East Finchley Substation Site Great North Road, London N2

Home , Cherry Tree Wood, East Finchley, Finchley, London Borough of Barnet

Source: BLOM East Finchley Substation site Great North Road, London N2 0NL Freehold Development Opportunity East Finchley Substation site Great North Road London N2 0NL A redundant substation site extending to approximately 0.46 acres, situated adjacent to The Bishops Avenue, with excellent potential for residential or alternative development, subject to obtaining the necessary consents.

Location Description The site is located on the Great North Road The site extends to approximately 0.46 acres (A1000), adjacent to The Bishops Avenue to the (0.187 hectares). The boundaries are marked for west. It falls within the administrative boundaries indication purposes on the attached Ordnance of London Borough of Barnet. The Great North Survey extract. The site slopes gently from north Road amalgamates with the High Road to the west to south east. north and Archway Road (A1) to the south. The The site comprises a redundant substation site is within a predominantly residential area. building which is well set back from the road. The site is approximately 150 metres to the We understand it was constructed in c.1939. It is south east of East Finchley Underground Station arranged over basement, ground and two upper (Northern line, Zone 3) and it backs on to the floors (in part) beneath a flat roof. Its use as a railway line to the north. The station provides substation ceased in 2000 and it has since been direct services into Moorgate, with fastest journey vacant. The building is in a dilapidated internal times of approximately 25 minutes. There are also condition and all plant has been removed. The bus routes operating along the Great North Road, remainder of the site comprises open yard space. View of site, facing west. serving the local area. Boundaries are currently delineated by metal The site has excellent road communications. fence railings at its southern and western The A1 provides one of the principal arterial routes boundaries. The retaining wall of the existing out of London connecting directly to Junction 2 of building demarcates the site’s northern and the M1 Motorway, approximately 3¼ miles to the eastern boundaries. There is track access at the north west. Likewise, the A1 provides routes south eastern boundary of the site. The site is accessed east towards the City. The A100 provides access from the Great North Road, via wrought iron metal north into Barnet. gates. There are a number of trees on the site. London Heathrow Airport is located approximately Part of the structure includes a retaining 13½ miles to the south west of the site and wall which must be protected as part of any London City Airport is situated approximately redevelopment at the site. Further information 10½ miles to the south east. is provided on the Information Website (further details are provided at the end of this brochure). There are a number of local amenities (bars, shops and restaurants) in the immediate vicinity, located Planning primarily along High Road within approximately The site lies within the London Borough of Barnet. 450 metres to the north of the site. There are also The relevant policies which guide development are a variety of amenities in Muswell Hill, situated contained within the Barnet Unitary Development within 1 mile to the north east. Plan, subject to modifications, as adopted in 2006. Cherry Tree Wood Recreation Ground is within The existing building on site is not listed and the close proximity of the site to the east. site is not situated within a Conservation Area. We understand that none of the trees on the site are View of substation abutting the railway embankment, facing east. subject to a Tree Preservation Order (TPO). Further information in respect of planning is Furthermore it is to be sold subject to compliance with provided on the Information Website (further details the Development Plan, Town and Country Planning are provided at the end of this brochure). Scheme, or Agreement, Resolution or Notice, which may or may not come into force and also subject to Development potential any statutory provisions or bye-laws, without obligation We believe the site has excellent potential for on the part of the Vendor to supply them. residential development, or alternative uses, subject to obtaining the necessary consents. Services There is residential and commercial use within the It is understood that mains water, electricity, gas and immediate vicinity of the site. drainage are available to the site, although it will be the responsibility of the purchaser to ensure they are There is consultation on the new London Plan available and adequate for any future use of the site. (running up until March 2018), which plans for housing delivery over the next 20-25 year period. Inspection The new London Plan will be published in Autumn The site may be inspected by prior appointment 2019. The Mayor’s target for new homes in the through the Vendor’s sole selling agent, Knight London Borough of Barnet is 31,340 (over 10 Frank LLP. Please contact Jason Hobbs or Daniel years) / 3,134 (per annum), which is the fourth Ward on 020 7629 8171. highest target across all London Boroughs. The site’s location has a PTAL of 4 (Good). It is felt Prospective purchasers should be aware that that as site is situated within the London Borough inspections are made entirely at their own risk and of Barnet, close to good transport links, it may be no liability is accepted by the Vendor or their agent. viewed favourably by the Local Planning Authority for medium to high density redevelopment. We Method of Sale would recommend that you seek independent The freehold interest of the site is to be made planning advice in this regard. available for sale, by means of informal tender on In order to ensure the integrity of the adjacent railway the following bases: line, a specialist engineering practice will need to i. Subject to contract View of site, facing north west. be engaged to undertake the demolition works. ii. Subject to contract and planning The cost of these works is estimated by the Vendor The sale contract will incorporate an obligation at £455,000. This estimate includes the demolition on the part of the purchaser to prepare as soon of the existing buildings on site and reinforcement as reasonably practicable (but not later than three of the embankment wall through an anchored wall months from the date of exchange of contracts), design solution. A Retaining Wall Stabilisation report and submit to the Vendor for their approval (such is provided on the Information Website. approval not to be unreasonably withheld) a planning application, supported by all necessary Tenure drawings, for a redevelopment of the site which is The freehold interest is for sale with the benefit of intended to maximise residual value and following full vacant possession. A three metre strip along such approval, to use all reasonable endeavours to the northern and eastern boundary of the site will obtain with all due speed planning permission for be granted to the purchaser as a long leasehold such approved scheme. interest (999 years), with an easement for the Vendor to access and maintain the retaining wall iii. Alternative option which abuts the railway line. The upkeep and Whilst the Vendor’s preferred options are set out in maintenance of this three metre strip will be the i and ii, prospective purchasers may submit a bid in responsibility of the purchaser. addition to, or as an alternative to, the above. The site is outlined in red on the attached Ordnance In particular, consideration will be given to Survey plan (for identification purposes only), and is proposals which provide an initial unconditional to be sold subject to, and/or with the benefit of any sum, followed by an overage payment, triggered by the grant of planning permission for the View of site, facing south east. rights of way, easements or restrictions, which may Garden to the rear exist, whether or not mentioned in these particulars. redevelopment, resulting in an increase in value over and above the initial aggregate consideration. Offers must state a specific sum of money to be joint sole selling agents, Knight Frank LLP and paid and shall not be for sums calculable only by Goldschmidt & Howland. reference to another bid for the site. iv. Purchaser Notice VAT The Vendor, in its absolute discretion, does not undertake to accept the highest or any offer received. The building is elected for VAT (standard rated). All offers should be exclusive of any VAT which may be Further Information charged on the purchase price. A full Information Pack is available on a Tender Procedure dedicated website: www.land.knightfrank.com/view/eastfinchley i. Timetable for Submission of Bids The date that has been set for the receipt of To enter the site, you will be required to enter “best bids” for the site is 12 noon on your company name and your email address 10 May 2018. and to enter the password “Substation” (this is case sensitive). ii. Venue Bids should be delivered by post, email or by Contact personal delivery to the offices of the Vendor’s For any queries in relation to the website, sole selling agent, Knight Frank LLP. Contact please contact Jason Hobbs or Daniel Ward at details below: Knight Frank LLP. Jason Hobbs Jason Hobbs Knight Frank LLP [email protected] 55 Baker Street, London W1U 8AN 020 7861 5417 Email: [email protected] Tel: 020 7861 5417 Daniel Ward [email protected] iii. Opening Procedure 020 7861 5432 All bids received in accordance with the conditions Internal view of substation. above will be opened by the Vendor and its

View of roof, facing north west. View of retaining wall, facing north east. Garden to the rear EAST FINCHLEY UNDERGROUND STATION

THE BISHOPS AVENUE

GREAT NORTH ROAD

Important notice i. Particulars. These particulars are not an offer or contract nor part of one. You should not rely on statements by Knight Frank LLP in the particulars or by word of mouth or in writing as being factually accurate about the Property, its condition or its value. Neither Knight Frank LLP have any authority to make any representations about the Property or development and accordingly any information given is entirely without responsibility on the part of the agents, sellers or lessors. ii. Images photographs and other information. Any computer generated images, plans, drawings, accommodation schedules, specification details or other information provided about the property (“information”) are indicative only. Any such information may change at any time and must not be relied upon as being factually accurate about the property. Any photographs are indicative of the quality and style of the development and location and do not represent the actual fittings and furnishings at this development. iii. Opening Procedure. All bids received in accordance with the conditions above will be opened by the Vendor and its sole selling agent, Knight Frank LLP. iv. Regulations. Any reference to alterations to the Property or use of any part of the development is not a statement that any necessary planning, building regulations or other consent has been obtained. These matters must be verified by any intending purchaser. v. VAT. The VAT position relating to the Property may change without notice. Particulars dated April 2018. Photographs January 2018.

Knight Frank LLP is a limited liability partnership registered in England with registered number OC305934. Registered office: 55 Baker Street, London, W1U 8AN

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