Vacant Possession Opportunity, King's Cross, London
54-58 Caledonian Road | King’s Cross | London | N1 9DP
offers in the region of
Of interest to developers, owner-occupiers and investors;
An opportunity to acquire a freehold property in a vibrant Central London area;
The property is located within close proximity to the new King’s Cross development area;
Offered with vacant possession
Sui Generis use;
6,253 sq ft GIA
Offers in the region of £4,500,000, subject to contract;
Low Capital value of £720 per sq ft / £7746 per sq m
The subject property is situated in King’s Cross, within the London Borough of Islington.
King’s Cross is one of the largest regeneration projects in Europe. The 67-acre site is owned by the King’s Cross Central Limited Partnership, a joint venture between developer Argent and pension fund AustralianSuper. It is undergoing a huge transformation which, according to the development’s website, will feature 50 new buildings, 1,900 new homes, 20 new streets, 10 new public parks and squares and 26 acres of open space. A number of global businesses such as Google, YouTube, Facebook, Havas, Universal Music and Louis Vuitton have all chosen to locate here. As a result, King’s Cross has become one of the most attractive places to live, work and visit in London. For further information see here.
King’s Cross is home to some of London’s renowned sites including The British Library and Central Saint Martins, the world-famous arts and design college.
King’s Cross is an exceptional national and international travel hub. The two major railway stations of King’s Cross and St Pancras provide mainline rail services throughout the UK. St Pancras International is home to Eurostar with direct services throughout Europe including Paris, Brussels and Lille. King’s Cross Underground station provides access to the Victoria, Piccadilly, Northern, Metropolitan and Hammersmith & City lines, and is within Zone 1. In addition, Euston Station is approximately 500 metres away.
The City of London and Docklands are situated to the south-east, approximately 5 km (3 miles) and 13 km (8 miles) respectively. London City Airport is approximately 14km (9 miles) to the south-east, Heathrow Airport approximately 31km (19 miles) to the south-west, Luton Airport 51km (32 miles) to the north and Gatwick Airport 48km (30 miles) to the south.
The subject property benefits from excellent communications and is within a couple of hundred metres of King’s Cross Station and St Pancras mainline and underground stations.
The property occupies a prominent position on the east side of Caledonian Road (A5204), close to its junction with the A501 Pentonville Road / Euston Road. The newly developed Institute of Physics, a £13.5 million scheme which opened in 2018, is directly opposite. This section of Caledonian Road is characterised by a mixture of commercial and residential use. The property benefits from being located within easy walking distance of the many amenities surrounding one of the busiest transport hubs in the country.
The property comprises a four-storey building arranged over lower ground, ground and two upper floors. We understand the building was constructed in the mid to late nineteenth century as three separate terraced town houses which have subsequently been converted into one single building, most recently used as a hostel. The property is now vacant.
The building is of traditional brick construction and has been extended at lower ground floor level to the rear, to provide additional accommodation.
The property has been measured by BKR Floor Plans and provides the following areas:
|Lower Ground Floor||239.31 sq m||2,576 sq ft|
|Ground Floor||122.07 sq m||1,314 sq ft|
|First Floor||108.60 sq m||1,169 sq ft|
|Second Floor||110.92 sq m||1,194 sq ft|
|Total||580.90 sq m||6,253 sq ft|
A set of floor plans is available to download and the measured survey report will be re-addressed to a purchaser at a cost of £495 + VAT.
According to the Valuation Office website the rateable value for the property is as follows:
|54-58 Caledonian Road||Hostel and premises||£76,500|
The business rate multiplier is 50.4 pence per pound.
The property is not a Listed Building and is situated within the Keystone Crescent Conservation Area.
The property benefits from Sui Generis use class under the Town and County Planning (Use Classes) Order 1988.
The property is offered with the benefit of vacant possession.
Residential Capital Values
Our enquiries indicate that residential accommodation in the area has been selling up to £2,000 per sq ft (£21,529 per sq m).
For example, Gasholders London is a unique new development of 145 apartments and penthouses built within a refurbished triplet of Grade II-listed, cast-iron gasholder guide frames, next to the Regent’s Canal. Comprising a mixture of studio, 1-bed, 2-bed, 3-bed and penthouses, prices achieved have been between £1,500-£2,000 per sq ft.
Cadence is a new development of 103 apartments in the heart of Kings Cross which is due for completion in Autumn 2022. Comprising a selection of one, two and three-bedroom apartments, the scheme was launched in February 2020. Despite the impact of COVID-19 we are advised that 70 apartments have already sold at the full asking prices with an average sale price of £1,500 per sq ft.
Luma is a new development on Stable Street which is due for completion in 2021. Allthe apartments have sold off-plan, achieving an average sale price of approximately£1,500 per sq ft.
The 13-storey Plimsoll Building is situated on Handyside Street, overlooking the Regent’s Canal and Gasholder Park. This recently completed collection of one, two and three bedroom apartments, duplexes and penthouses has achieved an average sale price of approximately £1,500 per sq ft with all of the 178 apartments now sold.
King’s Cross Quarter is a collection of 119 luxury apartments by Regal London. We are advised that all the apartments within the scheme have sold, achieving an average sale price of £1,550 per sq ft.
In comparison to the asking price for the subject property, new developments are achieving more than double the capital value based upon the asking price for the investment, thereby providing attractive development potential.
The property has been registered for VAT.
We are instructed to seek offers in the region of £4,500,000 (Four Million, Five Hundred housand Pounds), subject to contract, reflecting a capital value of £720 per sq ft / £7746 per sq m
Please note that a purchaser will be re-charged the costs of the surveys and searches which are provided in the data room.
An opportunity to acquire a freehold Central London property;
The property is well located in close proximity to the King’s Cross re-development, one of London’s largest regeneration areas which has attracted recognised international companies;
A purchase at the asking price represents an attractive capital value;
Opportunity for a variety of uses, , subject to planning;
|Andrew Clissoldemail@example.com||+44 (0) 207 438 0988|