FOR SALE

Dace Road, Hackney Wick E3

Offers in excess of £5,500,000

Development

The existing property comprises a light industrial unit extending to approximately 2,088 sq.ft. GIA with areas of hardstanding surrounding it.

The site extends to approximately 0.32 acres and has duel road frontages to both Dace Road and Smeed Road, with gated vehicular entrances on both sides.

The site is bounded by a warehouse style building to the immediate south and light industrial buildings to the north which benefit from planning permission for 110 residential units plus workspace.

Location

The site is located in Hackney Wick, within the London Borough of Tower Hamlets, although the Local Planning Authority is the London Legacy Development Corporation.

The immediate surroundings mainly consist of a number of industrial buildings, although many of these are in the process of being redeveloped or have planning permission for residential-led schemes.

The Queen Elizabeth Olympic Park, Victoria Park and Westfield Stratford are all in close proximity.

The nearest station is Hackney Wick, located approximately 600 metres to the north of the site, which provides London Overground services. Stratford Station (London Underground, DLR, National Rail and Eurostar services) is located approximately 1.5km to the east.

Planning & Development Potential

The property benefits from a resolution to grant planning permission for demolition of the existing buildings and the erection of a new 5-storey building to provide two ground floor commercial units (B1 Use Class) totalling 5,716 sq.ft. GIA and 34 residential units within the upper floors.

The proposed scheme will comprise 16 x 1 bedroom, 11 x 2 bedroom and 7 x 3 bedroom apartments totalling 24,122 sq.ft. all of which will benefit from private amenity space.

The planning consent is subject to a Section 106 Agreement with obligations for 5 units tobe designated for shared ownership and 3 units for affordable rent, along with financial contributions totalling £58,840.

A CIL liability of approximately £231,109 is applicable.

Residential Market

Hackney Wick and Fish Island are currently undergoing wide scale regeneration and ongoing investment as a result of the LLDC’s Local Area Action Plan, which has allowed the historic industrial uses to be replaced with residential properties and creative workspace.

The area is host to a number of high profile residential-led schemes either recently launched, under construction or proposed, which will deliver in excess of 2,000 residential units (a mix of private sale, build-to-rent and affordable units).

Housebuilders and Registered Providers such as Weston Homes, Taylor Wimpey, Anderson Group, Peadbody and L&Q are currently developing schemes in the immediate vicinity.

Office & Workspace Market

The regeneration of nearby Stratford town centre, combined with the arrival of Crossrail and the numerous schemes granted planning permission locally have cemented this part of East London as a new business hub.

Commercial schemes such as Stratford International Quarter (circa 0.6 miles from the property) and Here East (circa 0.3 miles) are set to provide over 30,000 new jobs and new office space for organisations such as BT Sport and TfL.

The demand for flexible / creative workspace, as well as serviced offices and ‘hot-desking’, has increased significantly in the locality, with Hackney Wick and Fish Island being seen as a more affordable alternative to areas such as Shoreditch and Dalston.

Tenure

The property will be sold freehold and subject to vacant possession on completion.

VAT

The property is not elected for VAT.

Terms

Offers are invited in excess of £5,500,000.

Additional Information

Further information including planning and legal documents are available within our dataroom using the access code ‘Dace’.


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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  • Light industrial unit of 2,088 sq.ft. and associated land occupying a 0.32 acre site
  • Planning permission for a 5-storey new build scheme comprising ground floor office space of 5,716 sq.ft. and 34 apartments (16 x 1 bed, 11 x 2 bed & 7 x 3 bed units) totalling 24,122 sq.ft. NIA
  • 26 apartments for private sale, 5 designated for shared ownership and 3 for affordable rent
  • Sought-after location circa 600 metres from Hackney Wick Overground Station and close to Stratford town centre
  • Offers invited in excess of £5,500,000 for the vacant freehold interest

To discuss this opportunity further, please contact Keir Goldstein or Ross Kemp on 020 7183 2529

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