FOR SALE

Sydney Road, Watford WD18 7PZ

Offers in excess of £16,000,000

Description

The subject property comprises a collection of light-industrial buildings which occupy a site extending to circa 2.34 acres (0.95 hectares). Access and servicing to the site is currently taken directly via Sydney Road, where 3 separate entrances exist.

The property occupies a prominent position on Sydney Road, within Watford Borough Council. The immediate location has historically comprised of mainly industrial uses; however, the area is currently undergoing major regeneration with various areas surrounding the site having recently received residential-led planning consents.

The property is bounded by Sydney Road to the north, residential dwellings to east and light industrial buildings to the west. The rear frontage is to the railway line at the southern edge of the site.

Location

The surrounding area has a broad mix of both industrial and residential uses, however wide scale regeneration is underway and numerous residential-led planning consents have been granted nearby.

Watford Underground Station is 0.7 of a mile walk and located at the end of the Metropolitan Line providing access to the wider Underground and Overground Networks. Access to Central London (London Baker Street) takes under 40 minutes.

Watford High Street and Watford Junction rail station are 1.3 miles and 1.55 miles respectively from the site. The majority of bus services passing the site, stop at Watford Junction mainline station which provides frequent services to destinations such as London Euston in circa 22 minutes and Milton Keynes in circa 26 mins. A fast train from Watford Junction also runs direct into London Euston taking 15 mins.

Planning & Development Potential

Planning permission was granted on the 12th March 2019 for the erection of new B1C (industrial) and B8 (storage and distribution) building and yard, and erection of two apartment buildings to provide 278 apartments with associated access, integral bin and cycle storage and amenity space following demolition of existing commercial buildings; alongside the erection of 1 x 2 bedroom dwelling fronting Sydney Road.

The proposed scheme entails the comprehensive redevelopment of the site involving the demolition of the existing buildings and erection of 3 x blocks within 2 buildings comprising of 278 apartments (5 x studio, 92 x 1 bedroom, 122 x 2 bedroom, 47 x 3 bedroom and 12 x 4 bedroom units) , 79 of which are designated for affordable housing. The affordable housing split will encompass 39 of the units as shared ownership, 20 as Affordable Rent and the remaining 20 for Social Rent.

We understand that the proposed scheme is also subject to a CIL liability of approximately £1,735,349 and Section 106 payments amounting to circa £20,000.

The area outlined in blue on the site plan, which is subject to the planning consent for the commercial unit, does not form part of the sale and will be developed by the current owner.

Site Plan

Planning consent was granted on the 13th July 2018 (ref: 17/01591/FULM) for the comprehensive redevelopment of “Site A” involving the demolition of the existing buildings and erection of two residential blocks to provide 135 apartments, of which 38 are designated for Affordable Housing.

The seller then incorporated “Site B” and achieved a separate planning consent involving the redevelopment of both sites (site A & B) to create 279 residential units, alongside the commercial space.

Tenure

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

VAT

The property is not elected for VAT.

Terms

Offers are invited in excess of £16,000,000 for the freehold interest, reflecting £57,347 per plot.

Additional Information

Further information including planning documents can be viewed in the dataroom using the access code ‘Sydney’.


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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  • Site of circa 2.34 acres occupied by various light industrial buildings and yard space
  • Planning permission for a new build scheme across 8 and 10 storeys comprising 279 residential units totalling 204,468sq.ft. (NIA). 200 units designated for private sale and 79 for Affordable Housing
  • All units likely to qualify for Help to Buy
  • Sought-after residential location approximately 0.7 miles from Watford Station, providing direct links to Central London (London Baker Street) in under 40 minutes
  • Offers invited in excess of £16,000,000 for the freehold interest, reflecting £57,347 per plot

To discuss this opportunity further, please contact Joe Goldsmith or Ross Kemp on 020 7183 2529

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