Commercial development for sale

Description
Extending to approximately 2.2 acres the site lies between an established residential area and a Tesco supermarket. It was previously used as a car park for the nearby Ashford Hospital and whilst the site is mainly open, there are some poor-quality single storey buildings that are to be demolished as part of the development. The approved planning consent has been implemented and several planning conditions have been discharged.

The site is level and is bisected by Town Lane which provides pedestrian access to the adjoining residential properties. Vehicular access to the new development will be via Town Lane (past Tesco/Ashford Hospital) not Greenaway Terrace.

Location
The Borough of Spelthorne has a population of approximately 103,000 residents and covers some 20 square miles. Situated on the River Thames
between Windsor and Hampton Court, Spelthorne is fortunate to have river Thames frontage and the river forms much of the Borough’s boundary. Spelthorne’s riverside areas are some of the most attractive spots in Surrey and attract visitors from a wide area.

The main areas of the Borough are Ashford, Shepperton, Staines-upon-Thames, Stanwell and Sunbury on Thames. The Victory Place site is located in Stanwell, a predominately residential area which has a range of local amenities, including shops, schools, pubs and restaurants. It is extremely well located for Heathrow airport which is one of the largest single site employers in the UK.

Spelthorne enjoys a buoyant economy with a wide range of businesses attracted by the Borough’s close proximity to London, Heathrow Airport and the excellent transport links to the M25, M3 and M4 motorways. BP, Wood Group, Netflix (Shepperton Studios) and dnata are just a few of
the global businesses which can be found here.

Viewings
Strictly by appointment through the sole agent.

Terms
The site is offered for sale on a freehold basis with vacant possession and the benefit of the existing planning consent. The vendors have a strong preference for an unconditional sale although offers that are made subject to planning will still be considered. Whilst capital receipt will be an important consideration, the vendors will also assess best value against its own corporate objectives, in particular the need for additional
affordable housing within Spelthorne Borough. Proposals that can improve on the amount of affordable housing within the scheme or that can help to deliver additional affordable housing locally will be looked upon favourably.

Planning
In March 2022 detailed planning consent was granted by Spelthorne Borough Council for “Redevelopment of surplus hospital car park for 127 residential units comprising 123 flats and 4 terraced houses, in buildings ranging from 2 to 5 storeys in height, with associated access, parking
(127 spaces), services, facilities and amenity space” under reference - 20/00802/FUL. The scheme includes 22 affordable units of accommodation
(Affordable Rent tenure) split between blocks B&C and secured by way of legal agreement.

The consent required development to commence within 2 years of grant and drainage works were undertaken to ensure this condition was met – a
confirmatory email from the local authority can be found in the data room acknowledging that construction has commenced. The vendor has also
discharged conditions 5,7,9,15,23 of the permission and has partially discharged conditions 20 & 22.

Selection Criteria
A date will be set for submission of bids after which the vendor anticipates identifying a shortlist before selecting a preferred bidder

VAT
Unless otherwise stated terms are strictly exclusive of Value Added Tax and interested parties must satisfy themselves as to the incidence of this tax in the subject case.

Legal Costs
Each party to bear their own legal costs incurred in this transaction.

AML
In accordance with Anti-Money Laundering requirements, two forms of identification may be required from the purchaser and any beneficial owner together with evidence/proof identifying the source of funds being relied upon to complete the transaction.