Blagdon Road, New Malden KT3 4AH
Offers in excess of £9,500,000
The existing property comprises a mixed-use building consisting of a retail store let to Lidl and gymnasium let to Fitness First at ground floor, with vacant offices at 1st and 2nd floor and a multi-storey car park, providing 549 spaces, within the upper floors.
The building occupies an island site extending to approximately 0.7 acres which fronts Blagdon Road to the north and Cocks Crescent to the south, east and west.
The site is bounded to the west by Malden House, a 10-storey office building which is currently be developed into flats, a vacant plot of land to the south, a leisure complex to the east and residential properties to the north.
The property is located on Blagdon Road in New Malden, an affluent South West London suburb located circa 9 miles from Central London. The Local Authority is The Royal Borough of Kingston Upon Thames.
The immediate area comprises a mix of retail, office and residential uses. New Malden High Street is located circa 100m to the west of the property providing numerous shops, restaurants and other commercial amenities. Blagdon Road Open Space, a public park, is situated approximately 100m to the east of the site.
The town centre of New Malden has been earmarked for regeneration by the Local Authority to promote economic growth, public realm improvements and public transport enhancement.
Further information can be found here.
New Malden Station is located just 400m (circa 7 minutes’ walk) from the site, providing direct National Rail links to London Waterloo Station in approximately 25 minutes.
Planning & Development Potential
The property benefits from a resolution to grant planning permission (ref: 16/15346) for “partial demolition of existing building to form a 10-storey building with retained retail (Class A1) and gymnasium (Class D2) and car parking. Erection of 91 residential dwellings (Class C3) with associated vehicular access, private and communal amenity space, public realm improvements, cycle parking and refuse storage. Provision of temporary car park (150 spaces) on adjoining land during construction works.”
The proposed development involves demolition of the offices at 1st and 2nd floors and the multi-storey car park and the construction of extensions of up to 9-storeys to create a new car park at 1st, 2nd and 3rd floors and 91 self-contained apartments across the 1st – 9th floors. The existing Lidl and Fitness First at ground floor will be retained by the Seller.
The scheme will create 5 x studio, 19 x 1 bedroom, 49 x 2 bedroom and 18 x 3 bedroom apartments totalling 64,352 sq.ft. NIA. A total of 258 parking spaces are proposed; 62 to service
the development, 80 to service New Malden House (the neighbouring building) and 116 for public use.
The planning consent is subject to a Section 106 Agreement with obligations for 28 apartments to be designated for affordable housing (14 affordable rent and 14 x shared ownership units), as well as a financial contribution of £134,946. A CIL liability of approximately £276,804 is applicable.
The property will be sold on a new lease of the residential element for a term of 250 years, subject to a peppercorn rent. The freeholder is The Royal Borough of Kingston Upon Thames.
For the avoidance of doubt, the Lidl and Fitness First at ground floor are not included in the sale and will be retained by the Seller.
The property is not elected for VAT.
Offers are invited in excess of £9,500,000.
Further information including planning and legal documents are available within our dataroom using the access code ‘Blagdon’.
Disclaimer - Kingsbury on its own behalf and on behalf of the Owner / Landlord of this property whose agent Kingsbury is, 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.
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- 0.7 acre island site occupied by retail, leisure and office uses plus a multi-storey car park
- Planning permission for a new build scheme of 91 self-contained residential flats (5 x studio, 19 x 1 bed, 49 x 2 bed & 18 x 3 bed units) totalling 64,352 sq.ft. NIA
- 63 units for private sale with 28 designated for affordable housing (14 affordable rent & 14 shared ownership)
- Sought-after location close to the shops and amenities of the town centre and circa 400 metres from New Malden Station
- Offers invited in excess of £9,500,000 for a new 250 year leasehold interest
To discuss this opportunity further, please contact Keir Goldstein or Ross Kemp on 020 7183 2529