480-510 Larkshall Road, E4 9HH, Greater London, London
Opportunity to acquire reversionary freehold office investment with development potential in Waltham Forest.
The existing building is arranged over two storeys (ground and first), comprising c.19,785 sq. ft. GIA and is split into 4 buildings, each with self contained entrances. The current income for the property totals £218,785pax, with the longest leasehold running until 2021. We understand that all leases have been executed outside the 1954 Landlord and Tenant Act.
The building possesses asset management potential as well as future development potential upon expiry or termination of the existing leases. We believe the existing office space is under let and a rent of £22.50 per sq. ft. could be achieved, which would create an ERV of c.£362,000pax. There is also potential (stpp) to add an additional floor to create another 10,000 sq. ft. of space which could lift the ERV to c.£587,000pax. Alternatively, a buyer could look at obtaining permitted development on all of the office accommodation and convert to residential. We believe if a floor was added on top then you could create c.60 residential units.
In addition to the existing office space, the subject property benefits from a large rear car park with approximately 70 space. With this included the total site area measures c.28,995 sq. ft.
East London has seen some of the most dramatic rises in property values in recent years and this is reflected in both residential sales and commercial rents. This improvement has led numerous well known London developers to invest in these areas, which can be clearly seen opposite, where McLaren have redeveloped their Highams Green Site. This development is now complete and provides 253 homes with a 55,000 sq. ft. Tesco Superstore https://www.youtube.com/watch?v=Gyet6L3JXqE