Farnborough Road, Farnborough GU14 7NU
Offers in excess of £12,000,000
The existing property comprises a B1 office building constructed over lower ground, upper ground and 5 upper floors.
The existing office accommodation extends to approximately 60,937 sq.ft. NIA and occupies a broadly rectangular site of circa 1.1 acres. There are approximately 140 surface and under-croft parking spaces attributed to the building.
Originally constructed in 1974, the property was most recently occupied by Thomson Holidays and it is now fully vacant.
The building is of concrete frame construction below a flat roof and is arranged in an ‘L’ shape.
Farnborough is a town (population circa 65,000) in the north-east of Hampshire, located approximately 34 miles to the south-west of London. Neighbouring towns include Guildford, Reading, Woking and Aldershot.
The property is located on the eastern side of Farnborough Road and is surrounded by a mix of residential blocks and offices buildings.
Farnborough’s main commercial district is situated approximately 500 meters from the site, hosting numerous shops, restaurants, supermarkets, a cinema and other amenities.
The town is within easy access of Junction 4 of the M3 Motorway, which connects London with the south west of England.
Farnborough Station is located circa 200 meters from the property, providing direct trains to London with journey times of circa 34 minutes to London Waterloo Station.
Planning & Development Potential
Planning permission was granted on 30th March 2016 (ref: 15/00770/FULPP) for redevelopment of the property to create 145 apartments. This involves conversion of the existing building plus an additional floor to form 115 flats and the erection of 6-storey building in the car park to provide 30 flats, along with 172 car parking spaces. The original scheme would create 88 x 1 bedroom, 51 x 2 bedroom and 3 x 3 bedroom apartments.
An amendment to the original permission was approved in August 2017 (ref: 17/00448/ REVPP) which increases the number of units within the existing building from 115 to 116 and reduces the height of the new building to 5-storeys, accommodating 29 units rather than 30.
This scheme will provide 93 x 1 bedroom and 52 x 2 bedroom apartments and is more cost efficient to develop than the original approval.
All apartments are for private sale with no requirement for affordable housing. The planning permission is not subject to Community Infrastructure Levy (CIL) and the Seller has paid all Section 106 financial contributions.
The full accommodation schedule can be viewed here.
The property is to be sold freehold subject to vacant possession.
The property is not elected for VAT.
Offers are invited in excess of £12,000,000.
Further information including planning documents, the legal pack and indicative resale advice available in the dataroom using access code ‘Thomson’.
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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- Vacant 7-storey office building extending to circa 60,937 sq.ft. NIA, occupying a site area of circa 1.1 acres
- Planning permission for redevelopment of the property to provide 145 residential apartments totalling 90,663ft2, involving conversion of the existing building plus an additional floor (116 units) and a new 5-storey block in the car park area (29 units)
- All apartments for private sale, with no Section 106 financial contributions or CIL to be paid
- Located within close proximity to the shops and amenities of Farnborough town centre and just 200 meters from Farnborough Station with London Waterloo 34 minutes away
- Offers invited in excess of £12,000,000 for the vacant freehold interest
To discuss this opportunity further, please contact Keir Goldstein or Paul Heale on 020 7183 2529