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ref: 24837

Residential, Student or Hotel development opportunity For Sale

Available
Marketing
Price
£15,000,000 (€17,107,500 approx)
Location
Crown House, Upper North Street, 11 Regent Hill, Brighton, BN1 3ED
Property Type
Development Opportunity
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DESCRIPTION


Crown House comprises a seven storey L-shaped 1960’s office building set over a site size of 0.32 acres. The property is currently generating a rental income of £600,000/annum which reflects a highly reversionary rent of £13.47psf (headline rents in prime Brighton are currently achieving £32psf). The vendors have agreed a surrender with the tenant The First Secretary of State with vacant possession confirmed for April 2021; allowing for income during a future planning application for redevelopment.

A feasibility study has been drawn up by architects Guy Holloway which comprises a 16 storey mixed-use new build development of 101,043 sq ft (GIA). Based on this proposed massing the purchase price reflects £155psf (on the GIA).


KEY FEATURES



attribute
Substantial 7-storey building with views over the seafront (from second floor upwards) and central Brighton.
attribute
The Property provides total accommodation of 44,558 sq ft NIA and 58,483 sq ft GIA and has a lawful B1 use.
attribute
Prior Approval has been granted via PDR for the change of use from an office to 149 apartments (C3) (Ref. BH2018/00909).
attribute
Let to the undoubted covenant of The First Secretary of State with a guaranteed vacant possession date of 02 April 2021.
attribute
Suitable for multiple alternative uses including hotel, student accommodation and residential use (subject to planning).
attribute
Unconditional offers invited in excess of £15,000,000

LOCATION


Rail – Located 0.4 miles from Brighton Station, national rail services connect the station to London with circa 10 trains per hour, with a fastest journey time of 55 minutes.

Bus – The Clock Tower bus stop is a 3 minute walk from the property, offering bus services to varying locations across the city every 3 minutes.

Road – The A32/M32 goes directly into Brighton City Centre and can be reached in 10 minutes from Crown House. Gatwick Airport is 35 minutes away.


PLANNING


Prior Approval has been granted via PDR for the change of use from an office to 149 apartments (C3) (Ref. BH2018/00909).


TENURE


Freehold


VAT


Not elected


BID DATE


A bid date will be announced in due course. At present, the property is available via private treaty.


Misrepresentation Act
Colliers International gives notice that these particulars are set out as a general outline only for the guidance of intending Purchasers or Lessees and do not constitute any part of an offer or contract. Details are given without any responsibility and any intending Purchasers, Lessees or Third Party should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness of each of them. No person in the employment of Colliers International has any authority to make any representation or warranty whatsoever in relation to this property. 10/12/2019

Colliers International is the licensed trading name of Colliers International Property Advisers UK LLP which is a limited liability partnership registered in England and Wales with registered number OC385143. Our registered office is at 50 George Street, London W1U 7GA.

Copyright (c) 2019 Colliers International Property Consultants Limited. Company registered in England & Wales no. 7996509.
Registered office: 50 George Street, London W1U 7GA  Tel: +44 20 7935 4499