CRICKLEWOOD LANE LONDON NW2 - PRIME MIXED USE INVESTMENT & DEVELOPMENT OPPORTUNITY - Allsop
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On Behalf of Fixed Charge Receivers CRICKLEWOOD LANE LONDON NW2 PRIME MIXED USE INVESTMENT & DEVELOPMENT OPPORTUNITY
PROPOSED DEVELOPMENT CRICKLEWOOD THAMESLINK MIDDLESEX
OF A 35,000 SQ FT PROPOSED DEVELOPMENT RAIL STATION UNIVERSITY HALLS
ASDA SUPERSTORE AND OF GROUND FLOOR RETAIL (ST PANCRAS INTERNATIONAL OF RESIDENCE
100 RESIDENTIAL UNITS B&Q AND 44 RESIDENTIAL UNITS 11 MINS) (181 BEDROOMS) VIRGIN GYM
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Site outline for indicative purposes only.
CRICKLEWOOD LANE LONDON NW2
1-13 CRICKLEWOOD LANE
INVESTMENT CONSIDERATIONS
Mixed use property comprising:
Retail: 17,280 sq ft NIA
Office: 25,111 sq ft GIA (21,061 sq ft NIA)
Residential: 15 flats (12,420 sq ft GIA)
Comprising a total area of approximately
54,811 sq ft (5,012 sq m)
Total site area of 0.91 acres (0.37 hectares)
Freehold
Current passing rent of £369,055 per annum
Reversionary rent of £847,983 per annum
Located in close proximity to the Brent Cross
£4.5bn regeneration scheme
Tenants include Co-Operative Foodstores Limited
and Barndoc Healthcare Limited
Prominent position close to Cricklewood Railway Station
DEVELOPMENT POTENTIAL
The property provides a number of potential residential led
development opportunities, subject to planning, including:
Immediate conversion of the 1st and 2nd
floor offices at the rear to residential through
Permitted Development Rights
Increase in the height and density of the
existing buildings
Comprehensive redevelopment
Offers are sought in excess of £12,000,000 DATAROOM
(Twelve Million Pounds) subject to contract Further information is provided in the dataroom.
and exclusive of VAT. A purchase at this level For access please register on the following
website www.cricklewoodlane.com
represents an overall capital value of only
£219 psf and reversionary yield of 6.62%
assuming purchaser’s costs of 6.76%.
CRICKLEWOOD LANE LONDON NW2
BRITANNIA BUSINESS CENTRE
LOCATION
Cricklewood is a densely populated area of north-west London
with an affluent catchment area in the London Borough of
Barnet, approximately 5.8 miles (9.3 km) northwest of Central
London.
Cricklewood benefits from excellent communication links.
The area is served by Thameslink providing regular services
to London with a fastest journey time of 10 minutes to London
St Pancras. Thameslink also serves a regular service to Luton
Airport with a fastest journey time of 35 minutes.
The area benefits from excellent road links being situated in
close proximity to the A5 and the A41, M1 and other main
routes into Central London.
SITUATION
The property is prominently located at the western end
of Cricklewood Lane less than 50 metres from the A5
(Cricklewood Broadway). The area provides a wide variety
of retailers with a mix of national and independent traders.
These include Costa Coffee, Barclays, Santander, McDonalds, A505 Stevenage
Burger King, KFC and Argos. Dunstable Stansted
Luton Bishop’s A120
A418 Knebworth Stortford
The property is situated adjacent to the Broadway Retail Park A5 A10
where A1(M) A602
A44occupiers include B&Q and Tile Depot. In the wider vicinity M1 A131
the area benefits
A34 from retail warehouse and leisureAylesbury
occupiers A130
Harpenden Welwyn Garden
including Matalan, Wickes, Virgin Gym and Travelodge. City Hertford
A40 M11
The property is conveniently located in close proximity to A414
A41 Hemel Harlow A12
OXFORD
Cricklewood Railway Station, which is situated within a 2 Berkhamsted St Albans Hatfield
Thame Hempstead
A4142 Chelmsford A138
minute walk (0.1miles). M10 A414
A414
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Cricklewood benefits from a low unemployment rate of 5% 1
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CRICKLEWOOD LANE LONDON NW2
DESCRIPTION
RETAIL BRITANNIA BUSINESS CENTRE RESIDENTIAL
The retail element of the property benefits from excellent frontage onto The Britannia Business Centre is a three storey office building located The residential element comprises a total of 14 x two bed and 1 x one
Cricklewood Lane with loading accessed to the rear, via the car park. to the rear of the property and is accessed via a roadway to the east bed self-contained flats of which one is currently vacant.
Unit 1, 3, 5 - Comprises a ground floor supermarket with first and second floor side of the property off 1-3 Cricklewood Lane. The property provides The flats are divided into two separate elements known as
storage and ancillary accommodation. approximately 21,061 sq ft NIA and 25,111 sq ft GIA and benefits Kingsway Court and Queensway Court.
from approximately 25 car parking spaces, some of which are
Unit 7 – Comprises a ground floor retail unit with ancillary storage Kingsway Court consists of three flats on first floor and four flats on
undercroft together with a six person lift serving all floors.
currently trading as a public house. the second floor and is accessed from a ground floor entrance on
The ground floor is fitted out as a walk-in medical centre and is let to
Unit 9 – Comprises a ground floor retail unit with ancillary storage Cricklewood Lane. Queensway Court consists of eight flats over first
Barndoc Healthcare Ltd. The ground floor external area is used for
currently trading as a convenience store. and second floors and accessed to the rear of the property.
the undercroft parking and accessed via the car park which leads to
Unit 9 A & B – Comprises a vacant double ground floor retail unit the reception. The first and second floors are currently vacant.
(former bathroom showroom), with ancillary storage facilities and
two separate access points to the rear.
CRICKLEWOOD LANE LONDON NW2
Retail
Retail 1
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car park
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211a Britannia Business Centre 38a
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TOTAL SITE AREA
The property has a total site area
of 0.91 Acres (0.37 hectare).
CRICKLEWOOD LANE LONDON NW2
PLANNING
Local Planning Authority
London Borough of Barnet
Tel: 0208 359 3000
Web: www.barnet.gov.uk
We have been advised that the property is neither
situated in a Conservation Area nor Listed.
PLANNING CONTEXT
Importantly the property is located in the area covered by
the Brent Cross regeneration scheme (see page 11). The
Barnet Housing Needs Assessment (HNA) estimates that
27,000 new homes will be required between 2015 and
2025. The London Plan has tasked Barnet with delivering
28,000 new homes, although the recent alterations have
recommended raising this to 31,000.
In order to provide some guidance on the potential for
development, the Vendor has commissioned a planning
report, a copy of which is available for inspection within
the data-room (www.cricklewoodlane.com).
Notable comments from the report are as follows:
As the site is previously developed `brownfield’ land
and is located within an established urban area the
site represents an in principle opportunity for
conversion or redevelopment.
The principle of further development of land within
Illustrations for identification purposes only.
the locality is further evidenced by the fact that in
planning terms the site lies within a recognised
Opportunity Area.
ADDITIONAL DEVELOPMENT POTENTIAL
(Subject to obtaining all necessary consents)
CURRENT PLANNING POSITION
Britannia Business Centre totals 20,876 sq ft (GIA) of Residential and Commercial:
vacant B1 office accommodation situated over 1st and Potential to extend to the Potential to increase the Potential to implement
2nd floors. A prior application notice under permitted rear of the retail units above height and density of the Permitted Developments
development rights was approved on the 19 December the existing single storey property. The Local Policy Rights; within the planning
2013 (Application Number: F/05093/13) for the rear commercial extensions. makes reference to the report it is estimated that
‘change of use from B1 office (first & second floor) to C3 potential for courtyard the 1st and 2nd floor of the
The first and second floors
blocks of 3-8 storeys within Britannia Business Centre
residential (18 units). (currently used by Co-op)
the regeneration area. could be converted to in
could potentially be
excess of 34 residential
converted into residential. Potential to infill the
flats (50% 1 bed 2 person
undercroft car parking.
Potential to add another and 50% 2 bed 3 person).
floor above the existing
residential units fronting
Cricklewood Lane.
CRICKLEWOOD LANE LONDON NW2
RETAIL - 1-13 CRICKLEWOOD LANE, LONDON NW2 1ET
Unit Tenant Floor NIA Lease Rent Lease Expiry Passing Rent ERV Comments
Area Area Start Review (ITZA/psf) (ITZA/psf)
(sq m) (sq ft)
Forecourt Co-operative Foodstores Limited 25/10/1994 - 24/12/2026 Peppercorn
of No. 1 Guaranteed by Co-operative Group Food Limited
1 Co-operative Foodstores Limited Ground Floor Sales 570.0 6,135 25/12/1963 - 24/12/2026 £110,000 £140,400 FRI Terms, inside the L&T 54 Act.
Guaranteed by Co-operative Group Food Limited (£9.63) (£12.30) ERV assumes headline rent of
£16 psf on sales area and half
Ground Floor Storage 19.6 211 rate on remainder.
First Floor Storage 156.0 1,679
Second Floor Storage 314.80 3,389
& Offices
3 Co-operative Foodstores Limited Ground Floor Sales 89.06 958 25/10/1994 25/10/2019 24/12/2026 £19,600 £28,250 FRI Terms, inside the L&T 54 Act.
Guaranteed by Co-operative Group Food Limited (£35 ZA) (£50 ZA)
(ITZA) 52.49 565
5 Co-operative Foodstores Limited Ground Floor Sales 86.27 929 25/10/1994 25/10/2018 24/12/2026 £21,000 £27,400 FRI Terms, inside the L&T 54 Act.
Guaranteed by Co-operative Group Food Limited (£38 ZA) (£50 ZA)
(ITZA) 50.91 548
Goods Hoist Co-operative Foodstores Limited 01/05/2002 24/12/2026 £5,000 £5,000 FRI Terms, inside the L&T 54 Act.
Guaranteed by Co-operative Group Food Limited
7 Mr AC Patel Ground Floor 95.2 1,025 25/03/2002 25/12/2017 24/03/2018 £22,500 £29,600 FRI Terms, inside the L&T 54 Act.
(£38 ZA) (£50 ZA)
(ITZA) 54.99 592
9 Ismail Sahin Ground Floor 84.8 913 £18,750 £28,200 FRI Terms, inside the L&T 54 Act.
(£33 ZA) (£50 ZA) On assignment.
(ITZA) 52.39 564 25/03/2002 25/12/2021 24/03/2022
9A/B Vacant Ground Floor 181.7 1,956 £0 £57,450
(£50 ZA)
(ITZA) 106.74 1,149
Ground Floor Storage 7.9 85
Ad Hoarding JCDecaux UK Limited £11,500 £11,500 Tenant holding over - new 7
year lease proposed by tenant.
Sub Station Eastern Electricity Board 15/11/1963 15/11/2023 £1 £1
Total 1,605 17,280 £208,351 £327,801
CRICKLEWOOD LANE LONDON NW2
RESIDENTIAL - QUEENSWAY COURT AND KINGSWAY COURT, CRICKLEWOOD LANE, LONDON NW2 1ET
Unit Tenant Floor GIA Bedrooms Lease Start Lease Expiry Passing Rent ERV Comments
Area Area (ITZA/psf)
(sq m) (sq ft)
Flat 1, Queensway Court Frays Charitable Housing Association Limited, part of the First Floor 70 753 Two 16/11/2013 15/11/2016 £9,336 £18,000 Area from EPC
Paradigm Housing Group
Flat 2, Queensway Court Frays Charitable Housing Association Limited, part of the First Floor 68.91 742 Two 16/11/2013 15/11/2016 £9,336 £18,000 Inspected/ Measured
Paradigm Housing Group
Frays Charitable Housing Association Limited, part of the 70.42 758 Two 16/11/2013 15/11/2016 £9,336 £18,000
Flat 3, Queensway Court First Floor Inspected/ Measured
Paradigm Housing Group
Flat 4, Queensway Court Frays Charitable Housing Association Limited, part of the First Floor 66 710 Two 16/11/2013 15/11/2016 £9,336 £18,000 Area from EPC
Paradigm Housing Group
Flat 5, Queensway Court Frays Charitable Housing Association Limited, part of the Second Floor 70 753 Two 16/11/2013 15/11/2016 £9,336 £18,000 Area from EPC
Paradigm Housing Group
Flat 6, Queensway Court Frays Charitable Housing Association Limited, part of the Second Floor 70 753 Two 16/11/2013 15/11/2016 £9,336 £18,000 Area from EPC
Paradigm Housing Group
Flat 7, Queensway Court Frays Charitable Housing Association Limited, part of the Second Floor 66 710 Two 16/11/2013 15/11/2016 £9,336 £18,000 Area from EPC
Paradigm Housing Group
Flat 8, Queensway Court Frays Charitable Housing Association Limited, part of the Second Floor 70 753 Two 16/11/2013 15/11/2016 £9,336 £18,000 Area from EPC
Paradigm Housing Group
Flat 1, Kingsway Court Frays Charitable Housing Association Limited, part of the First Floor 70 753 One 16/11/2013 15/11/2016 £9,336 £18,000 Area from EPC
Paradigm Housing Group
Flat 2, Kingsway Court Frays Charitable Housing Association Limited, part of the First Floor 102 1098 Two 16/11/2013 15/11/2016 £9,336 £18,000 Area from EPC
Paradigm Housing Group
Flat 3, Kingsway Court Vacant First Floor 102 1098 Two £0 £18,000 Area from EPC
Flat 4, Kingsway Court Frays Charitable Housing Association Limited, part of the Second Floor 67.69 729 Two 16/11/2013 15/11/2016 £9,336 £18,000 Inspected/ Measured
Paradigm Housing Group
Flat 5, Kingsway Court Frays Charitable Housing Association Limited, part of the Second Floor 102 1098 Two 16/11/2013 15/11/2016 £9,336 £18,000 Area from EPC
Paradigm Housing Group
Flat 6, Kingsway Court Frays Charitable Housing Association Limited, part of the Second Floor 80 861 Two 16/11/2013 15/11/2016 £9,336 £18,000 Inspected/ Measured
Paradigm Housing Group
Flat 7, Kingsway Court Frays Charitable Housing Association Limited, part of the Second Floor 78.81 848 Two 16/11/2013 15/11/2016 £9,336 £18,000 Inspected/ Measured
Paradigm Housing Group
Total 1153.83 12,420 £130,704 £270,000
OFFICE - BRITANNIA BUSINESS CENTRE, 2 CRICKLEWOOD LANE, LONDON NW2 1DZ
Unit Tenant Floor GIA NIA Lease Start Lease Expiry Passing Rent ERV Comments
Area Area Area Area (Break) (psf) (psf)
(sq m) (sq ft) (sq m) (sq ft)
Britannia Barndoc Ground Office 285.58 3,074 257.6 2,773 31/12/2015 30/12/2020 £30,000 £33,276 Mutual break option: Tenant on 6 months notice, landlord
Business Centre Healthcare Ltd (30/06/2017) (£9.75) (£12.00) on 12 months notice conditional on section F of s.26 of
54 Act being satisfied. Inside the L&T Act. S/C capped at
£13,500 for 1st year then RPI adjusted thereafter.
Vacant Ground Reception 107.86 1,161 39.5 425 £2,550
(£6.00)
Vacant First Floor 1064.7 11,460 927.2 9,980 £119,760
(£12.00)
Vacant Second Floor 874.8 9,416 732.4 7,883 £94,596
(£12.00)
Total 2,332.94 25,111 1,956.7 21,061 £30,000 £250,182
RETAIL, RESIDENTIAL AND OFFICE TOTALS: TOTAL SQ M - 5,092 TOTAL SQ FT - 54,811 TOTAL PASSING RENT - £363,555 PER ANNUM TOTAL ERV - £847,983 PER ANNUM
CRICKLEWOOD LANE LONDON NW2
COVENANTS
Barndoc Healthcare Limited
Barndoc was established in August 1996 operating initially
from Finchley Memorial Hospital with 7 practices and 24
principal GPs. Barndoc now has 70 GPs and 60 nurses that
provide out of hours care to over 1 million residents of
Barnet, Enfield, Haringey and parts of Brent.
Frays Charitable Housing Association Limited
part of the Paradigm Housing Group
Paradigm Housing Group was established in April 1999
and provides a wide range of housing and support services
throughout the South, East Midlands and West London.
Frays Charitable Housing Association was founded in
1992 by the London Borough of Hillingdon to meet the
homelessness needs of the Hillingdon area of Outer
London. It joined Paradigm Housing Group in April 2000
and continued to expand into neighbouring boroughs.
Co-Operative Foodstores Limited
The Co-operative Group is the fifth largest food retailer in
the United Kingdom with a 6.1% market share operating just
over 2,800 grocery outlets employing over 62,000 people.
During 2015 the Co-op refurbished 264 stores and opened
97 new locations with a further 100 new convenience stores
target in 2015CRICKLEWOOD LANE LONDON NW2
BRENT CROSS CRICKLEWOOD
LOCAL MARKET COMMENTARY REGENERATION ZONE
180 ACRES
In 2010 the Brent Cross Cricklewood Development Partners 7,500 HOMES
secured planning permission for a 15 million sq ft £4.5bn NORTH CIRCULAR STAPLES CORNER 4M SQ FT OFFICES
masterplan. The development includes 7,500 homes, 27,000 (A406) RETAIL PARK 0.5M SQ FT RETAIL SHOPPING CENTRE
jobs, three re-built schools, new parks and community
facilities, 500,000 sq ft of retail, 4m sq ft of offices and a new
town centre.
This new town centre will have at its heart a transformed
Brent Cross Shopping Centre. It will have a wider range
of shops alongside a new evening entertainment offer to
provide the area with a thriving night time economy, a new
cinema, dining options and a network of covered streets
and spaces. Major improvement works to public transport
including a refurbished tube station and brand new train
station on the Midland Mainline as well as new bus routes
and much better walking and cycling connections.
Further information is available at
www.brentcrosscricklewood.com
RESIDENTIAL COMMENTARY
Recent developments within the vicinity include Fairview’s
scheme on Claremont Road called `Claremont Village’. The
2 bed flats are priced between £395,000 - £455,000 with an
average of £630 psf. Claremont Village will comprise 135
units of which 51 are houses and remainder being 84 flats.
Current schemes under planning consideration close by are:
1. 112-132 Cricklewood Lane with a proposed scheme for
122 units.
2. A Council scheme is being considered for a ‘Pocket
Development’ of the land fronting B &Q, which will
deliver 42 intermediate-affordable units with retail space
on the ground floor.
3. Cricklewood Square (adjoining subject property) - Asda
has announced plans to deliver a new foodstore and
c.100 apartments, on a 0.44 hectare (35,000 sq ft) site.
SUBJECT PROPERTY
The local letting market is strong with limited supply and
high demand, values are in the region £1,500 pcm which is
in line with London average for new lets of £1,575pcm.
Site outline for indicative purposes only.TENURE EPC VAT
Freehold. The EPC is available on request. The property is elected for VAT and it is anticipated that the
transaction will be treated as a transfer of a going concern (TOGC).
DATAROOM
Further information is provided in the dataroom. For access please register on the following website www.cricklewoodlane.com
PROPOSAL
Offers sought in excess of £12,000,000 (Twelve Million Pounds)
subject to contract and exclusive of VAT. A purchase at this level
represents an overall capital value of only £219 psf and reversionary
yield of 6.62% assuming purchaser’s costs of 6.76%.
For further information or to make arrangements for viewing please contact:
Commercial Residential
Alex Butler Mark Dansky Michael Linane James Hood
020 7543 6722 020 7543 6813 020 7344 2623 020 7344 2637
alex.butler@allsop.co.uk mark.dansky@allsop.co.uk michael.linane@allsop.co.uk james.hood@allsop.co.uk
Liam Stray Richard How
020 7543 6769 020 7344 2652
liam.stray@allsop.co.uk richard.how@allsop.co.uk
www.allsop.co.uk
This property is being marketed for sale on behalf of Joint Fixed Charge Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these
particulars has been provided by the Joint Fixed Charge Receivers to the best of their knowledge, but the purchaser must rely solely on their own enquiries. The Fixed Charge Receivers are not bound
to accept the highest or any offer and are acting in respect of the sale without personal liability.
Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole
or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the
vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in
relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to
in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to
the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working
order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP.
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