Eastgate Business Centre, Basildon, Essex SS14 1EB
Offers in the region of £8,800,000
The subject property forms part of the Eastgate Centre, a shopping mall in Basildon which was once named the largest indoor shopping centre in Europe.
The property comprises a 250 year long leasehold interest of the 2nd, 3rd and 4th floor of the Eastgate Business Centre comprising B1 office space. The property was most recently occupied as serviced offices, although the property is now vacated and ready for residential redevelopment.
There are 12 dedicated parking spaces in the neighbouring shopping mall car park.
The property occupies a prominent town centre position within Basildon, Essex. The Local Authority is Basildon Borough Council.
Basildon town centre hosts a variety of shops and amenities including large retailers such as Primark, Debenhams and Asda, all located within The Eastgate Shopping Centre. The immediate surrounding area comprises a mixture of commercial and residential uses.
East Square Cinema complex is located approximately a 2 minute walk from the property which comprises a 10 screen cinema and 6 new restaurants, with the development expected to be completed by Spring 2021.
The popular Basildon Sporting Village is situated 1.4 miles from the property (circa 27 minute walk) which offers many sporting activities, including an Olympic sized swimming pool which was built for the 2012 London Olympics.
Basildon Station is located approximately 0.4 miles from the property (circa 9 minute walk) and offers direct services into Central London (Fenchurch Street) in approximately 45 minutes.
The property will be developed in accordance with Prior Approval and two full planning permissions granted in 2019 and 2020 respectively (application references: 19/01649/PACU, 19/01376/FULL & 19/00885/FULL) which together permit the conversion and recladding of the former office building (including the construction of an additional floor) to create 44 residential units.
The development consists of 1 x 1 bedroom and 43 x 2 bedroom self-contained apartments totalling 30,506 sq.ft. NIA and is scheduled to reach practical completion in Q2 2021.
The scheme will be completed to a high specification; all windows from the former office building will be replaced with new double glazed windows and the finished specifications for the residential units are set to include the following:
• Handleless white gloss soft close kitchen cabinets & draws
• Modern appliances including integrated fridge freezer, washing machine, oven & dishwasher
• Roca sanitary ware
• Stylish porcelain wall and floor tiles in each bathroom
• Built in wardrobes to master bedroom
• Satellite, TV, telephone points to living room and bedrooms
• Polished chrome electrical fittings
• Matt white painted wall finish
• Landscaped communal areas
• Secure cycle and bin storage on ground floor
• The scheme will benefit from a 10 year LABC Warranty
Residential Rental Market
Given the popular central location and the development’s close proximity to Eastgate Shopping Centre, there should be high levels of interest for the residential units.
Based on comparable evidence, we expect residential rental values to be in the region of £700 – £750pcm for the 1 bed apartment and £900 – £1000pcm for the 2 bed apartments.
We estimate the total rental value to be £501,600 per annum.
The property will be sold leasehold with vacant possession.
The property is elected for VAT.
Offers are invited in the region of £8,800,000 which reflects £200,000 per unit and a NIY of 5.68% and £288 / sq.ft. Net Salable Area.
Further information including approved planning documents are available within our dataroom using the access code ‘Eastgate’.
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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- An opportunity to forward purchase an entire block of 44 x apartments, where construction is due to commence in July 2020 with delivery in Q2 2021
- Located within Basildon Town Centre and 0.4 miles from Basildon Station which offers direct services into Central London
- Offers invited in the region of £8,800,000 which reflects £200,000 per unit and a NIY of 5.68% and £288 / sq,ft, Net Salable Area
To discuss this opportunity further, please contact Paul Heale on 020 7183 2529