The Parade & Watford Market, Watford, Hertfordshire, WD17
Offers in Excess of
£18,000,000
£359.32 per sq ft
Business rates & charges may apply
- SIZE AVAILABLE
50,094 sq ft
4,654 sq m
- SECTOR
Residential development for sale
Key features
- Opportunity to acquire a landmark mixed-use redevelopment located in the heart of Watford Town Centre
- 1.15 acres comprising a mixed-use parade of retail and offices, the Watford Market and a gym
- Part let to a variety of tenants including B&M, producing £461,496.75 per annum offering potential for asset management opportunities
- Resolution to grant planning permission for redevelopment of the site to create a new market, commercial space and 141 private residential units across 2 blocks
- Offers invited in excess of £18,000,000 for the freehold interest
Description
DESCRIPTION:
The existing property comprises a mixed-use parade of retail and offices across 4-storeys which fronts onto Watford High Street and known as 23 - 33 The Parade. The Parade consists of basement retail space, a triple fronted ground floor retail unit and offices across the first, second and third floors. Adjoining The Parade is the gym building which is situated across 4-storeys and accessed via Watford House Lane.
The existing Watford Market is located to the rear of the High Street fronting The Parade and consists a series of shipping containers across 2-storeys. The market is currently split across two titles, the title within the vendors ownership (outlined in red on the plan opposite) and land which is owned by Watford Borough Council (outlined in blue on the plan opposite).
Access to the market is currently taking from The Parade / High Street with a alternative entrance from Beechen Grove / Watford House Lane.
Overall, the site area extends to approximately 1.15 acres with the existing buildings totalling 115,018sq.ft.
LOCATION:
THE PROPERTY OCCUPIES A PROMINENT POSITION BETWEEN WATFORD HIGH STREET, WATFORD HOUSE LANE AND BEECHEN GROVE WITHIN WATFORD TOWN CENTRE.
The surrounding area has a broad mix of both commercial and residential uses and the property benefits from being within walking distance of the High Street and Atria Watford shopping centre providing 107,000m2 of retail, restaurants and commercial offerings.
The nearest stations are Watford Junction (0.4 miles) and Watford High Street (0.5 miles) both offering Overground services with direct links to London Euston in circa 50 minutes.
PLANNING:
A resolution to grant planning permission was given in 2024 (reference: 23/00391/FULM) for the phased development involving the demolition / part demolition of existing buildings, interim market provision, and the erection of replacement buildings to deliver a mixed-use redevelopment, comprising a revitalised market, new commercial, business and service units (Class E), residential dwellings (Class C3), public realm, landscaping, amenity spaces, accesses, car parking, cycle parking, service bays, plant and utilities.
The proposed development will provide 141 x residential apartments (59 x 1 bed, 58 x 2 bed and 24 x 3 bed units) with all of the units for private sale. The development will also propose the creation of a new market place and retail space. During the build of the development, part of the existing market which falls within the development title will be temporarily re-located.
Following practical completion of the new market place, Watford Borough Council have agreed to enter into a 20 year lease at a rent of £100,000 per annum for the market space which falls within the development title.
The planning consent is subject to a Section 106 Agreement containing financial contributions totalling £2,000. A CIL liability of approximately £1,500,000 is also applicable. Please note that this is an indexed estimate as of January 2025 and should not be relied upon, any prospective purchasers should undertake their own analysis.
TERMS:
Offers invited in excess of £18,000,000 for the freehold interest. The subject property is for sale via informal tender (unless sold prior), all interested parties will be notified as to the proposed bid date in due course. The vendor is not bound to accept any or the highest offer.
The existing property comprises a mixed-use parade of retail and offices across 4-storeys which fronts onto Watford High Street and known as 23 - 33 The Parade. The Parade consists of basement retail space, a triple fronted ground floor retail unit and offices across the first, second and third floors. Adjoining The Parade is the gym building which is situated across 4-storeys and accessed via Watford House Lane.
The existing Watford Market is located to the rear of the High Street fronting The Parade and consists a series of shipping containers across 2-storeys. The market is currently split across two titles, the title within the vendors ownership (outlined in red on the plan opposite) and land which is owned by Watford Borough Council (outlined in blue on the plan opposite).
Access to the market is currently taking from The Parade / High Street with a alternative entrance from Beechen Grove / Watford House Lane.
Overall, the site area extends to approximately 1.15 acres with the existing buildings totalling 115,018sq.ft.
LOCATION:
THE PROPERTY OCCUPIES A PROMINENT POSITION BETWEEN WATFORD HIGH STREET, WATFORD HOUSE LANE AND BEECHEN GROVE WITHIN WATFORD TOWN CENTRE.
The surrounding area has a broad mix of both commercial and residential uses and the property benefits from being within walking distance of the High Street and Atria Watford shopping centre providing 107,000m2 of retail, restaurants and commercial offerings.
The nearest stations are Watford Junction (0.4 miles) and Watford High Street (0.5 miles) both offering Overground services with direct links to London Euston in circa 50 minutes.
PLANNING:
A resolution to grant planning permission was given in 2024 (reference: 23/00391/FULM) for the phased development involving the demolition / part demolition of existing buildings, interim market provision, and the erection of replacement buildings to deliver a mixed-use redevelopment, comprising a revitalised market, new commercial, business and service units (Class E), residential dwellings (Class C3), public realm, landscaping, amenity spaces, accesses, car parking, cycle parking, service bays, plant and utilities.
The proposed development will provide 141 x residential apartments (59 x 1 bed, 58 x 2 bed and 24 x 3 bed units) with all of the units for private sale. The development will also propose the creation of a new market place and retail space. During the build of the development, part of the existing market which falls within the development title will be temporarily re-located.
Following practical completion of the new market place, Watford Borough Council have agreed to enter into a 20 year lease at a rent of £100,000 per annum for the market space which falls within the development title.
The planning consent is subject to a Section 106 Agreement containing financial contributions totalling £2,000. A CIL liability of approximately £1,500,000 is also applicable. Please note that this is an indexed estimate as of January 2025 and should not be relied upon, any prospective purchasers should undertake their own analysis.
TERMS:
Offers invited in excess of £18,000,000 for the freehold interest. The subject property is for sale via informal tender (unless sold prior), all interested parties will be notified as to the proposed bid date in due course. The vendor is not bound to accept any or the highest offer.
Brochures
The Parade & Watford Market, Watford, Hertfordshire, WD17
NEAREST STATIONS
Distances are straight line measurements from the centre of the postcode- Watford High Street Station0.4 miles
- Watford Junction Station0.5 miles
- Watford Station0.8 miles
Notes
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