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Home , Brent Reservoir, Dollis Hill, Kensal Green, London Borough of Brent, London Designer Outlet, Neasden

HARP ISLAND WORKS 6-8 Coombe Road, , NW10 0EB

Mixed use development opportunity with Planning Consent for 42 units, 7,280 sq ft commercial space (Use class B1b / B1c) EXECUTIVE SUMMARY

Site of 0.52 acres/ 0.21 hectares presently comprising a single storey warehouse with ancillary offices.

Freehold with Vacant Possession.

Riverside new build opportunity located equidistant from Park Underground Station and Neasden Underground (both 13 minute walks).

New build scheme on ground and 5 upper floors.

Private 27 units (20,973 sq ft)

Shared Ownership 4 units (2,626 sq ft)

Affordable Rent 11 units (9,017 sq ft)

2 x commercial units (Use class B1) over Ground and 1st floors totalling 7,820 sq ft GIA.

All units will likely qualify for Help to Buy.

Opportunity to discuss hand back of commercial space to vendor.

For sale via informal tender. Offers sought for the freehold interest on an unconditional basis.

1 West Hendon Station

Hendon Station

West Hendon Playng Field Brent Cross Station Shopping Centre Boxpark Wembley Preston Road Station Harp Island Playing Field LOCATION Harp Island Works is located in the of Brent Resevoir Brent and is within walking distance from (9 Neasden Park minutes).

Wembley Park HARP ISLAND The site is bordered by Wembley to the south west, Neasden Station WORKS to the south east, Brent Cross to north east and Fryent Country Park a 254 acre park to the north west. The immediate area NEASDEN whilst principally residential, includes a variety of commercial Station uses. Further afield, Blackbird Hill comprises a range of retailers in addition to Lidl and Marks and Spencer. Coombe WEMBLEY GLADSTONE GladstonePARK Road backs onto Harp Island Close, a residential cul-de-sac. PARK Park

Neasden The site has excellent access to green spaces with Neasden Station Recreation Ground, Open Space and Quainton Street Open Space to the south, all being within easy walking Station distance. Brent reservoir itself is a Site of Special Scientific Station Interest (SSSI) and offers activities such as bird watching, walking and canoeing as well as being home to four sailing clubs. Local primary schools include Braincroft Primary School and Wykeham Primary School, with a good range of secondary schools including , and .

Wembley has seen large scale development in recent years, however within the immediate locality there has been limited new build development. Quintain’s regeneration of the area surrounding Wembley Stadium is well known covering 85 acres and is one of the largest regenerations currently ongoing in Europe. Although the scheme is set to provide a large number of units the majority are to be delivered as Build- to-Rent. To date c. 3000 units have been delivered of which c. 1000 are Build-to-Rent. Brent Reservoir

2

Hatch End East West Headstone Lane Finchley Central Harrow & Canons Park Queensbury North Harrow Kenton Kingsbury Hendon Central Crouch Harrow- on-the-Hill Preston Road Brent Cross Archway Neasden CONNECTIVITY Dollis Hill South Kenton Wembley Park Willesden Green Gospel Tufnell Park The property is equidistant between Wembley Park (Jubilee and Kilburn Oak Holloway Road Metropolitan Lines) and Neasden (Jubilee) underground stations, Kentish Town both a 13 minute walk. Regular bus services run along BlackbirdStonebridge Park West Kensal Hill and Neasden Lane North with bus journey times of 4 minutes Caledonian Rise Park Finchley Road Road to Wembley Park and onward journey times via tube of circa 12 & Camden Road minutes to Baker Street and circa 22 minutes to Oxford Circus.Willesden The Junction Brondesbury site has a PTAL rating of 3. Queen’s Park Kilburn Finchley Road High Road Mornington Wembley Park Crescent Station King’s Cross St Pancras Kilburn Park St John’s Wood Euston 12 Warwick Angel Baker Street Avenue Great Portland Euston Edgware Baker Street Street Square Warren Road Street Royal Oak Farringdon 20 Regent’s Park Westbourne Park Goodge Russell Street Square Barbican Bond Street Bayswater Oxford Bond Street Circus Latimer Road Moorgate 22 Oxford Circus

29

Farringdon

29 Victoria

36

London Bridge

3 THE PROPERTY

DESCRIPTION

9 The existing site is square in shape and totals 0.52 acres / 0.21 hectares. Presently the site comprises two single storey warehouses previously used as a brick depot with a scaffolding yard to the rear. A two-storey ancillary office building is situated to the north of the site. The west of the site fronts onto the and is in Flood Zone 2/3. The planning permission provides for an opening up of the river frontage by way of a new riverside walk. PROPOSED GROUND FLOOR PLAN

COOMBE ROAD

Key:

1b2p - 50 sqm (min) PLANNING 2b4p - 70 sqm (min) 3b5p - 86 sqm (min)

Full planning permission has been granted (Ref: 18/2984) for; Commercial Units

Other - Bins & Cycle Store, etc .

External A menity Space

Demolition of the existing buildings and redevelopment of the site comprising Wheelchair Un it C omplaint Part M4(3) the erection of a part three, five and six storey building providing 727 sqm of flexible employment workspace (Use Class B1), 42 self-contained flats (17 x 1bed, 14 x 2bed and 11 x 3bed) with associated car and cycle parking spaces, refuse and recycling stores, amenity space, landscaping and associated development.

The planning consent includes 29 car parking spaces and 96 cycle spaces.

The S106 agreement contributions total £171,953.

i r Mayoral and Local Borough CIL is estimated at £842,562.12 PROPOSED THIRD FLOOR PLAN PROPOSED

COOMBE ROAD 4 ACCOMMODATION

Use Area Sq Ft (GIA)

Commercial Unit A (Ground Floor) 861 Commercial Unit B (Ground Floor) 2,780 Commercial Unit A (1st Floor) 2,042 Commercial Unit B (1st Floor) 2,137 Total 7,820

Affordable Affordable Shared Shared Private NSA Private NSA Total NSA Total NSA Total GIA Total GIA Floor Units Rent NSA Rent NSA Ownership Ownership G/N Ratio (sq m) (sq ft) (sqm) (sq ft) (sqm) (sq ft) (sqm) (sq ft) NSA (sqm) NSA (sq ft) First 7 492.8 5,304 0 0 0 0 492.80 5,304 624.40 6,721 79% Second 11 344.9 3,712 244 2,626 221.6 2,385 810.50 8,724 947.30 10,197 86% Third 10 0 0 0 0 713 7,675 713.00 7,675 835.50 9,187 84% Fourth 8 0 0 0 0 591 6,361 591.00 6,361 711.80 7,662 83% Fifth 6 0 0 0 0 422.9 4,552 422.90 4,552 536.80 5,779 79% Total 42 837.7 9,016 244 2,626 1,948.50 20,973 3,030.20 53,420 3,673.80 39,546 82%

5 VALUE ADD PLANNING OPPORTUNITIES

ROK Planning have undertaken a Planning Appraisal to explore the opportunities that may exist to enhance the current planning permission on the site.

Taking account of the existing planning permission, alongside ’s adopted / emerging planning policy, ROK have produced three potential value add options. Further information relating to this is available in the dataroom. OPTION 1

Re-allocate Affordable Tenures to Core B

The existing permission has affordable units present in Cores A and B. An amendment to the unit mix to facilitate a single core with affordable provision can be achieved through an application to vary the relevant definition in the S106. This will enable more efficient operation of the affordable provision for management purposes. An accommodation schedule referencing the alterations is available upon request.

OPTION 2 Option Two Floorplan Remove the First Floor Commercial to Provide Additional Residential Units Additional Residential In the current permission first floor commercial floorspace is incorporated on the same floor Floorspace as the residential units. The first floor commercial could be converted to Residential use. An indicative plan is provided opposite which shows how this arrangement could work. Whilst these Balcony Balcony plans show balconies for each unit, minimal elevational changes could be proposed with winter 6 m² 6 m² gardens for each new residential unit.

OPTION 3

Relocate a Proportion of the Large 3 Bedroom Units

There is potential to relocate some of the larger 3B5P units from Core A into Core B by amending the building’s footprint. This would retain the approved overall percentage of family units but reallocate them into the affordable Core B thereby improving the efficiency of the proposed design. Whilst this may involve a further planning period, the change is likely to be seen positively by the London Borough of Brent and Officers as it could generate more family COOMBE ROAD affordable units. Please note that the above Options are subject to discussion and agreement with the London Borough of Brent. 6 MARKET OVERVIEW

COMMERCIAL B1b / B1c RESIDENTIAL B1b provides for Research and Development use and B1c includes industrial uses which can take There are presently 2,157 private sale units under construction in LB Brent albeit 940 of place within a residential setting without damaging the amenity of the area. Users and uses falling within them (44%) are being developed as PRS by Quintain. Private sale units are achieving c. B1c include printing, media, computer and electronics, textiles and clothing, other manufacturing etc. £700 psf in Wembley Parade (Anthology) and Alto (Quintain). There is very little by way B1c use can be leased to a wide range of commercial occupiers who would otherwise ordinarily lease of recent new build comparables in the locality, albeit headline prices are in the order of B2 or B8 units, for which there is good demand. Headline rents are in the order of £15-16 psf. The ability c. £650 psf. to potentially sub-divide the B use space will likely drive £psf.

£20

£18

£16

£14

£12

£10 Morgan Place - Higgins Homes Alto - Quintain £8

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Specialised Industrial Logistics Light Industrial Brent London Data: Costar

Total Sq Ft Rent / sq ft Rent Sign Date Address Rent PA Term Tenant Leased / Yr Free 1000 North Circular 17- 01-2018 5,221 £14.76 £77,039.30 10 Years Dulux Decorator Centre 6 Road

Units 1-9 Wembley 01-07-2019 1,148 £20.03 £22,994.44 5 Years C&R Motors - Business Centre

31-10-2018 Barningham Way 2,100 £14.07 £29,549.96 10 Years Blukoo -

19-04-2018 Priestley Way 8,121 £14.75 £119,783.56 10 Years Spizarnia -

01-02-2018 Irving Way 12,611 £14.21 £168,754.06 10 Years Amimed 3

12-01-2018 Oxgate Lane 3,820 £14.05 £53,670.01 10 Years GSF Car Parts Limited 9

£15.31

Wembley Parade - Anthology

7 FURTHER INFORMATION

TENURE

The property is held freehold under title number MX77267 TECHNICAL

A phase II environmental survey has been undertaken that confirms that ground conditions are relatively benign. VAT The site is elected for VAT. BASIS OF SALE For sale via informal tender

The property will be sold by way of an asset sale with the benefit of vacant possession.

Opportunity to discuss hand back of commercial space to vendor. OTHER

All reports commissioned in respect of the planning permission will be assigned to the buyer along with a royalty free licence in respect of the architect’s plans. INSPECTION

All viewings are strictly by appointment only through the sole selling agents;

Matt Sharman Will Agnew Levy Real Estate Colliers International T: 020 7747 0110 T: 020 7344 6713 [email protected] [email protected]

Kit Haig Harry Chaplin-Rogers Levy Real Estate Colliers International T: 020 7747 0111 T: 020 7487 1791 [email protected] [email protected]

MISREPRESENTATION ACT 1967 - Levy Real Estate LLP and Colliers International for themselves and for the Vendors or lessors of this property whose agents they are given notice that: All description, dimensions, reference to condition and necessary permissions for use and occupation and other details are given without responsibility and 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. Any services mentioned have not been tested and therefore prospective occupiers should satisfy themselves as to their operation. These particulars are produced in good faith and set out a general guide only and do not constitute part of any offer or contract. No person in the employment of Levy Real Estate LLP has any authority to make or give representation or warranty in relation to this property. All prices and rents are quoted exclusive of VAT unless otherwise stated. Feb 2020 8