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Eastgate Business Centre, Basildon, Essex SS14 1EB Residential Forward Purchase Opportunity For Sale www.kingsbury-consultants.co.uk Eastgate Business Centre, Basildon, Essex SS14 1EB
HOME SUMMARY DESCRIPTION & LOCATION DEVELOPMENT TERMS
SUMMARY
• An opportunity to forward purchase an entire block of 44 x apartments, where construction is due to commence in July 2020 with delivery in Q2 2021
• Located within Basildon Town Centre and 0.4 miles from Basildon Station which offers direct services into Central London
• Offers invited in excess of £8,800,000 which reflects £200,000 per unit and a NIY of 5.68% and £288 / ft2 Net Salable Area www.kingsbury-consultants.co.uk Eastgate Business Centre, Basildon, Essex SS14 1EB
HOME SUMMARY DESCRIPTION & LOCATION DEVELOPMENT TERMS
DESCRIPTION
The subject property forms part of the Eastgate Centre, a shopping mall in Basildon which was once named the largest indoor shopping centre in Europe.
The property comprises a 250 year long leasehold interest of the 2nd, 3rd and 4th floor of the Eastgate Business Centre comprising B1 office space. The property was most recently occupied as serviced offices, although the property is now vacated and ready for residential redevelopment.
There are 12 dedicated parking spaces in the neighbouring shopping mall car park. LOCATION
The property occupies a prominent town centre position within Basildon, Essex. The Local Authority is the Basildon Borough Council.
Basildon town centre hosts a variety of shops and amenities including large retailers such as Primark, Debenhams and Asda, all located within The Eastgate Shopping Centre. The immediate surrounding area comprises a mixture of commercial and residential uses.
East Square Cinema complex is located approximately a 2 minute walk from the property which comprises a 10 screen cinema and 6 new restaurants, with the development expected to be completed by Spring 2021.
The popular Basildon Sporting Village is situated 1.4 miles from the property (circa 27 minute walk) which offers many sporting activities, including an olympic sized swimming pool which was built for the 2012 London Olympics.
Basildon Station is located approximately 0.4 miles from the property (circa 9 minute walk) and offers direct services into Central London (Fenchurch Street) in approximately 45 minutes. www.kingsbury-consultants.co.uk Eastgate Business Centre, Basildon, Essex SS14 1EB
HOME SUMMARY DESCRIPTION & LOCATION DEVELOPMENT TERMS
Unit Floor Description NIA ft2 NIA m2 ACCOMMODATION 1 Second 2 Bedroom 4 Person Apartment 753 70 2 Second 2 Bedroom 4 Person Apartment 710 66 3 Second 2 Bedroom 4 Person Apartment 710 66 The property will be developed in accordance with Prior Approval and two full planning 4 Second 2 Bedroom 4 Person Apartment 710 66 5 Second 2 Bedroom 4 Person Apartment 646 60 permissions granted in 2019 and 2020 respectively (application references: 19/01649/PACU, 6 Second 2 Bedroom 4 Person Apartment 689 64 19/01376/FULL & 19/00885/FULL) which together permit the conversion and recladding 7 Second 2 Bedroom 4 Person Apartment 646 60 of the former office building (including the construction of an additional floor) to create 44 8 Second 2 Bedroom 4 Person Apartment 614 57 residential units. 9 Second 2 Bedroom 4 Person Apartment 646 60 10 Second 1 Bedroom 2 Person Apartment 657 61 11 Second 2 Bedroom 4 Person Apartment 721 67 The development consists of 1 x 1 bedroom and 43 x 2 bedroom self-contained apartments 12 Third 2 Bedroom 4 Person Apartment 753 70 2 totalling 30,506ft NIA and is scheduled to reach practical completion in Q2 2021. 13 Third 2 Bedroom 4 Person Apartment 710 66 14 Third 2 Bedroom 4 Person Apartment 710 66 15 Third 2 Bedroom 4 Person Apartment 710 66 16 Third 2 Bedroom 4 Person Apartment 646 60 SPECIFICATION 17 Third 2 Bedroom 4 Person Apartment 689 64 18 Third 2 Bedroom 4 Person Apartment 646 60 The scheme will be completed to a high specification; all windows from the former office 19 Third 2 Bedroom 4 Person Apartment 614 57 20 Third 2 Bedroom 4 Person Apartment 646 60 building will be replaced with new double glazed windows and the finished specifications 21 Third 2 Bedroom 4 Person Apartment 657 61 for the residential units are set to include the following: 22 Third 2 Bedroom 4 Person Apartment 755 70 23 Third 2 Bedroom 4 Person Apartment 904 84 24 Fourth 2 Bedroom 4 Person Apartment 753 70 • Handleless white gloss soft close kitchen cabinets & draws 25 Fourth 2 Bedroom 4 Person Apartment 710 66 • Modern appliances including integrated fridge freezer, washing machine, oven & dishwasher 26 Fourth 2 Bedroom 4 Person Apartment 710 66 27 Fourth 2 Bedroom 4 Person Apartment 710 66 • Roca sanitary ware 28 Fourth 2 Bedroom 4 Person Apartment 646 60 29 Fourth 2 Bedroom 4 Person Apartment 689 64 • Stylish porcelain wall and floor tiles in each bathroom 30 Fourth 2 Bedroom 4 Person Apartment 646 60 • Built in wardrobes to master bedroom 31 Fourth 2 Bedroom 4 Person Apartment 614 57 32 Fourth 2 Bedroom 4 Person Apartment 646 60 • Satellite, TV, telephone points to living room and bedrooms 33 Fourth 2 Bedroom 4 Person Apartment 657 61 34 Fourth 2 Bedroom 4 Person Apartment 755 70 • Polished chrome electrical fittings 35 Fourth 2 Bedroom 4 Person Apartment 904 84 • Matt white painted wall finish 36 Fifth 2 Bedroom 4 Person Apartment (additional floor) 753 70 37 Fifth 2 Bedroom 4 Person Apartment (additional floor) 710 66 • Landscaped communal areas 38 Fifth 2 Bedroom 4 Person Apartment (additional floor) 710 66 39 Fifth 2 Bedroom 4 Person Apartment (additional floor) 710 66 • Secure cycle and bin storage on ground floor 40 Fifth 2 Bedroom 4 Person Apartment (additional floor) 646 60 • The scheme will benefit from a 10 year LABC Warranty 41 Fifth 2 Bedroom 4 Person Apartment (additional floor) 689 64 42 Fifth 2 Bedroom 4 Person Apartment (additional floor) 646 60 43 Fifth 2 Bedroom 4 Person Apartment (additional floor) 614 57 44 Fifth 2 Bedroom 4 Person Apartment (additional floor) 646 60 Total 30,506 2,834 www.kingsbury-consultants.co.uk Eastgate Business Centre, Basildon, Essex SS14 1EB
HOME SUMMARY DESCRIPTION & LOCATION DEVELOPMENT TERMS
RESIDENTIAL RENTAL MARKET
Given the popular central location and the development’s close proximity to Eastgate Shopping Centre, there should be high levels of interest for the residential units.
Based on comparable evidence, we expect residential rental values to be in the region of £700 - £750pcm for the 1 bed apartment and £900 - £1000pcm for the 2 bed apartments.
We estimate the total rental value to be £501,600 per annum.
Southernhay Cherry Down East
Property Description Price
Cherry Down East, 2 Bedroom Apartment £975 / PCM Basildon SS14
Cherry Down East, 1 Bedroom Apartment £900 / PCM Basildon SS14
Blake Avenue, 2 Bedroom Apartment £1,000 / PCM Basildon SS14
Southernhay, 2 Bedroom Apartment £1,000 / PCM Basildon SS14
East Square Cinema Complex www.kingsbury-consultants.co.uk Eastgate Business Centre, Basildon, Essex SS14 1EB
HOME SUMMARY DESCRIPTION & LOCATION DEVELOPMENT TERMS
TENURE
The property will be sold leasehold with vacant possession.
VAT
The property is elected for VAT.
TERMS
Offers are invited in excess of £8,800,000 which reflects £200,000 per unit and a NIY of 5.68% and £288 / ft2 Net Salable Area.
ADDITIONAL INFORMATION
Further information including approved planning documents are available within our dataroom using the access code ‘Eastgate’.
CONTACT
To discuss any aspect of this property or the disposal process, please contact the sole selling agents:
Paul Heale 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.