Opportunity to purchase an income-producing freehold block of apartments with development potential in a desirable location. The existing property currently is a five-storey building comprising one x 1 bedroom and four x 2 bedroom apartments with a roof terrace. One unit occupies each floor with a roof terrace which can only be accessed by the top floor tenant. The property is fully tenanted with tenants on AST’s producing an income of £110,760 per annum.
Planning was refused in March 2019 for the “Demolition of the existing building and erection of a 15 storey building including basement providing 12 flats with associated cycle storage and refuse storage”. The main reason for the refusal surrounds the view from Courtenay Street which sits in a conservation area and that a view of Big Ben was slightly obscured by the 15 storey development proposed.
Having taken planning advice, we understand a 10-12 storey development would be acceptable or the extension of the existing building to produce a penthouse level. We recommend interested parties to undertake their own research into the planning and development potential of the property.
Our client is seeking unconditional offers only and the asset is held in a Special Purpose Vehicle (SPV) and as such a sale of the company can be arranged.
Vacant possession can be provided and viewings are available by appointment only.
17 Newport Street, Lambeth, London SE11 6AH
The site is located in the London Borough of Lambeth on Newport Street. Newport Street has experienced regeneration in recent years with new local businesses moving in under the refurbished railway arches along with the introduction of the Newport Street Gallery which is famously owned by Damien Hirst and features Britain’s leading abstract artists.
The surrounding roads are predominately residential properties, however, there is a small parade of shops on Black Prince Road, to the south of the site, as well as on Lambeth Walk, to the east of the site.
The location of the site is supported by excellent transport links, with Lambeth North a short walk away which is served by the Bakerloo Line, travelling between Harrow & Wealdstone and Elephant & Castle, whilst Vauxhall Underground Station is on the Victoria line, between Brixton and Walthamstow Central.
Various amenities, restaurants and central London landmarks are only a short walk away, making it an attractive location for young professionals and first-time buyers alike.
17/04576/FUL | Refused planning for the demolition of the existing building and erection of a 15 storey building including basement providing 12 flats with associated cycle storage and refuse storage.
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