Development Properties: 89-93 Park Street, Luton LU1 3HG

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89-93 Park Street, Luton LU1 3HG

OIEO £1,700,000 subject to contract - Freehold

  • A consented mixed use development opportunity in the heart of Luton Town Centre.
  • Located 0.7 of a mile from Luton Station, offering direct services into London St Pancras International in just 23 minutes.
  • 0.2 miles from the University of Bedfordshire and 1.6 miles from Luton Airport.
  • Proposal for £2.7bn investment into Terminal 2 at Luton Airport allowing capacity to grow from 18m passengers per annum (currently) to 32m passengers and 13,000 new jobs, as part of a wider £4.5bn investment in ongoing and planned projects for the town.
  • Planning permission has been granted for the‘Erection of a second floor extension and change of use of existing building for 37 self-contained studios in Use Class C1 (Hotel), and an open Class A1 (retail) /Class B1(a) (offce) at ground floor level and associated bin and cycle storage and amenity area’ - Ref: 19/00025/FUL – Luton Council.
  • Existing building comprises 9,978 sq ft.
  • Net accommodation of the consented development comprises 7,827 sq ft of C1 use & 1,238 of open class A1 (retail) / Class B1(a) office.
  • Total gross area is 12,603 sq ft.
  • The 37 studio rooms are all fully self-contained which has been designed to benefit customers that are visiting on business as well as providing flexibility for each studio to be occupied as a serviced apartment.
  • The site could offer further development potential either at the rear of the property or by adding a floor to the existing building (subject to the usual consents).
  • Section 106 contribution totalling £18,500.
  • OIEO £1,700,000 (One Million, Seven Hundred Thousand Pounds) Subject to Contract.