Waller Avenue, Luton, Bedfordshire, LU4

The existing property comprises a large single-storey light industrial warehouse unit which extends to approximately 38,793ft² and a 2-storey office building of 4,445ft².

The remainder of the site consists of hard standing / yard space and parking with the overall site extending to 2.4 acres.

Access to the property is taken directly via Waller Avenue.

Planning:

Planning permission was granted on 23rd July 2024 (under reference 22/00990/FUL) for the demolition of the existing buildings on the site and comprehensive redevelopment to provide 342 residential units and approximately 17,800ft² of commercial space.

The proposed development will provide 136 x 1 bed units, 150 x 2 bed units and 56 x 3-bed units as a mix of apartments and houses with all of the residential units allocated for private sale. The development will benefit from 176 parking spaces with the majority of these spaces within the proposed basement parking and each house benefiting from one parking space each.

The planning permission is subject to a S106 agreement which provides for £1,760,000 in financial contributions with no CIL contributions applicable.
Full information on request.

Tenancy:

The entire property is let to Sam Magnet UK Limited on a 10 year lease until 18th May 2031 at a current rent of £145,000 per annum. The rental agreement is subject to a fixed rental increase in May 2027 with the rent increasing to £195,000 per annum.

Notice can be served on the tenant to vacate and surrender their agreement subject to 3 months notice at any time.