286-290 CAMBRIDGE HEATH ROAD, LONDON E2 9DA - CONTRACTS EXCHANGED
Freehold Site for sale with Full Vacant Possession
Location
286-290 Cambridge Heath Road is located within the London Borough of Tower Hamlets, and situated approximately 1.3 miles from the City and approximately 3.5 miles north east of Central London. The site is situated at the northern end of Cambridge Heath Road towards its continuation with Mare Street, at the junction with Vyner Street. Hackney Road lies approximately 100 yards to the south.
The surrounding area comprises a mixture of commercial activities and residential accommodation.
Communications
The site is located approximately 0.25 miles (400 meters) north of Bethnal Green Underground Station (Central Line) providing direct access to the City and Central London, and approximately 0.14 miles (225 meters) north of Cambridge Heath Railway Station which provides direct access to Liverpool Street station.
Description
The site extends to approx 0.13 acres (0.054 hectares) and comprises an existing community centre and day nursery (D1 use) arranged over ground and part first floors. There is a playground area at the front of the site fronting onto Cambridge Heath Road, and on-site parking for 2-3 cars at the rear accessed from Vyner Street.
Existing Floor Areas
Ground Floor: 2,982 sq ft (277.0 sq m)
First Floor: 506 sq ft (47.0 sq m)
Total: 3,488 sq ft (324.0 sq m)
Please note these areas have been provided to us by our client and therefore are subject to verification.
Planning
The current site benefits from a D1 (Non residential institution) planning use.
We understand that the site does not lie within a conservation area, and although situated in close proximity to the Regents Canal, is not within a designated flood risk area.
Redevelopment potential
We are of the opinion that the site has considerable scope for redevelopment to alternative uses including residential and commercial including offices and retail. The site benefits from a lapsed planning consent, for part demolition of the existing building and the erection of first and second floor additions to be used in conjunction with the continued use of the building as a community/cultural centre and as a day nursery (within class D1).
Planning permission was approved on 10th February 2005 under planning application number: PA/03/00733. The approved scheme increases the total floor area to approx 9,300 sq ft (GEA) in the form of bringing the building line forward on to Cambridge Heath Road, building over the existing flat roof on the first floor, and the addition of a new second floor in line with the adjoining building at 284 Cambridge Heath Road. Full details are available upon request, including floor plans, elevations, sections, site plan and planning decision notice.
Tenure
The site is held freehold and will be offered with full vacant possession.
Price
Offers are sought on either an unconditional to planning basis in excess of £750,000, or on a subject to planning basis in excess of £860,000 exclusive of VAT.
VAT may be payable on the purchase price.
