FOR SALE

Lordship Road, London N16 0QY

Guide Price of £8,000,000

Description

At present, the site comprises one three-storey building and two single-storey, detached buildings (one with temporary consent). Buildings in all circa 17,932 sq.ft. GIA (1.41 acres).

The property benefits from off-street parking for approximately 30 cars, with vehicular access from Lordship Road.

The site is bounded by residential dwellings on all sides and may have potential for residential-led development via conversion or comprehensive redevelopment, subject to obtaining the necessary consents.

Location

The property occupies a prominent position on the northern end of Lordship Road and adjacent to the junction with St Kilda’s Road, within the London Borough of Hackney.

The immediate location comprises mainly residential uses, with a large residential scheme operated by a local housing association bounding the site to the south and a residential block of apartments to the north.

Both Stoke Newington and Stamford Hill High Street are located under 1 mile from the property, which offer numerous shops, cafes, restaurants and other amenities.

The nearest station is Stoke Newington (approximately 0.7 miles to the South-East of the property) which provides London Overground Services.

Journey times include:
Hackney Downs Station approximately 5 mins
Bethnal Green approximately 11 mins
London Liverpool Street approximately 15 mins

Tenancies

The property is partly let pursuant to two occupational leases.

The building fronting Lordship Road is let to Jewish Training Academy for Girls (JTAG) Ltd for a term expiring on 1 December 2021 at a rent of £50,000 per annum, subject to a rolling mutual break option on the provision of not less than two months’ prior written notice. This lease excludes the security of tenure provisions contained in sections 24-28 of the Landlord and Tenant Act 1954.

The rear approximately half of the property is let to Vishnitz Girls Schools Ltd for a term expiring on 18 September 2021 at a rent of £80,000 per annum. This lease excludes the security of tenure provisions contained in sections 24-28 of the Landlord and Tenant Act 1954.

The remainder of the property is occupied by Norwood.

Planning & Development Potential

The site is currently in use for educational and healthcare purposes. Please note the site includes 2 permanent buildings (of brick construction) and the rear building has temporary consent.

The property is suitable for a range of uses / development, subject to the necessary consents.

A capacity study has been carried out to show the comprehensive redevelopment of the site to provide a building with a mass of circa 80,000 sq.ft.

Tenure

The freehold proprietor of the property is The Secretary of State for Health & Social Care and the property is currently subject to a head lease in favour of Jewish Care and an underlease of The Bearstead Centre in favour of Jewish Care and Norwood Ravenswood.

The head lease and underlease of part will be surrendered and the property will be sold freehold with vacant possession, subject to the occupational leases.

VAT

The property is not elected for VAT.

Additional Information

Further information including floorplans, title information, bid form and planning report can be found on the dedicated website. Please contact the undersigned for access.


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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  • The site is currently in use for educational and healthcare purposes
  • Buildings in all; 17,932 sq.ft. GIA
  • Site extends to 1.41 acres
  • Part let on short term agreements, producing a combined rental income of approximately £130,000 per annum
  • Potential for alternative uses / development, subject to the necessary consents
  • Sought after location close to Stoke Newington Overground Station (0.7miles) providing services to London Liverpool Street Station in under 20 minutes
  • Guide price of £8,000,000 with offers to be received by 5pm 3rd December 2020.

To discuss this opportunity further, please contact Chris Incledon or Ross Kemp on 020 7183 2529

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