Vacant Residential Led Mixed Use Investment Opportunity

Sale Type:

Private Treaty

Sale Information:

Offers in excess of £13.5m are invited for the freehold interest with vacant possession.

32,885 sq ft

Viewing Information:
Strictly to be arranged via the sole agents, Hilco Global Real Estate Advisory.

255 Lordship Lane, Tottenham, London N17 6AA

Property Summary

  • Vacant Residential Led Mixed Use Investment Opportunity
  • 32 apartments & 6,667 sq ft commercial
  • Construction completed April 2022
  • Unbroken Freehold for sale on behalf of the Joint Administrators

Opportunity

  • Freehold for sale
  • Construction completed by the vendors with 3ACE (Contractors) UK Ltd as main contractor
  • 32 apartments over ground and three upper floors, all with private outside amenity space (some on roof terrace)
  • 5 x 1 bed, 20 x 2 bed, 6 x 3 bed, 1 x 4 bed. Total residential net sales area – 26,218 sq ft
  • Only 3 affordable units (intermediate)
  • Flexible use class E commercial accommodation of 5,384 sq ft. Suitable as an office, gym, clinic, health centre, storage/distribution, Additional accommodation within use class E/B8/F1/Sui Generis of 1,283 sq ft.
  • Links to central London in 13 minutes from local underground stations
  • Strong residential rental demand
  • Tottenham undergoing significant regeneration. Bruce Gove and Tottenham Hale being remodelled
  • Crossrail 2 to run through Tottenham Hale station
  • Offers are invited for the freehold interest

Location

Tottenham is a vibrant and popular district of north London with a variety of local amenities and excellent transport links into Central London.

The property is located on the south side of Lordship Lane, opposite the junction with Awlfield Avenue, 250m from the green spaces of Lordship Recreation Ground.   There are an array of shops, supermarkets, pubs and restaurants off the High Road at Bruce Grove 1km away, as well as Bruce Grove  station (London overground to Liverpool Street in 18 mins).  Turnpike Lane (Piccadilly Line to Kings Cross in 13 mins) and Tottenham Hale (Victoria Line to Oxford Circus in 15 mins) are c. 1.5km and 1.8km away respectively.

Road links are excellent with the A10 close by, which links to the A406 north circular 2km away, and to the City of London to the south.

Tottenham Regeneration

Tottenham is the subject of significant regeneration, receiving £28m from the Mayor’s Regeneration Fund, matched by £13m from Haringey Council and £20m from TfL. The town centre is being improved with new public spaces and housing, increased transport capacity and transport links, so that it can reap the benefits of Tottenham Hotspur’s new world class stadium development.

Bruce Grove, Holcombe Market and its surroundings, which are c. 1km from 255 Lordship Lane are being comprehensively redesigned to make the space more attractive and easier to use, bringing increased activity to the area.

Numerous residential developments are either underway or planned at Tottenham Hale which will result in circa 2500 new homes and a range of new commercial and leisure accommodation.

Accommodation Schedule

Residential

Commercial

Click here to view the accommodation schedule and floor plans.

Specification

General

  • Building comprises steel framed structure, masonry walls to lower levels with cladded top floor. Floors comprise structural profiled metal deck and in-situ concrete slabs.
  • The commercial accommodation is finished to shell and core.
  • Provision of 3no. electric car charging points is provided within the basement carpark
  • The residential units are provided with a sprinkler system throughout. Each flat is provided with a gas boiler to serve the central heating and hot water. LED/low energy lighting is provided throughout the development.
  • Residential Internal finishes: Painted plastered walls and ceilings, Painted joinery, Vinyl plank (wood effect) flooring throughout, Tiled bathrooms.

Kitchens

  • Handless white gloss kitchen cupboards with Starlight 38mm laminate square edge worktops.
  • Adobe Matrix R15 1 stainless steel undermount kitchen sink with PPI Arras Monobloc chrome swan neck mixer tap.
  • Candy FCT 405X Single fan oven with LED programmer, Candy CH64BVT 60cm ceramic hob with twin power zone, Bosch DLN53AA70B canopy.
  • Neue ND1H 1L949-80 slim integrated dishwasher / Neue NI 3E7L0NB-80 integrated dishwasher.
  • Neue NCBS 1772 70/N integrated static 70/30 fridge freezer.
  • Bosch WNAA134U8GB8 washer dryer / Neue NED 1475D4E 1-80 washer dryer.

Sanitary Appliances

  • Grotherm 800 Thermostatic bath mixer and shower mixer with shower set, Concetto basin mixer, Mira shower trays, Merlyn panels/doors, Laufe pro soft close seat, Techno project toilet roll holder and robe hook, Vitra mirror cabinet.

Project Team

Main Contractor – 3ACE (Contractors) UK Ltd

Project Manager – NaismithsStructural Warranty – Build Zone

Approved Building Inspector – Stroma, Fire Engineer – Hoare Lee

Planning

Consent was granted for ‘Demolition of existing building, construction of new road and construction of a lower ground, first, second and set back third storey building comprising of 31 new residential flats and new office space’ in August 2016, ref: HGY/2015/2321.

Subsequently, in December 2017 consent was granted for ‘Variation of Condition 2 (plans and specification) attached to planning permission HGY/2015/2321 for the erection of a four storey development (plus two below ground levels) of 32 residential units plus commercial space, including an additional lower ground floor level of 549.26 sq m.’

The Section 106 agreement details that three dwellings are to be provided as intermediate housing  (Units 1, 2 & 3 – 1 x 4 bed, 1 x 3 bed, 1 x 2 bed).  In addition, the office accommodation is to be let for no more than £12 p sq ft until Dec 2023, no more than 80% of market rent for the following 2 years (not less than £12 p sq ft), and no more than 90% of market rent thereafter (not less than £12 p sq ft).

Tenure

The property is held Freehold.

EPC’s & SAP’s

EPCs and SAPs are available in the data room.

Terms

Offers in excess of £13.5m are invited for the freehold interest with vacant possession.

VAT will be payable if applicable.

Sale Process

It is intended that the property will be sold by way of private treaty.

The Joint Administrators are not bound to accept the highest, or indeed any offer received.

Further Information

Additional information is available in the data room. Access will be provided on request.

 

Contacts

Jon Cookson MRICS FNARA

Managing Director

London Office

+44 (0) 7917 616490

jcookson@hilcoglobal.eu

Nick Hughes MRICS

Director

London Office

+44 (0) 7979 541238

nhughes@hilcoglobal.eu