SUMMARY
• Part built residential development opportunity to erect the North Block with planning permission for 37 private apartments and 2 ground floor commercial units.
LOCATION
• The site is located on Rennels Way in Isleworth, a well-established suburb, south-west of central London. The Local Authority is the London Borough of Hounslow. Isleworth railway station is within 150m of the site, providing direct services to Chiswick within 30 minutes and London Waterloo in approximately 30 minutes.
DESCRIPTION
• The site is set within grounds extending to approximately 0.53 acres and previously comprised two disused light industrial buildings and a single garage and associated buildings.
• The proposed scheme will comprise of two blocks (north and south block). We have been advised that the south block has been disposed of to a Housing Association.
• The works stalled on the North site in March 2022, and the following works have been completed:
o Ground floor slab and drainage
o Piling and ground works
• Building control was administered by MLM Building Control, with supporting inspection documentation available; assignable collateral warranties are also available from key project consultants, with professional indemnity cover of up to £5m. All documentation can be found in the data room.
PLANNING
• Planning permission was granted on 13th March 2020 for a mixed use redevelopment comprising the demolition of existing buildings and construction of two buildings up to seven storeys to provide 650 square metres (Use Class B1) of commercial floorspace, and 53 dwellings (1 studio, 24 one-bedroom, 22 two-bedroom, 5 three-bedroom and 1 four-bedroom) with associated access and highway works, amenity areas, cycle and disable car parking and refuse/recycling stores (Planning reference: 00981/1-2/P1 & 00981/1-2/P1(NMA)).
North Block
• The North block will comprise 37 private apartments (1 x studio, 19 x 1 beds & 17 x 2 beds) arranged across first to fifth floors, extending to a total area of approximately 24,391 sq ft NSA (30,625 sq ft GIA).
• The North block will also provide two commercial units (Use Class B1) arranged across both blocks, extending to a total area of approximately 6,006 SqFt NIA.
• We have been advised that there is an outstanding CIL liability of £545,268, however we advise all potential purchasers to satisfy themselves around this point.
• We have been advised that the S106 cost payable is £71,006.
• The proposed scheme will provide 2 disabled car parking spaces.
• The S106 is subject to an overage agreement, which is capped at £350,000. Further information on the overage can be found within the data room below.
TERMS
• The site is not elected for VAT.
• The site is available freehold.
• Offers in excess of £4,000,000
