1 Mark Street, London, E15 4Gy Opportunity to Acquire the Freehold of a D1 Educational Building, with Vacant Possession in Stratford
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1 MARK STREET, LONDON, E15 4GY OPPORTUNITY TO ACQUIRE THE FREEHOLD OF A D1 EDUCATIONAL BUILDING, WITH VACANT POSSESSION IN STRATFORD geraldeve.com Opportunity • A well-located former day care and college property • Located approximately 0.3 mile from Stratford Underground Station and 0.9 mile from Stratford International and the Queen Elizabeth Olympic Park • Offered freehold with vacant possession in a popular location for educational institutions • Purpose built circa 2003 with planning permission for D1 college and day care use • High quality educational facilities benefitting from air-conditioning • Secure, underground parking for 9 cars • Potential to widen the planning for use for other D1 and alternative uses, subject to planning permission and necessary consents • Approximate gross internal floor area of 2,580 sq metres (27,767 sq ft) on a site of 0.26 acre 2 1 MARK STREET, LONDON, E15 4GY Stratford and surrounding area Stratford and the London Borough of Newham has seen significant regeneration and investment prior to and since hosting the London Olympics in 2012. It benefits from world class transport connections with direct connection to the City and West End as well as St Pancras International, Ashford International and the east of England. The area is seeing much of the benefit of organisations seeking alternative and cheaper space to Central London and by 2025 it is estimated that £22 billion will have been invested in the area, creating more than 35,000 new homes and 100,000 new jobs. Many higher educational institutions are heading to Stratford because of the new opportunities Stratford offers. Key Stratford developments include: Here East is an innovation and technology campus on the Queen Elizabeth Park with a community of 3,800 people focussing on enterprise, incubation hubs, education and culture. Some of its occupiers include UCL, Staffordshire University London and Loughborough University London. East Bank, Stratford (also known as the Cultural Quarter). East Bank is a new powerhouse for innovation, learning and creativity at the Queen Elizabeth Olympic Park. It is a unique collaboration between world leading universities, arts and culture institutions and is due to complete in various stages up to 2022. It is anticipated to create £1.5 bn generation for the local community and 2,500 new jobs. It will provide a new 55 seat theatre at Sadler’s Wells East, UAL’s London College of Fashion is due to open in 2022, UCL will create a new double campus ‘UCL East’, providing space for 4,000 students, the V&A Museum will have its very own waterfront collection and research institute, the Smithsonian Institute (worlds largest museum and research complex) will create its first presence in London and the BBC Music studios are due to open in 2023. East Village London. East Village is a new vibrant neighbourhood in Stratford based in the former athletes village. It combines homes for nearly 6,000 people and 23 retailers and is set for further investment and growth over the coming years bringing further residential and commercial space to the area. The Carpenters Estate – including the redevelopment of 23 acres next to Stratford Station. The estate was built in the 1970s and includes 710 homes, a primary school, crafts college and a community centre. The area is planned to re-provide thousands of new private and affordable homes. 1 MARK STREET, LONDON, E15 4GY 3 Location The property is located in Stratford in the London Borough of Newham, on the edge of Stratford town centre, benefiting from all the local amenities of Stratford centre, its excellent connectivity to London and the regions and the international attraction of the Queen Elizabeth Olympic Park. Central London is located approximately 7.5 miles to the west. The surrounding area provides a variety of different uses including commercial, residential and education. Transport connections are excellent with Stratford Underground Station located 0.3 mile to the north west which provides London Underground services to Central London via the Central Line and the Jubilee Line. The station also provides London Overground, TfL Rail, Greater Anglia, c2c railway services and High Speed services to East London and Kent. Stratford will also benefit from Crossrail and the Elizabeth Line when it opens, planned to be Summer 2021. © Crown Copyright 2020. Licence no 100020449. Not to scale 4 1 MARK STREET, LONDON, E15 4GY Connectivity Stratford Transport Hub King’s Cross & Paddington St Pancras International Oxford Liverpool Circus Street Bank Heathrow Airport Green Park Canary Wharf Waterloo Local destinations Canary Wharf Liverpool Street King’s Cross Bank Waterloo Oxford Circus Paddington 12 mins 7 mins 22 mins 11 mins 21 mins 18 mins 34 mins From 2021 the Elizabeth Line will shorten journey times to Canary Wharf to 8 minutes, Liverpool Street to 7 minutes and Bond Street within 15 minutes. 1 MARK STREET, LONDON, E15 4GY 5 5 1 12 6 8 11 7 3 1. Queen Elizabeth Olympic Park 2 2. Rail and Underground station 4 3. Westfield Shopping Centre 4. High Street 5. Here East 9 6. East Bank 10 7. University College London 8. London College of Fashion 9. University of London, Birkbeck 10. University of East London (UEL), Stratford Campus 11. East Village 1 MARK STREET 12. Stratford Waterfront, consisting of Sadler’s Wells, BBC, V&A 13. Newham College of Further Education 13 6 1 MARK STREET, LONDON, E15 4GY Description Newham Training and Education Centre (NEWTEC) formerly provided further, adult and day care/ nursery education through its facility in Mark Street. The organisation, a UK registered Charity, is now consolidating in alternative accommodation and this property is surplus to requirements and is being offered for sale, freehold with vacant possession. The property was purpose built circa 2003 and provides high quality educational accommodation arranged over four storeys and basement. The ground floor comprises a large reception, a purpose built fully fitted nursery with a large double height main room, four smaller nursery rooms, mezzanine area, baby room, offices and commercial kitchen. The nursery benefits from baby change rooms and children’s WCs to each classroom. There is an external play area with rubberised flooring, previously used for the nursery, and external storage. The first floor provides 2 classrooms, 7 offices, a break-out area and kitchenette. The second floor accommodates 6 classrooms and a staff room. The third floor accommodates a large open plan office with good natural light, a classroom, comms room and an office. There are two passenger lifts in the building. The basement provides plant, storage and underground parking for 9 cars via electronic key-fob and intercom activated security gates, accessed off Elliot Close. The site area extends to 0.11 hectare (0.26 acre). Please clink on the link below for a video tour of the building https://youtu.be/2kmHqTgVC04 1 MARK STREET, LONDON, E15 4GY 7 Services There are two passenger lifts to the building and various rooms benefit from air-conditioning. The property also benefits from mains water, drainage, gas and electricity. Accommodation A measured survey has been prepared by PRE Surveyors and can be made available on request. The GIA and NIA are as follows: Building Floor Area GIA Floor Area NIA sq m sq ft sq m sq ft Basement 579.97 6,243 54.24 584 Ground Floor 577.16 6,212 456.63 4,915 First Floor 434 4,672 323.75 3,485 Second Floor 496.17 5,341 354.62 3,817 Third Floor 492.28 5,299 381.8 4,110 Total 2,579.58 27,767 1,571.04 16,911 8 1 MARK STREET, LONDON, E15 4GY Floorplans Basement Ground Floor First Floor Second Floor Third Floor For indicative purposes only. Not to scale 1 MARK STREET, LONDON, E15 4GY 9 10 1 MARK STREET, LONDON, E15 4GY Planning and VAT Viewing and Development Potential The property is elected for VAT Further Information Viewings should be arranged strictly via appointment through The property is located within the London Borough of Newham. sole agents, Gerald Eve. We recommend potentially interested The established use of the property falls within Use Class D1 of the parties view the video tour https://youtu.be/2kmHqTgVC04 Town and Country Planning (Use Classes) Order 1987. Offers before arranging a viewing with us. Planning permission was granted in 2001 for “a new five storey We are inviting offers on behalf of the Vendors for the college and nursery building (including basement)”. However, since freehold interest by way of informal tender. Further A data room will be made available with, amongst other the building opened it has been used for nursery, further and adult detail on the process can be made available on request. documents, the following available: education as well as offices for the current owners. We consider a good case could be made for widening the existing use to include • Scaled floor plans and measured survey other educational and training uses. • Copy of registered title and title plan EPC Rating • Ordnance Survey plan We also consider that the property could suit conversion to • Energy Performance Certificate (EPC) residential or commercial office use, subject to planning permission. • A Video tour of the property The buildings are not statutory or locally listed and are not in a conservation area. For more information please contact either Ben Gilbey or William Ray. Prospective purchasers should make their own enquiries of the local authority. Newham Council’s planning department can be Ben Gilbey contacted on 020 8430 2000 or [email protected] Tel. +44 (0)20 3486 3457 Mobile. +44 (0)73 9376 4732 [email protected] Tenure William Ray The property is offered freehold with vacant possession.