An existing 4 storey mixed use commercial property in central Luton extending to 20,247 sqft GIA subject to planning permission for an extra floor of B1 office space or Residential conversion.
The property is located on the south side of George Street which is considered to be Luton’s prime retail pitch in the nucleus of Luton Town Centre. The property is a 7 minute walk from Luton Railway Station providing direct services into London St Pancras in approx. 23 minutes and is approximately a 9 minute drive from Luton Airport. The property is an 8 minute walk from the University of Bedfordshire, Luton campus. The University of Befordfordshire currently has 17,000 students (figure based on a 2016/17 census) and we are of the opinion that the scheme could lend itself to student accommodation use.
MIXED USE COMMERCIAL DEVELOPMENT
Planning permission was submitted on 29th May 2018 for the construction of an extra floor of B1 office space.
The proposed scheme will extend to 24,779 sqft GIA. The scheme provides façade alterations and reconfiguration of the third floor with a use class change from D1 to B1 (Planning Ref: 18/00814/FUL).
The ground floor, use class A2 extends to 4,800 sqft GIA. The 1st and 2nd floor, use class D2 extends to 15,447sqft GIA and the 3rdand proposed 4th floor, use class B1 will extend to 4,532 sqft GIA.
RESIDENTIAL DEVELOPMENT SCHEME
The Vendor submitted a separate planning application in August 2018 for the retention of the ground floor use and the change of use of the 1st to 3rd floors into 62 shared living units (Sui Generis).
The ground floor extends to 4,800 sqft GIA and the proposed residential shared living scheme will extend to 10,599sqft NSA (15,447 sqft GIA).
Should the office scheme be granted this will set president for an extra floor, giving the possibility to apply for an extra floor of shared living accommodation via a separate planning application. We advise potential purchasers to undertake their own due diligence on this matter.
The property is available freehold with vacant possession.
OFFICE INVESTMENT OPPORTUNITY OR RESIDENTIAL/ STUDENT DEVELOPMENT
l Established commercial location of Granby Street l 5 minutes walk from Leicester Railway Station l Conversion of upper floors to 27 flats, fully pre-let to students l Ground floor commercial unit let to World Street Cafe Bar Ltd l Combined gross ERV of £276,360 pa l Offers invited in the region of £3,250,000 (Three Million, Two Hundred and Fifty Thousand Pounds) for the freehold interest, subject to contract. This reflects a gross yield on gross ERV of 8.50%
Student Let Investment with Ground Floor Commercial Element
• Affluent north west town with over 570,000 people living within 30 minutes of its centre • Prominent & easily accessible location adjacent to the A59 Liverpool Road • Let to national retailers including Aldi, B & M, Pets At Home, Peacocks, Sue Ryder and Subway with a highly attractive WAULT of over 14 years • Approximately 41% of the income subject to either RPI or fixed increases • Offers are sought in excess of £15,300,000 (Fifteen Million Three Hundred Thousand Pounds) reflecting an attractive Net Initial Yield of 6.00% assuming purchaser costs of 6.73%. • Based on the fixed/RPI increases, the running yield would rise to 6.33% in 05/2022, 6.70% in 05/2027 and 7.11% in 05/2032
Ringtail Retail Park
Type: General Retail, Retail - Out of Town, Retail Park, Retail
Ringtail Retail Park, L40 8ADGBOrmskirkLancashireL40 8ADRingtail Retail Park
The property comprises a single storey building constructed of brick, clad in profiled metal. The property includes main retail area, WC's, office/storeroom and kitchen area. The property has its own off-road parking to the front and side, with parking for approximately 8-10 cars. ( Agency Pilot Software Ref: 2632 )
10A, Bath Road, Thatcham, RG18 3SX
Type: General Retail, Warehouse, General Industrial, Showroom, Retail, Industrial, Other Property Types & Opportunities
SMITH BRADBEER LIMITED IS INVITING MAJOR DEVELOPERS/ CONTRACTORS/INVESTORS TO EXPRESS INTEREST IN BECOMING THE PARTNER(S) IN DEVELOPING 3 MAJOR SITES TOTALLING 1 HA IN THE CENTRE OF THE AFFLUENT COASTAL TOWN OF NEW MILTON
• Excellent links to Bournemouth Southampton & London • Freeholds held by Smith Bradbeer Limited • All appropriate user classes considered including over 15,000 m2 of residential / care accommodation with up to circa 7,500 m2 of retail, subject to planning approval • Development timescale likely to begin Q1 2021 • Potential for 100+ apartments • Gross Development Value £50m+ • Positive engagement with Local Planning Authority • Smith Bradbeer Limited to retain presence on part of the site • Partner(s) sought with vision, commitment and finance • Stage 1 expressions of interest sought by 2nd November 2018
Station Road, New Milton, BH25 6LW
Type: Residential, Retail, Residential Land
Station Road, New Milton, BH25 6LWGBNew MiltonHampshireBH25 6LWStation Road
3.2 ACRE MAJOR REDEVELOPMENT OPPORTUNITY OPPOSITE DEVONPORT DOCKYARD
• Site suitable for various uses (STPP)
• Unconditional and conditional deals considered
• Existing GIA of 11,397 sq m (122,682 sq ft)
• Site area of 1.29 hectares (3.2 acres)
Saltash Road, Plymouth, PL2 2DP
Type: Residential Land, Distribution Warehouse, General Industrial, Industrial Park, Warehouse, Storage, General Retail, Retail - Out of Town, Trade Counter, Land, Business park, Design & Build, Healthcare, Mixed Use, Science Park, Research & Development, Other, Residential, Industrial, Retail, Commercial Land, Offices, Other Property Types & Opportunities
Goschen Centre, Saltash Road, PL2 2DPGBPlymouthDevonPL2 2DPSaltash Road