Airspace development opportunity with additional ground rent income – On the instructions of Joint Fixed Charge Receivers
Summary
- Freehold
- Airspace development opportunity with planning permission to create 15 residential apartments
- The freehold includes ground rent income from 34 existing flats sold off on long leases producing an annual ground rent of £11,050 per annum
- Pricing £500,000
Location
The property is located on St James’ Road, within the London Borough of Southwark and the Old Kent Road Opportunity Area. The Old Kent Road Opportunity Area is allocated for major regeneration in the Old Kent Road Area Action Plan (OKR AAP) which includes circa 700 acres of commercial use, 20,000 new homes and 3 new Underground stations including two on the Bakerloo line extension and one Overground station. Further information can be found here: https://oldkentroad.org.uk/
The nearest station is South Bermondsey train station providing services to London Bridge in under 15 minutes with Bermondsey underground station being a 20 minute walk away providing Jubilee line services to central London and Canary Wharf both within 10 minutes.
Get directions from Google Maps
Mainline Stations
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South Bermondsey10 mins
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Surrey Quays18 mins
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Queens Road Peckham19 mins
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Canada Water21 mins
Underground Station
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South Bermondsey10 mins
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Bermondsey16 mins
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Queens Road Peckham18 mins
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Surrey Quays18 mins
Further Information
Price £500,000
Description
Redeveloped in 2014, this brick built, three storey former office with art deco style windows provides 34 residential units, all of which have been sold off on long leases producing an annual ground rent of £11,050 per annum. The property sits on a self-contained site with a small forecourt area to the front and is accessed by way of a double height entrance foyer with two internal courtyard areas, one with vehicle / bike access via a roller shutter door.
Planning
A resolution to grant planning permission was given in 2022 (19/AP/6395) for the
erection of an additional 4-storeys to create 15 residential apartments (8 x 1 bed, 5 x 2
bed and 2 x 3 bed units) totalling 10,372 sq ft.
Further information is available within our dataroom. Please contact Tydus for dataroom access.
Gallery
