An existing residential property in a sought-after location, with full planning permission for a simple extension and conversion into three self-contained flats.
Existing Property
The existing property comprises a self-contained 3 bedroom flat, arranged over the first & second floors of a mixed-use building. The flat measures circa 992 sqft GIA, and is accessed via a side door (on Ashley Crescent). The accommodation is in reasonable condition throughout - let to private tenants on an Assured Shorthold Tenancy (AST), although will be sold with vacant possession.
Planning Permission
Full planning permission was granted by Wandsworth Council on 10th March 2023 for: "Alterations including the erection of mansard roof extension in connection with the conversion into three x 1 bedroom flats with associated cycle and refuse storage". The planning application reference number is '2022/5060'.
Planning Obligations
The development is not subject to any Section 106 contributions. Local CIL is charged at the rate of £355 per sqm (LB Wandsworth), and MCIL2 is charged at the rate of £86.06 per sqm. The total uplift in saleable floorspace is 39 sqm.
The property is not listed, nor is it in a conservation area.
Leasehold Obligations
The property is owned on a lease and therefore the freeholder's consent is required for the re-development works. To this effect, a Licence for Alterations (LfA) has already been executed which permits the planning consent to be built (practical completion must be by December 2027).
A Deed of Variation has also been entered into, which obligates the freeholder to extinguish the existing lease, and simultaneously grant three new separate leases (one for each new flat) should the developer wish. The new leases are to be 125 years long each, and the cost of this is £8,000 in total (for all three leases).
