Queensway House, High Street, Stratford E15 2TF

Transcription

1 On the instructions of Timothy Perkin & David Barber of CBRE acting as Joint Fixed Charge Receivers Queensway House, High Street, Stratford E5 2TF East London Residential Development Opportunity Queensway House, High Street, Stratford E5 2TF

2 Queensway House, High Street, Stratford E5 2TF Summary Residential development opportunity located in Stratford, East London. A hectare (0.202 acre) site, currently occupied by an office building and car park. Prior approval granted for conversion to 33 residential units. Potential to extend the existing building by two storeys to provide an additional nine residential units totalling 42 units, subject to the usual consents. Approximately 270 metres (0.2 miles) from Stratford High Street, Docklands Light Railway Station and 800 metres (0.5 miles) from Stratford Station served by the Central Line, Jubilee Line, London Overground, Great Eastern Main Line and from May 207 Elizabeth Line (Crossrail) Services. For sale freehold with a serviced Business Centre in operation. Location and Situation The site is within easy access to the City and West End via excellent transport links provided by Stratford station. The Queen Elizabeth Olympic Stadium and Park are located to the west, Bromley- By-Bow to the south, West Ham to the east and Leyton to the north. Central Stratford is located approximately 800 metres (0.5 miles) to the north of the site. The area has undergone extensive regeneration over the last 5-0 years, catalysed by the Olympics in 202 and the planned arrival of the Elizabeth Line (Crossrail) which will open at Stratford Station in May 207. Numerous world class sporting facilities have been provided by the Queen Elizabeth Olympic Park, including the Queen Elizabeth Olympic Stadium, London Aquatics Centre and multi-sport arena the Copper Box. The Westfield Stratford Shopping Centre opened in 20, providing one of the largest shopping centres in Europe with over 350 high street and designer stores and restaurants, located approximately.0 kilometres (0.6 miles) to the north of the site. Major Developments in the Area There are numerous major proposals being delivered in the area including East Village, the accommodation used by the athletes during the Olympics which is being converted into over 2,800 new homes. Extensive further regeneration is currently in the pipeline including: East Wick and Sweetwater which will deliver up to,500 new homes; Marshgate Wharf which has outline permission for approximately 2,600 new homes; Olympicopolis which will see the Victoria and Albert Museum and University College London established within the Olympic Park; and icity which will provide a new tech campus developed by Loughborough University. The site is located on Stratford High Street, which has also undergone extensive development in recent years. Immediately opposite the site, High Street will provide a 26-storey student housing scheme being delivered by Ludgate. Further to the south, One Eighty Stratford High Street is a 26-storey, 298 unit Private Rented Sector (PRS) scheme that was completed in 20 and is owned by Aberdeen Asset Management. NOTE:- Reproduced from the Ordnance Survey Map with the permission of the Controller of H.M. Stationery Office. Crown copyright licence number Savills (UK) Ltd.NOTE:- Published for the purposes of identification only and although believed to be correct accuracy is not guaranteed. Stratford Halo completed in 203 and was delivered by Genesis Housing to provide 639 units, including a substantial PRS element now owned by M&G. Transport Links The site is extremely well connected to public transport links, with a PTAL rating of 6(b) (excellent). Stratford High Street is located approximately 270 metres (0.2 miles) to the north of the site and provides Docklands Light Railway services to Canning Town in 7 minutes (source: tfl.gov.uk). Stratford Station is located approximately 800 metres (0.5 miles) to the north of the site and provides the Central Line, Jubilee Line, Docklands Light Railway, London Overground and Great Eastern Main Line services to Canary Wharf (9 minutes), Bank ( minutes) and Oxford Circus (9 minutes) (source: tfl.gov.uk). Stratford International, located approximately.5 kilometres (0.9 miles) to the north of the site, provides High Speed services to King s Cross and St Pancras in 5 minutes and onto to mainland Europe via the Channel Tunnel (source: tfl.gov.uk). The site is also well served by buses, with the 25, 08, 276, 425 and N8 operating along Stratford High Street. Infrastructure in the area will be improved with the Elizabeth Line (Crossrail) opening at Stratford Station from May 207, with services to Liverpool Street (7 minutes) and by December 209 to Heathrow Terminals 2 and 3 (43 minutes) and Paddington (8 minutes) (source: Crossrail.co.uk). Open Space Provision The area also has excellent access to open space, with the Queen Elizabeth Olympic Park providing 02 hectares (252 acres) of landscaped parklands approximately 540 metres (0.3 miles) to the west of the site. Abbey Lane Open Space is also located approximately 350 metres (0.2 miles) to the south of the site.

3 Queensway House, High Street, Stratford E5 2TF Key 3 4. Pudding Mill Phase PDZ2 2. Strand East 3. The Shard 4. The City 5. Capital Towers 6. One Stratford 7. Pudding Mill Phase PDZH 5 8. Stratford Riverside 9. Stratford Halo 0. One Eighty Stratford High Street. Marshgate Wharf 2. Arcelor Mittal Orbit West Ham United Stadium 4. Queen Elizabeth Olympic Park London Aquatics Centre 6. Lett Road 7. Stratford High Street DLR Station 8. Velocity High Street Yellow line for indicative purposes only

4 Queensway House, High Street, Stratford E5 2TF Description and Situation The site comprises a three storey over basement office building currently in Class B(a) use. The building has a flat roof, with a ground level access ramp that leads to rear parking and the building s exposed basement. The existing floor areas are as follows: Floor GIA (Sq M) GIA (Sq Ft) Basement 228 2,452 Ground 442 4,754 st 504 5,422 2nd 495 5,326 Total,669 7,954 Town Planning The site falls within the jurisdiction of the London Legacy Development Corporation ( LLDC ). The property is not listed, nor are any of the immediately adjacent buildings. The site does not fall within a conservation area. Prior approval (Ref. 6/00298/PNCOU) was granted on the st September 206 for change of use from Use Class B(a) (Office) to Use Class C3 (residential) under Schedule 2, Part 3, Class O of the Town and Country Planning (General Permitted Development) Order 205 to create 35 residential flats. It should be noted that although the description of development states 35 residential units, the approved plans provide a total of 33 units. It should also be noted that there is a condition attached to the prior approval which requires that development must not commence until an assessment of the potential soil vapour risks from the former petrol station at Stratford High Street on future residential occupants has been submitted to and approved in writing by LLDC. An intrusive ground assessment has been carried out showing no vapour risks to the subject property. A copy of the survey can be found in the data room. Section 06 and Community Infrastructure Levy (CIL) There are no Section 06 or CIL obligations attached to the approved permission. Tenure and Income The property is occupied by a serviced Business Centre, Offices 4 Business Ltd under a Property Management Agreement. The Company shall pay to the Managing Agent a fee calculated by reference to the Receipts. The average gross monthly Receipt over the last 6 months is 25,. The Managing Agent will be entitled to 0% of such Receipts such fee to be paid in arrears on the 28th day of each month subject to a minimum payment of 2,500 per month. The agreement can be terminated by either party on giving at least one months written notice or upon completion of a Sale. A fee of 7,500 is payable to the Managing Agent if terminated by either of the above. Please refer to the Agreement in the data room for further details. James Riley Point Motel to 3 Shelter 247 Cycle Way 03 0 to PARK LANE 0m 0m 20m 30m TCB Peter Heathfield House JUPP ROAD WEST LB m 52 to Hotel Saturn House a to 3 2 Cycle Way 4 Shelter 275 to 285 to 48 HIGH STREET WISE ROAD to 265 Queensway House TCB 293 to 305 Poland House NOTE:- Reproduced from the Ordnance Survey Map with the permission of the Controller of H.M. Stationery Office. Crown copyright licence number Savills (UK) Ltd.NOTE:- Published for the purposes of identification only and although believed to be correct accuracy is not guaranteed. Ordnance Survey Crown Copyright 206. All rights reserved. Licence number Plotted Scale - : to 25 Cycle Way 27 to KERRISON ROAD 5.3m 2 to Shelter 53 to to 333 Surgery 335 to to to to 36

5 Raised parapet Privacy screen Vehicular entrance Smoke extract system Pedestrian entrance QUEENSWAY HOUSE Project: 2 providence yard ezra street london E2 7RJ Drawing Title: Proposed North Elevation All drawings to be read in conjunction with structural engineer's and services engineer's information m Client: CLIVE SALL ARCHITECTURE Ltd. Drawn By: Checked By: Scale: Date of first Issue: ND CS : /05/6 Project No: Sheet No: Revision: Copyright CLIVE SALL ARCHITECTURE LTD A3 Queensway House, High Street, Stratford E5 2TF Consented Development The consented scheme comprises the conversion of the existing building to provide 33 residential flats over the ground, first and second floor. It is proposed that the lower ground floor will be used as a refuge and bicycle storage area although it has development potential for various uses subject to the necessary consents. The consented residential accommodation is as follows: Red line for indicative purposes only Flat No. Floor Beds NSA (Sq M) NSA (Sq ft) Ground Ground Studio Ground Studio Ground Studio Ground Studio Ground Studio Ground Studio Ground Studio Ground Ground st Studio st Studio st Studio st Studio st Studio st Studio st Studio st Studio st Studio st st st Studio nd Studio nd Studio nd Studio nd nd nd Studio nd Studio nd Studio nd nd nd Studio Total 20. 2,057 Further Development Potential The site is considered to have potential for further development. LLDC have been engaged in formal pre-application discussions for a proposed two storey extension to the existing building. The additional 3rd and 4th floors will provide a further nine residential units. It is proposed that all units will benefit from balconies or terraces. Full planning permission will be required before this additional development can be implemented. The proposed additional residential accommodation is as follows: Flat No. Floor Beds NSA (Sq M) NSA (Sq ft) 3rd rd rd rd rd rd th th th Total ,95 No Poland House No Queens Way House Queens Way House A A3 No. 273 No

6 On the instructions of Timothy Perkin & David Barber of CBRE acting as Joint Fixed Charge Receivers Queensway House, High Street, Stratford E5 2TF East London Residential Development Opportunity VAT The site is not elected for VAT. Method of Sale and Tenure The property is for sale freehold, and will be sold by way of informal tender (unless sold prior). Further Information Further information, including a full legal pack, can be found on the following website: Viewings All viewings will be strictly by appointment with Savills. Contact Savills UK Ltd Ed De Jonge edejonge@savills.com Alex Soskin alex.soskin@savills.com This property is being marketed for sale on behalf of Joint Fixed Charge Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Joint Fixed Charge Receivers to the best of their knowledge, but the purchaser must rely solely on their own enquiries. The Fixed Charge Receivers are not bound to accept the highest or any offer and are acting in respect of the sale without personal liability. Important Notice Savills, their clients and any joint agents give notice that:. They are not authorised to make or give any representations or warranties in relation to the property either here or elsewhere, either on their own behalf or on behalf of their client or otherwise. They assume no responsibility for any statement that may be made in these particulars. These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact. 2. Any areas, measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily comprehensive. It should not be assumed that the property has all necessary planning, building regulation or other consents and Savills have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise. Designed and Produced by Savills Marketing: July 206 Yellow line for indicative purposes only