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4 – 10 Bombay Street, Bermondsey, London SE16 3UX Mixed-Use

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4 – 10 Bombay Street, Bermondsey, London SE16 3UX Mixed-Use Indicative Visualisation 4 – 10 Bombay Street, Bermondsey, London SE16 3UX Mixed-Use Development Opportunity For Sale www.kingsbury-consultants.co.uk 4 – 10 Bombay Street, Bermondsey, London SE16 3UX HOME SUMMARY DESCRIPTION & LOCATION DEVELOPMENT COMPARABLES TERMS SUMMARY • Workshops and office space (B1 / B8 use) extending to 6,060ft2 and open storage on a freehold site extending to circa 0.25 acres • Planning permission for 4,477ft2 of flexible commercial floorspace at ground and first floor level (Use Classes A1, A2, and B1) and 18 flats (6 x 1 bed, 8 x 2 bed & 4 x 3 bed) • 11 apartments for the private sale and 7 for shared ownership • Highly sought after location within South East London, in close proximity to Bermondsey tube station • Offers are invited in excess of £3,250,000 for the freehold interest, or in excess of £2,750,000 on the basis that the commercial element is returned to the Seller on a 999 year lease www.kingsbury-consultants.co.uk 4 – 10 Bombay Street, Bermondsey, London SE16 3UX HOME SUMMARY DESCRIPTION & LOCATION DEVELOPMENT COMPARABLES TERMS DESCRIPTION The property comprises a number of one and two-storey buildings which extends to 6,060ft2 and service yards positioned on a site of circa 0.25 acres. The premises was previously used as offices, workshops, and storage with part still occupied on short term licenses. The site benefits from a prominent frontage along Bombay Street, and ajoins the railway arches to the north and 257-267 Southwark Park Road to the south. These arches are due to be opened up to provide access to the Grosvenor Estate regeneration of 1,350 new homes. LOCATION The property is located on the east side of Bombay Street, within the London Borough of Southwark. Bermondsey Underground (Jubilee Line) station is situated approximately 0.6 miles to the north of the property (Bond Street in 22 minutes) and South Bermondsey train station is situated approximately 0.5 miles to the south of the property (London Bridge in 8 minutes). Although the immediate surroundings mainly comprise residential uses, the site is situated close to the Southwark Park Road which is host to numerous shops, restaurants and amenities. www.kingsbury-consultants.co.uk 4 – 10 Bombay Street, Bermondsey, London SE16 3UX HOME SUMMARY DESCRIPTION & LOCATION DEVELOPMENT COMPARABLES TERMS PLANNING & DEVELOPMENT POTENTIAL PROPOSED ACCOMMODATION SCHEDULE A resolution to grant planning permission was passed in October 2017, under reference Unit Floor Description NIA m2 NIA ft2 Tenure 17/AP/0296, for the demolition of the existing buildings to facilitate the redevelopment of the Commercial site to create a part-6, part-7 storey mixed-use building with 416m2 of flexible commercial and employment floorspace at ground and first floor level (Use Classes A1, A2, and B1), 18 flats (6 1 Ground / Mezzanine Commercial (A1, A2 and B1 Use) 2,056 191 Private x 1 bed , 8 x 2 bed & 4 x 3 bed units) comprising 2 wheelchair accessible units and associated 2 Ground / Mezzanine Commercial (A1, A2 and B1 Use) 2,422 225 Private private amenity areas, landscaping pedestrian access points, cycle parking and refuse storage. Sub-Total 4,478 416 The planning consent is subject to a Section 106 Agreement with obligations for 7 apartments Residential (4 x 1 bedroom & 3 x 2 bedroom) to be delivered as shared ownership, plus financial 1 Second Two Bedroom Four Person Apartment 1,152 107 Private contributions totalling circa £90,000. A CIL liability of circa £83,385 is applicable. 2 Second Two Bedroom Three Person Apartment 883 82 Private The online planning application can be viewed here. 3 Second Three Bedroom Five Person Apartment 936 87 Private 4 Third Two Bedroom Three Person Apartment 667 62 Shared Ownership 5 Third Two Bedroom Four Person Apartment 753 70 Shared Ownership 6 Third One Bedroom Two Person Apartment 549 51 Shared Ownership 7 Third Three Bedroom Five Person Apartment 936 87 Private 8 Fourth Two Bedroom Three Person Apartment 667 62 Shared Ownership 9 Fourth Two Bedroom Four Person Apartment 753 70 Private 10 Fourth One Bedroom Two Person Apartment 549 51 Shared Ownership 11 Fourth Three Bedroom Five Person Apartment 936 87 Private 12 Fifth Two Bedroom Three Person Apartment 667 62 Private 13 Fifth Two Bedroom Four Person Apartment 753 70 Private 14 Fifth One Bedroom Two Person Apartment 549 51 Shared Ownership 15 Fifth Three Bedroom Five Person Apartment 936 87 Private 16 Sixth One Bedroom Two Person Apartment 538 50 Shared Ownership 17 Sixth One Bedroom Two Person Apartment 538 50 Private 18 Sixth One Bedroom Two Person Apartment 538 50 Private Sub-Total 13,304 1,236 Indicative Visualisations Total 17,782 1,652 www.kingsbury-consultants.co.uk 4 – 10 Bombay Street, Bermondsey, London SE16 3UX HOME SUMMARY DESCRIPTION & LOCATION DEVELOPMENT COMPARABLES TERMS RESIDENTIAL MARKET In October 2017 Grosvenor confirmed its masterplan for one of London’s largest build to rent developments which will be located around 150 metres to the north of 4-10 Bombay Street. The proposal for the 12 acre site (formerly used a biscuit factory) consists of 1,350 new rental homes, a new secondary school, over 10,000m2 of new office space and around 10,000m2 of retail, restaurant, culture, leisure and community uses. The scheme will also incorporate 25,000m2 of new and improved streetscapes and playspace, GROSVENOR 140 new planted trees and 400m2 of new public lawns. The £500,000,000 regeneration project will bring wide-scale economic and social 4-10 BOMBAY STREET improvements to the immediate area. Grosvenor will now be submitting their planning application after receiving positive consultation feedback. Further information regarding Grosvenor can be found here. Address Description NIA ft2 Price £/ft2 Sold Date 11 Ben Smith Way 1 Bedroom Apartment 504 £353,000 700 31st July 2017 London SE16 4SD RESIDENTIAL COMPARABLES Flat 18 Warlingham House 1 Bedroom Apartment 464 £305,000 657 27th July 2017 Varcoe Road SE16 3DQ Flat 59, Pitman Building 2 Bedroom Apartment 749 £572,500 764 18th August 2017 The table details a selection of residential apartments which have recently been sold in close Arabella Street SE16 4DY 46 Goodwin Close proximity (1/2 mile radius) to Bombay Street. 2 Bedroom Apartment 553 £405,000 732 21st July 2017 London SE16 3TL Flat 113, Bolanachi Building Please note that all of these properties are second hand stock and not new builds. 1 Bedroom Apartment 525 £450,000 857 16th June 2017 Enid Street SE16 3EX Flat 56, Wrayburn House Sale values for newly built flats in the immediate area surrounding Bombay Street are 2 Bedroom Apartment 656 £470,000 716 25th April 2017 currently averaging approximately £700-£800 per ft2. Llewellyn Street SE16 4XB Flat 52, Bolanachi Building 2 Bedroom Apartment 728 £580,000 728 4th April 2017 Indicative resale information relating to 4-10 Bombay Street, can be found in the dataroom. Spa Road SE16 3SG Flat 77, Bolanachi Building 2 Bedroom Apartment 822 £600,000 822 22nd December 2016 Spa Road SE16 3SG Average: 747 www.kingsbury-consultants.co.uk 4 – 10 Bombay Street, Bermondsey, London SE16 3UX HOME SUMMARY DESCRIPTION & LOCATION DEVELOPMENT COMPARABLES TERMS TENURE The property will be sold freehold and with vacant possession on part, and 2 short term tenancies outside the Landlord and Tenant Act. VAT We understand that the property is not elected for VAT. TERMS Offers are invited in excess of £3,250,000. Alternatively, offers in excess of £2,750,000 on the basis that the commercial element is returned to the Seller on a 999 year lease. ADDITIONAL INFORMATION Further information including approved planning documents are available in the dataroom using access code ‘Bombay’. CONTACT To discuss any aspect of the property of disposal process, please contact the sole selling agents: Paul Heale 020 7183 2529 [email protected] Ross Kemp 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. Indicative Visualisation.
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