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Savoy Building, Colindale, London HA8

A UNIQUE NORTH LONDON DEVELOPMENT OPPORTUNITY
For sale
  • The property is located within Colindale, northwest London, offering easy access into central London on the Northern Line.
  • This landmark site which is currently occupied by a stunning art deco building, benefits from planning permission and listed building consent for the conversion of the Grade II Listed former Mecca Bingo and Savoy Cinema to deliver 125 studio apartments, 28,708 sq ft of co-working space (Use class Sui Generis) and a café of approximately 1,800 sq ft (Use Class A3).
  • The planning consent will involve the partial demolition, restoration, and roof and side extensions to the former bingo hall.
  • The consented scheme is a part-seven / part-eight storey building which will comprise a total GIA of approximately 95,000 sq ft.
  • Various communal facilities will form part of the co-living element of the scheme. These include a gym, cinema, lounge, diner and library.
  • Additionally, there will be kitchenettes and seating areas on all floors.
  • The opportunity to develop the first co-living scheme in the London Borough of Brent.
  • The asset would suit alternative uses subject to the necessary consents.
  • There are three telephone masts positioned on the roof, all of which are holding over and producing a total rental income of £32,882.15 pa.
  • It is our understanding that there are CIL and Section 106 contributions totalling £1,135,785.55.
  • Freehold available for sale with vacant possession.

GUIDE PRICE £10,500,000 (TEN MILLION, FIVE HUNDRED THOUSAND POUNDS) STC. THIS REPRESENTS A LOW CAPITAL VALUE OF £110 PSF (BASED ON THE GIA OF THE CONSENTED SCHEME).

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