DELTA COURT DELTA COURT & ADJACENT LAND COLES GREEN …pdf.savills.com/documents/Delta Court...
Transcript of DELTA COURT DELTA COURT & ADJACENT LAND COLES GREEN …pdf.savills.com/documents/Delta Court...
DELTA COURT
1
DELTA COURT & ADJACENT LAND COLES GREEN ROAD, LONDON NW2 7HB
FREEHOLD INTEREST FOR SALE
DELTA COURT DELTA COURT
2 3
INVESTMENT SUMMARY
Substantial freehold apartment block with associated garages and adjacent vacant site.
u An unbroken freehold apartment block configured to provide 38 apartments (2 x studios, 34 x 2 beds and 2 x 3 bed) extending to 2,119 sq m / 22,804 sq ft (GIA excluding common parts)
u 16 garages situated to the rear (four let on short licenses, 12 vacant) and 20 additional surface car parking spaces
u Vacant B1/light industrial building on adjacent site
u Located in Cricklewood, within the London Borough of Brent close to the Brent Cross Cricklewood Regeneration Area
u Current passing rent £432,820 per annum (occupied by 30 ASTs, seven regulated tenants and four garage licenses; one recently refurbished flat and 12 garages are vacant)
u ERV when fully let approximately £500,000 per annum
u Significant scope for further residential development and asset management initiatives
u Combined site area of 0.815 acres (0.2687 hectares)
DESCRIPTIONDelta Court was constructed in the 1950s, with two additional floors added in 2005 (PP/05/1992). The property comprises 38 residential apartments extending to 2,119 sq m (22,804 sq ft) arranged over ground and five upper floors. The building has two cores, each core providing access to the upper floors via a passenger lift and staircase. The two cores are interlinked internally via a corridor on the fourth floor. Internally, the flats are in good letting condition, with the exception of the regulated tenancy flats which require modernisation.
To the rear of the property are 16 garages arranged along the west boundary of the site, extending to 261 sq m (2,807 sq ft).
Immediately to the north is an adjoining plot of land occupied by a empty B1/light industrial building extending to 550 sq m (5,920 sq ft).
The subject property is held on two titles with the entire site extending to 0.815 acres (0.3298 hectares).
60.3m
58.3m
58.1m
S TR E AKES FIEL D R OAD
EYH URS T CLOSE
WATE
RLO
O R
OAD
KE LCEDA CLOSE
CO
LES G
RE E N
ROAD
4
127
24
Works
Oxgate F arm
W orks
45
1 to 38
6 a to x
Oxgate
W orks
12
148
Farm
1
137
11
145 2
139
W orks
113
Delta C ourt
47
W orks
119
W orks
117
43
39
2
W orks
41
150Magic House
4
1
T ank
165h
11
14
8
1
12
5f
G1
to G
18
101
NOTE:- Reproduced from the Ordnance Survey Map with the permission of the Controller of H.M. Stationery Office. © Crown copyright licence number 100022432 Savills (UK) Ltd.NOTE:- Published for the purposes of identification only and although believed to be correct accuracy is not guaranteed.
Recently refurbished apartment Recently refurbished apartment
Units38 apartments, adjacent vacant building & 16 garages
Area (sq m/sq ft) 2,119 sq m / 22,804 sq ft
Total Site Area
0.815 acres (0.2687 hectares)
Passing Rent (pa) £432,820
Occupancy 97.37%
ERV (pa) £500,000 (AST ERVs + regulated tenancies)
Tenure Freehold
DELTA COURT DELTA COURT
4 5
CHIC
HELE
ROAD
CEICKLEWOOD LANE
EDGW
ARE ROAD CRIC
KLEWO
OD BRO
ADWAY
A4088
A40
88
A40
6
A
406
N CIRCULAR RD
A41
DOLLIS HILL
CRICKLEWOOD
BRENT CROSSSTATION
WELSH HARPRESERVOIR
GLADSTONE PARK
NEASDON
M1
LOCATIONThe subject property is located on the west side of Coles Green Road, Cricklewood in the London Borough of Brent in north west London.
Cricklewood is located between Willesden Green to the west, Brondesbury and Kilburn to the south, Brent Cross to the north, West Hampstead and Childs Hill to the south east and east. Coles Green Road runs parallel to Edgware Road which runs north/south connecting Central London to the North Circular (A406).
Among a range of nearby amenities is the Brent Cross Shopping Centre, providing over 120 shops including Apple, Gap, John Lewis, Marks and Spencer and Fenwick. The Welsh Harp Reservoir, a 170 hectare park comprising open water, marshes, trees and grassland, is located less than a mile to the north of the property.
TRANSPORTCricklewood mainline train station is 1.6 miles to the south, and Dollis Hill London Underground Station (Travel Zone 3 – Jubilee Line) is about 1.4 miles south of the property. In addition various bus routes run along Edgware Road connecting to Central London.
Road communications are excellent. The A406 (North Circular) is located 300 metres to the north of the property and provides circular access around Greater London. Junction 1 of the M1 is situated to the north east.
TENANCIESThe total passing rent is £432,820 per annum.
The flats at Delta Court produce £430,120 per annum. There are seven regulated tenancies, 30 ASTS, 17 of which are now periodic tenanciescies, and one recently refurbished flat is vacant. All flats are let on a funished basis.
Four of the garages are let on licences achieving a total rent of £2,700 per annum. 12 garages are vacant.
The ERV when fully let is approximately £500,000 per annum (ERV for AST apartments plus regulated tenants income).
In addition, the vendor has been approached to install a UK Broadband mast on the roof. An initial offer of £13,500 per annum has been submitted.
Flat No. Level Beds Floor area (sq ft)
Floor area (sq m)
Tenancy Type Status Tenancy
Start DateTenancy
End Date Term Rent pcm Rent per annum
1 G 2 565 52.5 Vacant Vacant
2 G 2 578 53.7 AST Let 01-April-15 31-Mar-16 1 year £1,250 £15,0003 G 2 578 53.7 Periodic Let 14-Aug-12 13-Aug-13 1 year £955.50 £11,466 4 G 2 565 52.5 Periodic Let 10-Mar-14 09-Mar-15 1 year £1,000 £12,000 5 1 2 565 52.5 Regulated Let 01-Sep-82 NA £411.67 £4,940 6 1 2 578 53.7 Periodic Let 21-Mar-14 20-Mar-15 1 year £1,050 £12,600 7 1 2 578 53.7 Periodic Let 01-Apr-11 31-Mar-12 1 year £866.66 £10,400 8 1 2 565 52.5 Periodic Let 06-Mar-13 05-Mar-14 1 year £1,007 £12,084 9 2 2 565 52.5 AST Let 29-Nov-14 28-Nov-15 1 year £1,130 £13,560 10 2 2 578 53.7 Regulated Let 01-Dec-85 NA £411.67 £4,940 11 2 2 578 53.7 Regulated Let 01-Sep-84 NA £411.67 £4,940 12 2 2 565 52.5 AST Let 28-Feb-15 27-Feb-16 1 year £1,250 £15,000 13 3 2 565 52.5 AST Let 02-Nov-14 01-Nov-15 1 year £1,120 £13,440 14 3 2 578 53.7 AST Let 19-Nov-14 18-Nov-15 1 year £1,080 £12,960 15 3 2 578 53.7 Periodic Let 09-Feb-14 08-Feb-15 1 year £925 £11,100 16 3 2 565 52.5 AST Let 17-Nov-14 16-Nov-15 1 year £1,050 £12,600 17 G 2 565 52.5 Periodic Let 22-Dec-13 21-Dec-14 1 year £1,023.50 £12,282 18 G 2 578 53.7 Regulated Let 01-Jul-75 NA £411.67 £4,940 19 G 2 578 53.7 Regulated Let 01-Aug-67 NA £411.67 £4,940 20 G 2 565 52.5 AST AST Agreed £1,250 £15,00021 1 2 565 52.5 Periodic Let 15-Jan-14 14-Jan-15 1 year £950 £11,400 22 1 2 578 53.7 Periodic Let 25-Sep-12 24-Sep-13 1 year £1,000 £12,000 23 1 2 578 53.7 Regulated Let 01-Oct-75 NA £411.67 £4,940 24 1 2 565 52.5 Periodic Let 24-Sep-14 23-Sep-15 1 year £1,140 £13,680 25 2 2 565 52.5 Regulated Let 01-Nov-80 NA £411.67 £4,940 26 2 2 578 53.7 AST Let 03-Jan-15 02-Jan-16 1 year £1,160 £13,920 27 2 2 578 53.7 AST Let 20-Nov-14 19-Nov-15 1 year £1,160 £13,920 28 2 2 565 52.5 AST Let 12-Jun-14 11-Jun-15 1 year £1,130 £13,560 29 3 2 565 52.5 Periodic Let 28-Jan-14 27-Jan-15 1 year £1,000 £12,000 30 3 2 578 53.7 Periodic Let 09-Jan-13 08-Jan-14 1 year £979.38 £11,753 31 3 2 578 53.7 Periodic Let 01-Jan-13 31-Dec-13 1 year £1,084.64 £13,016 32 3 2 565 52.5 AST Let 23-Mar-15 22-Mar-16 1 year £1,250 £15,000 33 4 3 868 80.6 Periodic Let 01-Mar-14 28-Feb-15 1 year £1,390 £16,680 34 4 3 868 80.6 AST Let 01-Nov-14 31-Oct-15 1 year £1,425 £17,100
35 4 2 952 88.4 AST Let 30-Sep-14 29-Sep-15 1 year £1,350 £16,200
36 4 Studio 400 37.2 Periodic Let 17-Jun-13 16-Jun-14 1 year £795 £9,540 37 4 Studio 400 37.2 Periodic Let 23-Nov-13 22-Nov-14 1 year £760 £9,120
38 4 & 5 2 1028 95.5 Periodic Let 29-Mar-13 28-Sep-136
months £1,430 £17,160
£35,843.35 £430,120 Garage
1, 3, 9 & 11Garage License Let
6-12 months
£225 £2,700
Total 22,804 £36,068.35 £432,820Not to scale - for identification purposes only
FURTHER DEVELOPMENT POTENTIALWe consider that the adjacent site and garages to the rear of Delta Court offer an opportunity for further residential development, subject to the necessary consents.
The 16 garages to the rear of the property extend to approximately 0.06 acres with a site footprint of 261 sq m (2,807 sq ft).
The adjacent site with the derelict B1/light industrial building is 0.136 acres with a site footprint of 550 sq m (5,920 sq ft).
BRENT CROSS CRICKLEWOOD REGENERATION In July 2014 the London Borough of Brent gained planning permission for the Brent Cross Cricklewood master plan. This is a £4 billion plan to create a new town centre delivering 7,500 new homes, 27,000 jobs, three schools, new parks and community facilities. In February 2015, a joint venture between Argent and Related Companies was recommended to Brent Council to develop a key 78 hectare site near Brent Cross Shopping Centre which forms part of the wider regeneration masterplan. In addition the chancellor within the 2015 budget announced that Brent Cross will benefit from a new £97m railway station. More information can be found via the following link http://brentcrosscricklewood.com
HYDEPARK
REGENT’SPARK
WEST WAY
HARROW
EALING
SOUTHALL
HOUNSLOW
SHEPHERDSBUSH
PARK ROYAL
PADDINGTON
NOTTING HILL
LONDONHEATHROWAIRPORT
STAINES ONTHAMES
OXFORD
BRENT
NORTHCIRCULARROAD
CITY OFLONDON
MAYFAIR
LONDON
WESTEND
THAMESVALLEY
M25
M40
M25
A406A41
A40
A501
A1A503
A400
A119
A100
A2
A23
A219
A308
A203A202
A4
A4200
A3036
A3216
A3205
A1202
A4
A5
A307
A316
M25
M4
M4M4
M1
J2 J1
J1
A40
A40
View towards Wembley stadium from top floor flats
FLOOR PLANS
76
Kitchen10'6'' x 6'9''
3.20 x 2.06mBedroom
10'3'' x 8'3''3.12 x 2.51m
Bedroom12' x 11'3''
3.66 x 3.43m
ReceptionRoom
13'6'' x 11'6''4.11 x 3.51m
Kitchen10'6'' x 6'9''
3.20 x 2.06mBedroom
10'3'' x 8'3''3.12 x 2.51m
Bedroom12' x 11'3''
3.66 x 3.43m
ReceptionRoom
13'6'' x 11'6''4.11 x 3.51m
Kitchen10'6'' x 6'9''
3.20 x 2.06mBedroom
10'3'' x 8'3''3.12 x 2.51m
Bedroom12' x 11'3''
3.66 x 3.43m
ReceptionRoom
13'6'' x 11'6''4.11 x 3.51m
Kitchen10'6'' x 6'9''
3.20 x 2.06mBedroom
10'3'' x 8'3''3.12 x 2.51m
Bedroom12' x 11'3''
3.66 x 3.43m
ReceptionRoom
13'6'' x 11'6''4.11 x 3.51m
Kitchen8' x 6'
2.44 x 1.83m
ReceptionRoom
13'6'' x 11'3''4.11 x 3.43m
Bedroom10'3'' x 7'
3.12 x 2.13m
Bedroom12' x 11'6''
3.66 x 3.51m
Kitchen8' x 6'
2.44 x 1.83m
ReceptionRoom
13'6'' x 11'3''4.11 x 3.43m
Bedroom10'3'' x 7'
3.12 x 2.13m
Bedroom12' x 11'6''
3.66 x 3.51m
Kitchen8' x 6'
2.44 x 1.83m
ReceptionRoom
13'6'' x 11'3''4.11 x 3.43m
Bedroom10'3'' x 7'
3.12 x 2.13m
Bedroom12' x 11'6''
3.66 x 3.51m
Kitchen8' x 6'
2.44 x 1.83m
ReceptionRoom
13'6'' x 11'3''4.11 x 3.43m
Bedroom10'3'' x 7'
3.12 x 2.13m
Bedroom12' x 11'6''
3.66 x 3.51m
Bedroom15'6'' x 10'3''4.72 x 3.12m
Bedroom13'6'' x 10'3''4.11 x 3.12m
ReceptionRoom
21'9'' x 10'9''6.63 x 3.28m
Kitchen16'3'' x 9'
4.95 x 2.74m
Studio23'3'' x 17'3''7.09 x 5.26m
Studio23'3'' x 17'3''7.09 x 5.26m
ReceptionRoom
19' x 11'6''5.79 x 3.51m
Kitchen11'3'' x 9'9''
3.43 x 2.97mBedroom11'3'' x 11'
3.43 x 3.35m
Bedroom13'9'' x 11'
4.19 x 3.35m
Bedroom11' x 7'3''
3.35 x 2.21m
ReceptionRoom
19' x 11'6''5.79 x 3.51m
Kitchen11'3'' x 9'9''
3.43 x 2.97mBedroom11'3'' x 11'
3.43 x 3.35m
Bedroom13'9'' x 11'
4.19 x 3.35m
Bedroom11' x 7'3''
3.35 x 2.21m
8'3'' x 6'6''2.51 x 1.98m
Bedroom15' x 9'3''
4.57 x 2.82m Bedroom13'3'' x 10'6''4.04 x 3.20m
Kitchen16'6'' x 8'
5.03 x 2.44m
ReceptionRoom
21'9'' x 10'9''6.63 x 3.28m
Kitchen10'6'' x 6'9''
3.20 x 2.06mBedroom
10'3'' x 8'3''3.12 x 2.51m
Bedroom12' x 11'3''
3.66 x 3.43m
ReceptionRoom
13'6'' x 11'6''4.11 x 3.51m
Kitchen10'6'' x 6'9''
3.20 x 2.06mBedroom
10'3'' x 8'3''3.12 x 2.51m
Bedroom12' x 11'3''
3.66 x 3.43m
ReceptionRoom
13'6'' x 11'6''4.11 x 3.51m
Kitchen10'6'' x 6'9''
3.20 x 2.06mBedroom
10'3'' x 8'3''3.12 x 2.51m
Bedroom12' x 11'3''
3.66 x 3.43m
ReceptionRoom
13'6'' x 11'6''4.11 x 3.51m
Kitchen10'6'' x 6'9''
3.20 x 2.06mBedroom10'3'' x 8'3''
3.12 x 2.51m
Bedroom12' x 11'3''
3.66 x 3.43m
ReceptionRoom
13'6'' x 11'6''4.11 x 3.51m
Kitchen8' x 6'
2.44 x 1.83m
ReceptionRoom
13'6'' x 11'3''4.11 x 3.43m
Bedroom10'3'' x 7'
3.12 x 2.13m
Bedroom12' x 11'6''
3.66 x 3.51m
Kitchen8' x 6'
2.44 x 1.83m
ReceptionRoom
13'6'' x 11'3''4.11 x 3.43m
Bedroom10'3'' x 7'
3.12 x 2.13m
Bedroom12' x 11'6''
3.66 x 3.51m
Kitchen8' x 6'
2.44 x 1.83m
ReceptionRoom
13'6'' x 11'3''4.11 x 3.43m
Bedroom10'3'' x 7'
3.12 x 2.13m
Bedroom12' x 11'6''
3.66 x 3.51m
Kitchen8' x 6'
2.44 x 1.83m
ReceptionRoom
13'6'' x 11'3''4.11 x 3.43m
Bedroom10'3'' x 7'
3.12 x 2.13m
Bedroom12' x 11'6''
3.66 x 3.51m
GROUND FLOOR
4TH FLOOR
1ST - 3RD FLOORS
5TH FLOOR
GARAGES
Garage16'5" x 9'6"
5.00 x 2.90m
Garage16'5" x 9'6"
5.00 x 2.90m
Garage16'5" x 9'6"
5.00 x 2.90m
Garage16'5" x 9'6"
5.00 x 2.90m
Garage16'5" x 9'6"
5.00 x 2.90m
Garage16'5" x 9'6"
5.00 x 2.90m
Garage16'5" x 9'6"
5.00 x 2.90m
Garage16'5" x 9'6"
5.00 x 2.90m
Garage16'5" x 9'6"
5.00 x 2.90m
Garage16'5" x 9'6"
5.00 x 2.90m
Garage16'5" x 9'
5.00 x 2.74m
Garage16'5" x 9'
5.00 x 2.74m
Garage16'5" x 9'6"
5.00 x 2.90m
Garage16'5" x 9'6"
5.00 x 2.90m
Garage16'5" x 9'6"
5.00 x 2.90m
Garage16'5" x 9'6"
5.00 x 2.90m
DELTA COURT DELTA COURT
DELTA COURT
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TENUREBoth properties are held freehold.
VATWe understand that VAT is not payable on the two properties being offered for sale.
METHOD OF SALEThe property is offered for sale by way of private treaty, as two separate lots:
u Delta Court – subject to the existing tenancies
u Adjacent site at 148 Coles Green Road
Should a closing date be set for the submission of offers, all parties who have expressed an interest will be advised accordingly.
VIEWINGSViewings are to be arranged strictly through Savills as the sole selling agent.
FURTHER INFORMATION A full suite of background information, including EPCs and tenancy information can be found on the online data room at www.savills.com/deltacourt
CONTACTSDavina Clowes+44 (0) 207 016 [email protected]
James Laverack+44 (0) 20 7016 [email protected]
Important Notice
Savills, their clients and any joint agents give notice that:
1. They are not authorised to make or give any representations or warranties in relation to the property either here or elsewhere, either on their own behalf or on behalf of their client or otherwise. They assume no responsibility for any statement that may be made in these particulars. These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact.
2. Any areas, measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily comprehensive. It should not be assumed that the property has all necessary planning, building regulation or other consents and Savills have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise.
Designed and Produced by Savills Marketing: 020 7499 8644
April 2015
33 Margaret StreetLondon W1G 0JD