and conditions set out below. 4. We do not accept responsibility or liability for the completeness or accuracy of information appearing on this Site which is provided by the Vendors or Lessors of the Property concerned who are solely responsible for such information. 5. Whilst we believe that the Properties listed are available for purchase or lease we make no guarantee that this is the case or that they have not been withdrawn by the Vendor or Lessor of the same. All Properties appearing or listed on the Site are subject to changes, errors or omissions. We have not verified the accuracy of the information relating to the Properties or any dimensions which have been given by the Vendors or Lessors. 6. All Properties are listed subject to contract and the prices shown are exclusive of VAT if applicable.

Greater London Investment / Residential Redevelopment Opportunity. Bournehall House, Bournehall Road, Bushey, Hertfordshire WD23 3HP

Greater London Investment / Residential Redevelopment Opportunity Bournehall House, Bournehall Road, Bushey, Hertfordshire WD23 3HP Location Bushey is located approximately 20 km (13 miles) north west