Wessex Close, Newbury Park IG3 8JT

Offers in the region of £4,000,000

Description

The existing property comprises a former single-storey synagogue hall which extends to approximately 6,448 sq.ft. and was originally constructed in the 1970’s. The building has been vacant since 2014 and is currently in a poor state of repair.

The site area extends to 1 acre and is bounded to the north, south and west by residential dwellings. The land to the east (which is under separate ownership) was previously occupied by a Tennis Club and is no longer in use.

The neighbouring owner will shortly be making a planning application to redevelop the former Tennis Club to provide 9 house’s on the site, the proposed plans are available upon request.

Location

The property is located on Wessex Close in Newbury Park, within the London Borough of Redbridge.

Although the immediate surroundings mainly comprise residential uses, the site is situated approximately 0.2m south of Eastern Avenue (A12) which is host to numerous shops, restaurants and amenities.

The nearest station is Newbury Park Underground Station (circa 400m to the west) which provides regular Central Line services into London, including Liverpool Street in circa 25 minutes.

Planning & Development Potential

Detailed planning permission was granted on 26th March 2019 (ref: 3768/17) for the comprehensive redevelopment of the site involving the demolition of the existing building and the erection of 5 blocks containing 35 apartments (6 x 1, 24 x 2 & 5 x 3 bed units), along with 35 parking spaces at surface level, associated landscaping and private amenity space. The proposed scheme will create approximately 26,161 sq.ft. (NIA) of residential floorspace.

All of the units are for private sale however, the planning consent is subject to a Section 106 Agreement which obligates for an Affordable Housing Contribution of £250,000 as well as a future Affordable Housing Contribution which is calculated via a late stage viability reassessment. Further information on the future Affordable Housing Contribution can be found in the S106 Guidance Notes document within our dataroom. A CIL liability of circa £340,000 is payable.

Tenure

The property will be sold freehold and subject to vacant possession on completion.

VAT

The property is not elected for VAT.

Terms

Offers are invited in the region of £4,000,000.

Additional Information

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


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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  • Former synagogue and associated land occupying a site extending to approximately 1 acre
  • Planning permission for the demolition of the existing building and erection of 5 residential blocks comprising 35 apartments (6 x 1 bed, 24 x 2 bed & 5 x 3 bed units), totalling 26,161sq.ft. (NIA) of residential floorspace. All units will be for private sale
  • Sought-after residential location in close proximity to Newbury Park Station, providing direct links into Central London (London Liverpool Street) in approximately 25 minutes
  • Offers invited in the region of £4,000,000 freehold

To discuss this opportunity further, please contact Jordan Oldfield or Joe Goldsmith on 020 7183 2529

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