Charter House, 450 High Road, IG1 1UF East Residential Investment Opportunity For Sale www.kingsbury-consultants.co.uk Charter House, 450 High Road, Ilford IG1 1UF

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SUMMARY

• Newly completed development comprising 106 residential units and commercial space of 2,799ft2 NIA

• Residential element comprises 60 x 1 bedroom, 21 x 2 bedroom and 25 x 3 bedroom apartments totalling 71,224ft2 NIA all for open market sale / rent with no affordable housing

• Residential units in process of being let on individual AST’s with a total projected ERV of £1,750,000p.a.

• Popular location close to Ilford town centre and approximately 600m from Station which will operate services

• Offers are invited for the freehold interest, subject to the landlord topping up the passing rent to the ERV for a 6 month period from completion www.kingsbury-consultants.co.uk Charter House, 450 High Road, Ilford IG1 1UF

HOME SUMMARY DESCRIPTION AERIAL ACCOMMODATION MARKET TERMS

DESCRIPTION

The subject property comprises a newly built, mixed-use development consisting of a ground floor commercial unit of 2,799ft2 NIA and 106 residential apartments totalling 71,224ft2 NIA.

Formerly an office premises known as Charter House, the building as been extended, converted and refurbished to provide a modern mixed-use scheme of apartments and new commercial space. All of the space proposed is for open market sale / rent with no affordable housing provision required.

The development occupies a site area of approximately 0.46 acres and will benefit from 49 parking spaces (25 at lower ground floor and 24 at upper ground level).

LOCATION

The development occupies a prominent position on High Road between Ilford and Seven Kings, within the London Borough of Redbridge. The immediate area comprises a mix of commercial and residential uses, and is currently undergoing extensive regeneration.

Ilford town centre is located approximately 900m to the west of the site, offering numerous shops, restaurants and amenities as well as Ilford Exchange Shopping Centre.

Seven Kings Station is located circa 600m to east of the property with Ilford Station located circa 900m to the west. Both currently operate TFL Rail services and will operate Crossrail / Elizabeth Line services in due course. Crossrail journey times include:

Ilford – : 17 minutes Ilford – Bond Street: 24 minutes www.kingsbury-consultants.co.uk Charter House, 450 High Road, Ilford IG1 1UF

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O2 ARENA CANARY WHARF QUEEN ELIZABETH OLYMPIC PARK RIVER THAMES

BARKING STATION

ILFORD EXCHANGE NORTH CIRCULAR

CINEWORLD CINEMA

ILFORD CROSSRAIL

POLICE STATION

SOUTH PARK

ILFORD SPORTS CENTRE CHARTER HOUSE

SEVEN KINGS CROSSRAIL www.kingsbury-consultants.co.uk Charter House, 450 High Road, Ilford IG1 1UF

HOME SUMMARY DESCRIPTION AERIAL ACCOMMODATION MARKET TERMS

ACCOMMODATION

The property has been developed in accordance with 3 separate planning permissions granted in 2015, 2017 and 2018 respectively (application references: 2192/15, 269/17 & 4955/18) which together permitted the conversion and extension of the former office building (including the construction of 2 additional floors) to create 106 residential units and ground floor office accommodation.

The development extends to 10-storeys and consists of 60 x 1 bedroom, 21 x 2 bedroom and 25 x 3 bedroom self-contained apartments totalling 71,224ft2 NIA, as well as a commercial unit extending to 2,799ft2 NIA at ground floor.

There is a rooftop garden at 8th floor level for communal use and 3 lifts service the development. SPECIFICATION

The scheme has been completed to a high specification; all windows from the former office Typical Kitchen Roof Terrace building have been replaced with new double glazed windows, and all apartments (bar one on each floor) will benefit from an external balcony. A non-combustible cassette cladding system has been used. ACCOMMODATION SCHEDULE - RESIDENTIAL Finished specifications for the residential units include: Floor 1B2P 2B3P 2B4P 3B4P 3B5P 3B6P Total • Handleless white gloss kitchen cabinets First 8 2 1 1 2 - 14 • NEFF appliances including fridge freezer, washing machine, oven and dishwasher Second 8 2 1 1 2 - 14 • Porcelain wall and floor tiles in each bathroom Third 8 2 1 1 2 - 14 Fourth 8 2 1 1 2 - 14 • Polished chrome electrical fittings Fifth 8 2 1 1 2 - 14 • Matt white painted wall finish Sixth 8 2 1 1 2 - 14 • Secure cycle and bin storage on ground floor Seventh 8 2 1 1 2 - 14 Eighth 2 - - - 1 1 4 A detailed finished specification list is available within our dataroom. Ninth 2 - - - 1 1 4 The commercial space is completed to a shell and core specification with glazing in place and Total 60 14 7 7 16 2 106 capped off services, ready for tenant fit-out. www.kingsbury-consultants.co.uk Charter House, 450 High Road, Ilford IG1 1UF

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TENANCIES

Given the popular East London location and the development’s close proximity to Seven King’s Crossrail Station, there has been high levels of interest for both the commercial space and residential units, with the scheme expected to be fully let and occupied by Q4 2020.

The residential units are let on standard 12-month AST’s, the earliest of which being from March 2020, with the commercial unit currently under offer at £45,000p.a. on a 15-year lease.

The residential rents are exclusive of all out goings, save for WiFi which is provided by the landlord, along with an on-site concierge.

LOCAL COMPARABLES - RESIDENTIAL

Property Description £ PCM Horizon Building Pioneer Point

Horizon Building, IG1 1 Bedroom Flat £1,299

Raphael House, IG1 1 Bedroom Flat £1,200

Swale House, IG1 2 Bedroom Flat £1,350

Pioneer Point, IG1 2 Bedroom Flat £1,490

Gilford House, IG1 3 Bedroom Flat £1,500

Rapheal House Gildford House www.kingsbury-consultants.co.uk Charter House, 450 High Road, Ilford IG1 1UF

HOME SUMMARY DESCRIPTION AERIAL ACCOMMODATION MARKET TERMS

TENURE

The property will be sold freehold.

VAT

The property is not elected for VAT.

TERMS

Offers are invited for the freehold interest, subject to the landlord topping up the passing rent to the ERV for a 6 month period from completion.

ADDITIONAL INFORMATION

Further information including floor plans and specification are available in the dataroom using access code ‘Charterhouse’.

CONTACT

To discuss any aspect of the property of disposal process, please contact the sole selling agents:

Jordan Oldfield 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 No: 06869268.