- Existing office accommodation comprises of ground plus seven storeys with associated leased basement car parking providing 11 spaces. The building extends to a total of 4,777 sq m (51,416 sq ft) GIA and the site 0.065 hectares (0.1607 acres). The offices are currently partially occupied and provide a total existing income of£495,757 per annum.
- The site benefits from Prior Approval for conversion of the office space to provide 70 private residential units (35 x Studios, 21 x 1-beds and 9 x 2-beds), with a combined Net Saleable Floor Area of 3,156sq m (33,971 sqf). The proposed development will not be subject to any CIL, Section 106 contributions or provide any affordable housing.
- The site is situated in an excellent location in Canary Wharf, situated in the London Borough of Tower Hamlets. The site fronts Millwall Inner Docks at the dock basin and the surrounding area is characterised by residential development, with the redevelopment of Westferry Printworks at the southern end of Millharbour and permission granted for the redevelopment of the adjacent site to provide 319 units. The Crossharbour and South Quay DLR Stations are approximately 300 and 600 metres from the site, whilst Canary Wharf Underground (Jubilee Line and DLR) is situated 0.7 miles north of the site.
- In regards to the tenancy schedule, floor sixth and seven are currently vacant, and ground floor to fifth floor occupied with a break clause in October 2021 and a 6 months notice period.
- The property is currently for sale for the price of £17.5m. The Sponsor, a developer, is looking for a co-investor to come in a JV 50/50 to develop this exceptional project with construction cost estimated at £10m (total costs of £27.5m) and GDV of £34.3m.
DEAL DATA ROOM
Here you can find the data room submitted by the sponsor for your due diligence. It will also appear in your BrixFlow Data Room in your Dashboard. If you don't have access you can request access in the Request Introduction section.
SUBMIT A CHANGE TO THE CURRENT LISTING
Please fill the form below to submit a change in the current listing. Any changes submitted require the internal approval of the investment team. Alternatively you can submit your request by email to email@example.com quoting the deal number.
REASON FOR THE CHANGE
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