- Off market
- Currently configured as offices under B1 use and is deemed perfect for PD Conversion into C3 use residential apartments
- The seller’s architect has confirmed there is no Article 4 in force within the area
- The property is currently situated over Basement, Ground, First and Second floors. The Ground, First and Second floors are utilized as offices with the Basement floor incorporating an underground car park for 5 – 7 large vehicles and a vault. On the Ground floor at the rear of the property there is a secondary car park which also holds 5 – 7 large cars. The property is situated on the corner of Castle Gate and Stanford Road which is a side street. Both the Basement car park and the Ground floor rear car park are accessed through metal shutters located in Stanford Road
- GIA of the entire property circa 9,000 sq.ft.
- There are man-made caves beyond the vault in the basement which were bricked up when the building’s vaults were used to store important deeds and documents. There is potential to extend the basement car park
- The property is Georgian Style Grade II Listed
- The sellers of the property previously occupied 40% of the property with the remaining 60% rented out on licences to office tenants. The sellers have now vacated leaving 40% of the property vacant
- The 60% which is occupied produces an income of £96k per annum but with the remaining 40% being rented at full capacity, potential income of £160,000 per annum
- The office tenants in occupation are all under Licence which requires 30 days Notice to obtain VP.
- By way of explanation, the aerial shot of the area is as follows:
- The building marked in yellow is Stanford House
- The surrounding properties marked in red were formerly B1 office buildings which under PD have all been converted into C3 residential
- The properties marked in red with a blue circle in the middle are Grade II Listed former offices B1 which under PD have all been converted into C3
- Further up Castle Gate there are a number of Georgian style properties that were formerly small offices that have been converted under PD into houses that have achieved between £400-£450 psf
- Also up Castle Gate there are examples of former office buildings which have been converted into Student Accommodation
- Across the road from the property there is a building called Archer House which was sold in 2015 to a Singaporean Investment Fund for £15m.
- The property will be sold with the current tenants in occupation or VP upon Completion – buyer’s choice
- Selling price £1.8m but offers will be considered from a buyer who can exchange contracts and complete within a 4-6 week window.
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
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