A residential development opportunity for 41 apartments – 30 via permitted development and 11 new build apartments via a rooftop extension.
Location
The property is located just off Fishponds Road at the entrance to Mulberry Busines Park and is approximately 19 minutes’ walk from Wokingham railway station, providing direct services to London Waterloo in just over an hour.
The business park is due to become fully residential in the near future with the surrounding buildings all having permitted development applications submitted for the change of use to residential apartments. Ilex House, located to the rear of Indigo House is currently under construction for the change of use to create 46 units.
The property is within close proximity to a wide range of local amenities, including an Aldi & Tesco superstore. The open spaces of Leslie Sears Playing Field and Viking Field are nearby.
Accommodation
The property is set within grounds extending to approximately 1.05 acres and comprises a 1980’s detached purpose built office building, extending to a total area of approximately 23,454 sq ft GIA.
The property provides 88 car parking spaces.
Terms
Permitted Development - Permitted development was granted on 12th March 2021 for the proposed change of use from office (Class E(i)) to create 30 residential dwellings (Class C3) (Planning reference: 210166).
The proposed scheme comprises 18 x studio, 10 x 1 bed & 2 x 2 beds arranged across ground and first floors, extending to a total area of approximately 15,274 sqft NSA.
Planning - Planning permission granted (subject to the signing of the S106) for the proposed removal of the existing roof structure and the erection of a new second floor providing 11 apartments (Planning reference: 213975).
The proposed scheme comprises 8 x 1 bedroom & 3 x 2 bedroom apartments arranged across the second floor, extending to a total area of approximately 7,062 sqft NSA (8,988 sqft GIA).
We have been advised that the scheme will be subject to 4 x on site affordable housing units (social rent).
We have not been advised of the potential CIL liability arising from the scheme and advise all potential purchasers to satisfy themselves around this point.
Tenure - The property is available freehold with vacant possession obtainable within 6 months.
Price on Application
The property is elected for VAT