The property comprises a now derelict and partly-dismantled 4-storey office building arranged over lower ground, ground, 1st and 2nd floors.
The property has an approximate floor area of 21,548 sq ft.
External areas of the property are limited to a small rear yard and a small landscaped area fronting Edgware Road.
The property is vacant and currently incapable of supporting beneficial occupation.
The property was designed by Walter Segal in 1955 for construction products manufacturer, Tretol.
The building is locally listed as it is one of only a small number of commercial projects designed by Segal. The building features a prominent entrance under pilotis and typical mid-century brickwork. It is also faced with a series of decorative ceramic tiles that are the only known examples from a Segal building.
Brent Council’s planning officer has stated that the heritage harm caused by the (redevelopment) proposals would be outweighed by the “substantial social and economic benefits” of redeveloping the site and providing new homes.
Location
Symal House is located in the London Borough of Brent within the suburb of Brunt Oak, between Colindale and Edgware.
It is approximately 9 miles to the north west of central London. The property is situated at the junction of Edgware Road and Holmstall Avenue. Whilst there are surrounding commercial and retail uses, the area is predominantly residential in character.
In recent years, the locality has improved with developers recognising its fast links into the West End and City, which has led to large scale redevelopment of cleared sites, ageing housing stock and repurposed commercial buildings.
The locality benefits from a range of local and national retail offerings with an expanding licensed and leisure amenity as more homes are constructed and the demographic changes to incorporate more commuting young professionals.
Accommodation
Site area of 0.55 acres (0.23 hectares)
Terms
Planning - Symal House has received a number of planning consents since 2020. All consents provide for the adaptation or extension of the existing structure.
In June 2020 the property received consent under Permitted Development rights (ref.20/1311) for 45-self contained studio apartments including the provision for car and cycle parking and refuse storage.
This property has most recently received consent in September 2021 (ref. 21/0132) for 2 further storeys to be added to the building’s structure providing an additional 20-self contained studio apartments.
In terms of notable planning obligations, the consent provides for Community Infrastructure Levy (CIL) payments (Mayoral & Borough) of c£315k.
The Option Land - Adjacent to Symal House comprises land occupied and operated by a Shell petrol filling station, with forecourt and shop, with commercial units to the rear.
There is a legal agreement between the Freeholder and Leaseholder that provides a right for the Lessee to acquire the freehold interest of the land.
The lease is for 5 years from May 2023 expiring May 2028.
The purchase requires an initial payment of £800,000 (paid) with a final payment of £7.2m (total consideration £8m) with a longstop date of 8 August 2025.
The Lessee pays £120,000 per annum rent as part of the arrangement, effectively to maintain the ability to purchase the freehold.
The Lessee in turn sublets to Shell, where a notice to vacate has been served, and who may vacate at the end of 2024.
There appear to be further sub leases which will fall away when the Shell lease is terminated.
Planning - An application was been submitted in March 2022 (ref 22/1065) to construct 3 residential blocks comprising 252 homes forming a mixture of studios, 1, 2 and 3 dedroom apartments. These are to be arranged as follows:
Block A – 9 storeys – 63 units
Block B – 20 storeys – 138 units
Block C – 13 storeys – 51 units
The proposed scheme includes the Symal House property.
The total site area is therefore 1.25 acres.
The total floor area of the proposed scheme is approximately 24,660 sq m (265,448 sq ft).
The scheme includes 1,876 sqm (20,193 sq ft) of commercial space (Use Class E) at ground floor level, comprising a supermarket and 5 retail units.
The scheme provides for 32 parking spaces for the commercial elements plus 4 staff parking spaces and 16 spaces for the residential part. There will also be cycle parking and amenity space across the podium.
At present the local authority note the status of the application as ‘Awaiting Decision’.
Asking Price – Offers are invited for the Freehold interest in the Symal House site and 421 Edgware Road Option Contract
Tenure – Freehold
Method of Sale – The Property will be sold by way of informal tender (unless sold prior). Offers are sought for the Freehold interest and Option Contract.
Legal Costs - Each party is to be responsible for their own legal costs incurred throughout the transaction.
Specification
- Vacant Freehold office building with consent under Permitted Development to convert existing building into 45 studio apartments
- Further consent to add 2 additional floors to create a further 20 studio apartments
- Prominent Roadside location along London’s Edgware Road
- Potential to increase massing by the purchase of an Option Contract over the adjacent site which has an application submitted for 252 dwellings.
- Site area of 0.55 acres (0.23hectares) (1.25 acres including the option land)
- Sale by Receivers and Administrators
- Offers Invited