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OXFORD ROAD, UXBRIDGE, UB8 1HSPRIME GREATER LONDON MIXED USE
DEVELOPMENT OPPORTUNITY
BRIDGE HOUSE, WATERSIDE &
RIVERVIEW
INVESTMENT SUMMARY � An extensive mixed use development opportunity in West London.
� A riverside setting on a town centre site of 6.35 acres (2.57ha).
� Headquarters office campus comprising three buildings.
� Existing office buildings totalling 147,807 sq ft NIA.
� Exceptional parking providing 491 spaces, located in the multi-storey car park and at surface level.
� 9 minute walk from Uxbridge Underground station and town centre.
� Excellent communication links to the M40, M25 and Heathrow Airport.
� Waterside and Riverview are let to Xerox Limited until 30 June 2020 with a total income of £1,255,725 per annum. Mutual break option on 30 June 2019.
� Car Parking Licence income of £96,000 per annum.
� Bridge House is sold with vacant possession.
� Freehold.
� Permitted Development secured for the conversion of the three existing office buildings to residential. A total of 237 units (studios and 1 beds) across three buildings (Planning application number: 40050/APP/2017/2438).
� Subsequent PD applications have been approved for a wider mix of units. A total of 146 units (studios, 1, 2 and 3 beds). Planning application numbers: Bridge House: 40050/APP/2017/3358, Riverview: 40050/APP/2017/3357, Waterside: 40050/APP/2017/3356.
� Full planning consent on Bridge House for an office redevelopment to provide 180,000 sq ft of new Grade A office accommodation, substantially increasing the current massing.
� Opportunity to extend the existing leases to suit the landlord.
BRIDGE HOUSE, WATERSIDE & RIVERVIEW, OXFORD ROAD, UXBRIDGE, UB8 1HS 3
LOCATION
Located to the south of the Colne Valley where the M40 meets the M25, Uxbridge is an excellently situated West London town, benefitting from good road and rail connectivity and easy access to Heathrow Airport.
Uxbridge is within the London Borough of Hillingdon, the second largest borough in London, attracting a strong labour pool and numerous international businesses.
The town lies immediately south of Junction 1 of the M40 motorway and 2.5 miles east of Junction 16 of the M25 motorway, both of which provide easy access from the town to the surrounding motorway network. Heathrow Airport is located 6 miles to the south of the town.
Uxbridge is well connected to Central London via the Underground. Uxbridge Underground station is located on the western end of the Piccadilly and Metropolitan lines which provide direct services into Central London. Connectivity to Central London will be further enhanced on arrival of the Elizabeth Line (Crossrail) in 2018 with services operating from Hayes (5 miles to the south east) with journey times of 20 minutes into Bond Street.
Uxbridge’s proximity to the world’s busiest airport has attracted numerous global companies to the town. Recent announcements have been made stating that a further £650 million worth of investment will be made into Heathrow Airport to facilitate its growth, further attracting businesses and skilled labour to this location.
Uxbridge has a thriving town centre with two extensive shopping centres; The Pavillions and Intu. The Intu itself has over 70 shops and the only IMAX cinema in West London as well as numerous restaurants and cafes. The Pavillions has around 50 shops plus various supermarkets and cafes.
Hillingdon has a population of approximately 310,000 residents with the largest percentage (65.4%) of working age (16 to 64 years). The Uxbridge and Heathrow area has approximately 220,000 employees which is comparable in size to Reading.
LONDON
HARROW
UXBRIDGE
NORTHWOOD
HAYES
Piccadilly LineMetropolitan LineElizabeth Line
HOUNSLOW
SLOUGH
WINDSOR
BRENTFORD FULHAM
A312
A406
A406
A316
A41
A40
A40
A30
16
15
1
13
20
23
EDGWARE
WATFORD BARNET
M25
M25
M25
M25
HEATHROW
BEACONSFIELD
AMERSHAM
M40
M4
M4
M1
M1
RICKMANSWORTH
RICHMOND
A413
A355
A41
A41
21
A205
BRIDGE HOUSE, WATERSIDE &
RIVERVIEW
4BRIDGE HOUSE, WATERSIDE & RIVERVIEW, OXFORD ROAD, UXBRIDGE, UB8 1HS
COMMUNICATIONS
Uxbridge benefits from excellent transport links both into Central London and the West.
BY CAR
M40, Junction 1 1 mile / 2 mins
M25, Junction 16 2.5 miles / 5 mins
M1, Junction 1 16 miles / 18 mins
M4, Junction 4B 8 miles / 10 mins
Hayes & Harlington 5 miles / 15 mins
Heathrow Airport 6 miles / 15 mins
BY TUBE
The Piccadilly and Metropolitan lines run to Uxbridge Station with 16 trains per hour travelling into Central London.
Metropolitan Line
Wembley Park 27 minutes
Baker Street 42 minutes
King’s Cross St Pancras 55 minutes
Liverpool Street 63 minutes
Piccadilly Line
North Ealing 40 minutes
Hammersmith 52 minutes
Green Park 67 minutes
HEATHROW
Heathrow Airport is 6 miles south of Uxbridge, a 15 minute drive. It is the world’s busiest airport with over 75 million passengers travelling from there per year (2016) and around 1,300 flights per day from Heathrow to 194 destinations.
BUS
Uxbridge town centre is served by 14 Transport for London bus routes as well as 5 other services making it very accessible from surrounding locations.
*All travel times and distances taken from google.co.uk/maps
Not to scale - for indicative purposes only.
BRIDGE HOUSE, WATERSIDE & RIVERVIEW, OXFORD ROAD, UXBRIDGE, UB8 1HS 5
BRIDGE HOUSE
RIVERVIEW
WATERSIDE
BRIDGE HOUSE, WATERSIDE & RIVERVIEW, OXFORD ROAD, UXBRIDGE, UB8 1HS 6
SITUATION
The campus is situated on the on the Oxford Road (A4020), the gateway into Uxbridge from the M40 and M25. The town centre lies to the west of the site and is a 5 minute walk away.
The three building office campus is situated between the River Colne to the west and the Grand Union Canal to the east creating a picturesque surrounding. On the opposite side of Oxford Road is the Swan and Bottle pub with an attractive riverside setting. Other restaurants and pubs are within walking distance to the site.
Uxbridge is a well established town with excellent connectivity and an extensive retail and leisure offering. For these reasons, many businesses have chosen to locate their offices here. Some of these occupiers include Hertz, Amgen, Bristol-Myers Squibb, Coca-Cola, giffgaff, General Mills, PWC, Netapp, PAREXCEL and Mitsubishi.
OXFORD RD
HAREFI
ELD R
D B4
67
HIGH ST
HIG
H ST
BRAY
BO
UR
NE
CLO
SE
SANDERSON R
D
UXBRIDGE
THE PAVILLIONSSHOPPING CENTRE
INTU UXBRIDGESHOPPING CENTRE
SAINSBURY'S
FASSNIDGEPARK
A402
0
CROSS ST
HILLINGDON RD A
4020
ROCKINGHAM RD A4007
BELMONT RD
BELMONT RD
LANCASTER RD
YORK RD
CHIPPENDALE WAYE
FAIRFIELD ROA
D
GEORGE ST
IFFLEY CLOSE
WIN
DSOR
ST
A4020
MONTAGUE RD
MEA
D RD
PRESS RD
BRIDGE HOUSE,WATERSIDE &
RIVERVIEW
2
7
8
5
6 12
13
4
14
1
10
3
11
9
15
16
17
26
18
21
2223
2728
19
20
24
25
1 Anadarko3 Coca-Cola3 Coca-Cola4 E&J Gallo Winery 5 General Mills6 IBB Law 7 Insight
8 Manpower9 Mitsubishi10 Net App11 Nexen Petroleum12 Parexel13 PWC14 Sunquest
Health & Fitness18 RUSH Fitness Club19 truGym20 Active 4 Less
Shopping The Pavillions Shopping Centre Intu Uxbridge Sainsbury’s
151617
Food & Drink21 Bar Italia22 Five Guys23 Harris + Hoole24 Martin’s Place Bistro25 Nabrasa Brazilian26 Nonna Rosa27 Prezzo
Not to scale - for indicative purposes only
Occupiers
1. Anadarko2. Coca-Cola3. E&J Gallo Winery4. General Mills5. IBB Law6. Insight7. Manpower
8. Mitsubishi9. Net App10. Nexen Petroleum 11. Parexel12. PWC13. Sunquest14. Hertz
Shopping
15. The Pavillions Shopping Centre16. Intu Uxbridge17. Sainsbury’s
Health & Fitness
18. RUSH Fitness Club19. truGym20. Active 4 Less
Food & Drink
21. Bar Italia22. Five Guys23. Harris + Hoole24. Martin’s Place Bistro25. Nabrasa Brazilian26. Nonna Rosa27. Prezzo 28. Ask Italian
BRIDGE HOUSE, WATERSIDE & RIVERVIEW, OXFORD ROAD, UXBRIDGE, UB8 1HS 7
DESCRIPTIONThe campus comprises three self-contained office buildings that total 147,807 sq ft NIA. Bridge House is the largest of the three offices – a striking 6 storey building that fronts the Oxford Road. Waterside and Riverview are smaller at circa 34,000 sq ft each, arranged over three storeys.
BRIDGE HOUSE
RIVERVIEW
WATERSIDE
Aerial photo taken in September 2012
BRIDGE HOUSE, WATERSIDE & RIVERVIEW, OXFORD ROAD, UXBRIDGE, UB8 1HS 8
BRIDGE HOUSE
Bridge House was built in 1970 and comprehensively refurbished and re-clad in 1998, the building is of concrete frame construction with a coated metal sheet cladding system. The accommodation totals 79,459 sq ft NIA and is arranged over ground and 5 upper floors, with plant at roof level. There are two cores within the building, situated midway across the northern and southern halves of the floor plate. Each core contains a staircase and WCs. There are two passenger lifts in the northern core and a passenger /goods lift in the southern core.
THE OFFICE SPECIFICATION INCLUDES;
� Air-conditioning � Suspended ceilings � Category II lighting � Floor to ceiling height of 2.65-2.7m � Raised access floors (except on the ground and 5th floors)
� Perimeter heating � 2x10 person passenger lifts and 1x16 person goods/passenger lift
� 263 car parking spaces
The building was formerly occupied by Xerox as their European HQ. Xerox have recently vacated, consolidating their occupation into Waterside and Riverview.
BRIDGE HOUSE, WATERSIDE & RIVERVIEW, OXFORD ROAD, UXBRIDGE, UB8 1HS 9
WATERSIDE AND RIVERVIEW
Waterside and Riverview were constructed in 2000. Like Bridge House, they are of concrete frame construction with metal cladding. Waterside and Riverview total 34,164 sq ft NIA and 34,184 sq ft NIA respectively and the accommodation is arranged over ground and 2 upper floors. The buildings provide open plan accommodation split into two wings with a single central core.
THE OFFICE SPECIFICATION INCLUDES;
• 4 pipe fan coil air-conditioning • Suspended ceilings• Category II lighting• Raised access floors with 150mm clear void• 2x10 person passenger lifts (in each building)• 228 car parking spaces (114 per building)
Both buildings were designed with a ground floor reception however Xerox have converted one wing of the ground floor in Waterside into a staff canteen facility with access onto a decking area overlooking the River Colne.
BRIDGE HOUSE, WATERSIDE & RIVERVIEW, OXFORD ROAD, UXBRIDGE, UB8 1HS 10
CAR PARKING
A multi-storey car park is situated adjacent to Bridge House and Waterside, providing 249 car parking spaces over 3 levels. The car park was constructed during 2000 and is of concrete framed constructed with metal clad elevations.
There are an additional 242 surface parking spaces. Total car parking for the site is 491 spaces, a ratio of approximately 1:300 sq ft.
SITE
The site area extends to approximately 6.35 acres (2.57 ha).
TENUREFreehold.
BRIDGEHOUSE
OX
FOR
D R
OA
D
WATERSIDE
MULTI-STOREYCAR PARK
RIVERVIEW
RIVER COLNE
NOTE:- Reproduced from the Ordnance Survey Map with the permission of the Controller of H.M. Stationery Office. © Crown copyright licence number 100024244 Savills (UK) Ltd. NOTE:- Published for the purposes of identification only and although believed to be correct accuracy is not guaranteed.
BRIDGE HOUSE, WATERSIDE & RIVERVIEW, OXFORD ROAD, UXBRIDGE, UB8 1HS 11
ACCOMMODATION
The three buildings have been measured in accordance with the RICS Code of Measuring Practice 6th Edition and comprise the following approximate net internal areas;
BRIDGE HOUSE
FLOOR SQ M SQ FT
5th 1,278.41 13,761
4th 1,299.41 13,987
3rd 1,299.41 13,987
2nd 1,299.41 13,987
1st 1,299.93 13,992
Ground 587.43 6,323
Reception 137.72 1,482
Ancillary 180.24 1,940
TOTAL 7,381.96 79,459
WATERSIDE
FLOOR SQ M SQ FT
2nd 1,059.38 11,403
1st 1,059.38 11,403
Ground 993.90 10,697
Reception 62.23 681
TOTAL 3,174.89 34,184
RIVERVIEW
FLOOR SQ M SQ FT
2nd 1,056.74 11,375
1st 1,056.48 11,372
Ground 997.53 10,736
Reception 62.23 681
TOTAL 3,172.98 34,164
OVERALL TOTAL 13,729.83 147,807
Existing Bridge House Floors 1-5
Existing Riverview Floors 1-2
Existing Waterside Floors 1-2
Not to scale - for indicative purposes only.
BRIDGE HOUSE, WATERSIDE & RIVERVIEW, OXFORD ROAD, UXBRIDGE, UB8 1HS 12
BRIDGE HOUSE, WATERSIDE & RIVERVIEW, OXFORD ROAD, UXBRIDGE, UB8 1HS 13
TENANCY
The total annual income on the site is £1,351,725, derived as follows.
Bridge House is sold with vacant possession.
Riverview is let to Xerox Limited on a lease expiring 30 June 2020 with a mutual Landlord and Tenant break option 30 June 2019. The current passing rent is £838,625 per annum. The lease has been granted outside of the Security of Tenure under the Landlord and Tenant Act 1954. Xerox have a limited reinstatement liability with a Schedule of Condition dating from 30 June 2017.
Waterside is currently let to Xerox Limited on a lease expiring 30 June 2020 with a mutual Landlord and Tenant break option 30 June 2019. The current passing rent is £417,100 per annum. The lease has been granted outside of the Security of Tenure under the Landlord and Tenant Act 1954. Xerox have a limited reinstatement liability with a Schedule of Condition dating from 30 June 2017.
In addition there are two separate car parking licences, detailed below, producing an annual income of £96,000. The licences are terminable by either the Landlord or Tenant on three months’ notice.
1. External surface parking outside of Riverview and Waterside, there are 64 spaces in total with an income of £32,000 per annum.
2. Multi-storey car parking, there are 86 spaces in total with an income of £64,000 per annum.
COVENANT
Xerox Limited (company number. 00575914) is a subsidiary of Xerox Corporation.
Xerox is an American corporation that specialises in document technology, solutions and services. Xerox is headquartered in Connecticut but operates globally with offices in 160 different countries, 35,000+ employees and 5,000 partners. Xerox are a $11 billion global business with what is considered to be the most comprehensive portfolio in the industry.
Xerox Corporation is a listed company, trading of the New York Stock Exchange. Share price NYSE: XRX $32.92 (as at Oct 6th 2017).
The Uxbridge Campus serves as Xerox’s European headquarters.
Xerox Limited have a D&B rating of 5A 1 which represents a minimum risk of business failure. Their accounts for the last three years are as follows;
31 Dec 2016 (000’s) 31 Dec 2015 (000’s) 31 Dec 2014 (000’s)
Sales Turnover £1,908,000 £1,876,000 £2,117,000
Profit / (Loss) Before Taxes £178,000 £67,000 £94,000
Tangible Net Worth £2,549,000 £2,343,000 £1,828,000
Net Current Assets (Liabilities) £534,000 £126,000 £470,000
BRIDGE HOUSE, WATERSIDE & RIVERVIEW, OXFORD ROAD, UXBRIDGE, UB8 1HS 14
This 6.35 acre site provides a fantastic mixed use development opportunity in the London Borough of Hillingdon. It is not located with a conservation area and none of the buildings are listed. The existing buildings fall under the Use Class B1
of the Town & Country Planning (Use Classes) Order 1987.
The site benefits from both Permitted Development rights for conversion from office to residential and planning permission for office redevelopment. In addition there is potential for alternative schemes, subject to planning. These are outlined below:
CONSENTED SCHEMES;
1. Permitted Development A
2. Permitted Development B
3. Office Redevelopment - Full scheme
ALTERNATIVE OPTIONS;
4. Comprehensive Redevelopment
DEVELOPMENT AND PLANNING OVERVIEW
BRIDGE HOUSE, WATERSIDE & RIVERVIEW, OXFORD ROAD, UXBRIDGE, UB8 1HS 15
1. PERMITTED DEVELOPMENT SCHEME A
On 1 September 2017, Prior Approval was given under a single application (ref: 40050/APP/2017/2438) for:
Prior Approval Application for the change of use of Bridge House, Waterside and Riverview from office accommodation (Class B1) to 237 residential units (15 x Studio and 224 x 1-Bed) together with ancillary car parking, cycle storage and waste and recycling storage.
The proposed development is subject to the following planning obligations as outlined in the corresponding s106 legal agreement:
� To pay Public Realm Contribution of £325,000 plus indexation.
� To commission a Transport Study that determines the necessary highway works associated with the proposed develop.
� Subject to the findings of the Transport Study, to pay a corresponding Highway Works Contribution that does not exceed £500,000 plus indexation.
� To submit to car parking strategy to the Council that would restrict off-street car parking on site to 359 spaces.
The approved documents propose the following accommodation, in addition to providing 17 motorcycle spaces and storage for 239 bicycles.
Block Storeys Studios 1 Beds 2 beds TotalAllocated Parking*
NSA (SQ FT)
GIA (SQ FT)
Bridge 7 9 114 - 123 - TBC 96,972
Riverview 3 3 53 1 57 - TBC 41,699
Waterside 3 3 53 1 57 - TBC 41,721
TOTAL 15 220 2 237 359 spaces TBC 180,392
*The number of off-street car parking spaces set out in the above table are as per the maximum figures set out in the section 106.
It should be noted that the proposed unit mix stated in the application proposal does not reconcile with either the total number of units stated in the same proposal or the mix shown in the approved drawings. For the avoidance of doubt, the approved plans take priority over the proposal summary text.
Full details of the planning approval are available on the dataroom.
K / L / D
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Flat 12 Flat 09
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Bedroom
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BedroomBedroomBedroom
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Bathroom Bathroom Bathroom
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Hall
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Flat 01 Flat 02 Flat 03 Flat 04 Flat 05
Flat 06 Flat 07 Flat 08 Flat 09
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Flat 12 Flat 13 Flat 14
Flat 16 Flat 17
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Flat 18
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Flat 15
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Proposed Bridge House 1st Floor
Proposed Riverview 1st Floor
Not to scale - for indicative purposes only. 1 BedStudio
BRIDGE HOUSE, WATERSIDE & RIVERVIEW, OXFORD ROAD, UXBRIDGE, UB8 1HS 16
2. PERMITTED DEVELOPMENT SCHEME B
On 19th September 2017, three separate prior applications were made for conversion of Bridge House, Riverview and Waterside to residential use, providing a revised mix totalling 146 flats. A resolution to grant Prior Approval for all three applications was received on 25th October 2017 and formal decision notices are due in November 2017.
Details of the applications (ref: 40050/APP/2017/3358 – Bridge House; 40050/APP/2017/3357 – Riverview; 40050/APP/2017/3356 – Waterside) can be found on the dataroom.
The three permissions are bound by s106 legal agreements, dated 10th November 2017, with the following combined obligations:
� To pay Public Realm Contribution of £325,000 plus indexation.
� To commission a Transport Study that determines the necessary highway works associated with the proposed develop.
� Subject to the findings of the Transport Study, to pay a corresponding Highway Works Contribution that does not exceed £500,000 plus indexation.
� To submit to car parking strategy to the Council that would restrict car parking on site to 359 spaces, allocated as set out in the table below.
The approved documents propose the following accommodation in addition to providing 17 motorcycle spaces and storage for 239 bicycles.
Block Storeys Studios 1 Beds 2 beds 3 beds TotalAllocated Parking*
NSA (SQ FT)
GIA (SQ FT)
Bridge 7 18 14 24 20 76 184 spaces 64,852 96,972
Riverview 3 3 17 6 9 35 90 spaces 26,974 41,699
Waterside 3 3 17 6 9 35 85 spaces 26,974 41,721
TOTAL 24 48 36 38 146 359 spaces 118,800 180,392
*The number of off-street car parking spaces set out in the above table are as per the maximum figures set out in the section 106.
It should be noted that the total number of residential units stated the proposal summary for Riverview does not reconcile with the mix shown in the approved drawings. For the avoidance of doubt, the approved plans take priority over the proposal summary text.
Proposed Bridge House 1st Floor
Proposed Riverview 1st Floor
Not to scale - for indicative purposes only. 1 Bed 2 Bed 3 BedStudio
BRIDGE HOUSE, WATERSIDE & RIVERVIEW, OXFORD ROAD, UXBRIDGE, UB8 1HS 17
3. BRIDGE HOUSE – OFFICE REDEVELOPMENT SCHEME
On 6th July 2017, planning permission (ref: 40050/APP/2016/852) was granted for:
Demolition of existing office building (Use Class B1(a)) and multistorey car park and redevelopment of the site to provide a new office (Use Class B1(a)) building, associated multi-storey car park and ancillary cafe unit (Use Class A1/A3).
The proposed development would retain Riverview and Waterside in their existing form with both Bridge House and the adjacent multi-storey car park redeveloped to provide a new office building with ancillary café and amenity space. In total, the proposed development would provide approximately 222,231 sqft GIA of office and retail accommodation along with 411 car parking spaces, 35 motorcycle spaces and storage for 187 bicycles. The proposed multi-storey car park extends to approximately 106,229 sqft GIA.
The approved development is subject to the following conditions as set out in the Decision Notice and corresponding s106 Legal Agreement:
� To pay Public Realm contribution of £150,000 plus indexation.
� To pay Canal Improvement Contribution of £30,000 plus indexation.
� To commission a Transport Study that determines the necessary highway works associated with the proposed develop.
� Subject to the findings of the Transport Study, to pay a corresponding Additional Highway Works Contribution that does not exceed £500,000 plus indexation.
� To pay a Travel Plan Bond equating to £20,000 plus indexation.
� To pay Off-Site Sustainability contribution of £94,000 plus indexation.
� To pay Construction Training contributions equating to £2,500 per £1,000,000 plus indexation of build cost plus Coordinator Costs equating to a maximum of £9,600 per phase or to provide an equivalent training scheme.
� Of the 411 provided car parking spaces, 111 are to provide electric charging points, 48 should be designated as passive electric and 21 should be for disabled use.
Full details of the planning approval are available on the dataroom.
Bridge Office Redevelopment: NIA Areas
SQ FT SQ M
7th 9,365 870
6th 24,326 2,260
5th 24,316 2,259
4th 26,447 2,457
3rd 26,447 2,457
2nd 26,447 2,457
1st 20,774 1,930
Ground 19,935 1,852
Reception 2,508 233
Atrium 646 60
Café 743 69
Total 181,954 16,904
Bridge House Office Redevelopment CGI
Proposed 5th Floor
Not to scale - for indicative purposes only.
BRIDGE HOUSE, WATERSIDE & RIVERVIEW, OXFORD ROAD, UXBRIDGE, UB8 1HS 18
4. COMPREHENSIVE REDEVELOPMENT
In the context of the approved developments referred to above, Darling Associates has undertaken an architectural feasibility study to indicate the sites’ capacity for new build development regardless of the proposed use.
With that in mind, they have produced the following mixed-use masterplan that shows approximately 27,713 sq m GIA arranged across 7 blocks ranging from 4 to 6 storeys, comprising approximately 4,850 sq m GIA of office accommodation with 30 car parking spaces, and approximately 362 apartments with 300 car parking spaces.
It should be noted that the Local Planning Authority has not been consulted with in relation to the potential for a comprehensive redevelopment and purchasers should take their own view as to the development densities and uses that might be achievable through a planning application.
BRIDGE HOUSE, WATERSIDE & RIVERVIEW, OXFORD ROAD, UXBRIDGE, UB8 1HS 19
RESIDENTIAL MARKET OVERVIEW
Figure 1: Comparative house price growth for Mainstream and Prime London housing markets
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2016 2017 2018 2019 2020 2021
AMR (YEAR TO MARCH) SAVILLS FORECAST (CALENDAR YEAR)
NE
T N
EW
HO
ME
S (
CO
MP
LE
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)
NET MARKET COMPLETIONS NET AFFORDABLE & INTERMEDIATE HOUSING COMPLETIONS
DEMAND 64K PER ANNUM
202135k
201746k2016
41k
Figure 2: Historic and future London housing delivery Figure 3: Anticipated supply and demand for London housing
OCCUPIER DEMAND SUPPLY 2017-2021
20,000
17,000
14,500
7,000
4,0005,700
4,100
13,250
9,0006,500
0
5,000
10,000
15,000
20,000
25,000
SUB-MARKET RENT LOWER MAINSTREAM(<£450PSF)
MID MAINSTREAM(£450-700PSF)
UPPER MAINSTREAM(£700-1,000PSF)
LOWER PRIME(£1,000-1,500PSF)
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OM
ES
SHORTFALL14,300
SHORTFALL12,900
SCOPE FOR INCRESED
INTERNATIONAL DEMAND
Ind
ex,
10
0=J
un
-07
170
160
150
140
130
120
110
100
80
90
70
Jun
-07
Sep
-07
Dec
-07
Mar
-08
Jun
-08
Sep
-08
Dec
-08
Mar
-09
Jun
-09
Sep
-09
Dec
-09
Mar
-10
Jun
-10
Sep
-10
Dec
-10
Mar
-11
Jun
-11
Sep
-11
Dec
-11
Mar
-12
Jun
-12
Sep
-12
Dec
-12
Mar
-13
Jun
-13
Dec
-13
Mar
-14
Jun
-14
Sep
-14
Dec
-14
Mar
-15
Jun
-15
Sep
-15
Dec
-15
Mar
-16
Jun
-16
Sep
-16
Dec
-16
Mar
-17
Jun
-17
Sep
-17
Sep
-13
LONDON (NATIONWIDE) ALL PRIME LONDON
ROBUST MARKET
London’s mainstream housing markets, such as Uxbridge, have performed far better than equivalent prime markets in recent years. Whilst transaction levels are down across all markets, prices in mainstream markets have been insulated from the negative impact of Stamp Duty changes and economic uncertainty by the relative affordability of house prices and an underlying, needs-based, domestic demand.
SUPPLY SHORTFALL
The underlying demand for mainstream housing in London is not being satisfied by the available supply. Forecasts suggest that this imbalance is unlikely to be resolved in the short to medium term, which will inevitably serve to further support the mainstream London house prices.
This undersupply of property is perhaps most significant in London, which has the fastest growing population of any UK region. Oxford Economics estimates that London’s population is due to rise by an average of around 100,000 people per annum over the next 9 years, creating a requirement for 64,000 new homes per annum based on studies undertaken by Savills Research. In light of current market trends highlighted above, we anticipate that the vast majority of this increased housing demand will be fall into mainstream, London locations, such as Uxbridge.
BRIDGE HOUSE, WATERSIDE & RIVERVIEW, OXFORD ROAD, UXBRIDGE, UB8 1HS 20
RESIDENTIAL MARKET OVERVIEW
OPPORTUNITY FOR GROWTH
Uxbridge is currently experiencing a period of increased inward investment and heightened development activity. St Andrews Park, Vinci St Modwen’s ongoing redevelopment of the former RAF Uxbridge base, has played a significant role in initiating this, serving as a catalyst for further gentrification and regeneration. The masterplan for the site includes the provision of approximately 1,400 homes, alongside a wide range of commercial and community uses which will serve as an extension to Uxbridge town centre.
Whilst there has been some price growth felt off the back of this regeneration, house prices in Uxbridge as a whole remain relatively affordable in a London context. New developments are therefore well positioned to take advantage of pent up, mainstream housing demand, underwritten by the Government’s Help to Buy: Shares Ownership scheme.
Taking into account the continuing regeneration, the relative affordability of house prices and the underlying occupier demand for mainstream property, we believe that Uxbridge is well positioned to take advantage of potential house price growth.
Figure 4: Value Hotspot map for UB8 and surrounding area (source: Savills Research)
BRIDGE HOUSE, WATERSIDE &
RIVERVIEW
EPCS
EPCs are available on the data room.
VAT
We understand that the property is elected for VAT.
CAPITAL ALLOWANCES
TBC
DATA ROOM
Available on request. Please contact Savills to arrange access. GERALD EVE
Richard Lines 020 7333 6274 [email protected]
Jason Nearchou 020 3486 3475 [email protected]
Guy Freeman 020 3486 3471 [email protected]
Verity Youlden 020 7518 7277 [email protected]
CONTACT
SAVILLS
Commercial:
Mark Porter 020 7409 9944 [email protected]
James Emans 020 7409 8132 [email protected]
Olivia Wood 020 7409 8038 [email protected]
Residential:
Robert Pollock 020 7409 8114 [email protected]
Harry Wentworth-Stanley 0207 016 3873 [email protected]
IMPORTANT NOTICESavills and their clients give notice that:1. They are not authorised to make or give any representations or warranties in relation to the property
either here or elsewhere, either on their own behalf or on behalf of their client or otherwise. They assume no responsibility for any statement that may be made in these particulars. These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact.
2. Any areas, measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily comprehensive. It should not be assumed that the property has all necessary planning, building regulation or other consents and Savills have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise.
Designed and Produced by Savills Marketing: 020 7499 8644 | November 2017