Former Co-op Building, Alexandra Road

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Key Points

Summary

Prime redevelopment opportunity in Corby, Northamptonshire.

Description

The site extends to approximately 2.13 acres (0.86 ha) including the existing detached former Co-op food-store with its primary frontage and entrance onto Alexandra Road and associated car parking.

An Outline planning application for the site has been submitted for up to 110 dwellings with flexible ground floor retail space.

Offers are invited on either a conditional or unconditional basis for the freehold title.

Viewings

Please contact the sole selling agent JLL for any additional information. Any 'on-stie' viewings are to be strictly by prior arrangement.

Upon receipt of your expression of interest, JLL will provide access to all the property specific information available including the legal and planning details.

Location

The site is located in Corby, which is Northamptonshire's third largest urban center. Corby sits 19 miles northeast of Northampton and 70 miles northwest of London.

The site is centrally located 200m to the north of the town centre, with vehicular access from Alexandra Road, close to its junction to George Street. The surrounding area comprises a mix of retail, leisure and residential uses. Oasis Retail Park, Willow Place and Corby Town Shopping Centre are situated immediately opposite.

The location provides access to the A43 and the M1 motorway beyond at Junction 15. The A1(M) is accessed via the A12 and A47 dual carriageway arterial route which provides access out of Corby Town Centre.

Corby is located approximately 35 miles from East Midlands Airport and the town has its own railway station, located approximately 800m east of the subject site and 700m from the town centre.

Planning

The site sits within the jurisdiction of Corby Borough Council and Northamptonshire County Council.

An outline planning application (20/00155/OUT) has been submitted to Corby Borough Council for a residential mixed-use scheme which includes the demolition of the existing food-store and erection of up to 110 residential dwellings. The residential element at maximum density would comprise 29 houses and 81 apartments with 170 sq m of A1/A3 commercial floor space on the ground floor of the building on the corner of Alexandra Road and Wood Street.

Two indicative masterplan options have been submitted with the planning application and a third proposal is being discussed. In addition, an Economic Viability Analysis has been submitted which shows that the proposed scheme cannot support a contribution towards affordable housing.

The planning application has been dealt with by Pegasus Planning Group. Any enquiries regarding the application can be redirected by JLL to the appointed representative of Pegasus. Please do NOT make any direct enquiries to the planning authority at this stage of the application process. It is anticipated that the application will be determined in October 2020.

Offers Invited

The Site is offered for sale by way of Informal Tender.

Offers are invited for the freehold interest of the whole site, either on an unconditional or subject to Reserved Matters Approval basis.

Offers should be made in writing and should include the following as a minimum:

- Details of the proposed scheme including indicative
- Layout and drawings
- Conditional associated with the offer
- Proposed timescales for exchange and completion
- Solicitors' details
- Payment profile and availability of funds.

Expressions of interest and offers should be address to Anabel Christmas, Residential Team, Nottingham and should be submitted in hard copy or via email to anabel.christmas@eu.jll.com.

Please note that the Vendor is not obligated to accept the highest offer or indeed any bid submitted during the marketing process.

Tenure

The Site is to be sold freehold with vacant possession upon legal completion.

Information Pack

Further information is available, including:

- Arboriculture Impact Assessment
- Contamination Report
- Energy and Sustainability Strategy
- Illustrative Masterplan Options
- Transport Statement
- Travel Plan
- Flood Risk Assessment
- Design & Access Statement

VAT

To be confirmed by the Seller's solicitor.