Brook Point, Turnberry House & Euro House, High Road, Whetstone N20 9BH North London Residential Development Opportunity

Transcription

1 Brook Point, Turnberry House & Euro House, High Road, Whetstone N20 9BH North London Residential Development Opportunity CGI of proposed PD and flat roof extension scheme

2 Summary Landmark residential development opportunity located in Whetstone, north London. Prior Approval secured for conversion of the existing office buildings to provide 75 private apartments, extending to 2,649 sq m (28,508 sq ft) NSA. Alternative scheme consisting of a pending Prior Approval application for conversion of the existing buildings to 66 private apartments and full planning permission for an additional 9 private units within a rooftop extension. The combined 75 unit schemes extend to 3,412 sq m (36,731 sq ft) and 3,426 sq m (36,881 sq ft) NSA for a flat roof and pitched roof designs respectively. Potential for full redevelopment, subject to the necessary consents. Excellent transport connections, being approximately 450m north east of Totteridge and Whetstone London Underground Station. Existing office buildings of approximately 4,899 sq m (52,733 sq ft) GIA on a site extending to approximately 0.22 hectares (0.55 acres). The passing rent is 391,452 per annum. For sale freehold with vacant possession possible by 24 March Location Whetstone is situated in north London, approximately 13 km (8 miles) from the West End and 14 km (9 miles) from the City of London. To the north and east are the suburbs of Chipping Barnet and New Barnet, whilst Totteridge is located to the west and Finchley lies to the south. The High Road is located in the heart of Whetstone Town Centre and there are multiple supermarkets, cafés and restaurants within walking distance of the site. Dame Alice Owen s Ground playing fields are located approximately 250m to the east and Brook Farm Open Space, a large public area of fields and woodland, is located approximately 300m west of the site. Transport connections are excellent. The site is approximately 450m metres north east of Totteridge and Whetstone London Underground Station (Northern Line), which provides services to Euston (24 minutes), Leicester Square (29 minutes) and Charing Cross (30 minutes). The nearest bus stop is located on High Road, immediately adjacent to the site, and is served by a number of bus routes to central London and local destinations. Description and Situation Turnberry House & Euro House is a multi let part four, part five storey 1970 s office building and Brook Point is a multi let part four storey, part five storey modern office building. The tenancy schedule is available on the dataroom. Under the terms of an Agreement for Surrender, vacant possession can be secured by 24 March 2018, with payments of 1,526,728 (exc VAT) payable to existing tenants. The passing rent is 391,452 per annum. The total area of the existing buildings is 4,899 sq m (52,733 sq ft) GIA. There are 109 car parking spaces at surface level. The site extends to approximately 0.22 hectares (0.55 acres). This site is bound by a residential development site to the north (with a planning consent for 22 residential units with ground floor retail space) and a parade of retail units with residential on upper floors to the south. Rear gardens of houses on Chandos Avenue abut the site to the east and High Road is located to the west. NOTE:- Reproduced from the Ordnance Survey Map with the permission of the Controller of H.M. Stationery Office. Crown copyright licence number Savills (UK) Ltd.NOTE:- Published for the purposes of identification only and although believed to be correct accuracy is not guaranteed.

3 Planning The site falls within the jurisdiction of the London Borough of Barnet. The property is not listed, nor are any of the immediately adjacent buildings. The site is not in a Conservation Area. Prior Approval (Ref 15/07967/PNO) was granted in February 2016 for change of use of the buildings to provide 75 residential units. Two subsequent full planning permissions were secured in December 2016 for the addition of a roof extension over the buildings to provide an additional 9 units (LPA References: 16/4324/FUL and 16/4330/FUL). The two applications submitted were of different roof design, but both included 9 units. A new application (Ref 17/0184/PNO) seeking Prior Approval for the conversion of the buildings to 66 residential units was submitted in January 2017 and the decision is pending. The purpose of this application is to allow the separate implementation of the Permitted Development and full planning / roof extension schemes. The CIL liability forms for the rooftop extension applications show a chargeable area of 591 sq m for the pitched roof scheme and 638 sq m for the flat roof scheme, equating to an estimated contribution of 100,470 and 108,460 respectively (assuming Mayoral CIL at 35/sq m and LB Barnet CIL at 135/sq m), but which will be subject to indexation. There is no Section 106 agreement applicable to any of the schemes. Red line boundary for indicative purposes only

4 Rear elevation Front elevation Undercroft car park Proposed Development The consented permitted development scheme is for a conversion of the existing office buildings to provide 75 private residential apartments. The proposals include the retention of the existing 109 car parking spaces. Summary Residential Mix and NSA Count Average Size Sq M Average Size Sq ft Total Sq m NSA Total Sq ft NSA Studio ,235 13,299 1 Bed ,413 15,210 Total ,649 28,508 Front elevation

5 CGI of proposed PD and Pitched roof extension scheme CGI of proposed PD and flat roof extension scheme Alternative Development Proposals The application scheme in combination with the consented rooftop extension (flat roof and pitched roof designs) will provide 75 private residential apartments. The proposals include the retention of the existing 109 car parking spaces. Summary Residential Mix and NSA Count PD and Flat Roof Scheme Total NSA Sq M PD and Flat Roof Scheme Total NSA Sq ft PD and Pitched Roof Scheme Total NSA Sq M PD and Pitched Roof Scheme Total NSA Sq ft Studio 32 1,017 10,944 1,017 10,944 1 Bed 34 1,413 15,208 1,413 15,208 2 Bed , ,211 3 Bed , ,518 Total 75 3,412 36,731 3,426 36,881 Further Development Potential There is potential to develop retail units at ground level, replacing the existing undercroft car parking, subject to the necessary consents. Furthermore, there may be potential for a full redevelopment of the site, subject to the necessary consents. VAT The property is elected for VAT. Method of Sale and Tenure The property is for sale freehold and will be sold by way of informal tender (unless sold prior). Vacant possession can be secured by 24 March 2018, following lease surrender payments to existing tenants totalling 1,526,728 (ex VAT).

6 Brook Point, Turnberry House & Euro House, High Road, Whetstone N20 9BH Further Information Further information, including a full legal pack and EPCs, can be found on the following website: Viewings Viewings are strictly by appointment, please contact the joint sole selling agents to make an appointment. Contacts Darren Arnold darnold@savills.com Tom Faulkner tfaulkner@savills.com Sean Cooper scooper@savills.com Steven Lewis stevenlewis@lewisandpartners.com Stephen Raingold stephenraingold@lewisandpartners.com Connal Harper connalharper@lewisandpartners.com Important Notice Savills, their clients and any joint agents give notice that: 1. They are not authorised to make or give any representations or warranties in relation to the property either here or elsewhere, either on their own behalf or on behalf of their client or otherwise. They assume no responsibility for any statement that may be made in these particulars. These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact. 2. Any areas, measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily comprehensive. It should not be assumed that the property has all necessary planning, building regulation or other consents and Savills have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise. Designed and Produced by Savills Marketing: February 2017 CGI of proposed PD and pitched roof extension scheme