Freehold airspace development opportunity with planning permission (subject to the signing of the S106) for 8 apartments with existing ground rent income.
The property is set within grounds extending to approximately 0.42 acres and comprises a 36-unit, 3 storey residential building which has recently undergone development for the change of use from office to residential (Planning reference: 32928/APP/2017/2396).
The 36 apartments have been sold off on long leases, generating a ground rent income of £6,538 per annum.
Location
The property is located on High Street, West Drayton and is within a 6-minute walk from West Drayton railway station and provides access to the Elizabeth line with services to London Paddington within 31 minutes.
Accommodation
Size - approximately 0.42 acres
Terms
Planning - Planning permission was approved at committee on 6th September 2023 and has been granted subject to the signing of the S106 for the provision of 8 residential dwellings in the existing loft space and external alterations to the existing building including the extension of the roof, the provision of new dormer windows and external roof terraces (Planning reference: 32928/APP/2023/753).
The proposed scheme comprises 8 apartments (4 x 1 bed & 4 x 2 bed) across a single storey rooftop extension and extends to a total area of approximately 5,146 sq ft NSA (6,212 sq ft GIA).
The proposed scheme involves maintaining the existing pitched roof structure of the roof, with the apartments built into the loft space.
Each apartment will provide a balcony.
We have not been advised of any S106 contributions arising from the proposed scheme.
We have not been advised of the potential CIL liability arising from the proposed scheme, however we advise all potential purchasers to satisfy themselves around this point.
Tenure - Freehold
Price on Application
The property is not elected for VAT.