NORBURY HALL PARKSIDE
LONDON SW16 4RW
South London Freehold Residential Opportunity with outline Planning Consent for 73 Units, 5,773 sq ft of D1 space and 11,067 sq ft of B1b/B1c space EXECUTIVE SUMMARY
• Site of 0.46 hectares/1.13 acres presently comprising 7 industrial units totalling 25,037 sq ft/2,326 sq m GIA
• Freehold with vacant possession
• Parkside new build residential opportunity located 0.3 km from Norbury Train Station with direct access to Norbury Hall Park
• New build scheme on ground and 6 upper floors with outline planning permission (landscaping only reserved matter) for; - 51 private units (6x1b, 38x2b, 7x3b) totalling 37,840 sq ft - 14 shared ownership units (4x1b, 8x2b, 2x3b) totalling 9,783 sq ft - 8 affordable rent (2x1b, 4x2b, 2x3b) totalling 5,798 sq ft - 6 B use units totalling 11,068 sq ft/1,028 sq m - 3 D1 units totalling 5,774 sq ft/536.4 sq m
• All units are likely to qualify for Help to Buy
• Potential for value add through alternative apartment layouts, reconfiguring the commercial uses and landscaping/ parking relocation
• For sale via informal tender. Offers are sought for the freehold interest on an unconditional basis
CGI of consented scheme looking west along Craignish Avenue
PAGE 01 NORBURY HALL PARKSIDE LONDON SW16 4RW
NUFFIELD HEALTH CENTRE
LONDON ROAD
NORBURY HALL PARK
CRAIGNISH AVENUE
NORBURY STATION 200m
PAGE 02 NORBURY HALL PARKSIDE LONDON SW16 4RW
LOCATION
Norbury Hall Parkside fronts onto Craignish Avenue, which runs to the east of London Road (A23), Norbury’s high street and is within the LB Croydon.
Norbury is bordered by Streatham to the north, Thornton Heath/Croydon to the south and Norwood/Crystal Palace to the east. The immediate area is principally residential and comprises Victorian terraced housing with post war infill. London Road benefits from a range of local shops, supermarkets and amenities, including Nuffield Health Norbury as well asa Co-op and a Lidl.
The site is situated in the heart of Norbury, adjacent to Norbury Hall Park and is a 7-minute walk from Norbury Overground Station.
Norbury is known for its historical parks and generous green open spaces and further afield, amenities include the Streatham Ice Rink, Streatham Common and Pollards Hill.
Local schools include Norbury Manor Primary School, The Sherwood School, St James Great RC, The Harris Academy and St Joseph’s College.
There has been relatively limited new build development within the vicinity of Norbury, principally due to the lack of land opportunities.
PAGE 03 BALHAM A 2 0 5
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E 3 2 CROYDON A 2 SUTTON COMMON PAGE 04 NORBURY HALL PARKSIDE LONDON SW16 4RW LONDON ST PANCRAS
C R O S S R A I L C R O S S R A I L LONDON KENSINGTON BLACKFRIARS OLYMPIA VICTORIA
LONDON CONNECTIVITY BRIDGE
CLAPHAM Norbury Hall Parkside benefits from strong transport links JUNCTION and has a PTAL rating of 4. Norbury Station (zone 3) is 300 metres to the north and provides direct services to Clapham Junction (14 minutes), London Victoria (20 minutes), London NORBURY Blackfriars (35 minutes) and East Croydon (10 minutes). Bus routes 50, 109 and 255 run along London Road providing good EAST access to Stockwell, Balham, Pollards Hill and Croydon town CROYDON centre along with a 24 hour bus service to Brixton.
GATWICK AIRPORT
TRAVEL JOURNEY TIMES Buses towards Streatham
Streatham Hill . Station Travel Time Transport V A Brixton R
A I London Victoria 23 Minutes Southern R
B GREEN LANE
E London Blackfriars 35 Minutes Thameslink AD L S RO L I N
V E N D London Bridge 40 Minutes Southern OLMER C A R R A G G ST Clapham Junction 17 Minutes Southern REAT Norbury Park
'P1ndar HA Kensington Olympia 29 Minutes Southern
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R East Croydon 10 Minutes Southern BU NUE VE RY A HIGH RO LOCAL BUS ROUTES OAD NORBURY E R Gatwick Airport 38 Minutes Southern / Thameslink H FA ROC IR NO VI R Route Destination AD BU E R Y London St Pancras 40 Minutes Southern / Victoria Line W C . RD R E S 50 Croydon - Stockwell C EN EN’S RD T T HEL S
109 Brixton - Croydon OAD STANFORD R
RAIGN C ISH 250 Brixton - Croydon D LEY ROA A SEM V .
L D ON 255 Balham - Pollards Hill TYLECROFT ROA NORBURY D HALL OUGH ROAD O PARKSIDE NORTHBOR N N109 Oxford Circus - Croydon R URT ROAD O NORBURY CO A D Local Bus Stops AVENUE BEATRICE ILL NORTH POLLARDS H Buses towards Croydon
PAGE 05 NORBURY HALL PARKSIDE LONDON SW16 4RW
SITE
The existing site totals 0.46 hectares/1.13 acres and is bounded by Craignish Avenue to the north, Norbury Hall Park to the east and terraced properties fronting onto London Road to the west. The site benefits from a 71m/235
0 ft frontage to Norbury Hall Park and a return frontage onto Craignish Avenue of 94m/310 ft and is broadly level. At
2a present, the site is separated from Norbury Hall Park by way of iron fencing, albeit the outline planning permission 1358 allows for direct park access. PCs
1356 The site presently comprises 7 industrial units totalling 1354 25,037 sq ft/2,326 sqm GIA. The existing buildings are
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PAGE 06 NORBURY HALL PARKSIDE LONDON SW16 4RW
PLANNING PERMISSION
The site is located in the London Borough of Croydon, is not listed and is not part of a conservation area. Its current use is as industrial (B2/ B8) and community use (D1).
The property benefits from outline planning permission with landscaping the only reserved matter (Ref 19/00305/OUT) for;
Demolition of the existing buildings, Erection of 3 to 5 storeys and part 6/part 7 storey building to provide for 1,028 square metres B1b/B1c Use Class, and 536 square metres D1 Use Class and 73 residential flats comprising 50 x 2 bedroom flats, 12 x 1 bedroom flats, and 11 x 3 bedroom flats, provision of associated off-street parking comprising 28 residential car parking spaces and 4 commercial parking spaces, and provision of associated cycle storage and refuse storage, and provision of associated landscaping and amenity space. View from the west The S106 (dated 10/12/2019) provides for 30% affordable housing as a mixture of Affordable Rent and Shared Ownership and the Affordable Rent is defined within the S106 as London Affordable Rented Housing (80% of local market rents). The following payments are due under the S106:
• Employment Contribution - £76,360 • Air Quality - £7,600 • Car Club - £5,050 • Public realm - £100,000 • Carbon Offsetting - £130,410 • Monitoring Fees - £9,500
The S106 includes an early stage review, which is avoided if substantial implementation takes place by 30/08/2021 and there is a late stage review mechanism, albeit the agreed viability review presently shows a deficit of £2,688,766
Mayoral and Borough CIL is estimated at £120,082 and £439,746 respectively. View from the north
PAGE 07 NORBURY HALL PARKSIDE LONDON SW16 4RW
SCHEDULE OF ACCOMMODATION
Residential
Floor Units Affordable Affordable Shared Shared Private NSA Private NSA Total NSA Total NSA Total GIA Total GIA G/N Rent NSA Rent NSA Ownership Ownership (Sq m) (Sq ft) (Sq m) (Sq ft) (Sq m) (Sq ft) Ratio (Sq m) (Sq ft) NSA (Sq m) NSA (Sq ft)
Basement 52.1 561
Ground 2,084.0 22,442
First 20 193.4 2,082 315.3 3,394 797.0 8,579 1,305.7 14,055 1,662.7 17,897 79%
Second 20 193.4 2,082 315.3 3,394 822.1 8,850 1,330.8 14,325 1,676.0 18,040 79%
Third 15 151.7 1,634 151.7 1,634 771.4 8,304 1,074.9 11,571 1,368.8 14,734 79%
Fourth 11 126.4 1,361 613.7 6,606 740.1 7,967 950.2 10,228 78%
Fifth 4 294.1 3,166 294.1 3,166 373.6 4,022 79%
Sixth 3 216.9 2,335 216.9 2,335 293.1 3,155 74%
Total 73 538.5 5,798 908.8 9,783 3,515.4 37,840 4,962.8 53,420 8,460.5 91,079 78%
Commercial (GIA)
Unit Number D1 D2 D3 B1 B2 B3 B4 B5 B6
Use Class D1 D1 D1 B1b, B1c B1b, B1c B1b, B1c B1b, B1c B1b, B1c B1b, B1c
Size (Sq m) 175.7 103.6 257.1 60.9 96.2 101.7 132.2 292.5 344.7
Size (Sq ft) 1,891 1,115 2,767 656 1,035 1,095 1,423 3,148 3,710
Total (Sq m) 1,565
Total (Sq ft) 16,840
• The planning permission includes 28 car parking spaces and 4 commercial car parking spaces.
PAGE 08
NORBURY HALL PARKSIDE GROUND FLOOR PLAN
1 LONDON1 SW16 4RW
CRAIGNISH AVENUE
VISITORS VISITORS
Substn
C1 B2 B3 B4 D1 D2 96.2 m² 101.7 m² 132.2 m² 175.7 m² 103.6 m² 41.20 C5
C2 C3 C4
B1 60.9 m² 1100 L L L L E E E IA IA IA 24 Cycles 24 Cycles 24 Cycles 24 Cycles NT NT NT STOR STOR STOR DE DE DE SI SI SI 48 CYCLE S 48 CYCLE S RESIDENTIA L RESIDENTIA L CYCLE STOR E CYCLE STOR E RE REFUSE RE REFUSE RE REFUSE
POTENTIAL LINK TO NORBURY HALL PARK
ACCESS HATCH
40.81 / AMENITY SPACE508.5 m² (INCL. 93.4 m² PLAY SPACE) TURNING AREA SHARED YARD 41.20 COMMERCIALCOMPACTO REFUSER C6 COMMERCIAL (DELIVERIES AND REFUSE COLLECTION) CYCLESTORE
(D USE) 14 Cycles 14 FLUE S S 4 VAN DELIVERY BAY 20 Cycles 20 Cycles 40 CYCLE RESIDENTIA L CYCLE STOR E D3 257.1 m²
5% Vent. 5% Vent. COMMERCIAL CYCLESTORE (B USE) 10 Cycles
B6 B5 344.7 m² 292.5 m² NORBURY HALL PARK
10 WHEELCHAiR SPACES 9 STACKERS
(18 SPACES)
41.20
Key: Commercial B-Use Commercial D-Use Plans not to scale. For identification only.
Cycle Store Refuse Store Plant / Servicing
3 3 PAGE 09 NORBURY HALL PARKSIDE LONDON SW16 4RW FIRST FLOOR PLAN
CRAIGNISH AVENUE
VOID OVER SUBSTATION
04-1B2P 10-1B2P 13-1B2P
HW 50.79 50.79 50.34 FF
WM WM WM
C1 C5
FF 05-1B2P(DIS) 01-2B4P 58.34 70.06 11-2B4P 14-2B4P 02-1B2P 15-2B4P C2 C3 72.32 C4 72.32 70.81 51.87 03-2B4P 09-2B4P 12-2B4P 70.68 70.29 70.29
SERVICES FF
16-2B4P 71.07
RB DW
17-2B3P(DIS) 76.00
C6 06-2B4P 08-2B3P 70.20 61.79
RESIDENT'S AMENITY SPACE NORBURY HALL PARK
18-2B4P 07-1B2P 71.26 50.83 20-2B4P 70.22
19-3B4P 75.48
FF
FF FF
Key: Residential 1 Bedroom Residential 2 Bedroom Residential 3 Bedroom London affordable rent Intermediate housing Plans not to scale. For identification only.
Common Parts
3 PAGE 10
NORBURY HALL PARKSIDE FOURTH FLOOR PLAN 1
LONDON SW16 4RW 1
CRAIGNISH AVENUE
HW WM
AOV 62-2B3P
FF 64.50
C2 C4
HW WM
SERVICES SERVICES
56-2B3P 57-1B2P 61-2B3P HW 61.91 50.94 61.92 HW WM WM
FF
FF FF
AOV RB DW NATURALLY LIT COMMUNAL BREAKOUT SPACE ES IC 63-2B3P(DIS) RV
SE 76.00 WM HW FF brooms WM HW
V CHP FLUES AO C6 58-2B4P
60-2B3P FF 70.20
61.79 FF
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WM HW FF
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brooms 64-2B4P WM WM HW FF 71.26
66-2B4P HW 70.22
ES WM HW IC RV
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FF 75.95 65-3B4P 75.48
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SERVICES
FF FF
Key: Residential 1 Bedroom Residential 2 Bedroom Residential 3 Bedroom London affordable rent Intermediate housing Plans not to scale. For identification only.
Common Parts
3 3 PAGE 11 NORBURY HALL PARKSIDE LONDON SW16 4RW
THE SCHEME
Designed by award winning architects Rolfe Judd, Norbury Parkside provides a rarely available consented land opportunity in the heart of Norbury. The design has sought to create a new parkside setting and improve the public realm fronting onto Craignish Avenue with wider scheme benefits including;
• Proximity to public transport • Project capable of being delivered within Help to Buy period • Good private unit mix (6 x 1b, 38 x 2b, 7 x 3b) and average unit size (735 sq ft) • Dual aspect units throughout Computer Generated Images • Parkside setting with new gated entranceway • Good mix of D1 and B1b/B1c use starter units, for thich there is strong demand • 71% of the NSA is private accommodation • 64% of affordable housing provided as shared ownership • No basement accommodation • Ground floor to ceiling heights of 3.65 m with upper floor to ceiling heights of 2.5 metres (net).
PAGE 12 NORBURY HALL PARKSIDE LONDON SW16 4RW
CROYDON IS THE SECOND CROYDON TOWN CENTRE IS MOST UNDERGOING A WIDER £36K 33% AVERAGE INCOME P.A. INCREASE IN THE NUMBER OF POPULATED £5.25 BILLION IN CROYDON BUSINESSES IN CROYDON SINCE BOROUGH IN LONDON 2010 (NOMIS) (STATISTA) REGENERATION
14,915 BUSINESSES IN LB OF CROYDON CENTRALE & WHITGIFT SHOPPING 8,600 15,475 CENTRES PROVIDE RETAIL SPACE IN CROYDON OF OVER IN SUTTON IN BROMLEY 79.2% 9.21% ECONOMICALLY ACTIVE INCREASE IN PROPERTY PRICES IN 2 MILLION 11,255 14,060 POPULATION IN NORBURY NORBURY OVER THE PAST 5 YEARS IN MERTON IN LAMBETH (NOMIS) (ZOOPLA) SQ FT
385,346 425,400 £532,026 £1.4 BILLION TOTAL POPULATION OF PEOPLE EXPECTED TO BE LIVING IN AVERAGE PROPERTY PRICE IN NEW WESTFIELD DEVELOPMENT LONDON BOROUGH CROYDON CROYDON BY 2031, AN INCREASE NORBURY (ZOOPLA) IN CROYDON WHICH IS PLANNING (GOOGLE – PUBLIC DATA) OF 10.4% (NOMIS) TO OPEN IN 2023
PAGE 13 NORBURY HALL PARKSIDE LONDON SW16 4RW
Alto, Crystal Palace (CGI) Queens Square (CGI) BROADER MARKET
Residential There are presently c. 1,240 private units under construction within the LB Croydon with sales from Q1-Q3 2019 totalling 236 private units (the 5 year average take up in LB Croydon is c. 610 units per annum - Source: Molior). Headline sale prices in central Croydon range from £650 psf - £800 psf with current schemes including Queens Square (R&F Group) and Exchange Court (AA Homes & Housing). There has been very little by way of new build £26 development in Norbury by way of new build comps, albeit Alto at £26 FORECAST £24 FORECAST Crystal Palace is achieving £641 psf. MARKET RENT £24 £22 PER SQ FT IN LB OF £22 Commercial £20 LAMBETH £20 There is strong demand for D1 accommodation in the Norbury area £18 £18 with the recent ground floor letting of the former Norbury Police £16 £16 Station achieving £25 psf to Abacus Nursery School. More broadly, £14 there is good demand from the medical sector, education and £14 nurseries, and specific user groups such as vetinary practices with £12 £12 D1 comparables ranging between £20-£30 psf. £10 £10 £8 £8 The demand from commercial and last mile delivery occupiers has 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 been a strong driver to rents with headline values in the order of c. Specialised Industrial Logistics Light Industrial Lambeth London £18-£20 psf. The ability to sub-divide the B use space (see Potential Scheme Enhancement below) allows for the sale of individual units
FORECAST of c. 850 sq ft to start-up businesses and owner occupiers which FORECAST £18 will drive £/psf. MARKET RENT £18
PER SQ FT IN LB OF £16 £16 A full schedule of commercial comparables and broader market CROYDON evidence is available upon request. £14 £14
£12 £12
£10 £10
£8 £8 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Specialised Industrial Logistics Light Industrial Croydon London
Source: Co-Star
PAGE 14 NORBURY HALL PARKSIDE LONDON SW16 4RW
34 56 2 37m2 58m2 65m2 60m2 87m2 D1 D1 1 60m2 POTENTIAL bikes bikes SCHEME Shared Yard 78 65m2 57m2 lobby ENHANCEMENTS lobby 9101112 65m2 57m2 85m2 85m2 D1 bikes
There are a number of opportunities to enhance the existing consent including; 13 85m2 Sub-division of the commerical units to provide smaller units The present consent provides 6 B use units totalling 1,028 sq m/ 11,068 sq ft GIA, with units ranging in size between 60.9 sqm/655 sq ft and 344.7 sq m/ 3,710 sq ft. There is an opportunity to split the B use units to provide a total of 13 separate units ranging between 37 sqm/398 sq ft and 87 sq m/ 936 sq ft, thereby creating owner occupier or starter units Opportunity to sub-divide commercial space to optimise value which can be disposed of by way of the leasehold interest. Such an approach is likley to materially enhance revenue and add to saleability.
Revised Apartment Layouts There is potential to add a 2nd bathroom to nineteen of the 2-beds units as a customer option, thereby enhancing both the saleability and value.
Revised carparking to remove stackers The consented car parking could be reconfigured (within the consented area) to provide 22 surface car parking spaces within the site and 6 bays on-street, thereby negating the need for car stackers. Any such amendment would require a variation to the current planning permission. A Apartment 14 B Apartment 16 C Apartment 6 (apts 3,9,11,12,15,23,29,31,32,34,35 similar) (apts 36 & 51 similar) (apts 26, 43, 58 similar)
Potential for added value to apartments: addition of en-suite bathrooms
PAGE 15 NOTES Copyright Rolfe Judd Ltd 1 The Contractor must check and confirm all dimensions 2 All discrepancies must be reported and resolved by the Architect before works commence 3 This drawing is not to be scaled 4 All work and materials to be in accordance with current applicable Statutory Legislation and to comply with all relevant Codes of Practice and British Standards
KEY: APPLICATION CRAIGNISH AVENUE SITE NORBURY HALL PARKSIDE LONDON SW16 4RW
LONDON ROAD
Norbury Trading Estate
T1 PLANNING ISSUE 20/12/18 TENURE Rev Date
The property is held freehold under title number SGL189016. 10cm
LONDON ROAD
Architecture Planning Interiors Old Church Court, Claylands Road, The Oval, London SW8 1NZ T 020 7556 1500 www.rolfe-judd.co.uk
VAT Client Goldcrest Land The property is elected for VAT.
Project 5 Norbury Trading Estate SW16 4RW 4
Drawing 3 TECHNICAL Site Location Plan 2 Scale Date Status A phase II environmental survey has been undertaken, 1:1250 (A3) Aug 18 Planning
1 Job Number Drawing Number Revision which confirms that the ground conditions are relatively 6105 B(10)P100 T1
0 benign. There is a need to relocate electricity cables G:\6105\B_Series\B10\B10P100 CONTACT running from the sub-station onto Craighnish Avenue. The vendor has procured a quote from UKPN and the costs are £32,829.82 + VAT. All viewings are strictly by Land and Residential Enquiries Commercial Enquiries appointment only through the Matt Sharman Simon Higgins A full data pack containing all relevant legal, planning and sole selling agents; 020 7747 0110 020 7747 0130 technical information is available at the following: [email protected] [email protected] https://norburyhallparkside.co.uk Kit Haig 020 7747 0111 [email protected] BASIS OF SALE
MISREPRESENTATION ACT: Levy Real Estate LLP for themselves and for the Vendors or lessors of this property whose agents they are give notice that: All descriptions, Via Informal Tender. 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 Offers are invited for the benefit of the freehold interest. 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. January 2020. Designed and produced by Cooper Rose 020 3440 5160
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