Freehold Commercial property with uppers. Benefiting with planning for the construction of 3 additional floors, to occupy 8 new apartments (7 x 2 bedroom and 1 x 1 bedroom). The property currently consist of a two storey mid terrace building with a lower ground floor, and is currently occupied for commercial use as a Bank. Currently let to HSBC achieving £55,000 per annum with the lease due to expire on 26th June 2023. Current GIA 247.7 sqm (2,666 sqft). The proposed scheme includes 545.5 sq m (5,872 sq ft) NSA of residential floor space on the first to third floor and 191 sq m (2,055 sq ft) of commercial on the ground and lower ground, with the total scheme comprising 736.5 sq m (7,927 sq ft). Residential unit mix is as follows: - 1 x one beds - 7 x two beds CIL - £216,694 S106 - TBC scl-land
The property is situated in central Putney and faces onto Upper Richmond Road (A205), neighboured by
residential and office buildings, and in close proximity to a vibrant array of restaurants, cafes and pubs.
The site benefits from excellent transport links and provides a very good level of accessibility. It sits
equidistant from both Putney Overground and East Putney Tube Station, both being just a two minute walk
away (0.2 miles), providing easy access to Central London (20 minutes) and the South West of England via
the District Line and South Western Railway. There is also a good road network with the site situated on the
southern side of Upper Richmond Road (A205), an arterial road within South London linking Putney with
Barnes to the west, and the A3 and Wandsworth to the east. The A3 provides excellent access across the
South West of London and towards the M25. The immediate properties neighbouring the site are mixed use, comprising of both office and residential
accommodation. Furthermore, the general area benefits from an abundance of green open space with
Wandsworth Park less 0.5 miles (0.8km) away, which in turn leads down to the River Thames Embankment.
Putney Heath comprising 400 acres lies just 0.7 miles (1.1km) from the property with Richmond Park located
less than 2 miles away providing over 2,500 acres of Royal parkland.
Property Description The property is situated on Upper Richmond Road (A205) and is in an area comprising both residential and
commercial uses. The property currently consist of a two storey mid terrace building with a lower ground
floor, and is currently occupied for commercial use as a Bank.
Neighbouring the building on either side are two 4 storey red brick buildings, one currently occupied by Bight
Star Care Service and the other by Brazil Naval Commission. To the rear of the property is an outdoor space
providing car parking which backs onto the over ground railway line, this is accessed via a ground floor
passage through the eastern edge of the property.
The building is currently let to and occupied by HSBC UK on the lower ground, ground and first floors and
we understand that this is at a passing rent of £55,000 per annum and their lease is due to expire on 26th
June 2023. The VOA measures the existing building as 247.7 sqm (2,666 sqft). It would be useful to have
confirmation of these existing areas. It appears that the land to the rear of the property is within a separate Freehold ownership and will not form
part of the sale. We understand that HSBC currently benefits from a lease over the land to the rear for car
parking at a rent of £3,500 per annum.
Planning We understand that the property gained full planning permission on 26th January 2022 for:
'Alterations including erection of first floor rear extension; extension to form three additional floors of
accommodation at second, third and fourth floor levels; formation of front roof terrace at fourth floor level;
formation of balconies at rear first, second and third floor levels; alterations to ground floor frontage. Works
in connection with provision of 8 flats (7 x 2- bedroom and 1 x 1-bedroom) on the upper floors of the extended
building, with ground and basement floors retained in commercial use, with associated cycle parking and
refuse storage facilities.´ The proposed scheme includes 545.5 sq m (5,872 sq ft) NSA of residential floor space on the first to third
floor and 191 sq m (2,055 sq ft) of commercial on the ground and lower ground, with the total scheme
comprising 736.5 sq m (7,927 sq ft). We understand that the residential unit mix is as follows:
- 1 x one beds
- 7 x two beds
We will require confirmation of the anticipated S106 and CIL figures however in the meantime for the purpose
of reporting we have assumed that the developer's contributions are as follows:
CIL - £225,000