Holloway Road, Archway N19 3JH
Offers in excess of £5,250,000
The property was originally constructed in 1910 and currently comprises of a ground and basement retail unit with residential use in the now vacant upper parts arranged over first and second floors.
The site extends to 0.112 acres.
Archway is located approximately 3 miles north of Central London in a mixed commercial, retail and residential area. Archway London Underground station (Northern line) is approximately 92 metres just to the north providing services to the City and West End of London within a travel time of 20 minutes.
Upper Holloway Overground Station is about 600 metres to the south. Numerous bus routes serve the local area. The location benefits from a wide variety of local retail and leisure occupiers on both Holloway Road and Junction Road to the west and north west. The area has recently benefited from a £12.5m project, re-modelling the Archway gyratory which incorporated a newly pedestrianised piazza immediately to the east of Archway station.
The area is currently experiencing significant developer and investor interest both in the commercial and residential sectors, notably including the refurbishment of the former Archway Tower by Essential Living delivering 117 flats for the private rented sector.
The subject property is located on the corner of Holloway Road and Giesbach Road. Holloway Road comprises a mix of commercial, educational and residential uses with local occupiers.
Consent was granted on 6th January 2017 (REF: P2016/4529/FUL) for the demolition of the existing building and erection of a four storey building to comprise A1 retail on ground and basement levels, B1 office on first floor and 9 residential units on second, third and fourth floors (4 x 1 beds, 4 x 2 beds and 1 x 3 bed).
The planning approval is subject to a Section 106 agreement with contributions and CIL, totalling £413,000.
In March 2017 a resolution to grant was passed at planning commitee, but not implemented, for 13 residential units above 6,000 sq.ft. of ground and basement commercial. Further details upon request.
Further Development Potential
It is considered that there is further significant scope to redevelop the property. The property has the potential to extend and increase the massing beyond the existing consented scheme, subject to obtaining the necessary consents.
The regeneration of the Archway area is a long held desire of Islington Council. Works have recently finished on a £12.5m project to remove the gyratory system at Archway roundabout.
It includes a new public space, more cycle lanes and pedestrian crossings.
The subject property sits at the entry to the borough and the site has been identified as “the gateway to Islington”. It is in our opinion that the property offers potential for alternative uses such as a hotel or student accommodation, subject to obtaining the necessary consents.
Furthermore, there may be potential to vary the current planning permission to create a scheme which has a bigger massing.
The property is Freehold with vacant possession.
The property is elected for VAT.
Offers invited in excess of £5,250,000 for the freehold interest.
Further information including planning documents, can be found within the dataroom, using the access code ‘Archway’.
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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- Existing mixed-use building (retail and residential) extending to circa 10,661 sq.ft. GIA
- Planning permission for a new build scheme comprising retail over basement and ground floor (6,436 sq.ft.), 1st floor office space (3,337 sq.ft.) and 9 residential units totalling 6,663 sq.ft.
- Sought-after residential and commercial location, directly opposite Archway tube station (Northern Line)
- Offers invited in excess of £5,250,000 for the freehold interest
To discuss this opportunity further, please contact Keir Goldstein or Jordan Oldfield at Kingsbury on 020 7183 2529 or Mathew Finn or Charles Curtis at Finn & Co on 020 7631 1202