6 - 20 The Rows, Harlow, Essex CM20 1BZ Mixed-Use Investment with Planning Permission For Sale www.kingsbury-consultants.co.uk 6 - 20 The Rows, Harlow, Essex CM20 1BZ
HOME SUMMARY DESCRIPTION & LOCATION TENANCIES DEVELOPMENT TERMS
SUMMARY
• Prominent 4-storey mixed use building within Harlow town centre extending to approximately 19,628ft2 NIA positioned on a site of circa 0.24 acres
• Comprising retail units at ground & first floor let to various tenants producing £141,950 per annum, with 12 residential apartments within the upper parts and a vacant former bar to the rear
• Planning permission for part conversion and extensions of the existing buildings to provide a further 13 residential flats
• Offers are invited in excess of £3,750,000 for the entire freehold interest www.kingsbury-consultants.co.uk 6 - 20 The Rows, Harlow, Essex CM20 1BZ
HOME SUMMARY DESCRIPTION & LOCATION TENANCIES DEVELOPMENT TERMS
DESCRIPTION
The property comprises of a 4-storey mixed-use building containing 7 separate retail units across ground and first floor extending to approximately 12,260ft2 NIA and 12 residential apartments across the second, third and fourth floors extending to approximately 6,385ft2 NIA.
To the rear of the first floor of the property is a vacant former self-contained bar which extends to approximately 1,220ft2.
Constructed in the 1960’s, the building occupies a site area of circa 0.24 acres. Pedestrian access to the main building is provided from The Rows with vehicular access for servicing provided via North Gate to the rear.
The property is not Listed nor located within a Conservation Area. LOCATION
The property occupies a prominent position within Harlow town centre, primely located for access to a number of shops, restaurants and amenities. The immediate area is undergoing significant regeneration, with the majority of the surrounding buildings being converted to residential use and an improved retail offering.
Harlow Town station is located approximately 1.2km away, providing direct services to London Liverpool Street in 32 minutes.
The Water Gardens and The Harvey shopping centres, as well as Harlow College, are within a short walk from the site.
Junction 7 of the M11 is within 6 minutes’ drive of the property providing access to Stansted Airport 12 miles to the north and Central London (via A12) approximately 17 miles to the south. www.kingsbury-consultants.co.uk 6 - 20 The Rows, Harlow, Essex CM20 1BZ
HOME SUMMARY DESCRIPTION & LOCATION TENANCIES DEVELOPMENT TERMS
EXISTING ACCOMMODATION EXISTING RESIDENTIAL TENANCY SCHEDULE Unit Floor Description NIA ft2 End Date Rent £P.A The 10 retail units at ground floor, some of which have been combined with adjoining units, 1 Third Studio 314 Vacant Vacant are fully let producing £141,950p.a. 2 Third Studio 354 Vacant Vacant 3 Third Studio 350 31/04/2017 £7,200 The residential units above are part let on separate short-term agreements currently 4 Third Studio 350 02/05/2017 £8,100 producing £72,900p.a. The units are in good letting condition and the expiring tenancies 5 Second 1 Bedroom 678 20/03/2017 £8,400 have not been renewed in anticipation of the pending redevelopment. The expected ERV 6 Second 1 Bedroom 614 22/05/2015 £8,400 once fully let is £97,500p.a. 7 Second 1 Bedroom 614 Vacant Vacant Units 1 & 2 of the existing residential accommodation are reconfigured in order to allow the 8 Second Studio 560 31/06/2017 £6,900 13 unit planning consent to be implemented, but remain as studio units. 9 Second 1 Bedroom 560 30/06/2016 £8,400 10 Second 1 Bedroom 592 01/01/2019 £8,400 The total ERV of the existing accommodation is £239,450p.a. 11 Second 1 Bedroom 624 06/06/2017 £8,700 12 Second 1 Bedroom 775 12/07/2016 £8,400 Total 6,385 £72,900 RETAIL TENANCY SCHEDULE
Unit Floor Use NIA ft2 Start Date End Date Rent Review Rent £ / P.A
6 & 7 Supermarket 2,270 26/07/2017 26/07/2027 26/07/2022 £30,000
8 Dry Cleaners 1,013 27/09/2012 26/09/2022 26/09/2017 £14,000
9 Cafe 1,018 20/06/2017 20/06/2032 20/06/2022 £18,250 Ground 10 Supermarket 965 02/05/2008 01/05/2018 01/05/2013 £15,000
11 & 12 NatWest Bank 3,815 02/01/1968 05/11/2056 02/01/2031 £19,700
Kiosk Key Cutting 85 15/11/2012 14/11/2018 14/11/2018 £5,000
14 837 First Hair & Beauty Salon 25/12/2016 25/12/2026 25/12/2021 £40,000 15 - 18 2,257
Total 12,260 £141,950 Existing Ground Floor Plan 6 - 20 The Rows, Harlow, Essex CM20 1BZ
HOME SUMMARY DESCRIPTION & LOCATION TENANCIES DEVELOPMENT TERMS
PLANNING CONSENT ADDITIONAL RESIDENTIAL UNITS
Unit Floor Description Development Type GIA ft2 GIA m2 Detailed planning permission was granted on 9th April 2018 (reference: HW/FUL/17/00465) for the alteration of the existing third floor flats, creation of a new floor above the second 13 Third 2 Bed Flat Additional Storey above The Rows 743 69 and third floors and conversion and extension of the rear bar to provide a further 13 flats 2 extending to approximately 9,160ft . 14 Third 1 Bed Flat Additional Storey above The Rows 624 58 All proposed residential units are for private sale and the planning consent is not subject to any Section 106 obligations or CIL liabilities. 15 Third 1 Bed Flat Additional Storey above The Rows 624 58
Existing residential units 1 & 2 are slightly reconfigured to allow the development to take 16 Third 1 Bed Flat Additional Storey above The Rows 506 47 place, with the remaining existing accommodation unchanged. 17 Third 1 Bed Flat Additional Storey above The Rows 506 47 Following the implementation of this scheme, the additional units will increase the overall ERV to £370,150p.a. 18 Third 1 Bed Flat Additional Storey above The Rows 506 47
19 Fourth 2 Bed Flat Additional Storey above The Rows 743 69
20 Fourth 2 Bed Flat Additional Storey above The Rows 700 65
21 Fourth 2 Bed Flat Additional Storey above The Rows 947 88
22 Fourth 2 Bed Flat Additional Storey above The Rows 840 78
23 First & Second 2 Duplex Bed Flat Conversion & extension of rear bar 807 75
24 First & Second 2 Duplex Bed Flat Conversion & extension of rear bar 807 75
25 First & Second 2 Duplex Bed Flat Conversion & extension of rear bar 807 75
Total 9,160 851 Indicative Visualisation www.kingsbury-consultants.co.uk 6 - 20 The Rows, Harlow, Essex CM20 1BZ
HOME SUMMARY DESCRIPTION & LOCATION TENANCIES DEVELOPMENT TERMS
TENURE
The property will be sold freehold and subject the existing tenancies remaining in-situ on completion.
VAT
The property is not elected for VAT.
TERMS
Offers are invited in excess of £3,750,000 for the entire freehold interest.
ADDITIONAL INFORMATION
Further information including planning and legal documents are available within our dataroom using the access code ‘Harlow’.
CONTACT To discuss any aspect of this property or the disposal process, please contact the sole selling agents:
Jordan Oldfield 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.