Indicative Visualisation
225-231 Streatham Road & 1 The Bungalows, London SW16 6NZ Mixed Use Development Opportunity For Sale www.kingsbury-consultants.co.uk 225-231 Streatham Road & 1 The Bungalows, London SW16 6NZ
HOME SUMMARY DESCRIPTION & LOCATION DEVELOPMENT TERMS
SUMMARY
• Four retail units and one office unit with yard situated on a site of circa 0.22 acres
• Planning permission for a new build scheme comprising 25 residential apartments totalling 16,340ft2 (22 for private sale and 3 Shared Ownership) and a retail unit of 5,231ft2
• Popular residential location in close proximity to both Streatham Common and Tooting stations
• Offers invited in excess of £3,500,000 for the vacant freehold interest
Indicative Visualisation www.kingsbury-consultants.co.uk 225-231 Streatham Road & 1 The Bungalows, London SW16 6NZ
HOME SUMMARY DESCRIPTION & LOCATION DEVELOPMENT TERMS
DESCRIPTION
The property comprises four single storey retail units and one office unit with associated yard area and storage, offering substantial road frontage. Vehicular access to the property is taken directly from Streatham Road.
The site area extends to approximately 0.22 acres and is bounded by residential properties to the east and railway lines to the south.
Given the previous use of the site we understand that the current Use Class is A1 (Retail).
Planning permission has been approved for redevelopment of the site to create a high quality scheme of apartments with a commercial opportunity which should appeal to numerous operators. LOCATION
The site is situated on the southern side of Streatham Road in Streatham, within the London Borough of Merton. The immediate area comprises mainly residential uses.
The property is well located for access to the town centres of both Mitcham (to the south) and Streatham (to the north) which offer numerous shops, restaurants and other amenities.
The nearest stations are Streatham Common and Tooting (both located approximately 1km from the site) which provide direct services to Central London.
Journey times include:
London Victoria - 18 minutes | King’s Cross St Pancras - 35 minutes www.kingsbury-consultants.co.uk 225-231 Streatham Road & 1 The Bungalows, London SW16 6NZ
HOME SUMMARY DESCRIPTION & LOCATION DEVELOPMENT TERMS
DEVELOPMENT POTENTIAL APPROVED ACCOMMODATION SCHEDULE
The property was given a resolution to grant planning permission in March 2017 (reference Unit Floor Description NIA ft2 NIA m2 16/P3598) for the demolition of all buildings and redevelopment of the site to provide 25 Retail Ground Retail Unit 5,231 486 2 residential apartments (4 x studio, 14 x 1 bed, 6 x 2 bed and 1 x 3 bed units) and 486m of Commercial Sub-Total 5,231 486 commercial space at ground floor level within a part three, part four and part five storey 1 First 2 Bedroom Flat 883 82 building. 2 First 1 Bedroom Flat 581 54 3 First 1 Bedroom Flat 689 64 The planning approval is subject to the completion of a Section 106 Agreement with 4 First 1 Bedroom Flat 581 54 obligations for 3 residential units to be Shared Ownership (Plots 4, 5 and 6). We understand 5 First 1 Bedroom Flat 581 54 that the combined Section 106 financial contributions and CIL liability will be circa £352,000. 6 First 1 Bedroom Flat 560 52 7 First 2 Bedroom Flat 797 74 The online planning application can be viewed here. 8 First Studio Flat 506 47 9 Second 2 Bedroom Flat 818 76 The scheme has been designed by award winning architects Autor Architecture and has 10 Second 1 Bedroom Flat 581 54 been shortlisted for a 2017 Housing Design Award. 11 Second 1 Bedroom Flat 689 64 . 12 Second 1 Bedroom Flat 581 54 13 Second 1 Bedroom Flat 581 54 14 Second 1 Bedroom Flat 560 52 15 Second 2 Bedroom Flat 797 74 16 Second Studio Flat 474 44 17 Third 2 Bedroom Flat 818 76 18 Third 1 Bedroom Flat 570 53 19 Third 1 Bedroom Flat 678 63 20 Third 1 Bedroom Flat 689 64 21 Third 1 Bedroom Flat 614 57 22 Third Studio Flat 452 42 23 Fourth 2 Bedroom Flat 818 76 24 Fourth 3 Bedroom Flat 990 92 25 Fourth Studio Flat 452 42 Residential Sub-Total 16,340 1,518 North Elevation Grand Total 21,571 2,004 www.kingsbury-consultants.co.uk 225-231 Streatham Road & 1 The Bungalows, London SW16 6NZ
HOME SUMMARY DESCRIPTION & LOCATION DEVELOPMENT TERMS
TENURE Indicative Visualisation
The property will be sold freehold with vacant possession upon completion.
VAT
We understand that the property is not elected for VAT.
TERMS
Offers are invited in excess of £3,500,000.
ADDITIONAL INFORMATION
Further information including approved drawings and the draft Section 106 Agreement can be viewed in the dataroom using access code ‘Streatham’
CONTACT To discuss any aspect of the property of disposal process, please contact the sole Indicative Visualisation selling agents:
Jordan Oldfield 020 7183 2529 [email protected]
Keir Goldstein 020 7183 2529 [email protected]
Kingsbury 1st Floor, 81 Alie Street, London E1 8NH
Kingsbury on their own behalf and on behalf of the Owner / Landlord of this property whose agents, 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.