SUTTON PARK HOUSE SUTTON SM1 4LD

A SUBSTANTIAL 149 UNIT RESIDENTIAL SCHEME WITH PARK VIEWS AND FLEXIBLE COMMERCIAL ACCOMMODATION SUTTON PARK HOUSE SUTTON LONDON SM1 4LD

EXECUTIVE SUMMARY

• Residential led mixed-use scheme.

• 0.64 acre site with park views in Sutton Town Centre.

• The site benefits from c.40 car parking spaces.

• The site benefits from resolution to grant planning permission (reference: DM2020/00754) for change of use and erection of an additional 3 floors to provide 149 self-contained residential units with flexible ground floor & lower ground floor commercial use.

• There is also the opportunity for intensification of the scheme via a Section 73 application to make minor material amendments which could secure an increase of up to 35% NSA.

• Proposed residential Net Saleable Area (NSA) of 90,516 sq ft (8,409 sq m) and 21,850 sq ft (2,030 sq m) of commercial space over Ground and Lower Ground floors.

• Freehold with vacant possession.

• The site is elected for VAT.

• Unconditional offers invited.

CGI of the proposed scheme from Carshalton Road

2 3 Existing building

4 5 SUTTON PARK HOUSE MORRISONS TIMES SQUARE SHOPPING CENTRE ST NICHOLAS CENTRE ST NICHOLAS WAY B&Q (BERKELEY ST NICHOLAS CARSHALTON ROAD MANOR PARK GROUP) HIGH STREET SUTTON POINT HOUSE SUTTON RAILWAY STATION SUTTON COLLEGE COPTHALL HOUSE

6 7 LOCATION & CONNECTIVITY

Sutton is an affluent Greater London suburb located RAIL Sutton 13 miles south of Central London, 6 miles west of Sutton station benefits from frequent direct trains Common Croydon and 8 miles south east of Kingston-Upon- running to several main Central London stations. Thames. Train journey times from Sutton station: NORTH CHEAM WEST THE WRYTHE SUTTON The property is situated at the junction of London Victoria 26 minutes A24 Carshalton Road & Throwley Way occupying a prime SUTTON Carshalton Athletic FC position overlooking Manor Park. The town is the London Bridge 38 minutes PARK HIGH Carshalton administrative headquarters of the London Borough STREET HOUSE London St Pancras 46 minutes A217 of Sutton and is also a popular residential area. The Grove Wimbledon 17 minutes West Sutton ST THROWLEY WAY The high level of demand for residential housing in NICHOLAS Clapham Junction 19 minutes WAY Sutton is a result of the town’s proximity to Central ST CROYDON London, strong commercial centre and excellent West Croydon 11 minutes NICHOLAS HOUSE S H A O A D A232 transport links. C A R L T O N R Source: National Rail CHEAM Carshalton ST Park NICHOLAS The area is well served by both road and rail A232 ROAD connections with the property sitting just off the The station is served by both Thameslink and Cheam Park SUTTON A232 which leads to the A24 and in turn the M25. Southern Railway. Sutton Train Station is only 0.3 miles (4 minute walk) from the property which provides direct rail access Cheam SUTTON Carshalton Beeches into Central London (London Victoria, London ROAD Bridge and London Blackfriars) in 30 minutes. Sutton’s road connections are excellent with the A23 and A24 to the east and west of the town centre, The property is also well placed for air travel with both providing direct access to Central London. The A217 Gatwick and Heathrow being only 30 minutes and A217 provides direct links to junction 8 of the M25. CARSHALTON 45 minutes away respectively. Overton Park ON THE HILL A232 M25 J8 / REIGATE BRIGHTON ROAD There is pedestrian access immediately from the AIR property providing direct access to a major bus stop Sutton is well located in terms of access to both providing bus routes 80, 151, 164, 213 & 280. London Heathrow Airport (16 miles) and London Gatwick Airport (18 miles). The High Street is immediately south of the building and the property is also well located for both the Belmont St Nicholas and Times Square shopping centres.

8 9 SUTTON PARK HOUSE SUTTON LONDON SM1 4LD

10 11 THE PROPOSED SCHEME

Sutton Council have provided a resolution to CONSENTED ACCOMMODATION grant full planning permission to application DM2020/00754 for the; The area schedule for the proposed scheme can be seen below: • Erection of an additional three storeys and change of use from office to residential Hab Sq m Sq ft No • 149 self contained residential units along with Rooms (NSA) (NSA) a flexible ground floor commercial use (Use Classes A1, A2, A3, A4, A5, B1, D1 and D2) 1B1P 62 62 2,672 28,760

• Alterations to elevations, changes to 1B2P 44 88 2,234 24,051 basement parking layout, cycle and bin 2B3P 8 24 532 5,726 storage and associated landscaping. 2B4P 27 81 2,197 23,645 The scheme reutilises the existing office 1st FLOOR PLAN structure to provide residential and commercial 3B5P 8 32 774 8,332 accommodation. The scheme also provides additional four floors of residential new-build Commercial 1,975 21,259 accommodation built upon the main building Total (the existing top floor structure to be removed), 149 287 8,409 90,516 Residential with the two wings having two storeys built upon Total them. 1,975 21,259 Commercial The residential and commercial is to be built around two cores, one accessible at ground Grand Total 10,384 111,775 floor level on the corner of Carshalton Road and Throwley Way, with the second core accessible from Throwley Way at Northern most point of the building. The commercial space is accessed directly from Carshalton Road.

An example floorplan is shown overleaf but a typical floor for floors one to five comprises 8 x one bed flats, 10 x two bed flats and 2 x three bed flats. For floors 6 and 7, the consent comprises 8 x one bed flats and 10 x two bed flats. For the new build eighth floor, there is 4th FLOOR PLAN consent for 10 x one bed flats and 3 x two bed flats.

The consent incorporates 46 affordable units (13 affordable rent and 33 shared ownership)

The proposed scheme will therefore deliver;

• 106 x 1 bed flats, 35 x 2 bed flats and 8 x 3 bed flats

NO OF Sq m Sq ft UNITS (NSA) (NSA)

Private 103 5,435 58,501 Shared 33 1,841 19,821 ownership Affordable 13 1,133 12,193 Rent Commercial 1,975 21,259 Space

• 15 car parking spaces (TBC) and 266 cycle 8th FLOOR PLAN spaces.

*Full existing and proposed floor plans available on the datasite.

12 13 OPTIMISED GROUND FLOOR

KEY

EXISTING FABRIC 1 BED APARTMENT COMMERCIAL

PROPOSED FABRIC 2 BED APARTMENT RESIDENTIAL LOBBY OPTIMISED STUDIO 3 BED APARTMENT AREA NOT SUBJECT OF PLANNING SCHEME APPLICATION EXCEPT FACADE

The obtained consent could be further OPTIMISED SCHEME SCHEDULE optimised by making a minor-material amendment to the scheme and a Section 73 Hab Sq m Sq ft RESOLUTION TO GRANT GROUND FLOOR No application. Rooms (NSA) (NSA)

STAIR TO 1B1P 41 41 1,839 19,796 FFL LIFT BASEMENT +62.020 [NEW LIFT, LEVELS This optimised scheme provides the NEWSHAFT] CORE 4 CYCLES: FFL CORE 1 STORE +60.380 CORE 1 6 BIKES +1 LARGE CYCLES CYCLES same number of units but allows for the RESIDENTIAL 6 BIKES ACCESS 1B2P 26 52 1,457 15,683 ENTRANCE LIFT HATCH LIFT ABOVE [NEW LIFT, [NEW LIFT, LOBBY NEW SHAFT] CORE 1 CORE 4 NEW SHAFT] incorporation of a greater number of FFL REFUSE REFUSE CORE 4 RESIDENTIAL +61.210 LANDSCAPED RESIDENTIAL AMENITY ENTRANCE LOBBY FFL FFL APPROX: 375SQM +62.020 2-bedroom units. This optimisation could 2B4P 73 219 5,411 58,244 +62.020 FFL result in an increase of up to 35% of net +62.020 saleable residential accommodation. Further 3B5P 9 36 966 10,398 COMMERCIAL TERRACE @ APPROX128SQM FFL +60.620 information regarding this is available on the +61.550 dataroom. Grand Total 149 348 9,673 104,121

INDICATIVE STAIR RISER / PLANT ROOM RISER / PLANT ROOM AND PLATFORM LIFT TO SERVE The additional units on the ground floor THREE LEVELS OF COMMERCIAL

creates space on the upper floors, increasing FFL +62.080

AOV LIFT LIFT LIFT the number of habitable rooms. [NEW LIFT, [NEW LIFT, COMMERCIAL [NEW LIFT, EXISTING EXISTING APPROX: 1307 SQM EXISTING AOV RESOLUTION TO GRANT SCHEME SCHEDULE SHAFT] SHAFT] SHAFT] In addition to this optimised scheme there

CORE 2 RESIDENTIAL FFL ENTRANCE LOBBY +62.030 CORE 3 is also the potential to increase the capacity Hab Sq m Sq ft FFL +60.660 No EXISTING SLAB BROKEN OUT TO ALLOW RESIDENTIAL LOBBY TO ALIGN TO STREET LEVEL +60.670 further to 171 units through extension into Rooms (NSA) (NSA) VOID OVER VEHICLE OUTLINE OF ATTENUATION TANK BELOW ENTRANCE +57.470 FFL the 9th floor. This is supported through a +60.220

1B1P 62 62 2,672 28,760 +60.170 structural survey which can be found on the +57.850 dataroom. However, it is likely this would cause 1B2P 44 88 2,234 24,051 the scheme to become referable to the GLA and therefore would subsequently increase 2B3P 8 24 532 5,726 planning risk. 2B4P 27 81 2,196 23,645 Moreover, historically this site was also KEY identified as being capable of accommodating 3B5P 8 32 774 8,332 EXISTING FABRIC 1 BED APARTMENT COMMERCIAL a large multi-storey tower. Once again, details PROPOSED FABRIC 2 BED APARTMENT RESIDENTIAL LOBBY Grand Total 149 287 8,409 90,516 STUDIO 2 BED APARTMENT AREA NOT SUBJECT OF PLANNING of this can be found on the datasite. APPLICATION EXCEPT FACADE

14 15 SUTTON PARK HOUSE

EXISTING BUILDING

DESCRIPTION Sutton Park House currently comprises a 1980s office building of approximately 128,540 sq ft GIA arranged over 8 storeys and is clad in red brick.

The site extends to approximately 0.64 acres (0.26 hectares). The existing building benefits from an underground car park with additional parking (78 spaces) on the ground floor deck.

ACCOMMODATION The Property provides the following approximate Gross Internal Areas:

Floor Sq m (GIA) Sq ft (GIA)

Fifth 661 7,116

Fourth 1,203 12,951

Third 1,236 13,302

Second 1,451 15,614

First 1,372 14,769

Ground 2,287 24,618

Lower Mezzanine 1,832 19,718

Lower Ground 1,900 20,451

Total 11,942 128,540

16 17 SUTTON REGENERATION

Sutton is currently undergoing a transformational phase of regeneration with Sutton Council having committing to the following initiatives:

A masterplan was created in November 2017 Redevelopment of the to deliver Civic Centre for arts 3,400 new homes, and cultural use 31,000m of retail and 23,000m of new office space in the area over the next 15 Years

Renovation of the St Nicholas Centre to provide new active The proposed frontages, more extension pedestrian friendly of Tramlink environments to connect and a more diverse Sutton with retail and activity Wimbledon offering and Croydon

Transformation of Significant residential the gyratory into an development to the north urban boulevard, of the High Street reducing the dominance of vehicular traffic and preventing it acting as a “moat” around Sutton town centre

18 19 SUTTON PARK HOUSE RESIDENTIAL RESEARCH RESIDENTIAL NEW MARKET FORECAST HOMES SALES VALUES

• In the 12 months to January 2021, the average value in SM1 was £409,000, according to Land Registry. This was Demand for flats in Sutton continues to remain strong with buyers attracted to the town’s accessibility, affordability -12% lower than the average across Sutton of £464,000 and -39% lower than the average across London of and amenity. As the pipeline of regeneration projects continue to be delivered, we anticipate high demand for flats in £666,000 over the same period. the area to continue.

• Over the last year, the UK housing market has been remarkably strong. This has been driven by people reassessing Property Average Sale Price Date Comments their housing needs after lockdown, as well as the stamp duty holiday acting as an incentive. As of April 2021, new sales being agreed across the UK are still 57% higher than April 2019, according to TwentyCi. New development of 332 units with Sutton Point, £282,500 (Studio) 2019/20 building sold to Invesco for Build to Rent & Sutton, SM1 £484,770 (2 Bed) • As a result of this strong demand, house prices in Sutton have increased by 5.4% in the year to January 2021. This 288 units launched via Greystar in 2019 was higher than the growth seen across London of 4.9%, according to Land Registry. £283,500 (1 Bed) Sutton Court, £344,350 (2 Bed) 2018 Permitted development scheme of 82 units • The extension of the stamp duty holiday until the end of June, and then tapered until the end of September, Sutton Court Road, SM1 mitigates the risk of a drop off in activity in the summer, though the rate of new sales being agreed could slow. Small average unit sizes c.397 sq ft But we expect consumer confidence to strengthen with the fast roll out of the vaccines alongside the easing of The Quarter, The Old £332,500 (1 Bed) 2017 New build scheme of 186 units lockdown and the economy beginning to recover. With interest rates remaining low there is further capacity for Gas Works, Sutton, SM1 £456,429 (2 Bed) price growth, with forecast price growth 12.6% by 2025 across mainstream London markets. Other recent site purchases include Berkeley St George acquisition of B&Q Sutton. This is pre-planning and will look to deliver 1,500 new homes and new town centre uses. St Nicholas House was recently purchased with planning in place for 276 residential units.

Image of the proposed scheme looking East on Carshalton Road

20 21 SUTTON PARK HOUSE SUTTON LONDON SM1 4LD

T HR OW YEL AY TENURE ANTI MONEY FURTHER Freehold. LAUNDERING In accordance with Anti Money INFORMATION MANOR PARK Laundering Regulations, two forms of VAT identification and confirmation of the For further information or if you wish to arrange a viewing The Property is elected for VAT. source of funding will be required from please do not hesitate to contact us. THROWLEY ROAD the successful purchaser. John McHardy Andrew Cox EPC M: 07824 376 572 M: 07967 555 429 E: [email protected] E: [email protected] The existing building has an EPC rating of C. A copy is available upon Eitan Ben-Zion Lucy Robbie request. M: 07989 977 140 M: 07807 999 526 E: [email protected] E: [email protected]

DATAROOM Jack Bygott Nuala Morris M: 07790 542 145 M: 07866 203 469 Further documents and information E: [email protected] E: [email protected] are available in the data room MISREPRESENTATION ACT: Ereira Mendoza for themselves and for the Vendors or Lessors of the property whose agents they are give notice that; i) these particulars are given without CARSHALTON ROAD upon request. The data room can responsibility of Ereira Mendoza or the Vendors or Lessors as a general outline only, for the guidance of prospective purchasers or tenants, and do not constitute the whole or any part of be accessed via the following link: an offer or contract; ii) Ereira Mendoza and the Vendors cannot guarantee the accuracy of any description, dimensions, references to condition, necessary permissions for use and occupation https://www.suttonhousepark.co.uk and other details contained herein and any prospective 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 accuracy of each of them; iii) no employee of Ereira Mendoza or the Vendors has any authority to make or give any representation or warranty or enter into any contract whatsoever in relation to the property; iv) VAT may be payable on the purchase price and/or rent, all figures are quoted exclusive of VAT, intending purchasers or lessees must satisfy themselves as to the applicable VAT position, if necessary by taking appropriate professional advice; v) Ereira Mendoza or the Vendors will not be liable, in negligence or otherwise, for any loss arising from the use of these particulars. June 2021. Designed and produced by Creativeworld Tel: 01282 858200 22 23 SUTTON PARK HOUSE SUTTON LONDON SM1 4LD