Perfect Property For A Pension Plan? New Class E planning status allows it to be an office, gym, creche or even a cafe.
A genuinely rare opportunity to buy a versatile commercial space on a long lease (approx. 88 years remaining) with its own entrance and within moments of Sloane Square.
Understood to have originally been a residential unit, it is currently successfully operating as a B1 Registered co-working centre.
Planning changes from 1st September 2020 mean it could now be turned to a multitude of uses, including medical use, a gym, a creche or even a cafe.
We quote from RBKC's website-
'Parliament has recently changed the Use Classes Order 1987, to allow free interchange between the majority of ‘shopping centre’ uses. From 1 September 2020, existing Classes A1, A2, A3, B1, and D1 of the Use Classes Order 1987 have been combined to form a new Class E, entitled ‘Commercial, Business and Service’.
The new Class E encompasses uses such as retail shops, hairdressers, estate agents, coffee bars, cafes, restaurants, B1 business, doctors, dentists, gyms, creches/day nurseries and more, so from 1 September they can be changed to the other without requiring planning permission. '
Clearly, this opens up all sorts of potential new uses for the space.
For more detail on the planning change please go to RBKC's website.
Rather extra-ordinarily, the lease has a very low (approx. £1,700 pa) optional service charge contribution to the building and a Ground Rent of only £250pa.
Rates Payable (20/21) are £22,705.40. However, we understand the owner has managed to get the office exempted from rates for this financial year. i.e. until April 21.
The space is approx.1397sqft/129.8sqm including 157sqft/14.6sqm of vaults, accessible only from the premises, which are un-demised but have been used exclusively for many years.
Finally, there is a Virtual Office income stream which could be available by separate negotiation.
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