FOR SALE

South Grove, London E17 7FG

Offers in excess of £34,000,000

Description

The subject property comprises four adjoining residential led blocks known as Malt Court situated over part 5, part 6 and part 8-storeys which forms part of the wider The Essex Brewery development. Constructed in 2018 by Crest Nicholson The Essex Brewery development comprised 183 units in total as well as circa 5,000 sq.ft. of retail space.

Malt Court consists of 135 self-contained residential apartments plus a commercial unit of which 44 and the commercial unit are sold off on long leases with 91 let on AST’s. The units which are let on AST’s include 42 x 1 bed, 35 x 2 bed and 14 x 3 bed units which extend to approximately 65,914 sq.ft. NIA. All of the units are for open market sale / rent with no affordable housing provision required on site.

Location

The property occupies a prominent position on South Grove, Walthamstow within the London Borough of Waltham Forest. The immediate area comprises predominantly residential uses, and has previously undergone extensive regeneration.

Walthamstow town centre is located approximately 500m to the North of the site, offering numerous shops, restaurants and amenities along the High Street. The property is located 0.2 miles to St James Street overground station and 0.8 miles to Walthamstow Central underground station providing Victoria Line services with journey times including:

London Liverpool Street – 18 minutes

Chingford  – 14 minutes

Kings Cross St. Pancras – 15 minutes

Oxford Circus – 19 minutes

The property also benefits from access to the North Circular Road (A406) which is located circa 2 miles away, and the A12 which is circa 3 miles from the property providing a direct route to Essex and East Anglia.

Specification

The scheme has been completed to a high specification with each unit benefiting from its own balcony as well as a communal roof terrace serving all of the apartments. Finished specifications for the residential units include:

  • Contemporary bespoke kitchens with Bosch appliances including electric oven, ceramic hob, integrated extractor, dishwasher and fridge-freezer
  • Water efficient taps and water mixers with chrome Hansgrohe taps within the bathrooms and kitchen
  • Video-entry system which can also be used via mobile app
  • USB sockets installed in 1st and 2nd bedrooms and Fibre optic broadband provisions for each unit
  • Amtico Sun Bleached Oak flooring
  • Secure cycle storage
  • Highly efficient mechanical ventilation and heat recovery systems (MVHR) which continuously supplies the units with fresh, filtered air
  • Energy efficient, low energy LED lights
  • Dedicated concierge service
  • NHBC 10 year warranty

The development benefits from a EWS1 form which was completed in March 2020.

A detailed finished specification list and technical documents are available within our dataroom.

Accommodation & Tenancy

Currently 44 of the 135 units have been sold off, with an average ground rent of £386p.a. per unit. If this is extrapolated across the entire block, the ground rent income will be £52,110 per annum.
When applying a 5% yield, this gives a freehold value of £1,042,200. The remaining 91 units are let on AST agreements at varying lengths currently producing an annual rent of £1,630,262 per annum.

A detailed tenancy schedule is available within our dataroom.

Tenure

The property will be sold freehold, with the existing tenant remaining in-situ.

VAT

The property is not elected for VAT.

Terms

Offers invited in excess of £34,000,000 which reflects £500 per sq.ft. / 4.68% Net Initial Yield (assuming 6% purchase costs) on the 91 x residential units, when applying a value of £1,042,200 (5%) to the freehold ground rents.

Additional Information

Further information including planning documents are available in the dataroom using access code ‘Malt’.


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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  • Four self-contained residential blocks comprising 135 residential apartments, plus a commercial unit on a site of 0.7 acres
  • 44 apartments and commercial unit sold off on long-leases producing £17,000 per annum
  • 91 residential apartments extending to 65,914 sq.ft. GIA (42 x 1 bed, 35 x 2 bed and 14 x 3 bed units) let on AST’s producing £1,630,262 per annum
  • All units for open market / rent with no units for affordable
  • Popular East London location within walking distance of Walthamstow High Street and St James Street Overground station
  • Offers invited in excess of £34,000,000 which reflects £500 per sq.ft. / 4.68% Net Initial Yield (assuming 6% purchase costs) on the 91 x residential units, when applying a value of £1,042,200 (5%) to the freehold ground rents

To discuss this opportunity further, please contact Jordan Oldfield or Chris Incledon on 020 7183 2529

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