FOR SALE

Great Hollands Square, Bracknell RG12 8QH

Offers in excess of £5,000,000

Description

Blythe House comprises a 2-storey residential building consisting of 43 self-contained flats (38 x studio and 5 x 1 bed units) extending to approximately 14,033 sq.ft. in total.

The property benefits from 16 surface level car parking spaces (with potential to create further parking) and landscaped communal gardens. The total site area is approximately 1.1 acres.

Blythe House was constructed in the 1970’s and a full programme of refurbishment works took place in 2012. All of the flats are maintained to a high standard.

There is a vacant communal area at ground floor which benefits from planning permission to convert to 4 flats, creating 47 in total.

Location

The property is located in the popular residential area of Great Hollands, situated to the south west of Bracknell town centre, within Bracknell Forest Council. There are a number of local amenities including shops and a health centre located within Great Hollands itself.

Bracknell has benefited from significant regeneration in recent years, including the construction of Lexicon which provided 580,000 sq.ft. of new shopping, dining and leisure facilities.

The nearest station is Bracknell which is located approximately 1.7 miles from the property, providing National rail services to Reading and Central London.

Journey times include:
Bracknell – Reading – circa 17 minutes | Bracknell – London Waterloo – circa 1 hour

Planning & Development Potential

The existing property benefits from C3 (residential) Use Class, being arranged as 43 self-contained apartments.

Planning permission was granted on 8th May 2015 (reference: 15/00023/FUL) for the conversion of the existing communal space at ground floor to create a further 4 apartments (3 x studio and 1 x 1 bed units) totalling 1,455 sq.ft. plus cycle storage.

An additional studio flat could be created by converting the proposed cycle store area to provide 5 units, subject to obtaining the necessary consents.

A planning application has been submitted (reference: 17/01097/FUL) proposing part demolition of the existing building, involving the loss of 3 existing flats and the communal area, and the erection of a 2-storey extension (with accommodation in the roofspace) creating 14 apartments (12 x studio & 2 x 2 bed units) totalling 6,852 sq.ft. with associated parking. Should the application be granted, this development would result in 11 additional units, creating 54 in total.

Tenancies

All 43 flats are let with each subject to an Assured Shorthold Tenancy agreement. All flats are subject to 12-month agreements and incorporate 6-month break clauses.

The flats are let on an unfurnished basis and the total current rent reserved from all 43 flats is £356,700 per annum, inclusive of water and electricity bills. Council Tax is paid by the tenants.

The net rental income (excluding utilities, insurance, property maintenance and management fees) is forecasted at circa £276,000 for the 12 months from March 2017 – March 2018.

Tenure

The property is sold freehold with the existing tenants in-situ.

VAT

The property is not elected for VAT.

Terms

Offers are invited in excess of £5,000,000. A purchase at this level reflects £323 per sq.ft. and 6.5% NIY when allowing for £200,000 to construct the 4 consented units and 5.75% purchaser’s costs.

Additional Information

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


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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  • 2-storey residential block comprising 43 apartments (38 x studio & 5 x 1 bed units) totalling 14,033 sq.ft.
  • Fully let and producing a rental income of £356,700 per annum, inclusive of common utilities
  • Planning consent for the conversion of a communal area at ground floor to 4 further apartments (3 x studio & 1 x 1 bed units)
  • Planning application pending consideration for 14 additional apartments (12 x studio & 2 x 2 bed units) totalling 6,852 sq.ft.
  • Offers invited in excess of £5,000,000 for the freehold interest

To discuss this opportunity further, please contact Jordan Oldfield or Keir Goldstein on 020 7183 2529

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