FOR SALE

Stamford Hill, London N16 5TP

Offers in excess of £6,000,000

Description

The property comprises a 5-storey commercial building extending to approximately 19,440 sq.ft. (1,806 sq.m.) GIA arranged over basement, ground and three upper floors.

The property was originally utilised as a day care centre, and benefits from its own private car park to the front of the site and a rear vehicular service entrance taken from Colberg Place.

The existing D1 Use Class (non residential institutions) and is part-let to two charities, who occupy the first, second and third floors.

The building occupies a broadly rectangular site extending to approximately 0.288 acres which is bounded by a terrace of houses to the west and a synagogue to the south.

Location

The property occupies a prominent corner position on the western side of Stamford Hill at its junction with Colberg Place, within the London Borough of Hackney.

The immediate location comprises a broad mix of both residential and commercial uses, with several of the neighbouring properties operated as offices, places of worship and educational institutions.

The building is located approximately 0.2 miles from the parade which offers numerous shops, cafes, restaurants, and other amenities.

The nearest station is Stamford Hill (approximately 0.4 miles to the North-West of the property) which provides London Overground services, with London Liverpool Street accessible within 20
minutes.

Other journey times include:

Stoke Newington Station 2 mins | Hackney Downs Station 8 mins | Bethnal Green 14 mins

Planning & Development Potential

The property is not locally listed by the London Borough of Hackney or nationally listed by Historic England. The site does not lie within a Conservation Area.

The property offers potential for residential-led development to provide self-contained apartments with a commercial element retained, subject to planning permission.

The building may be suited to conversion to residential use and there may be potential to construct a single-storey roof extension to match the height of 95-97 Stamford Hill (a recently constructed residential block arranged over ground plus four upper floors).

Comprehensive redevelopment of the site is also an option. The property may be suitable for a range of alternative uses, subject to obtaining the necessary consents.

Tenancies

Two separate charities currently operate within the property; occupying the first, second and third floors.

The first and second floors are let to Kisharon (www.kisharon.org.uk) on a License Agreement commencing on 6th May 2014 and expiring on 31st July 2019, at a current passing rent is £93,000 per annum. The agreement is determinable with 12 months’ notice.

The third floor is let to JAMI (www.jamiuk.org) on a 20 year lease which commenced in March 2013. The Tenant currently does not pay rent and an arrangement is in place for them to vacate the property in February 2018. The sale of the property will be subject to vacant possession of this part.

The ground floor and basement, which together extend to circa 12,572 sq.ft. (1,168 sq.m.) GIA, are currently vacant.

Tenure

The property will be sold freehold and subject to part vacant possession on completion.

VAT

The property is not elected for VAT.

Terms

Offers are invited in excess of £6,000,000. A purchase at this level reflects circa £309 per sq.ft. on the existing GIA.

The closing date for written offers is Wednesday 1st November 2017.

Additional Information

Further information can be found on www.inst.knightfrank.com/brenner


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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  • 5-storey community building (D1 Use Class) extending to approximately 19,440 sq.ft. (1,806 sq.m.) GIA, occupying a site of circa 0.288 acres
  • Part let to two charities on short-term agreements, producing a rental income of £93,000 per annum, with substantial potential for revisionary rent growth and asset management
  • Potential for residential-led development via conversion or comprehensive redevelopment, subject to obtaining the necessary consents
  • Sought-after location approximately 0.4 miles from Stamford Hill Station (London Overground), providing direct services into Central London (London Liverpool Street) in under 20 minutes
  • Offers invited in excess of £6,000,000 for the freehold interest, reflecting circa £309 per sq.ft. on GIA

To discuss this opportunity further, please contact Joe Goldsmith or Ross Kemp at Kingsbury on 020 7183 2529 or Tom Scaife or Sarah Massey at KnightFrank on 020 7861 5429

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