43 Brecknock Road, Tufnell Park, London N7 0BT Investment / Development Opportunity For Sale www.kingsbury-consultants.co.uk 43 Brecknock Road, Tufnell Park, London N7 0BT
HOME SUMMARY DESCRIPTION & LOCATION DEVELOPMENT TERMS
SUMMARY
• 4-storey mixed-use building comprising a ground floor shop of 990ft2 and 3 residential units (1 x studio, 1 x 2 bed & 1 x 3 bed) totalling 2,174ft2
• Shop let as a convenience store on a 15 year lease from August 2011 producing £15,200 per annum. The residential element to be sold with vacant possession
• Planning permission for extension and reconfiguration of the existing building to create 4 residential units (1 x 1 bed & 3 x 2 bed flats) totalling 2,433ft2 (shop to be retained)
• Sought after North London location approximately 0.5 miles from Kentish Town Station
• Offers invited in excess of £1,400,000 for the freehold interest, reflecting £440 per ft2 on the existing areas www.kingsbury-consultants.co.uk 43 Brecknock Road, Tufnell Park, London N7 0BT
HOME SUMMARY DESCRIPTION & LOCATION DEVELOPMENT TERMS
DESCRIPTION
The existing property comprises a mixed-use building extending to approximately 2,949ft2 over lower ground, ground, 1st and 2nd floors.
There is a self-contained shop (A1 Use Class) at ground floor and basement level fronting Brecknock Road which extends to circa 990ft2.
To the rear of the property are 3 residential units: a studio apartment of circa 248ft2 at lower ground floor, a 2 bed flat of circa 592ft2 at ground floor and a 3 bedroom maisonette extending to circa 1,335ft2 across the 1st and 2nd floors.
The residential units are accessed via a side road and benefit from a yard / garden area.
The property will be sold with vacant possession of the residential element. LOCATION
The property is located on Brecknock Road in the sought-after North London area of Tufnell Park, within the London Borough of Camden.
The immediate surrounding area comprises a mix of commercial and residential uses, with numerous shops, restaurants and other amenities available on Brecknock Road. Both Camden Town and King’s Cross are located approximately 1 mile from the property.
The nearest London Underground station is Tufnell Park (located circa 0.5 miles from the property) which provides Northern Line services.
Journey times include: King’s Cross St Pancras – 8 mins / Tottenham Court Road – 11 mins / Bank – 17 mins www.kingsbury-consultants.co.uk 43 Brecknock Road, Tufnell Park, London N7 0BT
HOME SUMMARY DESCRIPTION & LOCATION DEVELOPMENT TERMS
PLANNING & DEVELOPMENT POTENTIAL EXISTING ACCOMMODATION SCHEDULE
The property benefits from two planning permissions which together will create 4 residential Unit Floor Description GIA ft2 GIA m2 units: Commercial APPLICATION REFERENCE: 2017/3776/P Shop Basement & Ground Let for 15 Years from 27/08/2011 at £15,200pa 990 92 Residential Planning permission was granted on 4th October 2017 for reconfiguration and extension 1 Lower Ground Studio Flat 301 28 of the 3 bedroom maisonette across the 1st and 2nd floors to create 2 x 2 bedroom flats of 2 Ground 2 Bedroom Flat 560 52 624ft2 and 657ft2 respectively. 3 First & Second 3 Bedroom Maisonette 1,324 123 APPLICATION REFERENCE: 2017/6874/P Sub-Total 2,185 203 Grand Total 3,175 295 Planning permission was granted on 7th February 2018 for extension of the studio flat at lower ground floor to provide a 1 bedroom flat of 559ft2 with a private garden, as well as reconfiguration of the ground floor 2 bed flat and the creation of a roof terrace on the flat roof. PROPOSED ACCOMMODATION SCHEDULE
Neither planning consent is subject to Section 106 financial contributions or CIL. Unit Floor Description GIA ft2 GIA m2 The 3 proposed flats at lower ground, 1st and 2nd floors are to be car-free. Commercial Shop Basement & Ground Let for 15 Years from 27/08/2011 at £15,200pa 990 92 TENANCY Residential 1 Lower Ground 1 Bedroom Flat with Garden 560 52
The ground floor shop is let to a private individual on a 15 year FRI lease from 27th August 2 Ground 2 Bedroom Flat with Terrace 592 55 2011 (approximately 8 years unexpired term). The current rent is £15,200 per annum, subject 3 First 2 Bedroom Flat 624 58 to a review in August 2021. The unit trades as a convenience store (Brecknock Supermarket). 4 Second 2 Bedroom Flat 657 61 Sub-Total 2,433 226 We understand that the current rent could be improved and the ERV is in the region of £20,000 per annum. Grand Total 3,423 318 www.kingsbury-consultants.co.uk 43 Brecknock Road, Tufnell Park, London N7 0BT
HOME SUMMARY DESCRIPTION & LOCATION DEVELOPMENT TERMS
TENURE
The property will be sold freehold, subject to the existing shop tenancy remaining and with vacant possession of the residential units.
VAT
The property is not elected for VAT.
TERMS
Offers are invited in excess of £1,400,000 which reflects a capital value of £440 per ft2 based on the existing areas.
ADDITIONAL INFORMATION
Further information including planning and legal documents are available within our dataroom using the access code ‘Brecknock’.
CONTACT To discuss any aspect of this property or the disposal process, please contact the sole selling agents:
Keir Goldstein 020 7183 2529 [email protected]
Joe Goldsmith 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.