Eastgate Business Centre Southernhay 25,000 SF 100% Leased Office Building Basildon SS14 1EB $3,531,481 CAD ($141.26 CAD/SF)

Investment Consideration:
Vacant possession
VAT is applicable to this property
Comprises former business centre arranged over second-fourth floor, accessed via communal entrance from ground and first floor
Prior approval granted in November 2024 for conversion of existing office floors (E) to create 35 residential apartments (C3) 3 x 1-Bed and 32 x 2-Bed
Approved residential GIA: 2,215.4 sq m (23,845 sq ft)
Situated within 7 min walk from Basildon Train Station which provides regular services to Southend Central to the east and London to the west.
Nearby occupiers include Asda, Boots Pharmacy, Nando`s, Theatre, EasyGym, Burger King, NatWest, Barclays, B&M, Home Bargains and many more.
Property Description:
The property comprises former business centre arranged over second, third and fourth floor, accessed via 2no. stair and lift cores, with a third escape stair leading to the service yard to the West. The primary access core is located on Southernhay on the northern site boundary and accessed from ground level. The secondary core is located at first floor and accessed from within the Eastgate Centre.
Tenure:
Long Leasehold. Held for a term of 250 years from 26th October 2020 at a ground rent of £1 p.a. Reversion 2270.
Development Opportunity:
Prior approval granted in November 2024 for Change of Use from Class E to Class C3 to create a total of 35 residential apartments (3 x 1-Bed (2 person), 30 x 2-Bed (3 person) and 2 x 2-Bed (4 person) apartments). The proposed building would provide the following accommodation and dimensions:
3 X 1-Bed Apartments
(average size of 54 sq m/581 sq ft each)
30 X 2-Bed (3 person) Apartments
(average size of 63 sq m/678 sq ft each)
2 X 2-Bed (4 person) Apartments
(average size of 80 sq m/861 sq ft each)
Total Approved Residential GIA: 2,215.4 sq m (23,845 sq ft)
For more information, please refer to Basildon planning portal: www.
Planning reference: 24/01071/PACU
Location:
The site is located at the Eastern end of the town centre and forms part of the original Eastgate Shopping Centre complex, completed in 1985. The Town Centre is encircled by major road networks (Roundacre, Southernhay & Broadmayne) which separate it from the residential areas beyond. Basildon train station and local bus station are located to the Southwest of the site providing regular services to Southend Central to the east and London to the west. Nearby occupiers include Asda, Boots Pharmacy, Nando`s, Theatre, EasyGym, Burger King, NatWest, Barclays, B&M, Home Bargains and many more.