FOR SALE

High Road, Seven Kings IG3 8EE

Offers in excess of £3,500,000

Description

The existing property comprises a single storey vehicle repair workshop which extends to approximately 3,552 sq.ft. situated on a rectangular site of circa 0.15 acres.

The site is bounded by the Crossrail railway line to the north and commercial uses to the east, west and south.

Vehicular and pedestrian access to the site is gained directly from the High Road.

Location

The site occupies a prominent position on Seven Kings High Road, within the London Borough of Redbridge.

The immediate area comprises a mix of commercial and residential uses, and is currently undergoing extensive regeneration.

Ilford town centre is located approximately 1 mile to the east of the site, offering numerous shops, restaurants and amenities as well as Ilford Exchange Shopping Centre.

Seven Kings Station is located circa 0.2 miles to east of the property with Ilford Station located circa 1.1 miles to the west. Both will operate Crossrail / Elizabeth Line services fully from 2021 with journey times including:

Ilford – Canary Wharf: 20 minutes Ilford – Bond Street: 27 minutes

Planning & Development Potential

A resolution to grant planning permission was given in June 2020 (application reference: 3305/19) for the demolition of the existing building and erection of a part 7 and part 11 storey building to provide 35 residential units and a ground floor commercial unit (A1 / A2 / B1 Unit).

The proposed development will comprise 6 x 1 bed, 17 x 2 bed and 12 x 3 bedroom units which will extend to 26,961 sq.ft. (NIA) in total and 1 commercial unit which will extend to 882 sq.ft. (NIA) in total.

The planning consent will be subject to a Section 106 Agreement obligating for 4 apartment units to be designated as London Affordable Rent, alongside financial contributions totalling
approximately £165,000. A CIL of circa £480,000 is also applicable.

As part of the S106 Agreement a future Affordable Housing Contribution is calculated via a late stage viability reassessment once 75% of the units have been sold.

Tenure

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

VAT

The property is elected for VAT.

Terms

Offers are invited in excess of £3,500,000 for the freehold interest

Additional Information

Further information including planning documents are available within our dataroom using the access code ‘601’.


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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  • Vehicle repair workshop situated on a site of circa 0.15 acres
  • Planning permission for a new build scheme comprising 35 residential units (6 x 1 bed, 17 x 2 bed & 12 x 3 bed), plus a ground floor commercial unit with 31 of the residential units designated for private sale and 4 for affordable housing
  • Popular East London location close to Ilford town centre and approximately 0.2 miles from Seven Kings Station which will operate Crossrail services from 2021
  • Offers are invited in excess of £3,500,000 for the freehold interest

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

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