Old Kent Road, London, SE1

DESCRIPTION

The existing property comprises a mixed-use 4-storey building (plus basement), consisting of a retail unit across the basement and ground floor extending to approximately 2,260ft².

The upper floors comprise 2 x 4 bedroom residential apartments totalling 3,014ft².

LOCATION:

The property occupies a prominent position along Old Kent Road (A2) within the London Borough of Southwark.

The property falls within the Old Kent Road Opportunity Area, which will see the regeneration of the area to provide 20,000 new homes and the proposed Bakerloo Underground extension line, further information can be Found here:

London Bridge is located within a mile of the property, providing both London Underground services (Northern and Jubilee) and National Rail services.

PLANNING:

The property benefits from planning permission granted at appeal on 16th September 2021 (reference: APP/A5840/W/20/3265337) for the demolition of the existing building and redevelopment of the site to create 9 x residential apartments (7 x studio, 1 x 1 bed & 1 x 2 bed units) totalling 4,198ft² and a commercial unit across basement and ground floor of 2,399ft².

All units will be for private sale with no S106 agreement or contributions but a CIL Liability of £48,155.56 is applicable.

In readiness for redevelopment the following pre-commencement, conditions have been discharged or partially discharged: condition 18 'Construction Contract', condition 12' archaeological evaluation', condition 13 'Contamination Report'. Additionally, discharge of condition 10 'Construction Method Statement' has been applied and is currently pending.

TENURE:

The property is being sold freehold subject to vacant possession upon completion.

VAT:

We understand the property has not been elected for VAT.

TERMS

Offers invited in excess of £1,550,000 for the freehold interest.