Freehold Investment and Development Opportunity
For Sale with the benefit of an income of £59,500 pa and
a vacant floor of Offices
with Prior Approval and Planning Consent for 8 Apartments on the Upper Floors
(7 No. 1 Bed and 1 No. 2 Bed)
- Freehold property located in the affluent London Borough of Richmond Upon Thames
- Refurbished in 2017/2018 to provide Ground Floor Retail Unit and First Floor Office Unit
- Prior Approval granted to convert the first floor B1 offices to 4 apartments
- Planning Consent granted to extend to provide a second floor creating 4 new apartments
- Current rent from Retail Unit of £59,500 pa
- E.R.V circa £120,000 pa
- Offers invited in excess of £2,500,000
Twickenham is an affluent south west London suburb located in the London Borough of Richmond, 8 miles west of central London. The town benefits from good communication links with Twickenham main line Rail Station providing a direct link to London Waterloo and Richmond main line Stations whilst the nearby A316 links directly to Junction 1 of the M3 and Junction 1 of the M4. The subject property is prominently located in a busy shopping parade on Heath Road close to its junction with Tennyson Avenue.
The property comprises a ground floor level (A1/A2/A3 Uses) of 2,100 sq ft (NIA approximately) let to Crown Paints Limited t/a Crown Decorating Centres. The first floor offices (B1) of 2,700 sq ft NIA is vacant having been previously let to a serviced office company.
Both floors were newly refurbished with new toilet facilities in 2017/2018. The ground floor has excellent frontage of 21meters with the benefit of a loading bay. The first floor has a raised insulated flor and a suspended ceiling.
Freehold interest subjec to the lease referred to below
Let to Crown Paints Limited (06624570) t/a Crown Decorating Centre's for a term of 10 years from 5th March 2018 on an effective FRI lease, contracted Insidie the Landlord & Tenant Act at a rent of £59,500 pa exclusive with an upwards only rent review at the end of the 5th year (5th March 2023).
Vacant offices with Prior Approval consent for residential flats
EXISTING FLOOR AREAS:
Ground Floor NIA (including recessed entrance) - 2,100 sq ft
External covered storage - 493 sq ft
External un-covered storage - 279 sq ft
Total - 2,872 sq ft
ITZA excluding storage and loading bay - 1,550 sq ft
First Floor NIA - 2,700 sq ft
PROPOSED FLOOR AREAS FOR RESIDENTIAL APARTMENTS:
First Floor (converted)
Apartment 1 - 1 Bedroom - 50.5 sq m (544 sq ft)
Apartment 2 - 1 Bedroom - 50.0 sq m (538 sq ft)
Apartment 3 - 1 Bedroom - 56.6 sq m (608 sq ft)
Apartment 4 - 2 Bedroom - 80.4 sq m (865 sq ft)
Second Floor (new)
Apartment 1 - 1 Bedroom - 54.8 sq m (590 sq ft)
Apartment 2 - 1 Bedroom - 54.8 sq m (590 sq ft)
Apartment 3 - 1 Bedroom - 50.0 sq m (538 sq ft)
Apartment 4 - 1 Bedroom - 52.8 sq m (568 sq ft)
Prior Approval was granted on 19 May 2021, under application no. 21/1087/GPD15 on the first floor for 4 residential apartments, 3 No. 1 bedroom apartments and 1 No. 2 bedroom apartment.
Planning consent was granted on the 8 June 2021, under application no. 20/1558/FUL, for an additional storey to provide 4 No. 1 bedroom apartments . An Affordable Housing Contribution under a Section 106 Agreement for affordable housing is payable of £132,829 along with Richmond and Mayoral CIL. The consent allows for 4 No. 1 bedroom apartments, all with balconies.
The property has been elected for VAT. It is envisaged that a sale will be by way of a TOGC.
Offers are invited in excess of £2,500,000 for the freehold interest, subject to contract.
Any offers will be subject to Anti Money Laundering checks. We hereby disclose that a personal interest exists with a principal of Davis Brown which constitutes a declareable interest under the Estate Agents Act 1979.
Each party will be responsible for their own legal and professional fees
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