Residential Development For Sale
A freehold industrial site comprising two commercial buildings and a forecourt area with vehicular access from Furrow Lane. The buildings were previously used as a car repair workshop and light industrial workshop under Class E, formally B1 (c), which are both offered fully vacant. The car repair workshop is the smaller of the two buildings measuring approx. 550 sq. ft.. The larger unit has a ground floor area of 1,400 sq. ft. and mezzanine floor of 400 sq. ft.. We are of the opinion the site is suitable for a residential/mixed use development scheme (STP).
The site is located on Furrow Lane, Homerton, a residential side road just off Homerton High Street. Homerton is an increasingly popular East London neighbourhood, just a short walk from Homerton Station and the fashionable Chatsworth Road which has a mix of cafes, bars and boutiques and a popular Sunday market. Victoria Park and the Hackney Marshes are both within a 10 minute walk and an increasing number of gastropubs and upmarket chains have seen the area attract a young and affluent demographic of residential buyers.
The site is located outside the proposed Class E article 4 restricted area and therefore benefits from permitted development rights under Class MA for a change of use to residential. In addition our clients have received a positive pre-app response supporting redevelopment of the car repair site on at least 3 floors reflecting the height and scale of the adjacent Alvares House development. We are of the opinion that the site would support a redevelopment providing at least 6 units and can provide indicative sketch layouts to interested parties on request.
Unconditional offers are being sought for the freehold interest at an asking price of £1,300,000. Full vacant possession will be available upon completion. All other terms and conditions by negotiation.