FOR SALE

Upperton Road, Eastbourne BN21 1EU

Offers in excess of £7,000,000

Description

The existing property comprises a self-contained office building which extends to approximately 39,128 sq.ft. NIA across ground and 6 upper floors.

The building benefits from B1(a) Use Class and was most recently the headquarters of East Sussex Fire & Rescue Service, although it is now fully vacant.

The building occupies a site area of circa 0.5 acres which has frontages to Upperton Road (to the south) and Upperton Lane (to the north). The site is bounded by an office building to the west and a residential block and church hall to the east.

A total of 62 parking spaces are provided across basement and undercroft levels, as well as within the front and rear forecourts.

Location

Eastbourne is an affluent and attractive coastal town in East Sussex, located approximately 66 miles to the south of London and 22 miles to the east of Brighton. It is the County’s largest town with a population of circa 106,000 residents.

The property is located within walking distance of the shops and amenities of the town centre, as well as the seafront and Eastbourne Pier.

There has been significant inward investment in the area recently including Legal & General’s £85,000,000 extension of Arndale Shopping Centre and the Council’s £40,000,000 refurbishment of Devonshire Park.

Eastbourne Station is located approximately 0.2 miles (circa 5 minutes walk) from the property, providing National Rail links to London Victoria in 88 minutes, Brighton in 40 minutes and Gatwick Airport in 45 minutes.

Planning & Development Potential

Prior Approval was granted on 8th May 2017 (ref: 170527) for conversion of the building to provide 73 residential units (35 x 1 bed & 38 x 2 bed apartments) under Permitted Development Rights.

Detailed planning permission was subsequently granted on 25th October 2017 (ref: PC/170964) for the construction of an additional storey (7th floor) to provide 5 residential units (1 x 1 bed &
4 x 2 bed apartments) as well as elevation alterations, new windows, new doors and balconies across the entire building.

The scheme has since been amended to provide a total of 77 residential units which involves conversion of the ground to 5th floors to 67 units (5 x studios, 40 x 1 bed & 22 x 2 bed apartments), along with demolition of the existing 6th floor and the construction of two new storeys (6th & 7th floors) to create 10 new build units (2 x 1 bed & 8 x 2 bed apartments).

The proposed scheme therefore comprises 5 x studio, 42 x 1 bed & 30 x 2 bed apartments totalling 35,333 sq.ft. NSA (44,745 sq.ft. GIA).

The building has been stripped out in readiness for development and the design, structural and M&E specifications have been progressed to tender level (details available within the dataroom).

Tenure

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

VAT

The property is not elected for VAT.

Terms

Offers are invited in excess of £7,000,000. A purchase at this level reflects a low capital value of £179 per sq.ft. based on the existing NIA.

Additional Information

Further information including proposed drawings, technical information and indicative resale advice are available within our dataroom using the access code ‘Upperton’.


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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  • Vacant self-contained B1(a) office building extending to approximately 39,128 sq.ft. NIA over 7-storeys, with 62 parking spaces
  • Planning consent for conversion and extension of the existing building to provide 77 residential units (5 x studio, 42 x 1 bed & 30 x 2 bed apartments) totalling 35,333 sq.ft. NSA
  • Stripped out in readiness development with design, structural and M&E specifications taken to tender level
  • Located circa 5 minutes walk from Eastbourne Station in close proximity to the town centre and seafront
  • Offers invited in excess of £7,000,000 for the freehold interest, reflecting a low capital value of £179 per sq.ft. on the existing NIA

To discuss this opportunity further, please contact Keir Goldstein or Paul Heale on 020 7183 2529

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