Potential Residential Conversion Opportunity: 8 Bath Road, Slough, SL1 3SA

Transcription

1 Potential Residential Conversion Opportunity: 8 Bath Road, Slough, SL1 3SA

2 Investment Summary Opportunity to acquire a prominent three storey office building Located in an affluent commuter town Total floor area of 8,457 sq ft ( sq m) Eight person passenger lift to all floors Potential for conversion to residential under Permitted Development Rights Situated only 10 minutes walk from Slough mainline station (Crossrail by 2019) Opportunity to increase massing through the conversion of the undercroft and rear car park, subject to necessary consents Freehold with vacant possession Offers invited in excess of 1,400,000 (One Million, Four Hundred Thousand Pounds) reflecting a low capital value of 175 per sq ft 2

3 Location Slough lies at the heart of the Thames Valley, 23 miles west of Central London. The town is home to approximately 140,000 people, a figure expected to grow by up to 11% by Slough has excellent road communications with the M4 Motorway (junctions 5, 6 and 7) located circa 3 miles to the south. This in turn provides direct access to the M25 approximately 6 miles to the east. The A4 runs east/west through the town. Nearby centres include: Location Windsor Maidenhead Hammersmith Reading Distance 3 miles 5 miles 19 miles 20 miles There is a direct rail service to London Paddington with a fastest journey time of circa 15 minutes, Reading is within 14 minutes. By 2019 the Crossrail station at Slough will further improve rail links with anticipated journey times of 30 minutes to Bond Street and 35 minutes to Farringdon London Heathrow International Airport lies approximately 5 miles to the east and Gatwick is 40 miles to the south east. 3

4 4 Location

5 Situation The building is prominently situated on the Bath Road within walking distance of Slough town centre, the Observatory and Queensmere shopping centres. By road the property is easily reached from Junction 6 of the M4 Motorway (1.5 miles) which provides direct access to Heathrow (7.5 miles), the M25 at Junction 15 (6 miles) and Central London (22 miles). Slough mainline train station is approximately 10 minutes walk (0.5 miles). Regular bus services run past the property and provide excellent access to the train station, the town centre and other key locations within Slough and surrounding towns. Salt Hill Park is located 100m from the property and boasts amenities including tennis courts, a bowling alley, landscaped gardens and a cafe/restaurant. The area has attracted 450 million of investment as part of the Heart of Slough regeneration project, which aims to bring high-quality living to central Slough, pumping new life and prosperity into the town centre and the High Street (source: Slough Borough Council). The Thames Valley is the 10th most promising region in Europe for inward investment (and 3rd in the UK), while Slough is 3rd for infrastructure, in FDi Intelligence s European Cities & Regions of the Future report Slough is home to approximately 4,600 businesses providing 87,000 jobs with an average salary of 32,000, well above South East and UK averages (source: Slough Means Business). 5

6 6 Situation

7 7 Promap Site Plan

8 Description & Accommodation 8 Bath Road was constructed in 2000 and fully refurbished in 2012 to provide 8,457 sq ft of high quality accommodation arranged over ground and two upper floors. The self contained building provides open plan flexible floor space. The property currently boasts an excellent town centre car parking ratio of 1:314 sq ft. The premises have been measured in accordance with the RICS Code of Measuring Practice 6th Edition on a net internal area basis. We calculate the following floor areas: Offices Sq ft Sq m Reception Ground 1, First 3, Second 3, Total 8, The potential conversion of the undercroft and rear car parking offer opportunities to increase the massing significantly, subject to gaining the necessary consent. 8

9 Specification The building has been fully refurbished to provide the following specification: Air conditioning LG 7 compliant lighting Raised floors 8 person lift serving all floors Suspended ceilings 27 car parking spaces Floor to ceiling heights of 2.7m (from raised floor to suspended ceiling) 9

10 10 Floorplans Ground Floor

11 11 Floorplans 1 st Floor

12 12 Floorplans 2 nd Floor

13 Further Information Planning: The property has existing use as offices and offers potential for conversion to residential under the recently extended Permitted Development Rights. Slough District Council did not exclude any areas from these provisions. The property is not Listed or locally listed. EPC: The property has an EPC rating of D 92. A full EPC is available on request. Services: We have not carried out tests on any of the services or appliances and interested parties should arrange their own tests to ensure these are in working order. 13

14 Proposal We are instructed to seek offers in excess of 1,400,000 (One Million, Four Hundred Thousand Pounds) which after purchaser s costs of 5.80%, represents a low capital value of 175 per sq ft. For further information or to arrange an inspection please contact the sole agents: David Edwards E: david.edwards@bnpparibas.com T: M: Simon Fitch E: simon.fitch@bnpparibas.com T: M: Edward Price E: edward.price@bnpparibas.com T: M: Misrepresentation Act 1967: BNP Paribas Real Estate Advisory & Property Management UK Limited for themselves and for the vendor(s) or lessor(s) of this property whose agents they are, give notice that: 1. These particulars do not constitute, nor constitute any part of, an offer or contract. 2. None of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact. 3. Any intending purchaser or lessee must satisfy himself by inspection or otherwise as to the correctness of each of the statements contained in these particulars. 4. The vendor(s) or lessor(s) do not make or give and neither BNP Paribas Real Estate Advisory & Property Management UK Limited nor any person in their employment has any authority to make or give, any representation or warranty whatever in relation to this property. Finance Act 2013: Unless otherwise stated all prices and rents are quote exclusive of VAT. The Business Protection from Misleading Marketing Regulations 2008: These details are believed to be correct at the time of compilation but may be subject to subsequent amendment. January 2015.