16,046 sq ft NIA arranged over lower ground, ground and five upper floors. Immediate opportunity to refurbish the vacant upper floors (Class E), totaling 10,424 sq ft NIA
Ground and lower ground floors are let to Randox Laboratories until March 2032. Indicative feasibility study illustrates two schemes to extend the building's envelope by up to 18%, including an additional storey, new terracing and end of journey facilities, subject to necessary consents. The building was originally constructed in 1910 by the Howard de Walden Estate as a motor showroom once occupied by Vinot Cars Ltd and later housed the National Institute for the Blind. The building was subsequently redeveloped in the 1950’s after incurring damage during the Second World War.
Additional Information
Sales process
Offers are invited in excess of £16,000,000 subject to contract and exclusive of VAT. A purchase at this level reflects a low capital value of £997 per sq ft on existing NIA and £779 per sq ft on the existing GIA.
Development opportunity
Immediate opportunity to refurbish the vacant upper floors that provide 10,424 sq ft over contiguous and uniform floor plates ranging from 1,628 sq ft to 2,267 sq ft. Increase the net internal area by up to 18%, including new terracing and end of journey facilities, subject to necessary consents.
Overview of the tenants
Full vacant possession across the part ground and upper floors. The ground and lower ground floors are currently let to Randox Laboratories Ltd expiring 2032. Upwards only rent review on 2027, as well as a tenant only break option.
