Makers Bay 6 Properties in London

The Opportunity
• A unique opportunity to invest and develop into an outstanding Greater London location, neighbouring the Brent Cross-Cricklewood regeneration zone.
• Located in Zone 3 on the A5 Edgware Road / Cricklewood Broadway, North-West London.
• Approx. 7 minute walk from Cricklewood Thameslink Station.
• Substantial and active frontage of 420 feet on to Cricklewood Broadway, and to the rear on Hassop Road.
• Total site area of 1.55 acres (0.63 ha).
• Currently comprising a mix of retail, offices and light industrial uses totalling c.115,000 sq ft, together with substantial car parking at roof level.
• The site is currently 80% let and income producing with the majority of the tenants either holding over or on tenancies at wills. The current rental income totals £464,897 per annum reflecting an extremely low overall rent of only £5.07 per sq ft on the let space.
• Highly reversionary income with a blended ERV of between £20 - £25 per sq ft, therefore taking the total rent roll on the existing up to between £2.3m - £2.9m per annum.
• Freehold.
• The site benefits from a planning consent for a mixed-use scheme comprising 157 co-living studios, 8 apartments, 28,385 sq ft of retail / event space and 23,702 sq ft of light industrial, with a total GIA of 208,326 sq ft.
• Scope for a variety of alternative uses including but not limited to leisure, hospitality, self-storage, healthcare, co-working (stp).
• Unconditional offers sought in excess of £22,500,000 subject to contract and exclusive of VAT for the benefit of the freehold interest.
A purchase at this level will reflect a low capital value of only £195 per sq ft on the existing GIA, and £108 per sq ft on the consented GIA.