Land at Wilmer Place, Stoke Newington, London N16 0LH
Offers in excess of £4,500,000
Mixed-use new build development opportunity for sale in Stoke Newington
Stoke Newington town centre
Prime new build mixed-use development
1,909m2 / 20,548 sqft of commercial space
813m2 / 8,751 sqft of residential accommodation
Offers in excess of £4,500,000
Description
The proposed development is a major opportunity to provide a mixed‐use, employment-led development in Stoke Newington’s town centre which has long been identified as a regeneration opportunity. The application site which was formerly used as a pay and display car park is approximately 0.28 hectares in size and now benefits from planning permission to create 1,909m2 new high quality office floorspace (Use Class B1) in addition to 8 new residential units measuring 813m2 (Use Class C3).
Location
The consented site is in a prime location off Stoke Newington Church Street with excellent accessibility to its abundance of pubs, bars, independent shops and vintage stores. Backing onto the property is Abney Park, one of the ‘magnificent seven’ parks of London. To the east of the site is the former factory building which is currently being converted into 35 residential units.
Transport
Stoke Newington railway station is a 3-minute walk from the property with regular trains into London Liverpool Street taking 15 minutes. There are also several buses running from the station, transporting commuters to Euston and Waterloo. Stoke Newington High Street is on the A10, which leads out to the North Circular Road and Junction 25 of the M25.
Planning Permission
Planning permission was granted on the 1st February 2017 under application reference 2016/3179 for the erection of a part 2, 3 and 4 storey building plus basements, comprising offices (use class B1) on ground and first floors (13,972sqft NSA), eight residential units (5×2 bed and 3×3 bed) (7,395sqft NSA) (Use class C3) across all floors and associated development including roof terraces and landscaped amenity spaces, 5 car parking spaces (including 2 disabled spaces) and cycle and refuse stores to be accessed from Wilmer Place. The proposed housing mix is 5×2 bed and 3×3 bed. Section 106 agreement awaiting signature.
Financial contributions
The property is liable for a Mayoral CIL and Hackney CIL of circa £139,320. A Section 106 payment of circa £182,342 is also payable. Please speak to a member of the Highfield team for further information.
S106
Off-site provision of Affordable housing £75,000
Ways into Work contribution £74,842
Abney Park Cemetery wall £27,500
Highways contribution £5,000
Payment of Council’s costs £TBC
Sum total £182,342
CIL
Based on a total GIA of 2,708sqm (813m2 of which is C3)
Mayoral CIL (which covers B1 and C3) @£35m2 £94,605
Hackney CIL (only covers C3) @£55m2 £44,715
Sum total £139,320**
**These CIL charge figures exclude indexation which will also be payable.
Buyers note
Unit 3 under The Affordable Workspace agreement will be provided at 80% of market rent in perpetuity.
VAT
We understand that VAT is applicable.
Access
Please contact sole agents Highfield Investments to arrange access.
Tenure
Freehold
Further Information
Copies of the existing drawings, the lease agreement and previous planning documents can be provided in the form of a Further Information Pack.
Terms
Offers in excess of £4,500,000
Please note the information provided by Highfield Investments London Limited, trading as Highfield Investments has been given in good faith, however all parties must undertake their own due diligence to satisfy themselves in regards to accuracy.