ENTER Office Building with Prior Approval For Sale
HOME SUMMARY DESCRIPTION & LOCATION TENANCY DEVELOPMENT SUMMARY 4-storey office building of circa 13,564ft 2 net internal area with 6 car parking spaces Part let on short term agreements outside the L&T Act, producing 149,504 per annum ASTRA HOUSE Prior Approval granted for conversion of part of the building to create 15 residential units (9,985ft 2 NSA) via Permitted Development Rights Potential to convert the remaining 3,579ft 2 NIA of B1 and D1 space to residential plus the creation of 2 additional floors, subject to planning permission Located within a short walking distance of New Cross Station Offers are invited in excess of 4,000,000 for the freehold interest which reflects 294 per ft 2 on the net area
HOME SUMMARY DESCRIPTION & LOCATION TENANCY DEVELOPMENT DESCRIPTION Astra House is a self-contained 4-storey office building, extending to approximately 13,564ft 2 net internal area. We understand that the property benefits from B1(a) and D1 Use Class and 6 designated car parking spaces, which are located within the adjoining building. The property occupies a prominent site extending to approximately 0.14 acres. The building is of concrete framed construction under a flat roof and is arranged over ground and 3 upper floors. LOCATION The property is located on Arklow Road in New Cross, within the London Borough of Lewisham. The site is bounded by Olivet Deptford Baptist Church to the east, Anthology Deptford Foundry New Home development site to the west, residential houses to the south and the railway line to the north. The immediate area comprises mainly residential uses, with the nearest shops and local amenities located on Deptford High Street, a short walking distance from the site (circa 10 mins). The nearest station is New Cross which is situated 0.3 miles to the south of the site (circa 7 min walk), providing South Eastern rail services into Central London, including Cannon Street in 17 minutes. Deptford station is also 0.5 miles from the site offering alternative routes.
HOME SUMMARY DESCRIPTION & LOCATION TENANCY DEVELOPMENT TENANCIES The property is let to a range of tenants on fixed term agreements outside the Landlord and Tenant Act as per the schedule below: Unit Floor Use Tenant NIA ft 2 NIA m 2 Licence Expiry Rent P.A (Gross) Rent / ft 2 - Ground B1 Office Caretakers Office 130 12.1 - - - G.03 Ground B1 Office Alternative choice for education 896 83.2 30.08.18 14,012.04 15.64 G.04 Ground B1 Office Vacant 440 40.9 - - - G.07 Ground B1 Office Longrich Ukltd 273 25.4 10.08.18 4,082.52 14.95 G.08 Ground B1 Office Adamo Security Services Ltd 100 9.3 09.01.19 1,500.00 15.00 G.09 Ground D1 Gym Gym 447 41.5 ongoing 6,000.00 13.42 1.01 First B1 Office MCSAS Hearts of Love 2,047 190.2 01.01.19 20,809.92 10.17 1.03 First B1 Office Gilbert global care 301 28.0 08.06.18 4,200.00 13.95 1.06 First B1 Office Vacant 1,820 169.1 - - - 2.13 Second B1 Office Brighter & Co 306 28.4 10.08.18 3,600.00 11.76 2.14 Second B1 Office Mega Consults 530 49.2 03.12.18 6,600.00 12.45 2.15 Second B1 Office Flame Patches 575 53.4 03.12.18 6,600.00 11.48 2.16 Second B1 Office Abike Foundation 521 48.4 10.08.18 3,000.00 5.76 2.17A Second B1 Office Construction Safety Management 1,110 103.1 30.05.18 20,179.92 18.18 2.17 Second B1 Office Vacant 581 54.0 - - - 3.1 Third B1 Office Chris Atkins 460 42.7 10.08.18 6,891.96 14.98 3.1 A Third B1 Office Skytell 151 14.0 10.08.18 3,796.08 25.14 3.1 B Third B1 Office Solomons Business Services Ltd 139 12.9 10.08.18 4,800.00 34.53 3.1C Third B1 Office Hazel Parry 178 16.5 10.08.18 3,832.08 21.53 3.03 Third B1 Office City Security 3,023 280.8 05.06.19 39,600.00 13.10 Total 13,898 1,291.2 149,504.52 10.76
HOME SUMMARY DESCRIPTION & LOCATION TENANCY DEVELOPMENT PLANNING & DEVELOPMENT POTENTIAL APPROVED ACCOMMODATION SCHEDULE Prior Approval was granted on 11th January 2018, under reference DC/17/104557, for the conversion of the 9,985ft 2 B1 areas of the building to form 15 residential units by way of Permitted Development. Full planning permission was granted on the 24th January 2017, under reference DC/16/098917, for elevational alterations including new windows, in accordance with the PD scheme. The property is subject to obligations within a Section 106 Agreement (dated 24th August 2015) whereby change of use from the current B1 Use Class is prohibited for a 5-year period and no planning applications for change of use can be made within this period. Following the conversion of the PD element, there is approximately 3,579ft 2 (NIA) of existing B1 and D1 space remaining which may offer potential for residential conversion, subject to obtaining the necessary consents. There is also potential to increase the residential floorspace by way of a 2-storey extension in line with the neighbouring properties, subject to planning permission. The floorspace of the roof extends to approximately 5,253ft 2. Unit Floor Description NIA ft 2 NIA m 2 Retained Commercial Space (not included with PD element) G.07 Ground B1 Office 273 25.4 G.08 Ground B1 Office 100 9.3 G.09 Ground D1 Gym 447 41.5 103 / 106 First B1 Office 2,121 197.0 3.1 Third B1 Office 460 42.7 3.1C Third B1 Office 178 16.5 Total 3,579 332.5 New Residential Units by way of PDR 1 Ground 1 Bed Flat 592 55 2 Ground 2 Bed Flat 861 80 3 First 1 Bed Flat 549 51 4 First 2 Bed Flat 700 65 5 First 2 Bed Flat 721 67 6 Second 1 Bed Flat 549 51 7 Second 2 Bed Flat 700 65 8 Second 2 Bed Flat 721 67 9 Second 1 Bed Flat 614 57 10 Second 1 Bed Flat 635 59 11 Second 2 Bed Flat 764 71 12 Third 1 Bed Flat 549 51 13 Third 2 Bed Flat 700 65 14 Third 2 Bed Flat 721 67 15 Third 1 Bed Flat 614 57 Total 9,985 928 Proposed Front Elevation
HOME SUMMARY DESCRIPTION & LOCATION TENANCY DEVELOPMENT TENURE The property will be sold freehold and subject to the existing tenancies remaining in situ. VAT The property is elected for VAT. Offers are invited in excess of 4,000,000 for the freehold interest which reflects 294 per ft 2 on the net areas. ADDITIONAL INFORMATION Further information including planning and legal documents are available within our dataroom using the access code Astra. CONTACT To discuss any aspect of this property or the disposal process, please contact the sole selling agents: Jordan Oldfield 020 7183 2529 jordan.oldfield@kingsbury-consultants.co.uk Paul Heale 020 7183 2529 paul.heale@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.