LAND AT 213 OAKLEY ROAD, LU4 9QH FREEHOLD RESIDENTIAL DEVELOPMENT OPPORTUNITY WITH RESOLUTION TO GRANT PLANNING PERMISSION FOR 49 FLATS AND HOUSES

geraldeve.com The Opportunity

• Located within , Luton with connections into central London in approximately 38 minutes (Luton Leagrave to London St Pancras) • Site area 2.35 acres (0.95 ha) with 37,598 sq ft (GIA) of existing office accommodation and approximately 250 parking spaces • Permitted development rights to covert the existing office building achieved • Resolution to grant outline planning permission for 49 residential dwellings comprising of 28 flats and 21 houses • Offers sought for the freehold interest on either an unconditional or conditional (subject to planning) basis

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2 LAND AT 213 OAKLEY ROAD, LUTON LU4 9QH A5 Hitchin Buntingford

Location & Situation A10 Stevenage A505 London Luton Leagrave is an attractive suburb of Luton approximately 2.4 miles (3.9 km) Airport A1(M) Standon north-west of central Luton. It is a popular commuter destination with direct Luton trains to central London, Luton and Gatwick Airport via London . Knebworth A602 A10 The immediate area provides a good range of local facilities and amenities A5183 including primary and secondary schools, leisure and retail. Welwyn Ware The site is located on the west side of Oakley Road, to the south of its Garden City junction with Ely Way and is bound by Ely Way to the north, Addington Way to the south and a BUPA care home to the west. Access is currently via Addington Way. Harlow The site is located in a predominantly residential area of largely terraced and Berkhamsted Hemel Hatfield Hempstead St.Albans semi-detached housing. Electrolux’s UK headquarters are located 200m to A414 the south. A41 A1(M) Chesham M25 M1 Potters Bar Epping M25 M25 Connections Amersham M11 Borehamwood Watford Enfield

By Road: Luton Leagrave benefits from excellent road communications being A355 situated approximately 1 mile north east from junction 11 of the . Chigwell The M1 provides access to London, 34 miles (54 km) to the south, and to other Edgware major UK hubs such as Milton Keynes, 22 miles (35 km) and Birmingham 85 A406 miles (137 km) both to the north west. M40 Harrow By train: The site is located approximately 0.4 miles from Leagrave train A503 station, served by Thameslink and East Midlands trains providing direct rail A12 links to central London with a fastest journey time of 35 minutes to St Pancras International. Parkway is approximately seven minutes by train Kings Moorgate A40 Marylebone and Gatwick Airport is 90 minutes. Cross Liverpool SLOUGH M25 Street By Bus: Frequent bus services run along Oakley Road into Luton town centre. LONDON M4 M4 A102 By Air: London Luton Airport is situated approximately 5 miles (8 km) to the A4 south east and provides both domestic and international flights.

LAND AT 213 OAKLEY ROAD, LUTON LU4 9QH 3 Description

The site extends to circa 2.35 acres (0.95 hectares), is broadly rectangular in shape and currently comprises B1 office buildings, totalling approximately 37,598 sq ft (GIA). The current site coverage is circa 18%. The main office building is of brick construction with a mansard style second floor. This building connects through an external walkway to 223 Oakley Road. This period building was previously used as a public house that is now used as offices. The site currently provides approximately 250 uncovered car parking spaces and has a single point of access for vehicles and pedestrians off Addington Way.

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4 LAND AT 213 OAKLEY ROAD, LUTON LU4 9QH Planning

The site lies within the jurisdiction of . Resolution to grant planning permission was achieved at Luton Borough Council Committee in July 2020 for: “49 residential dwellings comprising of 28 flats (7 x one beds and 18 x two beds and 3 x three beds) and 21 dwelling houses (6 x two beds, 8 x two beds and 7 x three beds)”. Further planning and design information is available in the dataroom.

Pre-application response

Prior to submitting the current and successful planning application, an alternative scheme with higher density and massing for circa 50 houses or 97 flats was positively received by Luton Council in Pre-application discussions.

Permitted development rights

In December 2019, prior approval to convert the existing office building to residential use was approved. Indicative plans showed that approximately 30 units could be achieved.

Opportunities for optimisation

There is potential to enhance the proposed scheme on the site through additional massing or financial viability arguments in order to reduce the planning obligations proposed.

LAND AT 213 OAKLEY ROAD, LUTON LU4 9QH 5

Tenure Method of Sale Viewings

The site is offered for sale freehold registered under Title The freehold interest is to be sold via informal tender. The site can be viewed externally from the highway. Internal Numbers BD161287 and BD11264. viewings are strictly by prior appointment only and can be Offers are invited on both an unconditional and organised through Gerald Eve LLP. conditional (subject to planning) basis. Further information is provided in the dedicated data room. Business Rates Contacts The current Rateable Value for the site is £171,000. Demolition Oliver Rowlands Tel. +44 (0)203 486 3799 The Vendor’s intention is to undertake demolition of the [email protected] buildings on site prior to exchange of contracts and the Vacant Possession cost of this to be reflected in the purchase price. Edwin Simmons Tel. +44 (0)203 486 3611 The site is currently owner occupied, however vacant [email protected] possession will be available on request. Alex Bristow There is also a lease for an electricity substation expiring Further Information Tel. +44 (0)203 486 3669 in 2087. [email protected] Further information can be accessed via the dedicated data room as detailed below: Simon Hay Tel. +44 (0)207 333 6260 • Site plan [email protected] VAT • Existing floor plans • Desktop environmental survey The site has been elected for VAT purposes therefore VAT • Title report will be payable on the purchase price. • Architectural feasibility study • Planning summary and pre-application documents • EPCs • Topographical survey • Asbestos survey • Bid pro forma

Access to the data room is password protected and can be obtained by contacting Gerald Eve LLP.

LAND AT 213 OAKLEY ROAD, LUTON LU4 9QH 7 Contacts

Oliver Rowlands Edwin Simmons Alex Bristow Simon Hay Tel. +44 (0)203 486 3799 Tel. +44 (0)203 486 3611 Tel. +44 (0)203 486 3669 Tel. +44 (0)207 333 6260 [email protected] [email protected] [email protected] [email protected]

Conditions under which these particulars are issued All details in these particulars are given in good faith, but Gerald Eve LLP for themselves and the Vendors/Lessors of this property for whom they act give notice that: - 1. These particulars do not and shall not constitute, in whole or in part, an offer or a contract or part thereof, and Gerald Eve LLP have no authority to make or enter into any such offer or contract. 2. All statements contained in these particulars are made without acceptance any liability in negligence or otherwise by Gerald Eve LLP, for themselves or for the Vendors/Lessors. 3. None of the statements contained in these particulars is to be relied on as a statement or representation of fact or warranty on any matter whatsoever, and intending purchasers must satisfy themselves by whatever means as to the correctness of any statements made within these particulars. 4. The Vendors/Lessors do not make, give or imply, nor do Gerald Eve LLP or any person in their employment have any authority to make, give or imply, whether in these particulars or otherwise, any representation or warranty whatsoever in relation to the property. The statement does not affect any potential liability under the Property Misdescription Act 1991. Particulars issued August 2020.

Gerald Eve LLP is a limited liability partnership registered in and Wales with registered number OC339470 and its registered office at 72 Welbeck Street, London, W1G 0AY.