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392-394 Seven Sisters Road, Finsbury Park, London N4 2PQ Residential Development Opportunity For Sale www.kingsbury-consultants.co.uk 392-394 Seven Sisters Road, Finsbury Park, London N4 2PQ
HOME SUMMARY DESCRIPTION & LOCATION DEVELOPMENT TERMS
SUMMARY
• Former hotel and associated land occupying a site of circa 0.25 acres
• Planning permission for a 5-storey (plus basement) new build scheme comprising 25 residential apartments (5 x 1 bed, 11 x 2 bed & 9 x 3 bed units) totalling 20,834ft2 NIA
• 17 apartments for private sale with 8 designated for affordable housing (4 x shared ownership and 4 x affordable rent)
• Sought-after residential location directly opposite Finsbury Park and circa 0.2 miles from Manor House Underground Station
• Offers invited in excess of £4,500,000 for the vacant freehold interest www.kingsbury-consultants.co.uk 392-394 Seven Sisters Road, Finsbury Park, London N4 2PQ
HOME SUMMARY DESCRIPTION & LOCATION DEVELOPMENT TERMS
DESCRIPTION
The existing property comprises a former hotel arranged over ground, first and second floors, with areas of hardstanding to the front and rear used for car parking. Vehicular access is taken from both Seven Sisters Road and Portland Rise.
The hotel ceased trading in December 2017 and is now vacant.
The building occupies a rectangular site of circa 0.25 acres which is bounded by Seven Sisters Road and Finsbury Park to the north-west, with residential properties on all other boundaries.
LOCATION
The property is located on the corner of Seven Sisters Road and Portland Rise in Finsbury Park, within the London Borough of Hackney.
The immediate location comprises mainly residential uses, although several properties along Seven Sisters Road are operated as hotels or hostels. There are a number of shops, restaurants and other amenities located approximately 0.3 miles to the south-west of the site along Seven Sisters Road.
Finsbury Park is located directly opposite the property, providing 110 acres of public open space.
Manor House Underground Station is located approximately 0.2 miles from the property, providing Piccadilly Line services, including Holborn in under 15 minutes. Finsbury Park Station is located approximately 0.5 miles from the property, providing London Underground and National Rail services. www.kingsbury-consultants.co.uk 392-394 Seven Sisters Road, Finsbury Park, London N4 2PQ
HOME SUMMARY DESCRIPTION & LOCATION DEVELOPMENT TERMS
PLANNING & DEVELOPMENT POTENTIAL APPROVED ACCOMMODATION SCHEDULE
Planning permission was granted 20th November 2017, under reference: 2016/4414, for the Unit Floor Description NIA ft2 NIA m2 demolition of the existing hotel and the erection of a 5-storey (plus basement) building to 1 Lower Ground & Ground Three Bedroom Five Person Duplex (AR) 1,625 151 provide 25 self-contained residential units. 2 Lower Ground & Ground Three Bedroom Five Person Duplex (AR) 1,184 110 The proposed development will comprise 5 x 1 bedroom, 11 x 2 bedroom and 9 x 3 bedroom 3 Lower Ground & Ground Three Bedroom Five Person Duplex (AR) 1,184 110 apartments totalling 20,834ft2 NIA. 4 Lower Ground & Ground Three Bedroom Five Person Duplex (AR) 1,184 110 5 Ground One Bedroom Two Person Apartment (SO) 544 51 The planning consent is subject to a Section 106 Agreement which obligates for 4 units 6 Ground One Bedroom Two Person Apartment (SO) 538 50 to be designated as shared ownership and 4 units as affordable rent, alongside financial contributions totalling approximately £176,753.25. A CIL liability of approximately £72,718 is 7 Ground One Bedroom Two Person Apartment (SO) 640 60 applicable (taking into account affordable housing relief). 8 First Two Bedroom Four Person Apartment 926 86 9 First Two Bedroom Three Person Apartment (SO) 673 63 10 First Three Bedroom Five Person Apartment 996 93 11 First Two Bedroom Three Person Apartment 667 62 12 First Two Bedroom Three Person Apartment 780 73 13 Second Three Bedroom Five Person Apartment 926 86 14 Second Two Bedroom Three Person Apartment 673 63 15 Second Three Bedroom Five Person Apartment 996 93 16 Second Two Bedroom Three Person Apartment 673 63 17 Second Two Bedroom Three Person Apartment 780 73 18 Third Three Bedroom Five Person Apartment 926 86 19 Third Two Bedroom Three Person Apartment 673 63 20 Third Three Bedroom Five Person Apartment 996 93 21 Third Two Bedroom Three Person Apartment 673 63 22 Third Two Bedroom Three Person Apartment 780 73 Proposed Front Elevation 23 Fourth One Bedroom Two Person Apartment 576 54 24 Fourth Two Bedroom Three Person Apartment 667 62 25 Fourth One Bedroom Two Person Apartment 554 52 Total 20,834 1,936 www.kingsbury-consultants.co.uk 392-394 Seven Sisters Road, Finsbury Park, London N4 2PQ
HOME SUMMARY DESCRIPTION & LOCATION DEVELOPMENT TERMS
TENURE
The property will be sold freehold and subject to vacant possession upon completion.
VAT
The property is not elected for VAT.
TERMS
Offers are invited in excess of £4,500,000.
ADDITIONAL INFORMATION
Further information including planning and legal documents are available within our dataroom using the access code ‘Majestic’.
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]
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.