7-8 Eastgate Business Centre, Southernhay, Basildon, Essex, SS14

Investment Consideration:
Vacant possession
VAT is applicable to this property
Comprises former business centre arranged over second-fourth floor, accessed via communal entrance from ground and first floor
Planning submitted for conversion of existing office floors and construction of additional 6 storeys to create residential block of 86 apartments (C3)
Proposed residential GIA: 5,516 sq m (59,387 sq ft)
Situated within 7 min walk from Basildon Train Station which provides regular services to Southend Central to the east and London to the west.
Nearby occupiers include Asda, Boots Pharmacy, Nando`s, Theatre, EasyGym, Burger King, NatWest, Barclays, B&M, Home Bargains and many more.

Property Description:
The property comprises former business centre arranged over second, third and fourth floor, accessed via 2no. stair and lift cores, with a third escape stair leading to the service yard to the West. The primary access core is located on Southernhay on the northern site boundary and accessed from ground level. The secondary core is located at first floor and accessed from within the Eastgate Centre.

Tenure:
Long Leasehold. Held for a term of 250 years from 26th October 2020 at a ground rent of £1 p.a. Reversion 2270.

Development Opportunity:
Planning submitted for Change of Use from Class E to Class C3 at 2nd to 4th floor and construction of new floors up to eleven storeys overall height to create a total of 86 new residential units; together with a new building façade and entrance, external fire stairs, internal alterations to the ground and 1st floor, podium landscaping, and minor external alterations. The proposed building would provide the following accommodation and dimensions:
31 X 1-Bed Apartments
(average size of 51 sq m/549 sq ft each)
55 X 2-Bed Apartments
(average size of 71 sq m/764 sq ft each)
Communal Roof Garden

Proposed Residential GIA: 5,516 sq m (59,387 sq ft)
Proposed Roof Garden: 457 sq m (5,027 sq ft)

For more information, please refer to Basildon planning portal: www. planning.basildon.gov.uk
Planning reference: 22/00925/FULL

Location:
The site is located at the Eastern end of the town centre and forms part of the original Eastgate Shopping Centre complex, completed in 1985. The Town Centre is encircled by major road networks (Roundacre, Southernhay & Broadmayne) which separate it from the residential areas beyond. Basildon train station and local bus station are located to the Southwest of the site providing regular services to Southend Central to the east and London to the west. Nearby occupiers include Asda, Boots Pharmacy, Nando`s, Theatre, EasyGym, Burger King, NatWest, Barclays, B&M, Home Bargains and many more.