The Parade & Watford Market, Watford, Hertfordshire, WD17
Offers in Region of
£11,500,000
£229.57 per sq ft
Business rates & charges may apply
- SIZE AVAILABLE
50,094 sq ft
4,654 sq m
- SECTOR
Residential development for sale
Key features
- An opportunity to transform Watford Market into a vibrant destination for town-centre living, shopping and dining.
- A substantial 1.15-acre town-centre site bringing together High Street retail, offices, a gym and the existing Watford Market.
- An established tenant mix including B&M, producing £549,996 per annum with opportunities to enhance income and unlock further value through active asset management.
- Resolution to grant planning permission for 141 new homes across two blocks, alongside a revitalised market and new commercial space.
- Acquire the freehold and deliver the next chapter of Watford Market. Offers invited in excess of £11,500,000.
- Investment Opportunity
Description
DESCRIPTION:
Occupying a prominent position on Watford High Street, the property brings together a substantial retail and office parade, an adjoining gym building and part of Watford Market, creating an opportunity to reshape an established town-centre destination.
Known as 22-33 The Parade, the High Street accommodation comprises basement retail space, a triple-fronted ground-floor retail unit and three upper floors of offices. The adjoining four-storey gym building is accessed from Watford House Lane.
To the rear, Watford Market occupies a series of shipping containers arranged over two levels. The market spans two titles: land within the vendor's ownership, outlined in red on the plan opposite, and land owned by Watford Borough Council, outlined in blue.
The market is accessed from The Parade / High Street, with an additional entrance from Beechen Grove / Watford House Lane.
Overall, the site area extends to approximately 1.15 acres with the existing buildings totalling 115,018sq.ft.
LOCATION:
TOWN-CENTRE LIVING. EVERYTHING ON THE DOORSTEP.
Positioned between Watford High Street, Watford House Lane and Beechen Grove, the site places future residents at the heart of the town's shopping, dining and leisure offering.
With the High Street and Atria Watford within easy walking distance, future residents would enjoy shopping, dining and leisure on their doorstep, complemented by the revitalised market below.
The nearest stations are Watford Junction (0.4 miles) and Watford High Street (0.5 miles) both offering Overground services with direct links to London Euston in circa 50 minutes.
PLANNING:
The proposed redevelopment presents an opportunity to transform Watford Market into a vibrant mixed-use destination, combining 141 new homes with a revitalised market, new commercial space and enhanced public realm.
The scheme comprises 135 private apartments and six social rented homes, with a mix of one, two and three-bedroom accommodation across two blocks. Six new commercial units and a redesigned market would create an active setting for the new homes, bringing fresh energy to this central Watford location.
A resolution to grant planning permission was issued in 2024 (reference: 23/00391/FULM) for phased redevelopment, including demolition and partial demolition of the existing buildings. The affected market space would be temporarily relocated during construction.
On practical completion of the new market, Watford Borough Council has agreed to take a 20-year lease of the market space within the development title at £100,000 per annum.
The planning consent is subject to a Section 106 Agreement containing financial contributions and a late-stage review on affordable housing. A CIL liability of approximately £1,500,000 is also applicable. Please note that this is an indexed estimate as of January 2025 and should not be relied upon. Prospective purchasers should undertake their own analysis.
TERMS:
Offers invited in excess of £11,500,000 for the freehold interest. The subject property is for sale via informal tender (unless sold prior), all interested parties will be notified as to the proposed bid date in due course. The vendor is not bound to accept any or the highest offer.
Occupying a prominent position on Watford High Street, the property brings together a substantial retail and office parade, an adjoining gym building and part of Watford Market, creating an opportunity to reshape an established town-centre destination.
Known as 22-33 The Parade, the High Street accommodation comprises basement retail space, a triple-fronted ground-floor retail unit and three upper floors of offices. The adjoining four-storey gym building is accessed from Watford House Lane.
To the rear, Watford Market occupies a series of shipping containers arranged over two levels. The market spans two titles: land within the vendor's ownership, outlined in red on the plan opposite, and land owned by Watford Borough Council, outlined in blue.
The market is accessed from The Parade / High Street, with an additional entrance from Beechen Grove / Watford House Lane.
Overall, the site area extends to approximately 1.15 acres with the existing buildings totalling 115,018sq.ft.
LOCATION:
TOWN-CENTRE LIVING. EVERYTHING ON THE DOORSTEP.
Positioned between Watford High Street, Watford House Lane and Beechen Grove, the site places future residents at the heart of the town's shopping, dining and leisure offering.
With the High Street and Atria Watford within easy walking distance, future residents would enjoy shopping, dining and leisure on their doorstep, complemented by the revitalised market below.
The nearest stations are Watford Junction (0.4 miles) and Watford High Street (0.5 miles) both offering Overground services with direct links to London Euston in circa 50 minutes.
PLANNING:
The proposed redevelopment presents an opportunity to transform Watford Market into a vibrant mixed-use destination, combining 141 new homes with a revitalised market, new commercial space and enhanced public realm.
The scheme comprises 135 private apartments and six social rented homes, with a mix of one, two and three-bedroom accommodation across two blocks. Six new commercial units and a redesigned market would create an active setting for the new homes, bringing fresh energy to this central Watford location.
A resolution to grant planning permission was issued in 2024 (reference: 23/00391/FULM) for phased redevelopment, including demolition and partial demolition of the existing buildings. The affected market space would be temporarily relocated during construction.
On practical completion of the new market, Watford Borough Council has agreed to take a 20-year lease of the market space within the development title at £100,000 per annum.
The planning consent is subject to a Section 106 Agreement containing financial contributions and a late-stage review on affordable housing. A CIL liability of approximately £1,500,000 is also applicable. Please note that this is an indexed estimate as of January 2025 and should not be relied upon. Prospective purchasers should undertake their own analysis.
TERMS:
Offers invited in excess of £11,500,000 for the freehold interest. The subject property is for sale via informal tender (unless sold prior), all interested parties will be notified as to the proposed bid date in due course. The vendor is not bound to accept any or the highest offer.
Brochures
The Parade & Watford Market, Watford, Hertfordshire, WD17
NEAREST STATIONS
Distances are straight line measurements from the centre of the postcode- Watford High Street Station0.4 miles
- Watford Junction Station0.5 miles
- Watford Station0.8 miles
Notes
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