Development Opportunity for Sale

DEVELOPMENT OPPORTUNITY FOR SALE

A MAJOR CONSENTED LONDON HOTEL SCHEME WITH STRONG RESIDENTIAL POTENTIAL

101A + 111-113 TOOTING HIGH STREET | WANDSWORTH | LONDON SW17 0SU EXECUTIVE SUMMARY

MAJOR CONSENTED HOTEL SITE WITH POTENTIAL FOR ALTERNATIVE USES, SUCH AS C3 RESIDENTIAL AND/OR CO-LIVING USES

n 0.51-acre development opportunity close to Tooting Broadway underground station. n Planning permission in place for a large hotel development comprising 373 rooms, totaling 114,440 sq ft (10,632 sq m) GIA. n Potential to reconfigure the planning consent in place for Co-Living and/or alternative residential uses. n Freehold interest offered for sale with immediate vacant possession. CGI OF CONSENTED DEVELOPMENT

101A + 111–113 TOOTING HIGH STREET | WANDSWORTH | LONDON SW17 0SU LOCATION

THE SUBJECT PROPERTY IS LOCATED IN TOOTING,

an up and coming area in south London. With a strong multicultural community spirit, over 200 acres of tranquil green

space and the vibrancy of not one but two standout markets, WANDSWORTH COMMON Clapham and Balham stalwarts are being tempted further down

the Northern Line in search of something different. Tooting has a BALHAM vibrant town centre, covering Tooting High Street, Upper Tooting EARLSFIELD Road and Mitcham Road, and including essentials like Sainsbury’s and Superdrug and high street favourites Primark and TK Maxx. However, the real draws are the two markets; award-winning TOOTING BEC Tooting Market and Broadway Market. TOOTING BEC LIDO Nights out revolve around venues like the Tooting Tram and Social, THE PROPERTY a converted Victorian tram shed which offers late night live music TOOTING BROADWAY with no entry fee, something of a rarity in London! If it is outdoor ST GEORGE’S HOSPITAL space you are after, Tooting delivers. Tooting Common – also SAINSBURY’S home to Tooting Bec Lido (London’s biggest outdoor swimming

pool) has an athletic track and gym, impressive cycling and TOOTING

walking trails and a lovely little café. With excellent schools in STREATHAM the vicinity, Tooting suits families as well as trendy urbanites, all happily co-existing in an area with plenty of life and activity.

101A + 111–113 TOOTING HIGH STREET | WANDSWORTH | LONDON SW17 0SU CONNECTIVITY

LONDON BLACKFRIARS IN 2017, TOOTING WAS NAMED ONE OF THE WORLD’S COOLEST NEIGHBOURHOODS BY LONELY PLANET, ALONGSIDE SUNSET PARK IN BROOKLYN AND VESTERBRO IN COPENHAGEN.

Since then, this dynamic Zone 3 suburb Putney and Croydon, to name just some has become increasingly popular with of the destinations. commuters because of its excellent By bike, the TfL Cycleways network, transport links. includes Cycle Superhighway Route CS7, The much-improved Northern Line, from which runs from Colliers Wood to the south either Tooting Broadway or Tooting Bec of Tooting, all the way north into the City tube stations, takes under 30 minutes of London and all points and connections to get into central London, which is only east and west. For those looking to drive to 6 miles away. From Tooting’s overland and from Tooting, the closest major roads station, one can be in Waterloo or are the A3 from the west, the M23/A23 Blackfriars in a similar time, with frequent from the south and the A2 from the east, TOOTING trains through the day. Buses are regular and both Heathrow and Gatwick airports too, with services running to Victoria, are about 45 minutes drive away too. Waterloo, Clapham, Elephant & Castle,

LESS THAN 30 MINUTES TO CENTRAL LONDON, VIA TUBE OR RAIL.

101A + 111–113 TOOTING HIGH STREET | WANDSWORTH | LONDON SW17 0SU CGI OF CONSENTED DEVELOPMENT THE PROPERTY

THE MAIN SITE (111–113 TOOTING HIGH ROAD) CURRENTLY CONSISTS OF A NUMBER OF VACANT BUILDINGS ON THE EAST SIDE OF TOOTING HIGH STREET, COMPRISING A TOTAL OF APPROXIMATELY 11,744 SQ FT/1,091 SQ M.

The buildings were formerly used as the Tooting Constitutional Club and are of traditional brick construction under pitched slate roofs which range in height from 1 to 3 storeys plus a basement. There are also external areas including a storage yard and a paved patio area. The site is broadly rectangular in shape comprising an approximate area of 0.51 acres (0.2 ha) with a former bowling green to the rear.

101A TOOTING HIGH ROAD comprises a 2-storey mixed-use building with a small vacant shop at ground floor level and a flat above. This portion measures approximately 0.024 acres in size.

A spur of the London Underground Northern Line is located under the site at a depth of approximately 15 meters. Transport for London have agreed to the principle of the design concept and this has been accounted for within the scheme. Tooting High Road’s streetscape is dominated by 3-storey town houses with commercial units on the ground floor.

101A + 111–113 TOOTING HIGH STREET | WANDSWORTH | LONDON SW17 0SU CGI OF CONSENTED DEVELOPMENT THE PROPERTY

COVERTON ROAD

Copyright: All rights reserved. This drawing must not be reproduced without permission. Only the original drawing should be relied upon. Contractors, subcontractors and suppliers must verify all dimensions on site before commencing any work or making any shop drawings. All shop drawings to be submitted to the architect / interior designer for comment prior to fabrication. This drawing is to be read in conjunction with the architect's / interior designer's specification, bills of quantities / schedules, structural, mechanical & electrical drawings and all discrepancies are to be reported to the architect / interior designer. Do not scale2 from this drawing. Dimensions are in millimetres unless otherwise stated. 4 66 to 68

Surgery 71

70 30 20 15.7m

41 12

1 74 Club

24 45

33 79 2

81 South Thames College 47 to 49

76 24c

23 26

85 to 89 to 85 30

2 40 59

36 11 PH IVY 61 ROAD

90 42

1 1 TCBs SALVADOR 46

24 48

17.1m

48a EFFORT STREET 2 92 73

13 to 22 27 PH 14

1 16.9m

2 Library 8 LAUREL CLOSE

HOYLE ROAD 62 Club

99 to 101 to 99 7 GRANADA STREET 13 Club

23 to 51 2 3 104 Rosina Court 77

Wood House

14 106 101a

108

10 1 74

Nursery House 6 Palladino 85

17.7m 24

110 2 4

Ward Bdy 17.8m

7 to 10 to 7 CR 76

16 El

111 to 113 122 Sub Sta PH Constitutional Car Park 118 Club 30

1 El Sub Sta 120 BICKLEY STREET 86

42 Robertson House 115 44 5 WOODBURY STREET

1 to 42 6 88 119 90 117 1

3 58 23

Dewar House 4 21 1 to 12 to 1 60 TOOTING HIGH STREET

RECOVERY STREET 74 4

2 76 2 41 2

Queen13 TOOTING GROVE 1 Playground Victoria

Jean House (PH) 139

137 Marion 141 29 90

Court 92 1 to 60 to 1 31

134 67

1 to 27 to 1 18.7m 65 136 22 138 16

110

83 143 112

3 11

147 30

142 140 13 145 32 28 El Sub Sta

48 59

46 103

101

35 54 33 21 MELLISON ROAD

23 56 4 61

63 19.8m 2

167 NUTWELL STREET

165

74 57

1 169 to PH 72 76

6 148 18.8m 37 70 20.1m 39 HouseHamilton 26 90

Warehouse Site Plan SITE PLAN INDICATIVE FLOOR PLAN Scale 1:1250 Site boundary 0 10 20 50

0 20 50 120 project drawing title scale date drawn by checked by 57d jamestown road 101A, 111-113 Tooting High Street Site Plan 1:1250 @ A3 03.09.2019 TM HL london nw1 7db NTS @ A4 UK architecture urban design interior design creative media t: 020 7267 4440 client drawing status 101Ajob no.+ 111–113drawing no. TOOTING HIGHrevision STREET | WANDSWORTH | LONDON SW17 0SU www.dextermoren.com f: 020 7267 6044 LHG Planning 1430 A-000-001 P0 Issued for planning 03.09.2019 TM P0 architecture rev amendments date by

PROPOSED DESIGN

The height of the buildings have been carefully considered and staggered from three storeys up to six to provide a transition from neighbouring three-storey properties along Woodbury Street. Red and grey brickwork will be used to reflect both the consented scheme and the character of the area. Lightwells will be used to allow natural light and ventilation to ground floor and basement guestrooms, with circadian lighting to simulate the day’s natural cycle.

PROPOSED CROSS-SECTION THE COMPACT CONCEPT

8 2 1 2

3 Guestroom Linen Boundary line Guestroom Corr Linen 10

1 Guestroom Corr Linen Corr Guestroom 2 5

Guestroom Corr Linen Corr Guestroom

6 Guestroom Corr BOH

PROPOSED REAR FACADE Laurel close

Guestroom Corr Linen Corr Guestroom Guestroom Plant

Guestroom Corr Linen Corr Guestroom Guestroom Guestroom

Community Use Corr Linen Corr Community Use Community Use Community Use

101A + 111–113 TOOTING HIGH STREET | WANDSWORTH | LONDON SW17 0SU PLANNING HISTORY CONSENTED HOTEL DEVELOPMENT AND HISTORIC RESIDENTIAL SCHEME

Demolition of existing buildings and redevelopment of the site for a part The above application has been approved THE PROPERTY HAS AN EXTENSIVE PLANNING HISTORY 3/4/5/6-storey scheme, including 4 storeys of basement level, comprising (decision August 2020), albeit it is OVER THE PAST FIVE YEARS. 373 hotel rooms (Class C1), incorporating the rebuild and repositioning of subject to the signing of Wandsworth’s Tooting Constitutional Clubhouse to be used as a cafe facility (Class A3), Community Infrastructure Agreement There have been three major applications on the site in the community use (Class D1/D2) set out over basement and ground floor levels (CIL) - we understand that this is due last 5 years, including a now lapsed consent for a smaller and publicly accessible open space at ground floor level and ancillary refuse to be signed imminently. aparthotel development. and recycling storage, cycle parking, wheelchair parking, servicing arrangements The following historic consent was granted in 2016 and it has since and hard and soft landscaping. lapsed. Application 2016/5408 was submitted for: Demolition of the existing buildings and redevelopment of the site for a part 3/4/5-storey scheme comprising 45 (Class C3) residential units, 362 sqm (GIA) (Class D1 / D2) community floorspace, 161 sqm (GIA) flexible office floorspace; refurbishment of the existing club house to provide 169 sqm (GIA) (Class D1/2) community floorspace and associated landscaped outdoor space.

The above permission lapsed in March 2020. More recently, the existing landowners have obtained permission for a comprehensive hotel development, establishing precedent for additional uses on the property for similar uses such as Build-to-Rent and Co-Living. Application 2019/4999 was submitted for:

CGI OF CONSENTED DEVELOPMENT 101A + 111–113 TOOTING HIGH STREET | WANDSWORTH | LONDON SW17 0SU PLANNING POTENTIAL CO-LIVING OR BUILD TO RENT CHANGE OF USE

THE SITE HAS POTENTIAL FOR ALTERNATIVE USES INCLUDING CO-LIVING AND BUILD-TO-RENT APARTMENTS.

Within the last three years, Wandsworth has become one of the most welcoming boroughs across London for Co-Living, having approved over 500 units through planning committee for The Collective across two sites, as well as having fielded multiple positive pre-applications from the likes of Dandi Living and other start Co-Living Developer/Operators.

In London we are gradually being instructed through the GLA’s draft London Plan in Policy H18 on ‘Shared Living’ as to what co-living means. As such, the second wave of co-living assets filtering through the planning pipeline are homogeneous in typology.

Predominantly being delivered under a Sui Generis use-class, the format emerging is of non-self-contained studio units of approximately 18–25 s qm with an additional 3–5 sq m of communal amenity space per studio. With the consented hotel scheme proposing similar sized small compact living, a strong case exists for a small planning alteration in Suis Generis (Co-Living).

CG IMAGES OF CONSENTED DEVELOPMENT

101A + 111–113 TOOTING HIGH STREET | WANDSWORTH | LONDON SW17 0SU LOCAL MARKET RESIDENTIAL RENTAL COMMENTARY: CO-LIVING + HOMETRACK

LONDON’S CO-LIVING DEVELOPMENT SECTOR HAS SEEN FAST 1. GRIFFON STUDIOS | WINSTANLEY ROAD, BATTERSEA SW11 2DL PACED GROWTH IN RECENT YEARS, WITH START-UP DEVELOPER/ OPERATORS SUCH AS THE COLLECTIVE, MASON & FIFTH, UNCLE Investor-Operator Gradpad London ALL HAVING DELIVERED THE FIRST HANDFUL OF SITES ACROSS THE CAPITAL. Completion 2019

Although there are presently no specific Co-Living examples in the Number of dwellings 566 private en suite studios immediate area generating rents, a tone for rents for this product type Status Completed can be determined from the following comparable schemes in similar inner London locations. COLLIERS COMMENT n Post-graduate accommodation in Battersea. Fully flexible start dates and 51 week contracts. COLLIERS HAVE ALSO ASSESSED THE SITE’S WARD OF GRAVENEY n Residents benefit from 24-hour reception, communal gardens, VIA HOMETRACK AND HAVE OBTAINED AVERAGE TOP QUARTILE high-speed internet, gym, laundry services, lounge areas, games RENTS AS PER THE BELOW: room etc.

n GRAVENEY WARD Key student accommodation south of the river.

MONTHLY RENT UPPER QUARTILE Additional rental pricing is available via the dataroom. RENTS (PER CALENDAR MONTH) 1 Bed £1,351 NO. OF BEDROOMS MINIMUM MAXIMUM

2 Bed £ 1,650 Standard studio £1,045 £1,550

3 Bed £ 2,247 Premium studio £1,404 £1,634

101A + 111–113 TOOTING HIGH STREET | WANDSWORTH | LONDON SW17 0SU 2. UNCLE | BATAVIA ROAD, NEW CROSS, LONDON SE14 6AX 3. THE ITALIAN BUILDING | 41 DOCKHEAD, BERMONDSEY, LONDON SE1 2BS

Investor-Operator RealStar Group – UNCLE Investor-Operator Mason & Fifth

Completion 2016 Completion 2019

Number of dwellings 101 Number of dwellings 28 studios

Status Completed Status Completed

COLLIERS COMMENT COLLIERS COMMENT n n Bulk sale halfway during construction. The Bermondsey building is a single lounge with 28 studios around it. Offers a shared home experience to build a sense of community n Residents benefit from a concierge and communal gym, through events. in addition to a dedicated app. n Meals, workshops, fitness programmes, utilities, broadband and n Key BTR asset south of the river. site management services are included in the monthly bill. n Key co-living asset south of the river RENTS (PER CALENDAR MONTH)

NO. OF BEDROOMS MINIMUM AVERAGE MAXIMUM RENTS (PER CALENDAR MONTH)

1 £988 £1,352 £1,551 NO. OF BEDROOMS MINIMUM AVERAGE MAXIMUM

2 £1,525 £1,757 £2,175 1 £1,200 – £1,450

3 £1,976 £2,207 £2,448 2 – – –

101A + 111–113 TOOTING HIGH STREET | WANDSWORTH | LONDON SW17 0SU HOTEL COMMENTARY

South London remains relatively underserved with hotel THE CONSENTED HOTEL SCHEME IS MODELLED ON accommodation and a particular business driver here COMPACT BUT WELL-APPOINTED GUESTROOMS GEARED should be St George’s Hospital which is located on the TOWARDS SHORTER STAYS, BUT EXTREMELY FUNCTIONAL, opposite side of Tooting High Street. HIGH TECH AND WELL-APPOINTED. The market for subterranean and windowless rooms has We believe the concept will work well in this location and emerged in the UK over the past 5 years and a number of will appeal to budget travellers seeking modern, well designed national chain hoteliers are operating hotels which include accommodation with reasonably rapid access to central London this form of accommodation. via nearby Tooting Broadway underground station. This format This type of hotel accommodation sits alongside more of accommodation has already been well trialled in London, traditional hotel rooms, and allows a wider offer of room with Hub by Premier Inn being one of the best examples. Other formats to hoteliers and occupants, to allow for varying brands, including Yotel, operate successfully with 10 – 12 sq m customer demands. There are a number of hotel operators rooms compared to the typical 14 sq m room envisaged here. that provide windowless accommodation as part of their With 373 rooms excellent economies of scale should be possible wider offer. Under the Premier Inn Hub brand, Whitbread PLC allowing for higher than normal profit margins. has opened hotels with some subterranean rooms in London Other facilities will include a restaurant and separate café, since 2013, whilst Z Hotels and Tune Hotels have opened five appealing to both residents and non-residents alike. The hotel hotels with subterranean rooms in the same timeframe. accommodation will be served by a total of five passenger Some of the other hotel operators who provide windowless lift services. rooms include EasyHotel, QBIC Hotels, Brittannia Hotels and Yotel, to name a few. It should be relatively straightforward to vary the current planning for fewer, larger bedrooms within the consented envelope if required, e.g. for an aparthotel type scheme.

101A + 111–113 TOOTING HIGH STREET | WANDSWORTH | LONDON SW17 0SU FURTHER INFORMATION

All relevant property information can be accessed via the following dataroom link: https://collierstootingsite.com

VAT The property is not elected for VAT.

ANTI MONEY LAUNDERING (AML) A successful bidder will be required to provide information to CONTACT DETAILS satisfy the AML requirements when Heads of Terms are signed.

GUIDE PRICE COLIN HALL WILL AGNEW ANDREW WHITE DIRECTOR | ASSOCIATE DIRECTOR | HEAD OF UK RESIDENTIAL OFFERS ARE INVITED IN THE REGION OF £12,000,000. HEAD OF LONDON HOTELS - AGENCY RESIDENTIAL – DEVELOPMENT & INTERNATIONAL PROPERTIES ASIA

PROPOSAL D +44 20 7344 6627 D +44 20 7344 6713 D +44 20 7344 6722 M +44 7788 436263 M +44 7766 070609 M +44 7500 551958 THE FREEHOLD IS OFFERED FOR SALE ON AN [email protected] [email protected] [email protected] UNCONDITIONAL BASIS WITH FULL VACANT POSSESSION.

50 George Street Colliers International gives notice that these particulars are set out as a general outline only for the guidance of intending Purchasers or www.colliers.com/en-gb Lessees and do not constitute any part of an offer or contract. Details are given without any responsibility and any intending Purchasers, London W1U 7GA Lessees or Third Party 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. No person in the employment of Colliers International has any authority to make any representation or warranty whatsoever in relation to this property. (April 2021) Colliers International is the licensed trading name of Colliers International Business Space UK LLP which is a limited liability partnership registered in England and Wales with registered number OC391631. Our registered office is at 50 George Street, London W1U 7GA.

101A + 111–113 TOOTING HIGH STREET | WANDSWORTH | LONDON SW17 0SU