FOR SALE

London Road, East Grinstead RH19 1AG

Offers in the region of £650,000

Description

The property comprises part of the ground floor and the entire first floor ancillary areas and flat roof above 3 shops (Costa Coffee, Boots and The Edinburgh Woollen Mill).

Access to the upper parts is currently provided via a side entrance on Queens Walk.

Location

The property occupies a prominent position on London Road, within East Grinstead.

East Grinstead is an affluent Town located in West Sussex approximately 27 miles south of Central London.

The property is located 0.5 miles from East Grinstead train station providing direct National Rail services to Central London, including London Victoria in under 60 minutes.

Development Potential

The property benefits from planning permission, granted on 17th December 2019 under reference DM/18/2311, for the redevelopment of the property to create 17 residential apartments (7 x 1 bed and 10 x 2 bed units) totalling 11,738 sq.ft. and a new ground floor commercial unit of 1,313 sq.ft.

All units are for private sale, however the planning consent is subject to a Section 106 agreement which obligates for a financial contribution of £74,210 as well as viability reassessment obligations. No CIL liabilities apply.

The new commercial unit is to be created by re-configuring the existing ground floor ancillary space, and this is to be handed back the Seller on a long lease along with the 3 existing shops. The
residential units are constructed by way of converting the existing 1st floor space plus extensions.

As per the planning permission, the proposed residential units will be accessed via a new self-contained entrance to the rear of the existing shops at ground floor level.

Tenure

The property will be sold on a freehold, subject to the Seller retaining the all of the ground floor commercial space (existing and proposed) on new 999 year lease.

VAT

We understand that the property is elected for VAT.

Terms

Offers are invited in the region of £650,000 for the freehold interest.

Additional Information

Further information including approved planning documents can be found in our dataroom using the password ‘Grinstead’.


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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  • Ground and first floor ancillary areas and airspace above 3 shops
  • Planning permission for conversion and extension to create 17 residential apartments totalling 11,738 sq.ft., all for private sale and a new ground floor commercial unit of 1,313 sq.ft.
  • Sought-after town centre location approximately 0.5 miles from East Grinstead Station
  • Offers invited in the region of £650,000 for the freehold interest, subject to the seller retaining the existing retail units and taking a virtual freehold leaseback of the new commercial unit built to shell & core

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

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