The Stow, Harlow, Details
THE STOW SERVICE INDUSTRY BAYS, THE STOW, HARLOW, CM20 3AB FREEHOLD INVESTMENT/DEVELOPMENT OPPORTUNITY
OFFERS IN EXCESS OF £1.5m
Location Harlow is situated about 30 miles outside of London at junction 7 of the M11. The site is bounded by the Aldi supermarket which opened at the end of July 2014 and also adjoins The Stow neighbourhood shopping centres and public car park, the Queensgate Centre retail and leisure park is also close by.
Investment Summary Multi-let service bay single storey units let on short term tenancies, currently let to 25 tenants with 7 vacant units. • 40 Service bay units providing 12,440 ft2* (1,155.71m2) • 33 units currently let to 25 different tenants producing £114,277 p.a. (Average £66 per week, per unit or £11.43 per ft2) • 7 Vacant units providing 2,449 ft2* (232.15m2) • Assuming the vacant units let on existing average rents there is the opportunity to secure a further £25,000 p.a., therefore, when fully let a potential income of £140,000 p.a. • Additional service charges amount to £32,000 p.a. recoverable from the tenants. • Potential residential development opportunity, subject to purchasing adjoining property owned by local authority. *Dimensions provided by Vendor. Prospective purchasers should make their own enquiries as the accuracy.
THE STOW SERVICE INDUSTRY BAYS, THE STOW, HARLOW, CM20 3AB
Development Proposal Plans were drawn up in 2013 for a residential scheme to provide 56 units, 3,000 ft2 of commercial space and 82 car parking spaces. Residential Scheme 29 x 1 bedroom flats 19 x 2 bedroom flats 8 x 3 bedroom flats The site of the proposed scheme includes a small building owned freehold by the Council and this would need to be purchased to facilitate the development. No planning application has been submitted at this time. The Council have recently completed a consultation process on regeneration of the Stow area which included details of this scheme. Further details available upon request.
THE STOW SERVICE INDUSTRY BAYS, THE STOW, HARLOW, CM20 3AB
PROPOSED SCHEME
Terms Offers sought in excess of £1.5m for the freehold interest, subject to the occupational tenancies. All enquiries directed through sole agents Strettons
NICK DUCK
YONI BENARI
[email protected] 020 7907 7422
[email protected] 020 7907 7424
PHILIP WATERFIELD [email protected] 020 7637 4000
MISREPRESENTATIONS: These particulars do not constitute an offer of contract. We have not tested any of the services referred to in these particulars. The accuracy of any description, dimensions, reference to condition, necessary permissions for use and other details contained herein is not guaranteed and is for general guidance only. Applicants should satisfy themselves as to the correctness of the details including as to whether VAT is payable on rents, prices or premiums
OFFERS IN EXCESS OF £1.5m
Location Harlow is situated about 30 miles outside of London at junction 7 of the M11. The site is bounded by the Aldi supermarket which opened at the end of July 2014 and also adjoins The Stow neighbourhood shopping centres and public car park, the Queensgate Centre retail and leisure park is also close by.
Investment Summary Multi-let service bay single storey units let on short term tenancies, currently let to 25 tenants with 7 vacant units. • 40 Service bay units providing 12,440 ft2* (1,155.71m2) • 33 units currently let to 25 different tenants producing £114,277 p.a. (Average £66 per week, per unit or £11.43 per ft2) • 7 Vacant units providing 2,449 ft2* (232.15m2) • Assuming the vacant units let on existing average rents there is the opportunity to secure a further £25,000 p.a., therefore, when fully let a potential income of £140,000 p.a. • Additional service charges amount to £32,000 p.a. recoverable from the tenants. • Potential residential development opportunity, subject to purchasing adjoining property owned by local authority. *Dimensions provided by Vendor. Prospective purchasers should make their own enquiries as the accuracy.
THE STOW SERVICE INDUSTRY BAYS, THE STOW, HARLOW, CM20 3AB
Development Proposal Plans were drawn up in 2013 for a residential scheme to provide 56 units, 3,000 ft2 of commercial space and 82 car parking spaces. Residential Scheme 29 x 1 bedroom flats 19 x 2 bedroom flats 8 x 3 bedroom flats The site of the proposed scheme includes a small building owned freehold by the Council and this would need to be purchased to facilitate the development. No planning application has been submitted at this time. The Council have recently completed a consultation process on regeneration of the Stow area which included details of this scheme. Further details available upon request.
THE STOW SERVICE INDUSTRY BAYS, THE STOW, HARLOW, CM20 3AB
PROPOSED SCHEME
Terms Offers sought in excess of £1.5m for the freehold interest, subject to the occupational tenancies. All enquiries directed through sole agents Strettons
NICK DUCK
YONI BENARI
[email protected] 020 7907 7422
[email protected] 020 7907 7424
PHILIP WATERFIELD [email protected] 020 7637 4000
MISREPRESENTATIONS: These particulars do not constitute an offer of contract. We have not tested any of the services referred to in these particulars. The accuracy of any description, dimensions, reference to condition, necessary permissions for use and other details contained herein is not guaranteed and is for general guidance only. Applicants should satisfy themselves as to the correctness of the details including as to whether VAT is payable on rents, prices or premiums
