RECTORY GROVE & RECTORY GARDENS

Transcription

1 RECTORY GROVE & RECTORY GARDENS A SUBSTANTIAL RENOVATION & REDEVELOPMENT OPPORTUNITY IN THE HEART OF CLAPHAM OLD TOWN OFFERS SOUGHT FOR THE FREEHOLD OF 26 HOUSES, 3 FORMER RETAIL UNITS AND A CLEARED SITE WITH DEVELOPMENT POTENTIAL FOR ADDITIONAL UNITS (SUBJECT TO PLANNING)

2 BACKGROUND We invite bids for the freehold interest in 2 10 and Rectory Gardens and Rectory Grove, SW4 on behalf of the London Borough of Lambeth. The site, located in the heart of Clapham Old Town, comprises 26 Victorian terraced houses, three of which have former retail units at ground floor level, and a development site for several plots. The site is available with full vacant possession. There has been limited investment in these properties over the last 30 years and as such, they would benefit from comprehensive refurbishment and extension in order to create a high quality residential environment. The London Borough of Lambeth are seeking offers for the freehold interest in the site on a Subject to Contract basis only....the SITE COMPRISES 26 VICTORIAN TERRACED HOUSES, THREE OF WHICH HAVE FORMER RETAIL UNITS AT GROUND FLOOR LEVEL AND A DEVELOPMENT SITE FOR SEVERAL PLOTS IN THE HEART OF CLAPHAM OLD TOWN...

3 clapham south Station L O C AT I O N The properties are located in an affluent area of South West London known as Clapham Old Town, within the London Borough of Lambeth. The area is predominantly in residential use interspersed with a mix of small independent shops, cafes and restaurants. Located in a Conservation Area, the site is predominantly surrounded by Victorian and Georgian terraces. Of note, Clapham Old Town comprises Clapham High Street which supports a mix of independent boutiques, bars and restaurants as well as Venn Street with an independent cinema, several restaurants and a weekend food market which is held throughout the year. It is also just 400m to the north of Clapham Common which boasts 220 acres of attractive green space. Serviced by excellent public transport links, Wandsworth Road Station is located just 400m to the north of the properties and is served by both the London Overground and National Rail services. In addition, Clapham Common Underground Station is located 600m to the south providing access to the Northern line (Bank - 14 min, Leicester Square 15 min). Numerous bus stops service the area and the A3 runs close to the properties which is a major arterial route linking into Central London and out to the motorway network to the west. Clapham Common clapham north Station clapham common Station clapham high street wandsworth road Station & RECTORY GROVE RECTORY GARDENS

4 RECTORY GARDENS UNIT TYPE 1 Private Owner - Not for sale (SQ FT) (SQ M) DESCRIPTION 2 2 storey house storey house 1, storey house storey house storey house storey house cleared development site 9 2 storey house & 12 cleared development site 11 Private Owner - Not for sale 13 2 storey house storey house storey house storey house storey house storey house storey house storey house storey house RECTORY GROVE UNIT TYPE (SQ FT) (SQ M) 54 2 storey house storey house storey house 1, storey house 1, storey house 1, storey house storey house residential above retail a ground floor retail residential above retail a ground floor retail residential above retail 1, a ground floor retail The site extends to approximately 0.27 hectare (0.66 acre) and comprises 26 Victorian terraced properties, three of which have former retail units at ground floor level. We understand that the properties were built in the mid-1880s and are of brick construction with wooden sash framed windows and retain many original features typical of the period. There is also a cleared site which offers development potential for a number of units (either houses or apartments) subject to gaining the necessary consents. The properties are situated along Rectory Grove and Rectory Gardens and form a triangular self-contained mews style environment. Numbers 1 and 11 Rectory Gardens were sold at auction in late 2012 and are therefore excluded from the site offered for sale. A schedule of the properties that form the site is detailed to the left. ACCESS The majority of the properties are accessed from Rectory Gardens, which is an L shaped mews leading from Fitzwilliam Street to the south to Rectory Grove to the north. We understand that this street has been adopted for highways purposes, although we would highlight that it may be possible to stop up this road subject to separate negotiations with the Highways Team within LB Lambeth and through following the necessary statutory procedures. Initial discussions suggest that this might be acceptable. REPAIR Investment in these properties over the last 30 years has been limited, and as such the properties are in a poor state of repair and require significant refurbishment and repair to bring them up to appropriate modern standards. Building condition reports have been undertaken for the majority of the units. We consider this provides guidance as to the likely level of investment required and the current condition of the units. These reports can be accessed via the Data Room, details of which are on the back page of this brochure SERVICES We understand that mains services are or could be connected to the property, although we advise that these have not been checked by BNP Paribas Real Estate. We recommend that interested parties confirm the availability of services for their own proposals via the appropriate statutory undertaker. We have not tested any of the service installations and provide no warranties as to their condition. Searches including a drainage search are included in the Data Room.

5 PLANNING SUMMARY The site is within the administrative boundary of the London Borough of Lambeth. Planning policy for the site is therefore contained primarily within the Lambeth Local Plan (September 2015) and the Mayor s London Plan as well as relevant supplementary planning guidance documents. The site is located within the Clapham Conservation Area. Rectory Gardens is identified on the Proposals Map (2011) as a street within a conversion stress area. The site is also located within an Archaeological Priority Area. The site has a PTAL rating of 4-5, which is good or very good, depending on where you are on the site. A Statement of Planning Principles prepared by Maddox Associates for the site is available within the Data Room. This has been reviewed and commented upon by the Council s planning department. Key points include the potential for: ADOPTED ROAD Sensitive refurbishment and extension of the existing buildings which would be welcomed; Extension could take the form of both rear dormer roof extensions, and basement level excavation to provide two additional levels of accommodation in each house; New build on the cleared sites would provide an opportunity for well-designed contemporary accommodation which compliments the conservation area designation and which draws on elements of the surrounding character; The three existing retail units are located outside the Clapham High Street district centre and therefore the Council may accept a change of use from retail to residential, although marketing evidence to demonstrate lack of demand may be required to support this change; Refurbishment of dwellings would not be liable for affordable housing, but new dwellings created through new build or the change of use may be liable if more than ten new homes are proposed. For general planning enquiries: Thomas Darwall-Smith Maddox Associates tom@maddoxassociates.co.uk Æ TITLE The property is held Freehold by the Council under title number TGL All properties will be offered with vacant possession. Further details are available in the online Data Room. Site boundary Shops with residential above Previously developed land Source: Google

6 F U R T H E R I N F O R M AT I O N D ATA R O O M Further information including measured surveys are available within the online Data Room which can be accessed through our dedicated website; BIDS Bids are to be submitted on the Heads of Terms proforma which is available to download from the website. Unconditional offers are being invited on the following bases: 1. For the whole unencumbered freehold 2. For the whole site save for the three ground floor retail units which shall be finished to shell and core and leased back to the Council for 999 year. We request that all bids are submitted within a plain sealed envelope marked Rectory Grove & Rectory Gardens 2016 and addressed to: Samuel Blake BNP Paribas Real Estate 5 Aldermanbury Square London EC2V 7BP Bids are to be received no later than 12 noon on Friday 22 July Accompanied viewings will be conducted by BNP Paribas Real Estate on selected viewing dates. For further information and to arrange a viewing please contact: Alex Jackson Æ +44(0) alex.jackson@bnpparibas.com Tom Loake Æ +44 (0) tom.loake@bnpparibas.com Samuel Blake Æ +44(0) samuel.blake@bnpparibas.com Particulars compiled June 2016 Misrepresentation Act 1967: BNP Paribas Real Estate Advisory & Property Management UK Limited for themselves and for the vendor(s) or lessor(s) of this property whose agents they are, give notice that: 1. These particulars do not constitute, nor constitute any part of, an offer or contract. 2. None of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact. 3. Any intending purchaser or lessee must satisfy himself by inspection or otherwise as to the correctness of each of the statements contained in these particulars. 4. The vendor(s) or lessor(s) do not make or give and neither BNP Paribas Real Estate Advisory & Property Management UK Limited nor any person in their employment has any authority to make or give, any representation or warranty whatever in relation to this property. Finance Act 2013: Unless otherwise stated all prices and rents are quote exclusive of VAT. The Business Protection from Misleading Marketing Regulations 2008: These details are believed to be correct at the time of compilation but may be subject to subsequent amendment. June 2016.