FOR SALE

Medina House, Milton Keynes MK9 2AE

Offers in the region of £9,000,000

Description

The property comprises of a 4-storey mixed-use building containing 7 separate retail units across ground floor extending to approximately 5,258 sq.ft NIA and vacant B1 office space across the 1st, 2nd and 3rd floors extending to approximately 28,466 sq.ft NIA.

The plant room is located on the roof and extends to approximately 1,108 sq.ft providing a total existing area of approximately 34,832 sq.ft.

Constructed in the 1980’s, the building occupies a site area of circa 0.35 acres and benefits from parking for up to 25 vehicles, 7 of which are allocated to the retail element and 18 for the remainder of the building.

Location

The property occupies a prominent position within Milton Keynes, a town within the county of Buckinghamshire with a population of circa 230,000.

Milton Keynes Central Station is located approximately 0.5 miles from the site, providing London Midland, Southern and Virgin Trains to London Euston in circa 35 minutes. There are also direct services into Birmingham New Street with a journey time of approximately 50 minutes.

The Centre and intu Milton Keynes shopping centre are within a short walk from the property providing a range of shops and amenities.

Junction 14 of the M1 is within 8 minutes’ drive of the property providing access to Central London approximately 55 miles to the south.

Tenancies

6 of the 7 retail units at ground floor are let to various tenants producing £110,130 per annum.

Unit G1, which is currently vacant and extends to approximately 776 sq.ft NIA, should achieve circa £20,000 per annum when let, providing a potential total income of £130,130 per annum.

Unit G2 has fixed rental uplifts in the 4th and 5th year which will increase the rent to £22,220 per annum.

All of the retail units benefit from A2 Use Class (Professional and Financial Services).

Planning & Development Potential

Prior Approval was approved on 17th December 2017, for the change of use of the offices at 1st, 2nd and 3rd floor and the plant room on the roof to provide 62 apartments via Permitted Development Rights (reference: 17/02865/PANB1C).

An additional planning application was granted on 12th April 2018, under reference 18/00160/ FUL for the alteration and conversion of the existing office space and extension of the existing building to create new 4th, 5th and 6th floors which will increase the scheme to 86 units in total and provide approximately 48,457 sq.ft NSA (52 x 1 bed and 34 x 2 bed units).

The planning permission is subject to a Section 106 Agreement which provides for 7 residential units to be affordable housing with the remaining 79 flats for private sale, as well as financial contributions totalling circa £90,262.

Tenure

The property is to be sold freehold, subject to the existing tenancies remaining in-situ.

VAT

The property is elected for VAT.

Terms

Offers are invited in the region of £9,000,000 for the entire freehold interest.

Alternatively, offers are invited in the region of £7,500,000 for the freehold interest, subject to the ground floor retail units being retained by the Seller on a new 999 year lease.

Additional Information

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


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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  • Prominent 4-storey mixed-use building within Milton Keynes extending to approximately 34,832 sq.ft NIA, positioned on a site of circa 0.35 acres
  • Comprising 7 retail units at ground floor let to various tenants (producing £110,130 per annum) with 28,466 sq.ft NIA of vacant B1 office space across the 1st, 2nd and 3rd floors
  • Planning permission for the conversion and extension of the existing building to provide 86 residential units apartments (52 x 1 bed & 34 x 2 bed units) totalling 48,457 sq.ft NSA
  • Located in close proximity to Milton Keynes town centre and Milton Keynes Central Station
  • Offers are invited in the region of £9,000,000 for the entire freehold interest
  • Alternatively, offers are invited in the region of £7,500,000 for the freehold interest, subject to the ground floor retail units being retained by the Seller on a new 999 year lease

To discuss this opportunity further, please contact Paul Heale or Jordan Oldfield on 020 7183 2529

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