STATION PL ACE LUTON

MIDLAND ROAD & BURR STREET, LUTON, LU2 0HR

OPPORTUNITY TO DEVELOP 291 (ALL PRIVATE) APARTMENTS WITH CONNECTION TO LONDON ST PANCRAS INTERNATIONAL IN 23 MINUTES 1 MIDLAND ROAD & BURR STREET, LUTON, LU2 STREET, LUTON, 0HR ROAD & BURR MIDLAND

EXECUTIVE SUMMARY

• Development site for sale measuring c. 2.34 acres (0.947 hectares) with planning permission approved for a contemporary residentially led mixed-use scheme.

• Situated adjacent to Luton Station (National Rail) with a journey time of approx. 23 minutes to London St Pancras International and c.300 metres from Luton Town Centre and its multitude of amenities.

• The proposed scheme comprises 291 (all private) apartments across 174,709 sq ft NSA in seven blocks along with 5,576 sq ft (NIA) of retail use. The proposed Gross Internal Area (GIA) of the scheme is 232,279 sq ft.

• Residential element features 48 x studio flats, 98 x one beds, 138 x two beds & 7 x three beds.

• The site is to be sold with the benefit of full vacant possession.

• Asking price £10 million.

CGI OF PROPOSED SCHEME FROM MIDLAND ROAD 2

LOCATION LU2 STREET, LUTON, 0HR ROAD & BURR MIDLAND

The site is situated within Luton, within the Tesco & TK Maxx. The Mall occupies approximately London Luton Airport is 2.3 kilometres to the open green space at The Moor, with the River Lea administrative boundaries of Luton Borough Council. 1 million sq ft, with over 100 retailers. It is currently south east of the site and typically carrying over running through, circa 600 metres to the west. The site is situated on Midland Road & Burr Street, undergoing a £7million upgrade to enhance the 10,000,000 passengers per annum, it is the UK’s within 100 metres of Luton Station to the south, space currently on offer. sixth busiest airport. It is currently being expanded The 100 hectare Stockwood Park is 1.7 kilometres within a mixed-use, medium density area. The site is resulting in more jobs and visitors to the area. to the south west of the site, which includes large situated within the ‘High Town’ district, which sits on Luton has a multitude of amenities on offer. recreational space, a golf course, athletics track, the fringe of Luton Town Centre. This includes a range of bars and restaurants in The Luton Campus of the University of Discovery Centre and rugby and equestrian facilities. the centre of London, as well as an 11-screen Bedfordshire is similarly in Luton, approximately Luton is an established large town, borough, and Cineworld cinema, 16-lane Tenpin bowling alley, 550 metres to the south east of the site. This ZSL Whipsnade Zoo, Dunstable Downs, commercial centre in Bedfordshire, 30 miles (50 indoor market, football stadium (Luton Town complex includes the STEM (Science, Technology, Wardown Park and Luton Hoo stately home are kilometres) north west of London. The railway link Football Club) and other sports facilities. Engineering and Mathematics) building, Business all within a short drive. to London is exceptionally convenient from Luton School, a seven storey library and Postgraduate Station (National Rail), with a fastest journey time The location benefits from excellent road & CPD Centre, in addition to other facilities. of approximately 23 minutes. connections with easy access to the M1 Motorway The University of Bedfordshire has circa 20,000 at Junction 10 which is approximately 3.4 kilometres students, across a number of different campuses. The Mall Shopping Centre is situated approximately to the south, and Junction 11 is 4.1 kilometres to the 350 metres to the south west of the site. The north west. The neighbouring towns of Milton Keynes, There are a number of Public parks within walking shopping centre dominates Luton town centre and Bedford and St Albans are within a 30 minute distance of the site; namely, People’s Park is incorporates popular retailers such as Anytime drive, offering further amenities. 450 metres to the north and Popes Meadow is Fitness, Argos, Boots, Debenhams, H&M, River Island, 700 metres to the north west. There is additional

LUTON – WELL CONNECTED THE SITE CONNECTS TO LONDON ST PANCRAS INTERNATIONAL M1 MOTORWAY IN APPROX. 23 MINUTES. LUTON AIRPORT

EASY ACCESS TO JUNCTION LONDON LUTON AIRPORT 10 OF THE M1 MOTORWAY LONDON ST PANCRAS CAN BE REACHED WITHIN IN UNDER 5 MINUTES. INTERNATIONAL APPROX. 10 MINUTES.

LONDON LUTON AIRPORT

LUTON TOWN CENTRE THE MALL HIGH TOWN ROAD STOCKWOOD PARK & POND 3 MIDLAND ROAD & BURR STREET, LUTON, LU2 STREET, LUTON, 0HR ROAD & BURR MIDLAND

Crown Copyright 2019. All rights reserved. Licence number 100022432. EXISTING VIEW OF SITE, FACING NORTH WEST

EXISTING

The site extends to approximately 2.34 acres (0.947 hectares). Vehicular access into the site is available primarily from Burr Street, The topography of the site slopes from north west to south east. with additional pedestrian access from Midland Road. The site levels vary by at least 6 metres across. There are no trees or hedges within the site. The site is adjacent to an The site comprises two distinct elements: 10 Midland Road and electricity substation, on the corner of Midland Road / Burr Street, 19-21 Burr Street, both within the same ownership. which will remain as part of the proposed scheme.

10 Midland Road comprises a large four storey warehouse and large To the north of Burr Street lies mixed commercial usage, which associated forecourt, currently occupied by Auto Inn Cars Ltd (a car typically includes vehicle valeting and servicing garages. There are sales company), with associated forecourt. It also comprises of a number low rise buildings, with ground floor retail use, along High Town Road to VIEW OF SITE FROM BURR STREET, FACING WEST of smaller storage and warehouse units facing Burr Street. the west. There is existing Public Space located on the Burr Street / High Town Road junction, which the local council has plans to renovate. 19-21 Burr Street comprises a range of single storey light industrial buildings, currently occupied by a second-hand car dealer. The site is situated opposite the Luton Station Multi-storey Car Park, mainly used by commuters travelling into London from Luton Station, The site sits between Midland Road to the south and Burr Street to and built by Network Rail in 2011. It has 729 car parking spaces, and the north, and it borders the rear of properties along High Town Road the bulk of its structure is over 20 metres in height. to the west, a newly built residential development to the east and warehouses / light industrial properties to the south east. There is a There is a newly built modern four storey development of 97 apartments part single part two storey Bosch Car Service office and workshop, at Gillam Court to the east of Midland Road, which comprises affordable fronting Burr Street, adjacent to the site. units operated by Paradigm Housing.

VIEW OF SITE FROM MIDLAND ROAD, FACING NORTH WEST 4 DEVELOPMENT PROPOSAL LU2 STREET, LUTON, 0HR ROAD & BURR MIDLAND

Station Place will provide a total There is retail space provided within of 291 new private units, including Block A1 (4,101 sq ft) and in Block B a mixture of studios, one, two and (1,475 sq ft), facing the Public Piazza, three bedroom apartments. The providing a complimentary use to the proposed scheme includes seven residents. This will provide a total of blocks, ranging in height from three 5,576 sq ft (NIA) of new retail space. to seven storeys, with the inclusion In terms of internal space, Block of a new Public Piazza, Central Public A2 will have a first floor amenity / Square, courtyards, amenity and communal use area of 2,250 sq ft retail space, balconies to some of the and Block C will have a ground floor units, secure car parking (including amenity / communal use area of 850 ‘car club’) and landscaped communal sq ft (3,100 sq ft in total), which can areas. All existing buildings on site be used by the residents as part of will be demolished. the scheme. The proposed architecture is The apartments will include stair contemporary in style, comprising cores and passenger lifts, serving traditional brickwork and metal all floors. Many of the flats will cladding. The scheme will incorporate incorporate a balcony as private an active frontage onto Midland Road outdoor amenity space. There are 57 and the corner of Burr Street / High secure car parking spaces in total, Town Road, allowing the scheme to which whilst built undercroft will be permeable and accessible for all CGI AERIAL VIEW OF PROPOSED SCHEME appear underground owing to the future occupants. All the units will topography of the site, and a further be for private sale, and there is no 6 car parking spaces (including 2 ‘car affordable housing tenure. club’ spaces) fronting Midland Road. The proposed residential mix There will be a Public Central Square comprises 16% studios, 34% one bed in the centre of the scheme, as apartments, 47% two bed apartments communal amenity space, along with and 2% three bed apartments. The a new Public Street / pedestrian proposed scheme will provide a total walkway from Midland Road and of 174,709 sq ft (Net Saleable Area). Burr Street. There will also be an There will be seven blocks in total (A1, upper and lower courtyard, along A2, B, C, D, E & F). Blocks A1, A2, B, C with landscaped grounds. The & D form part of the 10 Midland Road scheme will also include ample bin planning permission and Blocks E & and cycle storage. F form part of the 19-21 Burr Street The height of the proposed scheme planning permission. Vehicular and peaks in the centre of the site, with pedestrian access will be from both Blocks A2, B and C arranged over Midland Road and Burr Street. six storeys, and Block D proposed at seven storeys. Block A1 is proposed at three storeys, due to the height of existing buildings on High Town 291 Road and the neighbouring High PRIVATE UNITS Town Conservation Area. Blocks E and F are proposed at five and four 2.34 ACRES storeys in height, respectively, given the topography of the site. CGI OF PROPOSED SCHEME FROM BURR STREET 5 PROPOSED FLOOR AREAS LU2 STREET, LUTON, 0HR ROAD & BURR MIDLAND

PROPOSED ACCOMMODATION SCHEDULE

We provide a schedule of proposed accommodation below:

In terms of proposed unit sizes, the studios range from 398 sq ft to 452 sq ft, one bed apartments from 398 sq ft to 624 sq ft, two bed apartments from Total sq ft Unit type No. of units Min. size Max. size Av. Size Mix 657 sq ft to 807 sq ft, and three bed apartments from 872 sq ft and 958 sq ft. (NSA) The average unit size is 600 sq ft (NSA). Studio 48 398 452 413 16% 19,827 GROSS INTERNAL AREAS 1 bed 98 398 624 528 34% 51,785 2 bed 138 657 807 701 47% 96,767 The proposed Gross Internal Area (GIA) of the scheme is 232,279 sq ft. The ground floor car parks will extend to 17,202 sq ft (GIA). The GIA excluding car 3 bed 7 872 958 904 2% 6,329 parks is 232,279 sq ft. This reflects a 75% gross to nett ratio. Total 291 600 100% 174,709 Further information on the proposed scheme can be found on the Information Website.

CGI OF PROPOSED SCHEME FROM MIDLAND ROAD 6 PLANNING AND S106 10 MIDLAND ROAD 19-21 BURR STREET LU2 STREET, LUTON, 0HR ROAD & BURR MIDLAND

The Planning Authority is Luton Planning permission was granted at appeal (reference: APP/ Planning permission was granted by Luton Borough Council (planning Borough Council. B0230/W/19/3235438) on 16 January 2020, in connection with planning reference 17/00821/OUT) on 26 February 2018 for “Erection of 4 and 5 story application 18/01207/OUT for “demolition of existing buildings and building comprising 64 residential units.” Relevant policies which guide erection of five buildings ranging from 3 to 7 storeys to accommodate development are contained within the 227 apartments, 2 ground floor retail units and / or community space, car Approval of reserved matters was granted by London Borough Council Luton Local Plan, subject to modifications, parking, and cycle parking, together with ancillary facilities.” (planning reference 20/00132/REM) on 30 June 2020 for “Approval of as adopted in 2017. There are no buildings Reserved Matters relating to Appearance and Landscaping of Planning on the site that are listed and the site is not A Unilateral Undertaking has been signed, dated 26 November 2019, with Permission No. 17/00821/OUT”. situated within a Conservation Area. The a total financial contribution of £602,806. This total figure relates to the A Unilateral Undertaking has been signed, dated 26 February 2018, with site is, however, in close proximity to the following contributions: a total financial contribution of £353,644. This total figure relates to the High Town Conservation Area to the west. Contribution Amount following contributions: There have been two Unilateral Education £238,166 Contribution Amount Undertakings signed for the proposed Transport facilities £50,000 scheme (detailed below). This provides a Affordable Housing £123,000 Waste £14,640 total financial contribution of £956,450. Education £160,739 Affordable housing £300,000 There are no proposed CIL costs due as Libraries £5,233 part of the proposed scheme Total £602,806 Museum £3,904 Waste £2,268 Open Space £58,500 Total £353,644

CGI OF PROPOSED SCHEME FROM MIDLAND ROAD CGI OF PROPOSED COMMUNAL AREAS 7 MIDLAND ROAD & BURR STREET, LUTON, LU2 STREET, LUTON, 0HR ROAD & BURR MIDLAND

CGI OF PROPOSED SCHEME FROM HIGH TOWN ROAD

MASTERPLAN

The Luton High Town Masterplan Supplementary The vision for the area is to: The Masterplan builds upon the East Village 4. Midland Road and High Town Gateway: Area Planning Document (the Masterplan) was formally Design Codes 2009 and the current Luton Local adjacent to the railway footbridge connecting High adopted by Luton Borough Council in September “Create a sustainable vibrant, historic Plan 2011-2031 (adopted in November 2017). We Town to Luton Station and the town centre. 2016. The High Town Masterplan (27 hectares in neighbourhood destination delivered through understand that where there are conflicts between total) aims to deliver the highest concentration of residential-led mixed use development whilst the Masterplan and the 2009 Design Codes, the 5. High Town Road: Spine of High Town conservation new housing in Luton. protecting the historical environment and Masterplan will take precedence. area and acts as the centre of High Town. assets including: It was identified as one of seven strategic allocations We understand from Luton Borough Council that 6. East village: Area comprising underused land within Luton whereby investment and development • small scale offices / workshops the key character areas are: occupied mainly by light industrial buildings is to be concentrated and be delivered within the • live work units and warehouses. next 15 year period. • increased retail provision 1. Old Bedford Road: Mixed-use development. 7. Land north-east of High Town Road: Area of This illustrative Masterplan provides a vision for This will enhance the area including increased 2. Paths Estate: Housing estate. industrial uses with Victorian housing, educational the development of the area north of Luton Station. footfall, better pedestrian access and permeability, and community facilities. Back of High Town Road – Mixed-use The application site sits within the “Midland Road” more public open space and an enhanced natural 3. (including residential, surgery and elderly area of the adopted Masterplan. The site is identified environment.” (Source: Luton Borough Council). accommodation) supporting the High Street as sub-site 1A within the Masterplan. and including car parking. 8 NEIGHBOURING SCHEMES DEVELOPMENT & INVESTMENT IN LUTON 2020 Developments, comprising: 6. Bartlett Square LU2 STREET, LUTON, 0HR ROAD & BURR MIDLAND

Luton Borough Council, along with major investors Mixed-use development There are a number of proposed developments in 1. Power Court Stadium comprising offices and flexible and developers, have secured investment of the immediate vicinity of the site, to the north of Luton A new 17,500 seat football work spaces, hotel (up to 170 Station. These include: 15 Hitchin Road, 144 Midland approximately £1.5 billion to transform Luton into a stadium for Luton Town bedrooms) and multi-storey car Road, 146 Midland Road and Hatton Place. more affluent place to live and a thriving economy Football Club with stadium park. Permitted. over the next 20 years. There is a further £3 billion facilities, along with Further information in respect of planning is provided of inward investment planned through the Luton approximately 500 new 7. New Century Park on the Information Website (further details are Investment Framework (LIF). homes (apartments), bars, restaurants, retail units 70 acres of commercial provided at the end of this brochure). Luton Culture has also been awarded £3.8m to (including supermarket), development in connection cinema, hotel, banqueting with Luton Airport, facilitated develop new creative workspace in Luton’s Cultural venue, education and medical by a new 1.6 mile access road. Quarter. A summary of key projects is outlined facilities. Permitted, early Permitted. in the map below. works underway.

2. Newlands Park Other notable developments: Mixed-use development comprising offices, hotel with 8. Chiltern Academy conference meeting facilities, A new Chiltern Learning Trust leisure hub with cinema and school offering places for 1200 cinema. Permitted. students aged 11-16 years old. Opened 2018.

Napier Gateway, comprising: 9. Stockwood Gardens 340 new homes (apartments). 3. Napier Park PUTTERIDGE Work underway. 520 new homes (apartments BISCOT and houses). Work underway.

NEW BEDFORD ROAD 10. Griffin House MONTROSE AVE 4. Lu2on 17 acre site with potential for up to 1,000 new homes Mixed-use development A505 (apartments and houses) and scheme comprising 685 commercial use. Pre-planning apartments, hotel (201 HIGH 13 application. TOWN HITCHIN ROAD NEW CENTURY bedrooms), retail / leisure 7 PARK HATTERS WAY space, health centre, piazza A6 and park. Work underway. 11. Imperial Square (Flowers Way) LONDON LUTON 1 AIRPORT 318 new homes (apartments). CADDINGTON THE MALL M1 11 GOLF CLUB SHOPPING Works underway. 3 VAUXHALL WAY CENTRE 4 6 FARLEY HILL 12 KIMPTON ROAD London Luton Airport Limited (LLAL) 10 GIPSY LANE UNIVERSITY 5 developments, comprising: OF BEDFORD 8 (LUTON CAMPUS)

LONDON ROAD FARLEY HILL LUTON HOO 5. Luton DART (Direct Air – Rail Transport) 12. Windsor Point (Latimer Road) LUTON ROAD A new passenger transit 238 new homes (apartments) 9 and commercial use. Works STOCKWOOD system from Luton Airport PARK Parkway Station to Luton underway. RIVER LEA A1081 Airport terminal. Work underway, due to open 2021.

2 13. High Town Neighbourhood Master Plan Highest concentration of new housing in Luton. 9 RESEARCH AVERAGE HOUSEHOLD INCOME - LUTON LU2 STREET, LUTON, 0HR ROAD & BURR MIDLAND

Luton in Bedfordshire attracts a wide range of residents and households TOP SIX HOUSEHOLDS GROUPS WITHIN 3KM £33,981 to the area due to its connectivity with London and major road links, as AVERAGE HOUSEHOLD INCOME well as Airport, Hospital, University campus & Shopping facilities for job 14,000 13,445 £50,000 opportunities. We detail within this section average pricing for the area and household earnings, as an indication of its appeal and demographic. £49,681 48,592 12,000 HOUSEHOLDS NEW BUILD AND SECOND-HAND VALUES - LUTON £45,000 10,243 £42,052 10,000 10,268 OTHER HOUSEHOLDS FLATS HOUSES £40,000 8,000 £398 £356 PSF AVERAGE NEW BUILD PRICE PSF AVERAGE NEW BUILD PRICE 5,746 6,000 £33,663 £33,522 £35,000 HOUSEHOLDS £315 £296 4,212 PSF AVERAGE SALE PRICE PSF AVERAGE SALE PRICE 4,000

£28,502 INCOME HOUSEHOLD AVERAGE 2,416 £30,000 £278 £294 £27,122 2,262 PSF AVERAGE RESALE PRICE PSF AVERAGE RESALE PRICE 2,000

0 £25,000 PROPORTION OF SALES BY £PSF BRACKET - 2 YEARS TO MARCH 2019 Urban Rental Transient Aspiring Suburban Family Cohesion Hubs Renters Homemakers Stability Basics 80% 35% (source: Mosaic 2018, 3km site radius) 31.13% 70% 30%

60% £PSF BRACKETS FLAT HOUSE TOTAL HEAT MAP SHOWING DISTRIBUTION OF HOUSEHOLDS EARNING £75K PER ANNUM 25% 1) Under £250psf 14.41% 20.83% 35.23%

50% 2) £250 - 500psf 13.88% 50.36% 64.25% 20% 3) £500 - 750psf 0.28% 0.24% 0.52% 40% TOTAL 28.57% 71.43% 100% 15%

30% % NEW BUILD

10% PROPORTION OF SALES OF PROPORTION 20%

5% 10% 3.54% 0% 0% House Flat

Under £250psf £250 - 500psf £500 - 750psf New build

(source: Land Registry Price Paid data, EPC Register, 2 years to March 2020, 3km site radius)

£psf values have been determined by matching individual sales data from the Land Registry with the corresponding floor area from the EPC Register. Floor areas are not captured for every property and may not represent the latest data. Furthermore, the matching process is procedural and may fail in some instances. In this case 82% of sales within 3km of the site were matched with a floor area. (source: Mosaic) 10 CONTACT LU2 STREET, LUTON, 0HR ROAD & BURR MIDLAND

SCOTT SPIRO Director Allied Property Investments [email protected] +44 20 7486 9000 +44 7973 135305 CGI OF PROPOSED SCHEME FROM MIDLAND ROAD LIAM NOAD Land & Development Associate Allied Property Investments TENURE Bids should be delivered by post, email or by [email protected] personal delivery to the offices of the Vendor’s FURTHER The freehold interest is for sale with the benefit +44 20 7486 9000 joint selling agents, Allied Property Investments INFORMATION of full vacant possession. & Knight Frank LLP. +44 7900 926114 A full Information Pack is available The site is outlined in red on the attached Ordnance GUIDE PRICE Survey plan (for identification purposes only), and is on an Information Website: to be sold subject to, and / or with the benefit of any Asking price £10 million. www.land.knightfrank.com/ rights of way, easements or restrictions, which may view/stationplace exist, whether or not mentioned in these particulars. Offers must state a specific sum of money to be MARK ROGAN paid and shall not be for sums calculable only by To enter the site, you will be Associate – Development SERVICES reference to another bid for the site. required to enter your company Knight Frank LLP name and your email address and It is understood that mains water, electricity, gas The Vendor, in its absolute discretion, does not [email protected] to enter the password “Luton” (this and drainage were previously available to the site, undertake to accept the highest or any offer received. +44 20 7861 1366 is case sensitive). although it will be the responsibility of the purchaser +44 7467 912634 to ensure they are available and adequate for any VAT For any queries in relation to the future use of the site. website, please contact Mark ANTHONY KAZAN All offers should be exclusive of any VAT which Rogan at Knight Frank LLP. Partner – Development INSPECTION may be charged on the purchase price. Knight Frank LLP

[email protected] DEBT ADVISORY The site may be inspected by prior appointment +44 20 7861 1286 through the Vendor’s selling agents, Allied Property Knight Frank’s Debt Advisory team advises those +44 7436 154872 Investments & Knight Frank LLP. Please contact VIDEO PRESENTATION seeking to obtain real estate finance for developments Scott Spiro at Allied Property Investments or Mark PETER WYATT or acquisitions. The team is on hand to guide and A short video of the proposed Rogan at Knight Frank to arrange an inspection. Partner – Build to Rent support clients throughout the financing process development is available Knight Frank LLP to make it simpler and faster and to secure optimal via the link below. This will Prospective purchasers should be aware that [email protected] lending terms. provide a complete picture and inspections are made entirely at their own risk and no +44 20 3869 4698 understanding of the proposed liability is accepted by the Vendor or its agents. +44 7973 924105 For more information, please contact development. METHOD OF SALE Lisa Attenborough, [email protected] https://www.api.uk.com/allied- On behalf of The site is for sale by private treaty via informal +44 20 3909 6846 property-station-place-luton/ tender. Unconditional offers are sought. DISCLAIMER FOR SALES:

Important Notice: 1. Particulars: These particulars are not an offer or contract, nor part of one. You should not rely on statements by Knight Frank LLP or Allied Property Investments in the particulars or by word of mouth or in writing (“information”) as being factually accurate about the property, its condition or its value. Neither Knight Frank LLP nor Allied Property Investments have any authority to make any representations about the property, and accordingly any information given is entirely without responsibility on the part of the agents, seller(s) or lessor(s). 2. Photos, Videos etc: The photographs, property videos and virtual viewings etc. show only certain parts of the property as they appeared at the time they were taken. Areas, measurements and distances given are approximate only. 3. Regulations etc: Any reference to alterations to, or use of, any part of the property does not mean that any necessary planning, building regulations or other consent has been obtained. A buyer or lessee must find out by inspection or in other ways that these matters have been properly dealt with and that all information is correct. 4. VAT: The VAT position relating to the property may change without notice. 5. To find out how we process Personal Data, please refer to our Group Privacy Statement and other notices at https://www. knightfrank.com/legals/privacy-statement.

Particulars dated July 2020. Photographs and video dated July 2020.

Knight Frank is the trading name of Knight Frank LLP. Knight Frank LLP is a limited liability partnership registered in England and Wales with registered number OC305934. Our registered office is at 55 Baker Street, London W1U 8AN where you may look at a list of members’ names. If we use the term ‘partner’ when referring to one of our representatives, that person will either be a member, employee, worker or consultant of Knight Frank LLP and not a partner in a partnership. If you do not want us to contact you further about our services then please contact us by either calling 020 3544 0692, email to [email protected] or post to our UK Residential Marketing Manager at our registered office (above) providing your name and address.