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Fortess Grove, KENTISH TOWN

Achieved price:£7,400,000

Achieved price:£7,400,000
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Fortess Grove, KENTISH TOWN

Description

Prime London freehold mixed use development opportunity in Kentish Town with Resolution to grant planning for 8 x 3 bedroom mews houses, 1 x 2 bedroom house, a retained 2 bedroom cottage and 9,311 sq ft (NIA) of B1 space

 

Executive Summary

  • Prime London freehold mixed use development opportunity in Kentish Town
     
  • Located in Kentish Town, close to Kentish Town Underground and Rail Station and minutes away from High Street shops
     
  • A Resolution to grant planning has been approved for 9,311 sq ft NIA of "B1" Business space suitable for office/studio space, 1 No. 2 bedroom dwelling (social rented) on Railey Mews, 8 No. 3 bedroom dwellings within the retained shell of the existing building and 1 No. 2 bedroom dwelling on Fortess Grove
     
  • Freehold with vacant possession

Location

The property is located in Kentish Town within the London Borough of Camden.  Fortess Grove is an attractive cul-de-sac off Fortess Road just north of Kentish Town Station which provides access into the West End, The City and a direct 40 minute train to London Luton Airport.

The main access to the site is from Fortess Grove but there is a further access from Railey Mews.  The surrounding streets are primarily residential.

The site straddles the boundary of the Kentish Town Conservation Area.

Description

The property is known as the rear of 36-52 Fortess Road and 20 Fortess Grove

The site area extends to approximately 0.17 ha with the existing buildings almost fully occupying the site.  The current buildings comprise a single storey vehicle repair workshop and a single storey warehouse and a dwelling house.

The current Gross Internal Area of the industrial buildings is approximately 1,446 sq m (15,565 sq ft).  The house at 20 Fortess Grove which is in need of refurbishment comprises two bedrooms, living room, bathroom and kitchen and has a small garden.

Planning

A Resolution to grant planning permission has been approved by the London Borough of Camden for "change of use from vehicle repair workshop (Class B2) to provide 9,311 sq ft NIA flexible commercial floor space (Use Clase B1), 1 x 2 bedroom dwelling (social rented) on Railey Mews, 8 x 3 bedroom dwellings within retained shell of the existing building and 1 x 2 bedroom dwelling on Fortess Grove.

The CIL and Section 106 Agreements are in the process of being finalised and are subject to final approval from London Borough of Camden.  We understand the total indicative CIL liability will be in the region of £270,000.

A draft Section 106 Agreement includes the following:

  • Provision of 1 unit (House type C) of affordable housing for social rent
  • Payment of £140,450 in lieu of the balance of the full policy compliant contribution for affordable housing
  • Car free development
  • Demolition and Construction Management Plan
  • Financial contribution for highway works of £4,633
  • Service Management Plan
  • Local employment and procurement
  • Sustainability and energy statements

Proposed Accommodation & Floor Areas

Houses (GIA)
A1 - Units 1 & 5 - 3 Bed Houses - 1,389 sq ft each - Total 2,778 sq ft
A2 - Units 3 & 7 - 3 Bed Houses - 1,367 sq ft each - Total 2,735 sq ft
B - Units 2, 4, 6 & 8 - 3 Bed Houses - 1,399 sq ft each - Total 5,595 sq ft
C - Unit 9 - 2 Bed House - 1,141 sq ft - Total 1,141 sq ft
Ex No. 20 - No 20 - 2 Bed House - 671 sq ft - Tota 671 sq ft
Total - 12,920 sq ft

Commercial NIA
Office/Studio Space

Unit 1 - 3,436 sq ft
Unit 2 - 3,186 sq ft
Unit 3 - 652 sq ft
Unit 4 - 2,037 sq ft
Total - 9,311 sq ft

Commercial GIA
Ground Floor - 5,267 sq ft
First Floor - 4,247 sq ft
Second Floor - 2,344 sq ft
Total - 11,858 sq ft

Proposed Floor Plans
Please contact Davis Brown for a copy of the proposed floor plan

Price
Offers in excess of £6,000,000 (Six Million Pounds) are invited for the freehold interest with Vacant Possession by way of an informal tender

The buildings have not been elected for VAT

An information pack is available on request through Davis Brown

Informal Tender Terms

Method of Sale
Davis Brown are instructed as sole agents to invite best unconditional offers for the freehold interest with vacant possession.

Tender Procedure
Offers are to be received at the offices of Davis Brown, 1 Margaret Street by 12noon on Friday 14th October 2016.

Bids are to be delivered by email, post or personal delivery on the "tender form" (available from the Agent) to the address below:

Davis Brown
1 Margaret Street
London, W1W 8RB
020 7637 1066

Purchasers Notice
The seller does not undertake to accept the highest bid or any offer received.  Offers must state a specific sum of money to be paid with the name and address of their legal advisers and proof of funding.  It is intended that a successful bidder would be able to exchange contracts on an unconditional basis within 4 weeks of receipt of a contract with a completion date to be agreed.

 

Disclaimer:

Davis Brown for themselves, for any joint agents and for the vendors or lessors of this property whose agents they are give notice that: (i) the particulars are set out as a general outline only for the guidance of intending purchasers, or lessees, and do not constitute, nor constitute part of, an offer or contract; (ii) all descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given in good faith and are believed to be correct but any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them; (iii) no person in the employment of Davis Brown or any joint agents has any authority to make or give any representation or warranty whatever in relation to this property; (iv) all rentals and prices quoted are exclusive of VAT (if chargeable)

SUBJECT TO CONTRACT

Map Street View

Prime London freehold mixed use development opportunity in Kentish Town with Resolution to grant planning for 8 x 3 bedroom mews houses, 1 x 2 bedroom house, a retained 2 bedroom cottage and 9,311 sq ft (NIA) of B1 space

 

Executive Summary

  • Prime London freehold mixed use development opportunity in Kentish Town
     
  • Located in Kentish Town, close to Kentish Town Underground and Rail Station and minutes away from High Street shops
     
  • A Resolution to grant planning has been approved for 9,311 sq ft NIA of "B1" Business space suitable for office/studio space, 1 No. 2 bedroom dwelling (social rented) on Railey Mews, 8 No. 3 bedroom dwellings within the retained shell of the existing building and 1 No. 2 bedroom dwelling on Fortess Grove
     
  • Freehold with vacant possession

Location

The property is located in Kentish Town within the London Borough of Camden.  Fortess Grove is an attractive cul-de-sac off Fortess Road just north of Kentish Town Station which provides access into the West End, The City and a direct 40 minute train to London Luton Airport.

The main access to the site is from Fortess Grove but there is a further access from Railey Mews.  The surrounding streets are primarily residential.

The site straddles the boundary of the Kentish Town Conservation Area.

Description

The property is known as the rear of 36-52 Fortess Road and 20 Fortess Grove

The site area extends to approximately 0.17 ha with the existing buildings almost fully occupying the site.  The current buildings comprise a single storey vehicle repair workshop and a single storey warehouse and a dwelling house.

The current Gross Internal Area of the industrial buildings is approximately 1,446 sq m (15,565 sq ft).  The house at 20 Fortess Grove which is in need of refurbishment comprises two bedrooms, living room, bathroom and kitchen and has a small garden.

Planning

A Resolution to grant planning permission has been approved by the London Borough of Camden for "change of use from vehicle repair workshop (Class B2) to provide 9,311 sq ft NIA flexible commercial floor space (Use Clase B1), 1 x 2 bedroom dwelling (social rented) on Railey Mews, 8 x 3 bedroom dwellings within retained shell of the existing building and 1 x 2 bedroom dwelling on Fortess Grove.

The CIL and Section 106 Agreements are in the process of being finalised and are subject to final approval from London Borough of Camden.  We understand the total indicative CIL liability will be in the region of £270,000.

A draft Section 106 Agreement includes the following:

  • Provision of 1 unit (House type C) of affordable housing for social rent
  • Payment of £140,450 in lieu of the balance of the full policy compliant contribution for affordable housing
  • Car free development
  • Demolition and Construction Management Plan
  • Financial contribution for highway works of £4,633
  • Service Management Plan
  • Local employment and procurement
  • Sustainability and energy statements

Proposed Accommodation & Floor Areas

Houses (GIA)
A1 - Units 1 & 5 - 3 Bed Houses - 1,389 sq ft each - Total 2,778 sq ft
A2 - Units 3 & 7 - 3 Bed Houses - 1,367 sq ft each - Total 2,735 sq ft
B - Units 2, 4, 6 & 8 - 3 Bed Houses - 1,399 sq ft each - Total 5,595 sq ft
C - Unit 9 - 2 Bed House - 1,141 sq ft - Total 1,141 sq ft
Ex No. 20 - No 20 - 2 Bed House - 671 sq ft - Tota 671 sq ft
Total - 12,920 sq ft

Commercial NIA
Office/Studio Space

Unit 1 - 3,436 sq ft
Unit 2 - 3,186 sq ft
Unit 3 - 652 sq ft
Unit 4 - 2,037 sq ft
Total - 9,311 sq ft

Commercial GIA
Ground Floor - 5,267 sq ft
First Floor - 4,247 sq ft
Second Floor - 2,344 sq ft
Total - 11,858 sq ft

Proposed Floor Plans
Please contact Davis Brown for a copy of the proposed floor plan

Price
Offers in excess of £6,000,000 (Six Million Pounds) are invited for the freehold interest with Vacant Possession by way of an informal tender

The buildings have not been elected for VAT

An information pack is available on request through Davis Brown

Informal Tender Terms

Method of Sale
Davis Brown are instructed as sole agents to invite best unconditional offers for the freehold interest with vacant possession.

Tender Procedure
Offers are to be received at the offices of Davis Brown, 1 Margaret Street by 12noon on Friday 14th October 2016.

Bids are to be delivered by email, post or personal delivery on the "tender form" (available from the Agent) to the address below:

Davis Brown
1 Margaret Street
London, W1W 8RB
020 7637 1066

Purchasers Notice
The seller does not undertake to accept the highest bid or any offer received.  Offers must state a specific sum of money to be paid with the name and address of their legal advisers and proof of funding.  It is intended that a successful bidder would be able to exchange contracts on an unconditional basis within 4 weeks of receipt of a contract with a completion date to be agreed.

 

Disclaimer:

Davis Brown for themselves, for any joint agents and for the vendors or lessors of this property whose agents they are give notice that: (i) the particulars are set out as a general outline only for the guidance of intending purchasers, or lessees, and do not constitute, nor constitute part of, an offer or contract; (ii) all descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given in good faith and are believed to be correct but any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them; (iii) no person in the employment of Davis Brown or any joint agents has any authority to make or give any representation or warranty whatever in relation to this property; (iv) all rentals and prices quoted are exclusive of VAT (if chargeable)

SUBJECT TO CONTRACT

Call us on:

020 7637 1066

Monday to Friday: 9am to 5:30pm.
Saturday: by appointment.

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