Home > Auctions > May 2022 10 May 2022 - 9:00am > Lot 61

May 2022: Tuesday 10 May 2022 - 9:00am
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    Key features

    • Total existing floor space = 16,926 sq ft
    • £150.65 Capital value Psf on Guide Price
    • One of the buildings is Grade II listed and has planning permission for 3 x one bedroom flats
    • Drawings have been created to convert the 1960's office into 28 residential units
    • There is live pre-app for 53 co-living units (please refer to legal pack)
    • Further development potential to add an additional storey to the main office block and add additional space in the car park (subject to the requisite consents)
    • Immediate asset management opportunities in its current format.
    • 8 week completion available

    Description

    Two existing buildings with 24 car parking spaces situated an approx. 0.44 acres

    The property comprises of a 1960's office building over 4 floors measuring approximately 14,448 sq ft.

    A glazed stair case links the office building to the Grade II listed premises approximately 2,886 sq ft.

    The top floor of the Grade II listed building is used as single residential dwelling with the other floors being vacant office space.

    Additional information

    Tenure

    Freehold

    Planning

    Merton Council

    Planning Ref: 18/P4017

    Description: Removal of the Existing link between the listed building and the office building. Works to the listed building only. Conversation of the ground floor and first floor levels from the office to residential use to provide 2 x One Bedrooms self contained flats with storage rooms at the lower level, addition of an external staircase to the Eastern Elevation of the Listed building and surrounding re-landscaping works.


    Permitted development was refused on April 2021

    Planning Ref: 20/P1495

    Description: Application to determine whether prior approval is required for the conversion of an office B1 to residential C3

    The main reason for refusal was due to the site forming part of the curtilage of the Grade II listed building and does not benefit from PD rights. The council have recommended a full application being submitted.


    A pre application has been submitted and is currently live for 53 co-living units. The submission document can be viewed in the legal pack.


    Notes

    Joint Auctioneer

    Nathan King

    City & Counties Commercial

    nathan@cityandcounties.com

    T: 020 8106 8666

    M: 0750 696 6968


    Please note the site areas provided are approximate. The photos and red line drawings are for illustrative purposes only and may not reflect the exact boundary of the site. The property has not been internally inspected by Savills. Prospective purchasers must rely upon their own enquiries in this regard.


    Buyer will be responsible for insurance from exchange (Please refer to legal pack)

    Buyer will reimburse vendors legal costs (Please refer to legal pack)


    VAT applicable 

    Please note the property is held as an Special Purpose Vehicle (SPV). The SPV can be sold as part of this transaction at the request of a potential purchaser and can only be sold in a pre-auction deal. The SPV can not be purchased if the property is sold in the auction room.

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        All viewings at this property have now taken place prior to the auction. For further information on the property please download the legal pack or email the property contact.

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        Viewings are in the process of being finalised and will be online shortly, please click here for a notification when they go online.

        No set viewings will be available on this property prior to auction due to the tenants in situ. Please refer to the legal pack for further information.

        No set viewings will be available on this property prior to auction due to safety concerns within the property. Please refer to the legal pack for further information.

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        Local information

        The property is located on the southern side of Riverside Drive accessed via the London Road.

        Local amenities can be found close by on London Road.

        Mitcham Tram Stop is located an approx. 0.2 miles from the site

        Transport

        National Rail - Mitcham Junction

        Mitcham Tram - Tram services to Wimbledon and Croydon

        Legal documents

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        EPC rating

        If no EPC rating appears please refer to the legal pack.

        Guide prices and common auction conditions

        •Guide prices given are indications within 10% upwards or downwards of where the reserve price may be set at the time of going to print. Please note they are not an indication of the anticipated sale price or a valuation.

        •The reserve price is the minimum price at which the property can be sold.

        •Both the guide price and reserve price may be subject to change up to and including the day of the auction.

        •For unsold properties after an auction an Available price may be listed. This is the price that the seller(s) are looking for post auction, subject to contract and no higher offers, and has no relation to the guide prices listed prior to the auction sale.

        Please note that all prices listed, whether prior to or post auction, are subject to contract.

        The Auctioneers and sellers accept no responsibility for any loss, cost or damage that a buyer may incur as a result of relying on any guide price. It is the buyer's responsibility to decide how much they should bid for any lot. Please check with us for regular updates as guide prices are subject to change prior to the auction.

        The guide price does not include the buyer's fee charged by the auctioneer or VAT which may apply to the sale or other amounts the seller may charge. The seller's Special Conditions of Sale will state whether there are other seller's charges and whether the seller has elected to charge VAT on the sale price.

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