AUCTION ON 31ST MAY Indicative Visualisation Residential Development Opportunity For Sale
HOME SUMMARY DESCRIPTION & LOCATION DEVELOPMENT TERMS SUMMARY Cleared plot of land extending to circa 2,942ft 2 Planning permission for 10 apartments (1 x studio, 2 x 1 bed, 4 x 2 bed & 3 x 3 bed) totalling 7,451ft 2 NSA 62-66 CAVELL STREET All units for private sale with no affordable housing required Popular location within close vicinity to Whitechapel Station (London Underground, Overground & Crossrail services) To be offered for sale with a guide price of 2,000,000+ in Allsop auction on Thursday 31st May 2018 unless sold prior
DESCRIPTION & LOCATION HOME SUMMARY DEVELOPMENT TERMS DESCRIPTION The property comprises a cleared rectangular plot of land, extending to approximately 2,942ft 2 (273m 2 ). It is currently vacant and secured by hoardings. The site is bounded by a mixed-use building to the south, and residential properties to the east and north. The Royal London Hospital is located to the west, on the opposite side of Cavell Street. The site has frontages to both Cavell Street and Newark Street. LOCATION The site occupies a prominent position on the corner junction of Cavell Street and Newark Street in Whitechapel. The Local Authority is the London Borough of Tower Hamlets. The immediate area comprises a mix of residential and commercial uses, with the nearest shops and local amenities found on Whitechapel Road, a short walking distance to the north of the site. Whitechapel station is located circa 0.2 miles (approximately 5 min walk) from the site, offering District Line, Hammersmith & City Line, Crossrail and Overground services. Journey times include: London Victoria 20 mins London Liverpool Street 12 mins
HOME SUMMARY DESCRIPTION & LOCATION DEVELOPMENT TERMS PLANNING & DEVELOPMENT POTENTIAL Planning permission was granted on 10th April 2017, under reference PA/17/00028, for the erection of a part 4-storey and 5-storey building to accommodate 10 apartments (1 x studio, 2 x 1 bed, 4 x 2 bed and 3 x 3 bed units) totalling 7,451ft 2 NSA. The proposed development is arranged with 2 units on each floor across ground, 1st, 2nd, 3rd and 4th floors. All apartments will benefit from private amenity space. All units are for private sale with no affordable housing provision required. The planning consent is subject to a Section 106 contribution of approximately 14,000 and a CIL liability of approximately 91,000. APPROVED ACCOMMODATION SCHEDULE Proposed North Elevation Unit Floor Description NIA ft 2 NIA m 2 1 Ground 1 Bed Apartment 564 52.4 2 Ground 2 Bed Apartment 753 70.0 3 First 2 Bed Apartment 783 72.7 4 First 3 Bed Apartment 945 87.8 5 Second 2 Bed Apartment 783 72.7 6 Second 3 Bed Apartment 945 87.8 7 Third 2 Bed Apartment 783 72.7 8 Third 3 Bed Apartment 945 87.8 9 Fourth Penthouse Studio 407 37.8 10 Fourth Penthouse 1 Bed Apartment 544 50.5 Total 7,451 692.2 Indicative Visualisation
HOME SUMMARY DESCRIPTION & LOCATION DEVELOPMENT TERMS TENURE The property will be sold freehold with vacant possession upon completion. VAT The property is not elected for VAT. TERMS To be offered for sale with a guide price of 2,000,000+ in Allsop auction on Thursday 31st May 2018 unless sold prior. ADDITIONAL INFORMATION Further information including planning and legal documents are available within our dataroom using the access code Cavell. CONTACT To discuss any aspect of this property or the disposal process, please contact the joint auctioneers: Kingsbury 1st Floor, 81 Alie Street, London E1 8NH Jordan Oldfield 020 7183 2529 jordan.oldfield@kingsbury-consultants.co.uk Allsop 33 Wigmore Street, London W1U 1BZ Jourdan Prowting 020 7344 2675 Jourdan.Prowting@allsop.co.uk 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.