Prime freehold development opportunity with planning permission Taggs Boatyard, 44 Summer Road, Thames Ditton KT7 0QQ

Transcription

1 Prime freehold development opportunity with planning permission Taggs Boatyard, 44 Summer Road, Thames Ditton KT7 0QQ

2 M25 Heathrow Airport A30 A205 CENTRAL LONDON A205 River Thames A309 River Thames River Thames The Property A308 A30 M3 River Thames A308 A316 Hampton Court A309 River Thames Richmond Park Kingston Upon Thames Surbiton A3 A3 A309 HAMPTON COURT WAY EMBERCOURT RD. SPEER ROAD SUMMER ROAD Hampton Court M25 Esher A307 THAMES DITTON A3 A243 A240 Thames Ditton Investment Summary Prime development opportunity with planning permission River fronting site in affluent south west London location Site area of circa 0.35 acres Freehold Planning permission for 11,253 sq ft of new development including 9 residential apartments Residential comprising 4 x 1 bed, 4 x 2 bed and 1 x 3 bed Offers in excess of 1.75m, subject to contract and exclusive of VAT Location Thames Ditton is an attractive and affluent London suburb approximately 10.2 miles south west of Central London. The town's proximity to London and the M25 motorway makes it popular with commuters, providing excellent communications to Central London, Gatwick and Heathrow Airports as well as the UK's national motorway network. It is approximately 1.9 miles from Kingston, 4.9 miles from Richmond and borders the River Thames opposite Hampton Court Palace. The centre is home to a number of boutiques and desirable residential property. Owing to Thames Ditton's easy access to central London, pleasant environment and provision of amenities, the area is a sought after place to live and work. Thames Ditton has a fast railway link into London serving the large commuter population, local workforce and Esher student population. Communications Rail Distance from... Thames Ditton... (minutes) London Waterloo 33 Clapham Junction 25 Source: National Rail Enquiries fastest advertised journey times Airports Distance from... Thames Ditton... (miles) London Heathrow 6.5 London City 18 London Gatwick 17.1

3 THE PROPERTY Situation The site is currently home to Taggs Boatyard which is situated on the banks of the River Thames, only 7 minutes walk from the mainline rail station. It is surrounded by a mix of residential and office use and sits directly opposite Thames Ditton Island, a characterful residents-only island with c.50 houses backing onto the river. The property is accessed from Summer Road which connects to Thames Ditton High Street. The boutiques, restaurants and public houses of the town centre are only a short walk away. Local residents and workers also benefit from the amenities of Surbiton which is only 1.5 miles to the east. There is a Waitrose, Sainsbury's, M&S, Zizzi, Café Nero and Starbucks along with other pubs, restaurants and a Nuffield Health and Fitness Club. Boatyard The grounds of Hampton Court Palace are situated on the opposite bank of the river and comprise over 750 acres of parkland, 60 acres of formal gardens and 6 acres of palace buildings, all set within a loop of the River Thames. The Great Vine was planted in 1768 by 'Capability' Brown and this, together with Hampton Court Palace's many other gardens, its maze and its variety of exhibitions attracted 560,513 visitors in (Source:

4 Grade II listed Home of Compassion care home development site Town Centre THE PROPERTY Kingston Grammar School Sports Ground Esher College Thames Ditton Train Station Hampton Court Palace Grounds Thames Ditton Island

5 Description Currently on site there is a boatyard and maintenance workshop with a slipway leading down to the river. Above this and accessed via a separate staircase are two floors of office accommodation and the building also provides WC and kitchen facilities. The concrete yard has parking available for approximately six cars. The boatyard also benefits from a number of mooring licenses. It should be noted that there is a right of way for the neighbouring offices (Ferry Works) over the slipway in front of the current boatyard. Existing exterior Planning/Proposed Scheme Planning consent was granted on 2nd September 2015 (Appeal ref APP/K3605/ W/15/ ) for the demolition of existing buildings and the redevelopment to provide a new boatyard, office accommodation, and 9 residential dwellings (4 x 1 bed, 4 x 2 bed and 1 x 3 bed) together with associated car parking (16 car spaces and 11 bicycle spaces) and landscaping. There is a unilateral undertaking pursuant to section 106 which provides for one unit to be used for onsite affordable (please see schedule) as well as a payment of 154,565 towards affordable elsewhere in the borough. We understand a CIL payment of 72,000 will be liable on the site. Further information on the planning and S.106 undertaking are available upon request. A schedule of the development is shown opposite. Schedule of areas of new development Accommodation Sq M Sq Ft Ground Floor Boatyard 206 2,217 Ancillary office 157 1,690 First Floor 1 bedroom flat bedroom flat bedroom flat bedroom flat 100 1,076 Second Floor 1 bedroom flat bedroom flat bedroom flat bedroom flat 148 1,593 Gatehouse 2 bedroom flat* Total GIA 1, ,253 * To be used as affordable housing The property occupies a site area of approximately 0.35 acres

6 Artist impression of front elevation (Thames side) Artist impression of rear elevation (Summer Road)

7 Proposed Ground Floor Plans Proposed First Floor Plans

8 Proposed Second Floor Plans Proposed Roof Floor Plans

9 Tenancy Parts of the property are currently subject to short term tenancies or occupancies which are determinable on three months written notice. The necessary notices to achieve the determination of the tenancies or occupancies have been served or prepared. As such vacant possession can be achieved by 31st March Residential Market Thames Ditton has a vibrant residential property market. As an easily accessible south west London suburb with a picturesque setting, it is ideal for affluent commuters. The property benefits from a riverside outlook and, as such, will command a considerable premium. Some other examples of new build riverside developments within south west London are as follows: Address Number Date Selling Price Price per sq ft Approx. non-riverside price... of beds per sq ft in same area Pump House, Brentford 1 Oct , Under offer G406 Masson House, Kew Bridge 2 Oct , Huxley, 4 Wickham House, Richmond 1 June ,000 1, Putney Wharf, 25 Brewhouse Lane, Putney 2 Dec , Thames Reach, 80 Rainville Road, Hammersmith 2 Dec ,040, Further Information Should you have any queries or wish to make an inspection, please contact: Mike Fox DD: mike.fox@bidwells.co.uk Katherine Ilett DD: katherine.ilett@bidwells.co.uk Tenure Freehold. EPC Available on request. VAT We understand that the property is elected for VAT. Proposal Our client is seeking offers in excess of 1,750,000 (one million seven hundred and fifty thousand pounds) for its freehold interest on an unconditional basis, subject to contract and exclusive of VAT. Our client will look to retain a 999 year leasehold interest of the boatyard element along with associated parking spaces and 300 sq ft of the office space. This will be returned to our client in a shell and core condition as part of the build out. Additionally, the interest in the mooring license will remain with our client. Should a purchaser wish, our client will offer a buy back option on the remaining 1,390 sq ft of office to shell and core condition and 3 parking spaces at 425,000. Bidwells 25 Old Burlington Street London W1S 3AN Tel: November 2015

10 IMPORTANT NOTICE RELATING TO THE MISREPRESENTATION ACT 1967 AND THE PROPERTY MISDESCRIPTIONS ACT 1991 Bidwells LLP act for themselves and for the vendors of this property, whose agents they are, give notice that: These particulars do not form part of any offer or contract and should not be relied upon as statements or representatives of fact. Bidwells LLP has no authority to make or give in writing or verbally any representation or warranties in relation to the property. Any areas of measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily comprehensive. No assumptions should be made that the property has all necessary planning, building regulation or other consents. Bidwells LLP have not carried out a survey, nor tested the services, appliances or facilities. Purchasers must satisfy themselves by inspection or otherwise. In the interest of Health & Safety, please ensure that you take due care when inspecting the property. Bidwells LLP is a limited liability partnership registered in England & Wales (registered number OC344553). Registered head office is Bidwell House, Trumpington Road, Cambridge CB2 9LD, where a list of members is available for inspection Cert No 8542 ISO 9001, ISO bidwells.co.uk