Vacant Office Building with Prior Approval For Sale
HOME SUMMARY DESCRIPTION & LOCATION DEVELOPMENT TERMS SUMMARY Vacant 4-storey B1(a) office building extending to approximately 18,011ft 2 GIA Prior Approval application submitted for conversion to 36 apartments (9 x studios & 27 x 1 bed units) totalling 14,382ft 2 NSA Located in Chelmsford city centre approximately 0.5 miles from Chelmsford Station (trains to Liverpool Street in circa 35 mins) Offers invited in excess of 3,500,000 for the freehold interest, which reflects a low capital value of 194 per ft 2 on existing GIA
DESCRIPTION & LOCATION HOME SUMMARY DEVELOPMENT TERMS DESCRIPTION Central House is a self contained, 4-storey B1(a) office building extending to approximately 18,011ft 2 GIA. The building occupies a site area of circa 0.23 acres which incorporates 11 surface level car parking spaces. The existing building is of concrete framed construction under a flat roof and is arranged over ground and 3 upper floors. The site is bounded by a mix of retail, office and residential apartment blocks. LOCATION Central House is located in the popular city of Chelmsford, the County town of Essex. The surrounding area comprises a mix of residential and commercial uses, including a wide range of restaurants, shops and amenities. Chelmsford city centre has recently undergone part of a regeneration programme, with numerous new residential developments built within close proximity to the site. The nearest station is Chelmsford which is located approximately 0.5 miles (circa 10 minute walk) from the property, providing National Rail services into Central London, including London Liverpool Street in approximately 35 minutes.
HOME SUMMARY DESCRIPTION & LOCATION DEVELOPMENT TERMS PLANNING & DEVELOPMENT POTENTIAL A Prior Approval application has been submitted, proposing conversion of the entire building to provide 36 apartments (9 x studios and 1 x 27 bedroom units) totalling 14,382ft 2 NSA via Permitted Development Rights. There may be potential to construct at least one extra storey in order to create additional residential units, subject to planning permission. Typical floor plan Unit Floor Description NIA m 2 NIA ft 2 1 First Studio Apartment 36 391 2 First 1 Bedroom Apartment 40 425 3 First 1 Bedroom Apartment 40 425 4 First Studio Apartment 27 286 5 First 1 Bedroom Apartment 35 379 6 First 1 Bedroom Apartment 36 388 7 First 1 Bedroom Apartment 40 432 8 First 1 Bedroom Apartment 36 385 9 First 1 Bedroom Apartment 43 464 10 First 1 Bedroom Apartment 48 511 11 First 1 Bedroom Apartment 46 497 12 First Studio Apartment 34 362 13 Second Studio Apartment 36 391 14 Second 1 Bedroom Apartment 40 425 15 Second 1 Bedroom Apartment 40 425 16 Second Studio Apartment 27 286 17 Second 1 Bedroom Apartment 35 377 18 Second 1 Bedroom Apartment 36 387 19 Second 1 Bedroom Apartment 40 432 20 Second 1 Bedroom Apartment 36 385 21 Second 1 Bedroom Apartment 43 464 22 Second 1 Bedroom Apartment 48 511 23 Second 1 Bedroom Apartment 46 497 24 Second Studio Apartment 34 361 25 Third Studio Apartment 29 309 26 Third 1 Bedroom Apartment 36 384 27 Third 1 Bedroom Apartment 36 384 28 Third Studio Apartment 29 311 29 Third 1 Bedroom Apartment 31 335 30 Third 1 Bedroom Apartment 31 336 31 Third 1 Bedroom Apartment 37 400 32 Third 1 Bedroom Apartment 30 324 33 Third 1 Bedroom Apartment 38 407 34 Third 1 Bedroom Apartment 45 479 35 Third 1 Bedroom Apartment 43 465 36 Third Studio Apartment 34 362 Total 1,341 14,382
HOME SUMMARY DESCRIPTION & LOCATION DEVELOPMENT TERMS TENURE The property is to be sold freehold, subject to vacant possession. VAT The property is elected for VAT. TERMS Offers are invited in excess of 3,500,000 and proposals subject to the Prior Approval application being granted will be considered. A purchase at this level reflects a low capital value of 194 per ft 2 on existing GIA. ADDITIONAL INFORMATION Further information including planning and legal documents are available within our dataroom using the access code Central. CONTACT To discuss any aspect of this property or the disposal process, please contact the sole selling agents: Paul Heale 020 7183 2529 paul.heale@kingsbury-consultants.co.uk Joe Goldsmith 020 7183 2529 joe.goldsmith@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.