279 Rosendale Road, Se24

Located within the London borough of Lambeth, situated within 50 yards of Brockwell Park. Site set within grounds extending to approximately 0.25 acres & currently comprises a vacant storage warehouse arranged across ground and part first floor, extending to approximately 10,630 sqft GIA. Planning permission granted for a predominantly new build scheme comprising 23 apartments & a ground floor commercial unit (Ref: 22/03635/FUL). 23 apartments (16 private & 7 affordable) extending to approximately 19,117sqft NSA.

HOTs drawn up on ground floor commercial unit for a pre-let to a nursery on a 25 year lease at a passing rent of £200,000 per annum No early or late stage viability review.
Freehold with vacant possession.
Offers in excess of £4,000,000

Exisiting Site
The site is set within grounds extending to approximately 0.25 acres and currently comprises a vacant storage warehouse arranged across ground and part first floor, extending to approximately 10,640 sq ft GIA.

Planning
The site benefits from full planning permission to build a new part2/ part5 storey building which will include a ground floor commercial unit measuring 690m2 and 23 flats in the upper parts. The proposed development includes retaining and restoring the characterful front façade (locally listed) and the demolition of the rear buildings. .

Commercial Unit
The proposed scheme will also provide a commercial unit on the ground floor, extending to approximately 7,427 sqft NIA. Heads of Terms have been drawn up for a pre-let agreement with KMK- Kinderzimmer on a 25 year FRI lease (15 months’ rent free from practical completion) at a commencing rent of £200,000 per annum.

The lease will be subject to 5 yearly upward only rent reviews – to be based on RPI, capped at 3% & collared at 1%. The lease is subject to a tenant only break clause at the 15th year with 6 months’ prior written notice. Further information can be provided upon request.