Indicative Visualisation Mixed-Use Development Opportunity For Sale
HOME 2-storey retail premises extending to approximately 4,330ft2, currently producing 43,750 per annum on a lease until March 2020 Planning permission for a 4-storey new build scheme comprising 8 residential apartments (1 x 1 bed and 7 x 2 bed units) totalling 5,823ft2 with a ground floor A1 commercial unit of 2,745ft2 Sought-after location within Orpington Town Centre Offers invited in excess of 1,300,000 for the freehold interest DESCRIPTION & LOCATION DEVELOPMENT
HOME DESCRIPTION & LOCATION DEVELOPMENT DESCRIPTION The existing property comprises a 2-storey retail building extending to approximately 4,330ft 2 across ground and first floor. The entire property has A1 (Retail) Use Class. The property incorporates a passageway to the side and a yard to the rear which is accessed via a shared road through Walnuts Shopping Centre. The main entrance to the building is on the High Street. LOCATION The property occupies a prominent position on the eastern side of the High Street within the town centre of Orpington. The Local Authority is the London Borough Bromley. Neighbouring occupiers include Lloyds Bank, Costa Coffee and Walnuts Shopping Centre. Orpington Station is situated circa 0.7 miles from the property and provides regular, direct services into Central London, including London Victoria in under 40 minutes and London Charing Cross is under 30 minutes.
HOME DESCRIPTION & LOCATION DEVELOPMENT PLANNING & DEVELOPMENT POTENTIAL TENANCIES Planning permission was granted on 31st August 2017 (ref: 17/02330/FULL1) for the demolition of the existing building and the construction of a 4-storey building providing 8 residential units (1 x 1 bed and 7 x 2 bed apartments) and a ground floor unit of 2,745ft 2 benefiting from A1 (Retail) Use Class. The planning approval is not subject to any Section 106 obligations. There is a CIL liability of approximately 22,750. The entire property is let to The Edinburgh Woollen Mill Limited (www.ewm.co.uk) on a 5-year FRI lease from 29th March 2015 (expiring March 2020) at a current rent of 43,750 per annum. There is a Tenant only break clause on 28th March 2018, subject to 6 months written notice. The passageway to the side of the property is let on a Tenancy at Will to an individual at nil rent in return for keeping the passageway clean and tidy. APPROVED ACCOMMODATION SCHEDULE Unit Floor Description NIA ft 2 NIA m 2 Commercial Commercial Ground A1 Commercial Unit 2,745 255 Sub-Total 2,745 255 Residential 1 First 2 Bedroom Flat 753 70 2 First 1 Bedroom Flat 549 51 3 First 2 Bedroom Flat 753 70 4 Second 2 Bedroom Flat 753 70 5 Second 2 Bedroom Flat 753 70 6 Second 2 Bedroom Flat 753 70 7 Third 2 Bedroom Flat 753 70 8 Third 2 Bedroom Flat 753 70 Sub-Total 5,823 541 Grand Total 8,568 796 Proposed Front Elevation
HOME DESCRIPTION & LOCATION DEVELOPMENT TENURE The property will be sold freehold with the existing tenants remaining in-situ. VAT The property is not elected for VAT. Offers are invited in excess of 1,300,000. ADDITIONAL INFORMATION Further information including approved planning documents and occupational leases are available in the dataroom using the access code Orpington CONTACT To discuss any aspect of the property of disposal process, please contact the sole selling agents: View from High Street Jordan Oldfield 020 7183 2529 jordan.oldfield@kingsbury-consultants.co.uk Keir Goldstein 020 7183 2529 keir.goldstein@kingsbury-consultants.co.uk Kingsbury 1st Floor, 81 Alie Street, London E1 8NH Kingsbury on their own behalf and on behalf of the Owner / Landlord of this property whose agents, gives notice that this document does not constitute any form of contract for sale or lease. Statements should not be relied upon, and interested parties are advised to satisfy themselves as to the correctness of each statement. Kingsbury is the trading name of Kingsbury Investment & Development Consultants Ltd registered in England No: 06869268. Rear of Existing Building