35A COMMERCIAL ROAD LONDON E1 PRIME LONDON DEVELOPMENT OPPORTUNITY

Transcription

1 35A COMMERCIAL ROAD LONDON E1 PRIME LONDON DEVELOPMENT OPPORTUNITY

2 35A PLACE (BARRATT) GOODMAN S FIELDS (BERKLEY HOMES) THE SHARD TOWER (BARRATT) ALTITUDE (BARRATT) EAST STATION STATION THE GHERKIN WHITECHAPEL STATION (CROSSRAIL) 500M HERON TOWER LIVERPOOL STREET STATION EXECUTIVE SUMMARY Prime city fringe location widely considered one of London s growth Hotspots Existing building comprises 36 flats (5 x studios & 31 x one beds) totalling approximately 1, sq m (13,313 sq ft) GIA Planning consent for change of use of part ground floor to retail (A1); alterations to existing 36 flats and creation of an additional 8 self-contained flats by 4 additional floors comprising a GIA of 4,443.5 sq m (47,830 sq ft). Pre-application for a full re-development to provide 74 residential units and 250 sq m (2,691 sq ft) of commercial space Alternative redevelopment potential for a number of uses to include residential, commercial or a mixed-use development subject to the necessary consents Within the Central Activities Zone and the Aldgate Masterplan Located within the London Borough of Tower Hamlets benefitting from Aldgate East Underground station and Whitechapel Crossrail station (Opening December 2018) Vacant possession available on completion Outline for identification purposes only.

3 The property is located on the northern side of Commercial Road, immediately to the west of its junction with Adler Street with direct frontage to both streets. Aldgate is a popular residential area of East London located a short distance from the City and Shoreditch. The area currently has a mix of commercial and residential uses in close proximity to the City, the financial heart of London and home to an estimated working population of over 350,000. Commercial Road is widely considered one of London s growth Hotspots and has seen an abundance of regeneration and re-development. The immediate locality continues to be transformed into a vibrant hub through proposed and existing mixed-use developments surrounding the property, with retailers and restaurateurs benefitting from both the active working population and the residential occupiers providing evening and weekend trade. Developers including Berkeley, Barratt, Redrow, Telford, London Square, London Newcastle, London and Quadrant all have schemes within the vicinity bringing new residential, commercial occupiers and a new wave of retail and restaurant operators. Increased demand from media and creative businesses has also led to significant commercial investment from investors including British Land, Hermes and Helical Bar. ONE OF LONDON S GROWTH HOTSPOTS CHISWELL ST Moorgate Cannon Street Southwark Cathedral CITY OF LONDON Bank of England LONDON WALL Bank Monument LONDON BRIDGE London Bridge Liverpool Street GRACECHURCH ST BISHOPSGATE The Gherkin Leadenhall Market FE NCHURCH STREET LOWER T H AMES ST Aldgate COMMERC Spitalfields Market Fenchurch Street I AL STREET Tower Hill Tower of London TOWER BRIDGE BRICK LANE Aldgate East LEMAN ST Tower Gateway SPITALFIELDS VALLANCE RD NEW ROAD CANNON ST RD Whitechapel WHITECHAPEL RD MILE END ROAD COMMERCIAL ROAD A13 WAPPING The Royal London Hospital CABLE STREET THE HIGHWAY Shadwell SHADWELL STEPNEY Shadwell Basin

4 Shoreditch High Street (10 mins) Liverpool Street (9 mins) Whitechapel (10 mins) Aldgate (3 mins) Bank (8 mins) Aldgate East (2 mins) CONNECTIVITY The area is well served by public transport with Aldgate East underground (District & Hammersmith and City lines) at the end of Commercial Road and numerous other stations within walking distance. There are also regular bus services along Commercial Road (A13), Whitechapel Road (A11) and Commercial Street (A1202) providing easy access to both the City and the West End. Fenchurch Street (7 mins) Tower Hill (9 mins) CROSSRAIL Whitechapel Crossrail station is due to provide access to the new Elizabeth Line in December 2018, thereby significantly increasing the transport offering within the immediate area. Crossrail is Europe s largest infrastructure project providing new high frequency, high capacity trains connecting Reading and Heathrow in the West to Stratford and Canary Wharf and beyond in the east. Crossrail will provide an estimated 24 trains per hour providing access to 40 stations, including; LIVERPOOL STREET... 2 mins BOND STREET mins CANARY WHARF... 3 mins HEATHROW mins FARRINGDON... 5 mins READING mins Source: Google maps EUSTON SQUARE 31 mins BARBICAN 7 mins MOORGATE 5 mins LIVERPOOL STREET 3 mins 0.5 miles READING 63 mins BOND STREET 10 mins WHITECHAPEL 0.4 miles STRATFORD 2 mins ROMFORD 24 mins ST JAMES S PARK 14 mins EMBANKMENT 11 mins CANNON STREET 4 mins MONUMENT 3 mins (Opening 2018) PADDINGTON 24 mins BAKER STREET 21 mins KINGS CROSS ST PANCRAS 13 mins FARRINGDON 10 mins EAST 0.2 miles SHADWELL 0.5 miles WAPPING 2 mins CANADA WATER 5 mins Source: TfL EARLS COURT 29 mins VICTORIA 19 mins WESTMINSTER 16 mins BLACKFRIARS 10 mins ROTHERHITHE 4 mins Source: Crossrail

5 EXISTING RESIDENTIAL BUILDING COMPRISING 36 FLATS Site outline for identification purposes only. Crown Copyright, ES For identification purposes only. N DESCRIPTION The existing building currently comprises a five storey above basement residential block of 36 flats (5 x studios & 31 x one beds) with a GIA of approximately 1, sq m (13,313 sq ft). The site benefits from vehicular access from Adler Street which provides access into a small rear courtyard used for parking and storage. The building benefits from 36 residents parking permits with LBTH. The site area is approximately acres (0.050 hectares). Existing ground floor plan.

6 PLANNING CONSENT FOR FOUR ADDITIONAL STOREYS Existing building. Approved Development - Please note this image is only indicative. PLANNING The building is located within the London Borough of Tower Hamlets. The wider surrounding environment comprises a mix of uses including commercial, retail, education and residential with building heights up to 27 storeys. The Council s Aldgate Masterplan identifies the area as suitable location for tall buildings to mark the gateway to Tower Hamlets. The Masterplan also promotes a cluster of towers in the area. The site is identified within the Master Plan as a focal point, earmarked as a place for a design focus where landmark buildings will help a create a sense of place. CONSENTED SCHEME In January 2011 planning permission was granted for: Change of use of part ground floor to retail (Class A1); creation of an additional 4 floors & rear extension; alterations to Commercial Road & Adler Street facades; Alterations to existing 36 flats and creation of an additional 8 self-contained flats. (Ref: PA/10/00676) The conditions of the planning consent required implementation by January The permission has been implemented with extensive party wall underpinning works and therefore remains extant. Evidence of the implemented works is available in the data room. A summary of the key general planning considerations are outlined below: The building is not statutorily or locally Listed The building benefits from an English Heritage decision to refuse Listed building status It is not situated within a Conservation Area The site falls within the Central Activities Zone (CAZ) defined within the London Plan The Aldgate Masterplan identifies the area as a suitable location for tall buildings Located in the City Fringe Opportunity area defined within the London Plan

7 EXCELLENT REDEVELOPMENT OPPORTUNITY FOR A VARIETY OF USES CGI of Commercial Road. REDEVELOPMENT POTENTIAL The property presents an excellent redevelopment opportunity to increase the bulk and massing on-site and deliver a variety of uses including residential. The vendor has carried out extensive work to prepare the site for redevelopment and Stockwool Architects have designed a scheme which provides 74 flats over 18 storeys with commercial space at ground and lower ground floor level. The current proposal comprises 4,416 sq m (47,533 sq ft) NIA of residential accommodation (14 x studios, 26 x one beds, 29 x two beds, 5 x three beds) and 250 sq m (2,691 sq ft) GIA of commercial accommodation at ground and lower ground floor. The Stockwool proposal demonstrates that the site has the potential to increase the bulk and massing on site to provide a tall building of approximately 5,912 sq m (63,632 sq ft) GIA. This provides an ideal opportunity to extensively re-develop the site for residential, commercial or mixed-use purposes. CGI of pre-app scheme. The Stockwool proposal has been submitted to the Council and the GLA to assess its suitability for increasing the massing through a comprehensive re-development. The GLA response to the pre-app is available to download from the data room and states that the principle of a residential-led mixed use redevelopment would contribute to the objectives of the London Plan. The pre-application meetings with the London Borough of Tower Hamlets did not yield a formal response but suggested a high quality design would be needed to justify the loss of the existing building. LOCAL DEVELOPMENTS The site is located on the eastern corner of a terrace between White Church Lane and Adler Street which also comprises Commercial Road and 35 Commercial Road. The former recently gained consent for an 18 storey residential tower, while the latter was developed in 2013 to provide a 19 storey student tower and 40,000 sq ft University building, both of which set the precedent for a tall building on the subject site. CGI of pre-app scheme. There is development potential for one or more of the following uses: Residential Build to rent / Private Rented Sector Co-Living Hotel Serviced Apartments Offices Student Living

8 MAJOR DEVELOPMENT / REGENERATION AREA LOCAL DEVELOPMENTS RESIDENTIAL COMMERCIAL ROAD An 18 storey development providing 42 residential units and commercial at ground floor level (Located on the western end of the same terrace) CITY SCAPE A 12 storey Telford Homes development comprising 128 residential units ALTITUDE A 27 storey Barratt Homes development providing 235 residential units with office accommodation. COMMERCIAL TOWER A 17 storey Brookfield commercial development providing 317,000 sq ft of Grade A office accommodation. CITYSIDE & CHALLENGER HOUSE An 8 storey Great Portland Estates commercial development providing 76,500 sq ft (7,106 sq m) of office space and 171 room hotel. 27 COMMERCIAL ROAD A 21 storey 178 unit aparthotel due to be operated by Go Native. MIXED USE 60 COMMERCIAL ROAD A pure Student Living development comprising 417 student rooms and 27,000 sq ft of retail and office accommodation (Located opposite the subject property) GOODMAN S FIELDS A 23 storey Berkeley Group development comprising multiple buildings providing 900 residential units, over 600 student rooms, a 250 room hotel and over 100,000 sq ft of retail and office space. PLACE A Barratt Homes and British Land development comprising three towers in excess of 20 storeys providing a 160 room hotel and over 450 residential units with retail and office accommodation.

9 VAT We understand that the property is not elected for VAT. EPC Individual EPC s for each flat are available to download from the data room. DATAROOM Further information can be downloaded from the dataroom including: EPC s Existing and proposed floor plans Consented planning documents Evidence of implementation Pre-application submission documents Pre-application response PROPOSAL Unconditional offers are invited for the freehold interest with vacant possession provided on completion. If you would like to inspect the property or require any further information then please do not hesitate to contact the joint agents listed below: Development Anthony Dixon anthony.dixon@allsop.co.uk Richard How richard.how@allsop.co.uk Andrew Boyd andrew.boyd@allsop.co.uk Commercial Development James Abrahams james.abrahams@allsop.co.uk Development Alex Soskin alex.soskin@savills.com Hugh Bushell hbushell@savills.com Ed De Jonge edejonge@savills.com Misrepresentation Act: 1. Allsop LLP and Savills on its own behalf and on behalf of the instructing party of this portfolio whose agent Allsop and Savills is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the instructing party does not make or give, and neither Allsop or Savills nor any of their members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the instructing party are those contained and expressly referred to in the written contract for sale or agreement for lease between the instructing party and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design: Command D CGI of pre-app scheme.