FOR SALE

Ilderton Road, London SE15 1NW

Offers in excess of £15,000,000

Description

The subject site is broadly rectangular in shape and extends to circa 0.49 acres (0.20 hectares).

The property is occupied by various light industrial buildings (of up to 2-storeys) which extend to approximately 3,688ft² in total, with the remainder of the land comprising yard space used for vehicle parking and storage.

Entrances and servicing to the site are taken from numerous points on Ilderton Road as well as Wagner Street.

The property is bounded by a private road to the north, Wagner Street to the south, Ilderton Road to the west and a railway viaduct and associated arches and embankment to the east.

Tenancies

The property is currently occupied by 3 businesses; a tyre dealership, a leaflet distribution company and a builder’s merchants.

The site will be sold with full vacant possession on completion.

Location & Accessibility

The site is located at the southern end of Ilderton Road approximately 50 metres from its junction with Old Kent Road (A2). The surrounding area comprises a mixture of buildings used for industrial and commercial purposes, as well as high density residential blocks.

The property is located within the eastern part of the London Borough of Southwark, close to its boundary with the London Borough of Lewisham.

Surrounding areas include Walworth, New Cross, Peckham and Deptford. Old Kent Road is a main arterial road into Central London which is host to numerous shops, restaurants, supermarkets, trade counters and various other commercial amenities.

The nearest train station is Queens Road Peckham which is located approximately 0.5 miles to the south of the site. The station provides both London Overground and National Rail services with direct links to London Bridge Station in 8 minutes and Shoreditch High Street in 18 minutes.

Transport for London are currently in consultation for a potential extension of the Bakerloo Line from Elephant & Castle to New Cross and Lewisham via Old Kent Road. Further information can be seen here.

Old Kent Road Opportunity Area

The property lies within the Old Kent Road Opportunity Area, circa 282 hectares of predominantly commercial land uses which have been designated for regeneration within the London Plan and the London Borough of Southwark’s Local Plan. Some of the objectives of this scheme are listed below:

  • Revitalise Old Kent Road as a high street with shops, cafes, restaurants, leisure and other facilities with residential homes above.
  • Recognise the Old Kent Road’s central location by including it within an extension of London’s central activities zone.
  • 20,000 new homes, including council homes and private rented homes in mixed use neighbourhoods.
  • Employment clusters providing a mix of managed workspace, hybrid, light industrial and low-cost space, contributing to 5,000 additional jobs.
  • Social infrastructure including up to 2 new primary schools and potentially one new secondary school by 2025 and additional schools later in the plan period.
  • Two new tube stations on the Bakerloo Line extension and a new overground station at New Bermondsey.
  • New parks at Mandela Way and the gasworks and green route on the alignment of the former Surrey Canal.

Further information can be found here.

Planning

The property was given a resolution to grant planning permission on 4th December 2018 for the following proposal (application reference 17/AP/4819):

Mixed use redevelopment comprising: demolition of existing buildings and construction of 2 buildings, one of part 11 and 13 storeys and one of part 13 and 15 storeys to provide 1,661sqm (GIA) of commercial floorspace (use class B1) at part basement, ground and 1st floors, 130 residential dwellings above (44 x 1 bed, 59 x 2 bed and 27 x 3 bed), with associated access and highway works, amenity areas, cycle, disabled and commercial car parking and refuse / recycling stores.

The proposed scheme consists of 10 commercial units (Use Class B1(c)) across the ground and 1st floors which will extend to 14,155ft² NIA in total, with access taken from Ilderton Road. The ground floor will also incorporate bike and refuse storage and a service yard with 3 disabled parking spaces. 2 small basements are proposed which will provide further bike storage and plant areas.

The 2nd – 14th floors of the proposed development will incorporate 130 residential apartments totalling 89,793ft² NIA which will be serviced by 2 stair / lift cores. All apartments will benefit from private amenity space and there are communal amenity spaces proposed at 2nd and 13th floor levels.

Given the height of the development, future residents will benefit from excellent views across London.

Section 106 Obligations & CIL

The planning consent is subject to a Section 106 Agreement which obligates for the following:

  • Provision of 46 residential units as affordable housing; 31 for social rent (10 x 1 bed, 10 x 2 bed & 11 x 3 bed) and 15 for shared ownership (6 x 1 bed, 6 x 2 bed & 3 x 3 bed).
  • Fixed financial contributions totalling £561,362.
  • Car club membership for a 3 year period and parking permit exclusion zone for future occupants.
  • Provision of 10% of the proposed commercial space as affordable workspace, whereby the rent must not exceed £12 per ft² for a 15 year period.

In addition, the planning permission is liable for both GLA and Borough CIL. We understand that residential charging rates are £35 per m² for the GLA and £218 per m² for the London Borough of Southwark. Please note that affordable housing relief can be applied to the residential element. Interested parties are advised to rely on their own enquiries.

Nearby Developments

The area surrounding the property is experiencing wide-scale regeneration with numerous residential-led redevelopment schemes either under construction or proposed. Please refer to the aerial image in the brochure which shows the location of these.

Tenure

The property will be sold freehold and is held under 2 separate Titles.

Terms

Offers are invited in excess of £15,000,000, subject to contract and exclusive of VAT. A purchase at this level reflects a low capital value of £144 per ft² based on the consented NIA of 103,948ft².

VAT

The property is elected for VAT.

Additional Information

Further information including planning documents, technical information and indicative resale advice is available within the dataroom using the access code ‘Ilderton’.


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 property comprises a broadly rectangular site of circa 0.49 acres which is occupied by various light industrial buildings and yard space
  • Resolution to grant planning permission for a fully new build scheme over 15-storeys comprising 130 residential units totalling 89,793ft² NIA and commercial space extending to 14,155ft² NIA
  • Total 130 residential units, with 84 designated for private sale, 31 as social rent and 15 as shared ownership
  • Sought-after location within the ‘Old Kent Road Opportunity Area’ and circa 0.5 miles from Queens Road Peckham Station (direct trains to London Bridge Station in 8 minutes)
  • Offers are invited in excess of £15,000,000 for the freehold interest, reflecting a low capital value of £144 per ft² based on the consented NIA

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

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