Prime Central London freehold conversion/refurbishment opportunity in Fitzrovia with Planning Consent for 3 x Residential Flats and Showroom/A1 Retail Space
The property is located in the heart of Fitzrovia within the City of Westminster. Margaret Street is surrounded by the West End's ajoining neighbourhoods of Soho, Bloomsbury, Mayfair and Marylebone. Fitzrovia is known for its rich history and once thriving rag trade. It now comprises a unique blend of residential and commercial uses with many media companies and galleries.
The property is lcoated on the northern side of Margaret Street close to its junction with Wells Street. Margaret Street is home to All Saints Church - a Grade I listed Anglican Church and it is also close to the newly developed Fitzroy Place - the newest square in London for over a century featuring a mix of luxury new homes, offices and retail uses with Estee Lauder recently announced as the anchor retail tenant.
The property comes within the Core Central Activities Zone (CAZ) and the East Marylebone Conservation Area.
The property is well served with transport facilities, there are numerous bus links nearby and Oxford Circus Underground Station is within a short walking distance.
The property currently comprises a mixed use building with a showroom on the ground and lower ground floors and B1 offices on the first, second and third floors. The building forms part of an attractive mid-terrace and is of solid brick construction with the main roof being of mansard construction. Internally, the upper floor boards are b oarded and windows are glazed and timber framed.
Basement - 889.75 sq ft (82.66 sq m)
Ground Floor - 639.91 sq ft (59.45 sq m)
First Floor - 362.42 sq ft (33.67 sq m)
Second Floor - 359.84 sq ft (33.43 sq m)
Third Floor - 345.52 sq ft (32.1 sq m)
Unit 1 - Showroom/Shop - 388 sq ft (36 sq m)
Unit 2 - Flat - 990 sq ft (92 sq m)
Unit 3 - Flat - 388 sq ft (36 sq m)
Unit 4 - Flat - 969 sq ft (90 sq m)
Planning permission was granted on 12th June 2015 for "use of the basement, rear ground, first, second and third floors as 3 x flats (Class C3): use of the front ground and part rear first floor level as dual alternative use as either retail (Class A1) or continued wholesale showroom (Sui Generis); installation of a replacement lantern skylight at rear ground floor level, instalment of replacement windows and doors; and associated alterations.
There is no monetary Section 106 payable. Under Condition 9 of the planning consent, the Council require a legal agreement or a Unilateral undertaking to secure provision of car club membership for each of the flats for a period of 25 years.
Offers in excess of £3,000,000 are invited for the freehold interest.
The building has not been elected for VAT.
Method of Sale:
Davis Brown are instructed as sole agents to invite best unconditional offers for the freehold interest with the benefit of the planning consent.
Offers are to be received at the offices of Davis Brown by 12noon on Wednesday 7th October 2015.
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