Residential led mixed-use development opportunity with planning permission for 23 apartments and ground floor commercial.
Location
The site is located on Rosendale Road, within the London borough of Lambeth and is situated within 50 yards of Brockwell Park. Herne Hill railway station is within an 10 minutes’ walk from the site, providing direct services to London Victoria within 10 minutes.
Accommodation
The site is set within grounds extending to approximately 0.25 acres and currently comprises a vacant storage warehouse arranged across ground and part first floor, extending to approximately 10,640 sq ft GIA.
Terms
Planning - Planning permission has been granted (subject to the signing of the S106) for the retention and restoration of the front façade; demolition of buildings behind; the erection of a part two, four and five storey building to provide 23 dwellings, flexible Class E commercial space on the ground floor (office, gym, healthcare, creche or financial/professional services), communal amenity space, cycle parking, and hard and soft landscaping; and other associated development (Planning reference: 22/03635/FUL).
The proposed scheme will comprise 23 apartments (7 x 1 beds, 9 x 2 beds & 7 x 3 beds) arranged across first to fourth floors, extending to a total area of approximately 19,117 sq ft NSA. Some of the units will benefit from views over Brockwell Park.
7 of the units will be allocated for affordable housing (1 x 1 bed, 2 x 2 beds & 4 x 3 beds) extending to approximately 6,523 sq ft NSA.
The planning is not subject to an early or late stage viability review.
The proposed scheme will also provide a commercial unit on the ground floor, extending to approximately 7,427 sq ft NIA. Heads of Terms have been drawn up for a pre-let agreement with KMK-Kinderzimmer on a 25 year FRI lease (15 months’ rent free from practical completion) at a commencing rent of £200,000 per annum. The lease will be subject to 5 yearly upward only rent reviews – to be based on RPI, capped at 3% & collared at 1%. The lease is subject to a tenant only break clause at the 15th year with 6 months prior written notice. Further information can be provided upon request.
We have been advised that there is a CIL liability payable of £490,050 (subject to indexation), however we advise all potential purchasers to satisfy themselves around this point.
The planning permission is subject to a draft S106 contribution of £155,988, however we advise all potential purchasers to satisfy themselves around this point.
Tenure - Freehold
Price on Application