Wokingham, Berkshire, RG41

SUMMARY

* Opportunity to acquire an existing office building, benefitting from planning permission for a conversion and extension with significant residential development potential for up to 72 units, subject to obtaining the necessary consents.


DESCRIPTION

* The property is set within grounds extending to approximately 1.05 acres and comprises a 1980's detached purpose built office building, extending to a total area of approximately 23,454sqft GIA.

* The property provides 88 car parking spaces.

PERMITTED DEVELOPMENT

* The property benefits from lapsed permitted development, granted on 12th March 2021 for the proposed change of use from office (Class E(i)) to create 30 residential dwellings (Class C3) (Planning reference: 210166).

* The proposed scheme comprises 18 x studio, 10 x 1 bed & 2 x 2 beds arranged across ground and first floors, extending to a total area of approximately 15,274 sqft NSA.

* Permitted development expired on 12th March 2024, however, this sets the precedent for residential development for the property.

PLANNING

* The proposed conversion would provide 32 residential units (16 x 1 Bed, 15 x 2 Bed & 1 x 3 Bed) extending to approximately 18,729 sqft (NIA).

* The proposed extension would provide 32 residential units (18 x 1 Bed, 12 x 2 Bed & 2 x 3 Bed) extending to approximately 18,858 sqft (NIA).

* With the revised planning submission, the development will deliver 72 residential units (43 x 1 Bed, 28 x 2 Bed & 1 x 3 Bed) extending to approximately 41,506 sqft (NIA). The scheme also includes ground-floor commercial space within the new-build element, extending to around 1,037 sqft (GIA). In addition to increasing residential capacity and introducing commercial opportunities, the plans involve a strategic reconfiguration of the existing consented layout to optimise space, usability, and value. Subject to obtaining necessary consents.

TERMS

* The property is elected for VAT.

* The property is available freehold with vacant possession obtainable within 6 months.