FOR SALE

Streatham Road, London CR4 2AJ

Offers in excess of £5,000,000

Description

The existing property comprises a collection of single-storey light industrial buildings, including ancillary offices, staff areas and storage space, which extend to approximately 2,761sq.ft. NIA.

The site extends to approximately 0.37 acres and benefits from vehicular accesses from both Streatham Road and Ridge Road.

The site is bounded by houses to the immediate east (fronting Ridge Road and Caithness Road), with a block of apartments to the west and a parade of shops to the south (both fronting Streatham Road).

The property was most recently utilised as a coachworks dealing with the repair and servicing of coaches, buses and cars.

Location

The site is situated on the eastern side of Streatham Road in Streatham, within the London Borough of Merton.

The immediate area comprises mainly residential uses, although there are a number of shops just to the south of the property along Streatham Road, including a Tesco Express. More substantial commercial offerings are available within the town centres of Streatham and Mitcham (both around one mile from the site).

The nearest station is Tooting (circa 0.6 miles from the site) which provides direct National Rail links to London Blackfriars in 24 minutes. Streatham Common Station (also National Rail services) is located approximately one mile from the site offering trains to London Victoria in 18 minutes. The nearest London Underground station is Tooting Broadway (circa 1.3 miles) offering Northern Line services to London Bridge in 20 minutes and Bank in 22 minutes.

Planning & Development Potential

30 Unit Approved Scheme
Planning permission was granted on 10th July 2017, under reference 17/P1537, for demolition of the existing buildings and the construction of a part-2, part-3 and part-4 storey building to provide 30 residential units (1 x studio, 14 x 1 bedroom, 10 x 2 bedroom and 5 x 3 bedroom apartments) with a ground floor commercial unit (A1/B1/D2 Use Classes) of 2,099sq.ft.

All residential units are for private sale with no requirement for affordable housing.

The planning consent is subject to Section 106 contributions totalling £45,604 and a CIL liability of approximately £481,721.

The online planning application can be viewed here.

36 Unit Appealed Scheme
Planning permission was refused on 13th February 2017, under reference 16/P4324, for a 5-storey scheme comprising 36 residential units with a ground floor commercial unit of 2,648sq.ft. 5 shared ownership units have been proposed within the scheme, leaving 31 units for private sale.

The online planning application can be viewed here.

An Appeal has been lodged against the refusal and a decision is expected in October 2017.

Tenure

The property will be sold freehold with vacant possession on completion.

VAT

The property is not elected for VAT.

Terms

Offers are invited in excess of £5,000,000, with an additional £500,000 payable in the event the Appeal is allowed.

Additional Information

Further information including planning documents and the legal pack can be viewed in the dataroom using access code ‘Ridge’.


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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  • Former coachworks plus offices and associated land positioned on a prominent 0.37 acre site
  • Planning permission for a 4-storey new build scheme comprising 30 residential units totalling 21,044sq.ft. GIA, all for private sale, and a ground floor A1/B1/D2 commercial unit of 2,099sq.ft. GIA
  • Appeal decision pending for a 5-storey scheme comprising 36 residential units plus larger commercial space, with a decision expected in October 2017
  • Popular residential location within South West London in close proximity to Tooting Station (direct links to Blackfriars in 24 minutes)
  • Offers invited in excess of £5,000,000 for the vacant freehold interest, with a £500,000 uplift payable if the Appeal is successful

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

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