Property Auctions London, Property Auctioneers London, London Property Auctions, Property Auctions London

Lot 8

Freehold Town Centre Residential Development Opportunity
6 Week Completion

Situation

Located at the junction with George Street in the pedestrianised town centre, opposite The Mall Luton which includes a Lidl Supermarket, diagonally opposite the Bedfordshire University Luton Campus and amongst a host of other multiple retailers including Farmfoods, Creams, Coral, NatWest, Barclays, Admiral Casino and others.
In addition, Luton Town Football Club is aiming to open its new stadium in 2026 which will be located in nearby Power Court approx. ⅓ mile distant.
Luton is a well known commercial centre approx. 30 miles to the south and the town benefits from easy access to the M1 (Junctions 10 & 11).

Property

A substantial end of terrace building comprising a Ground Floor Pub with Ancillary Space on the mezzanine floor together with separate front access to a Commercial Unit (previously used as a gym) on first and second floors. In addition, the property includes a Rear Loading Bay which can be accessed from Park Street West.

VIDEO TOUR

Click here to view the video tour of the first and second floors.

VAT is NOT applicable to this Lot

FREEHOLD

Note: The 999 Year Leasehold interest of the ground floor pub & mezzanine of this property is also being offered for sale in this auction - see Lot 7.

Planning

The property benefits from the following Permissions which together provides for 19 flats (17 × 559 sq ft 1 bed flats and 2 × 753 sq ft 2 bed flats):

Planning Permission was granted by the Borough of Luton on 22nd September 2022 for ‘Erection of two storey above existing property to create a 4 storey building comprising of 3 residential units on 2nd floor and 6 residential units on third floor and new stair and lift core to rear and minor amendments to ancillary, refuge, plant and cycle areas.' Ref. 22/00574/FUL.

This Planning would effectively enable the creation of 7 × 1 bed flats and 2 × 2 bed flats.

Planning Permission was granted by the Borough of Luton for ‘External alterations to the front, rear and side fenestration of the building including infilling and creation of windows and doors with balconies (pursuant to application No. 22/01289/PACOM)'. Ref. 22/01337/FUL.

A Planning Decision Notice was granted by Borough of Luton on 18th January 2023 for ‘Request for a determination as to whether prior approval is required under Schedule 2, Part 3, Class MA of the Town and Country Planning (General Permitted Development) Order 2015 - Change of use of part of the ground, first floor and part of second floors from a gym (use class E) to 10 residential units (use class C3)'. Ref. 22/01289/PACOM.

This Decision would effectively enable the creation of 10 × 1 bed flats.

Click here to view the Planning Documentation.

The implementation of the combined schemes totalling 19 Flats (17 × 1 Bed & 2 × 2 Bed) requires agreement with the ground floor leaseholder relating to consent to rear part areas allowing for new lift and stair core.
The implementation of the scheme for 10 × 1 Bed Flats is based on existing on-site condition without the need for any consent from the ground floor leaseholder.
The vendor's architect has advised that with some internal re-arrangement, it may be possible to increase the 10 Flat scheme to a 12 × 1 Bed Flat scheme, subject to obtaining the necessary consents.

*Please note:

RESERVE

The 'Reserve' is the minimum figure for which a property can be sold as agreed between the Seller and the Auctioneer. The 'Reserve' is not disclosed and remains confidential between the Seller and the Auctioneer.

GUIDE

Where a 'Guide' is stated, it is an indication of the Seller's current minimum acceptable price ('Reserve') at auction. A 'Guide' is published to assist prospective buyers in deciding whether or not to pursue a purchase.

A 'Guide' does not represent an anticipated sale price or a valuation and the eventual sale price may be higher or lower. The sale price is determined at auction and as such cannot be predicted in advance.

The 'Guide' can be published as follows:

a. 'Reserve below' which means the 'Reserve' will be below the shown amount.
b. A single price figure where the 'Reserve' is not to exceed it.
c. A single price figure with a + symbol where the 'Reserve' is not to exceed that figure by more than 10%.
d. A minimum and maximum price range where the 'Reserve' is to be within that range.

The Seller's expectation as to the sale price may change during the marketing period as a result of interest received from prospective Buyers. Therefore, the Seller may increase or decrease the 'Reserve' at any time up to just before bidding commences. If the 'Reserve' becomes fixed at a level that makes the 'Guide' misleading, the Auctioneers will subsequently issue a revised 'Guide' as soon as is practicable. Accordingly, prospective bidders should monitor the 'Guide' with the Auctioneers prior to the Auction taking place via this website.

In addition to the purchase price the Successful Buyer or Successful Bidder will be liable to pay Barnett Ross Ltd a non-refundable administration fee of £1,500 including VAT or as specified on the Particulars of Sale and there may also be additional non-optional fixed or variable fees and costs. To establish the full cost of purchasing a property please inspect the special conditions of sale and all other documentation in the legal pack. Please also refer to any addendum that may be displayed on this page.

6–8 Park Street, Luton, Bedfordshire LU1 3EP