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Trellows Investments

Call +44(0)330 2236988
[email protected]

Development Opportunity – Manchester Road, Canary Wharf, London, E14

    • Off market
    • Freehold
    • This is an end of terrace property of brickwork construction beneath a pitched tiled roof to the front and flat roof to the rear. It is currently arranged to provide a double fronted commercial unit leading to further showroom storage to the rear of the property. A separate entrance leads to the First Floor, which currently provides a 1 bedroom apartment with Living room, Kitchen, bathroom and small store. Please note, the 1 bedroom apartment currently produces a rental income under a standard AST of £1,100 per month or £13,200 per annum and measures circa 593 sq.ft. However, this existing 1 bedroom apartment has not been relisted as an apartment since it was previously used as an office and, therefore, it currently has no formal planning.
    • The 2 Commercial units are currently utilised as a furniture shop and a locksmiths. Between them, they produce an income of £2,600 per month or £31,200 per annum. Both Commercial leases have expired and they are currently in occupation by virtue of Licence Agreements, which only require a short Notice Period to be served in order to obtain Vacant Possession (VP). Both Commercial tenants have advised they would like to enter into new leases and retain the Commercial units if possible. The Commercial units between them measure circa 1,850 sq.ft.
    • On 24 February 2017 Planning Permission was granted and I would refer you to the attachment.  The planning granted was not implemented by the owners.  As it was valid for a duration of 3 years it has now expired.  The 2 bedroom apartment that was to have been constructed on the 1st Floor would have measured circa 804 sq.ft and the second bedroom apartment on the 2nd Floor circa 725 sq.ft
    • The current owners occupied the entirety of the property up until August 2018 for their security business.  The existing one bedroom apartment was used as an office and later converted into a 1 bedroom apartment which was used by staff members.  When the owners moved their business they rented out the commercial units.  Sometime in 2014 they started rented out the one bedroom apartment occupying the 1st Floor under an AST and have continued to do so ever since.  They attempted to apply for an Established Use Certificate last year but were declined due to a lack of Council Tax receipts.  Although other documentation in their possession could have been used on Appeal, they did not pursue it.
    • Manchester Road is predominately a residential road with many different styles of residential property, with certain properties being 2 storey and others being 3, 4 or 5 storey. The Commercial units at 3 Manchester Road extend from the front of the property all the way back to the rear parameters of the premises and subject to Planning, it may be possible to go for a residential conversion to place a court yard in the middle, whilst placing residential units to the front Ground Floor and rear Ground Floor behind the central court yard. The existing 1 bedroom apartment is in pristine condition and very well presented. The full extent of the Commercial units flat roof extend all of the way to the rear. The owners of the pub next door have with PP created a multi apartment residential scheme, which extends to 4 floors. The flank wall erected to accommodate these apartments next door were originally supposed to have windows, which is why our owners only applied for limited Planning. Subsequently, the owners of the pub changed their plans and never ended up putting in these windows and they therefore believe that the old planning could be substantially improved.
    • The property was previously on the market with agents at a selling price of £1.2m.  The property is now off market.
    • Selling price now £900k – unconditional with expired planning. Consideration will be given to an option agreement or JV

    We will require a buy side fee.

    Where we act as a seller’s mandate, we represent the vendors. Our clients wishing to sell their property off-market benefit from impartial advice and a personalised service tailored to their requirements and circumstances. More importantly, we offer sellers unparalleled access to qualified buyers and we ensure that we address the right audience.

    In order to achieve the best possible sales result, your property is presented to individual and corporate purchasers, whose buying behaviour and buying power can be backed by a Letter of Intent (LOI) and Proof of Funds (POF). We will provide vendors with professional support throughout the entire process and beyond, including RICS valuations, coordinating viewings, assessing incoming offers, and protecting your interests during sales negotiations.
    For further information, luxury property, off-market, off-plan, developments or investments, marketing or help finding your next property please contact us anytime.

    Office: +44(0)330 2236988
    [email protected]
    investments.trellows.com

    #investments #developments #residentialdevelopments #residentialinvestments #trellows #trellowsinvestments

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