Commercial Development for sale

Upnor Road, Rochester, Kent, ME2

13,680 sq. ft. | £200,000

Property Description

Commercial information

  • 13,680 sq ft (1,270 sq m)
  • Use class orders: B1 Business

Key features

  • Listed Building Consent
  • Planning Consent
  • Option to create 16 office units

Full description

Tenure: Freehold

Listed building consent and planning for conversion to B1 Office Use
Option to create 16 office units totalling 19,392 sq ft

LOCATION
The village of Lower Upnor is approximately 2.5 miles from Rochester and 13 miles from Maidstone. Transport links are very good with fast train times from Strood (2 miles away) to St Pancras International being approximately 34 minutes. By road the A289, M2 and A2 give direct access to London, the M25, M2 or south and east towards Dover and Europe. Lower Upnor is a desirable riverside settlement with a vibrant community with Medway Yacht Club and Upnor Sailing Club, two pubs, church and numerous walks. Upnor Caste is also adjacent to the property.

DEVELOPMENT SITE
The units sit within a larger residential development site with planning for 12 new homes and 16 new apartments. Works are underway with completion anticipated for the end of 2016.
Sufficient infrastructure has been put in place to include edge of site power, telecoms, water and drainage which will supply both this residential scheme and the subject property. New roads, pavements, car parking and landscaping have also been provided to the whole site and one of the existing outer buildings is being converted to a restaurant.

DESCRIPTION
There are eight Grade II listed former Victorian brick built Torpedo Sheds known as Magazine B with listed building consent and planning for conversion to B1 Office use.

The net internal area for each unit is approximately 1,710 sq ft and 13,680 sq ft for all eight units. There are 36 car parking spaces surrounding the property.

OPPORTUNITY
There is a rare opportunity to convert the property into 8 or 16 unique modern offices for owner occupation or investment purposes.

The units are currently vacant and in open plan, and could be refurbished to provide good quality offices (see CGI as an example). Although each of the eight units are self-contained, they can be inter linked by the opening up of the bricked up arch ways in the walls between each unit.

Architects plans have been drawn up to divide each unit in half and construct mezzanine floors which would increase the total net internal floor area to 19,392 sq ft (1,212 sq ft for each 16 half unit).

MARKET RENTS
Comparable transactions are difficult to assess due to the unique location and type of this property, although we understand offices at the nearby Chatham Maritime have let for between 12.00 and 17.50 per sq ft depending on condition and location.

OPTIONS
These unique and historical buildings are available to buy as a whole or individually. The vendor will consider selling all eight bays in their existing condition (Opt 1) or will undertake to carry out considerable improvement works to the external part of the building and also provide infrastructure and services (Opt 2 & 3).

These works would include:
New roofing, external painting, brickwork renovation, joinery renovation, laying of power cables, water pipes and Southern Water connection, BT ducting, foul water pipes and mains connection.

Option 1
All eight units can be sold together, freehold in their existing un-refurbished condition at a guide price of 975,000 plus VAT. This represents a capital value of 71.27 per sq. ft.

Option 2
On the basis these improvement works are carried out all eight units would be available together, freehold at a guide price of 1,400,000 plus VAT. This represents a capital value of 102.33 per sq. ft.

Option 3
Single units are also available freehold once the above works are carried at a guide price of 200,000 plus VAT. This represents a capital value of 116.95 per sq. ft.

N.B. Purchasers will need to undertake their own internal Category B fit out works.



Nearest stations

  • Strood (1.6 mi)
  • Gillingham (1.9 mi)
  • Rochester (2.0 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Michael Parkes Surveyors Limited, Rochester

Reading House, Waterside Court, Neptune Way, Rochester, ME2 4NZ

01634 933781 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Map & Street View

Nearest stations

  • Strood (1.6 mi)
  • Gillingham (1.9 mi)
  • Rochester (2.0 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Michael Parkes Surveyors Limited, Rochester

Reading House, Waterside Court, Neptune Way, Rochester, ME2 4NZ

01634 933781 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

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