Development
properties
3-5 Tunnel Avenue,
Greenwich SE10 0SL
Offer in excess of £3,500,000
Freehold development opportunity with planning permission for 23 private units
Planning permission granted to provide 23 private units measuring 15,974ft2 (NIA)
Plot measuring approximately 11,579ft2
No affordable housing, no s106
Sought after location close to Greenwich and the O2 arena
Current income £64,000 p.a – leases expire in November 2019 (outside the L&T Act 1954)
Freehold
Offers in excess of £3,500,000
Description
The existing premises currently comprises a single-storey motor works (Sui Generis Use) and printers workshop on a site extending to approximately 15,974ft2. The site now benefits from full planning permission to demolish the existing buildings and to construct 23 new private units comprising of 12 one-bedroom, 10 two-bedroom and 1 three-bedroom flats.
Location
The site is located within the Royal Borough of Greenwich and is positioned between Greenwich Village and Greenwich Peninsula. The development embraces the dynamic and vibrant area and sits within close proximity to Greenwich Royal Park and the quirky Greenwich Market providing independent and boutique shops.
The Millennium Leisure Park (0.4 miles) provides further facilities including an Odeon IMAX Cinema and a variety of restaurants and bars.
Close by is the Greenwich Square Development, a new development by Hadley Mace bringing high quality new homes to the immediate area, whilst also providing a diverse range of community amenities.
Transport
The site is a 5-minute walk from Westcombe Park Station, which provides direct trains into Cannon Street. North Greenwich Tube station (Jubilee line) is a 7-minute bus journey from the site.
Planning permission
The application 16/3858/F was granted on appeal on the 18th July 2017 for the demolition of the existing building and the construction of a four-storey block comprising 23 self-contained flats measuring 15,574sqft (NIA).
Leases
There are two leases in place at the property, both expire in November 2019. The total income equates to £64,000 per annum.
Access
Please contact sole agents Highfield Investments to arrange access.
VAT
VAT is not applicable and the property will be sold as a transfer of going concern.
Viewings
Viewings can be adequately made from the roadside in the first instance. To gain internal access, please contact sole agents Highfield Investments for viewing arrangements.
Tenure
Freehold.
Additional Information
Planning and other related documents will be sent in the form of an information pack that can be requested from a member of the Highfield team.
Financial Contributions
The property is liable for a Mayoral and Greenwich CIL totaling approximately £106,785.
Terms
We are inviting offers in excess of £3,500,000 for the freehold interest.
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.