Mixed Use Development Opportunity Bloomsbury
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Mixed Use Development Opportunity Bloomsbury The Old Dairy, Wakefield Street, London WC1N 1PG For sale Site boundary for indicative purposes only ■ Prime Mixed Use Development Opportunity in the heart of Bloomsbury. ■ 0.19 hectare (0.47 acre) site, currently occupied by a vacant warehouse and yard. ■ Planning permission for the redevelopment of existing buildings and construction of 10 residential units, comprising 2 houses and 8 apartments, and approximately 1,104 sq m (11,883 sq ft) GIA office (B1) space. ■ 350 metres from Russell Square and 600 metres from King’s Cross St Pancras, London Underground, national and international Rail Stations. ■ For sale freehold with vacant possession. savills.co.uk Location The property occupies a central location in Bloomsbury, close to the British Museum, and in the heart of London’s academic district. The architecturally renowned Brunswick Centre and nearby Lamb’s Conduit Street have an array of vibrant bars, restaurants and shops. The open spaces of St George’s Gardens and Brunswick Square Gardens are immediately south of the site, and Russell Square Gardens are only 450m to the west. King’s Cross, 600m to the north, is one of London’s most exciting regeneration projects. The area will provide a wealth of new retail and commercial space, galleries, bars, public open space and a brand new arts campus for the prestigious Central Saint Martins. The property benefits from an exceptional PTAL rating of 6b. It is located NOTE - Published for the purposes of identification only and although believed to be correct its accuracy is not guaranteed. Reproduced from the Ordnance Survey Map with the permission of the Controller of H.M. Stationery Office © Crown copyright licence approximately 350m to the north east number 100022432 Savills (UK) Limited. of Russell Square Underground Station (Piccadilly Line) and 600m south of London King’s Cross and St Pancras, providing London Underground (Victoria, Piccadilly, Northern, Metropolitan, Circle and Hammersmith & City Lines), national and international rail services. Tavistock Place is well served by buses east towards the West End, north towards Euston and south towards Gray’s Inn Road and the City. Description The property comprises a vacant warehouse. The property was previously used as a dairy depot (use class B8). We understand that the building extends to approximately 1,206 sq m (12,981 sq ft) and internally the building is arranged over ground floor only. The site extends to approximately 0.19 hectare (0.47 acre). An electricity substation is situated at the south west corner of the site. NOTE - Published for the purposes of identification only and although believed to be correct its accuracy is not guaranteed. Reproduced from the Ordnance Survey Map with the permission of the Controller of H.M. Stationery Office © Crown copyright licence number 100022432 Savills (UK) Limited. The site is bounded by the rear gardens of 1-17 Regents Square to the north and St George’s Gardens to the south. The Artist’s impression of proposed scheme Regent Square Church is located to the north of the site and the London Ikeda Peace Centre abuts the north west corner of the site. A row of 3 terraced new build houses front the access road off Wakefield Street to the site. Planning Site from St George’s Gardens The property is located within the London Borough of Camden. It is not statutorily listed nor is it locally listed. The boundary wall between the site and St George’s Gardens is Grace II* Listed. It lies within the Bloomsbury Conservation Area and an Archaeological Priority Area. Conservation Area Consent (ref: 2011/6033/C) for the demolition of the existing buildings and planning permission (ref: 2011/6032/P) was granted on 14th March 2012 for the following development: Site from St George’s Gardens “Redevelopment of site to provide a mixed A summary of the proposed accommodation is set out below: residential/commercial development in 2 blocks, comprising 1,102 sq m business Unit Bed No Type Floor Sq M NSA Sq Ft NSA space (Class B1) in 2 x basement and A 2 Bed Apartment Lower Ground 115 1,238 2 storey units at western end of site; 5 dwellinghouses (Class C3) in 5 x B 2 Bed Apartment Lower Ground 117 1,259 basement and 2 storey units at eastern end of site, comprising of 1 x 2 bedroom C 2 Bed Duplex Lower Ground / Ground 144 1,550 house with garden and 4 x 3 bedroom D 2 Bed Apartment Ground 115 1,238 houses with roof terraces; plus associated landscaping, courtyard servicing and E 2 Bed Apartment Ground 111 1,195 vehicular access from Wakefield Street, F 2 Bed Duplex Ground / First 170 1,830 and retention of existing northern boundary wall and gable end walls of G 2 Bed Apartment First 115 1,238 warehouse adjoining Regent Square.” H 2 Bed Apartment First 117 1,259 The planning permission has been implemented and a number of the I 3 Bed House Lower Ground / Ground / First 275 2,960 pre-commencement conditions have J 3 Bed House Lower Ground / Ground / First 321 3,455 been discharged. On 19th October 2015 permission (ref: 2015/0825/P) Total: 1,600 17,222 was granted to vary Condition 25 of the planning permission (requiring Floor Sq M GIA Sq Ft GIA development to be carried out in accordance with approved plans), to allow Commercial (B1) Lower Ground / Ground / First 1,104 11,883 a change of use from 3 approved houses Residential Lower Ground / Ground / First 1,817 19,558 to 8 apartments. Total: 2,921 31,441 The planning permission is subject to a Section 106 agreement that includes financial contributions to be made totalling £574,460 (excluding indexation). The Section 106 contains a post-construction viability assessment, under the terms of which the development will be subject to a maximum £363,900 deferred affordable housing contribution. The permission to vary Condition 25 was granted subject to a deed of variation to the original Section 106. The deed of variation increases the Education Contribution from £28,243 to £34,457. The Section 106 legal agreement and deed of variation are available on the dataroom. Proposed Development The implemented development, which was shortlisted for a Housing Design Award in 2015, comprises a mixed use development with 10 residential units Artist’s impression of proposed scheme (2 houses and 8 apartments) and office space. The residential element has been S333 London Architecture + Urbanism 70 Cowcross Street London EC1M 6EJ, UK THE OLD DAIRY Tel : +44 (0)20 7336 7026 designed as a mews style terrace, with the Fax : +44 (0)20 7336 7027 14.01.2016 www.s333.org 2 houses positioned at the eastern end of the site. The commercial space comprises 2 units that have been designed with the flexibility to sub-divide and potentially provide accommodation for 6 separate businesses. The scheme will be car-free with 20 cycle stands. Method of Sale The property is for sale freehold with vacant possession, by way of informal tender (unless sold prior). CGI of proposed scheme S333 London Architecture + Urbanism 70 Cowcross Street London EC1M 6EJ, UK THE OLD DAIRY Tel : +44 (0)20 7336 7026 Fax : +44 (0)20 7336 7027 14.01.2016 www.s333.org VAT Further Information Viewings The Property is not elected for VAT. Further information is available at Viewings are strictly by appointment. www.savills.com/theolddairy Please contact the selling agents to make an appointment. Artist’s impression of proposed scheme Important Notice Savills, their clients and any joint agents give notice that: 1. They are not authorised to make or give any representations or warranties in relation to the property either here or elsewhere, either on their own behalf or on behalf of their client or otherwise. They assume no responsibility for any statement that may be made in these particulars. These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact. 2. Any areas, measurements or distances are approximate. The text, images and plans are for guidance only and are not necessarily comprehensive. It should not be assumed that the property has all necessary planning, building regulation or other consents and Savills have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise. Sale particulars produced February 2016.160217SC. Darren Arnold Sean Cooper Ellen Thomas [email protected] [email protected] [email protected] 020 7409 9926 020 7409 9948 020 7299 3062 savills.co.uk.