Commercial property for sale in Luton, England

DESCRIPTION:  The existing property comprises a large single-storey light industrial warehouse unit which extends to approximately 38,793ft² and a 2-storey office building of 4,445ft².  The remainder of the site consists of hard standing / yard space and parking with the overall site extending to 2.4 acres.  Access to the property is taken directly via Waller Avenue.   LOCATION:   The property occupies a prominent position along Waller Avenue in Maidenhall, within Luton Borough Council.   The immediate area comprises a mixture of residential and commercial uses.   Luton town centre and train station is located approximately 2 miles from the property direct National Rail services to into London St Pancras in 26 minutes.   Luton airport is also located approximately 4 miles from the property.   PLANNING:  Planning permission was granted on 23rd July 2024 (under reference 22/00990/FUL) for the demolition of the existing buildings on the site and comprehensive redevelopment to provide 342 residential units and approximately 17,800ft² of commercial space.   The proposed development will provide 136 x 1 bed units, 150 x 2 bed units and 56 x 3-bed units as a mix of apartments and houses with all of the residential units allocated for private sale. The development will benefit from 176 parking spaces with the majority of these spaces within the proposed basement parking and each house benefiting from one parking space each.   The planning permission is subject to a S106 agreement which provides for £1,760,000 in financial contributions with no CIL contributions applicable.   Full information on request.  TENANCY:  The entire property is let to Sam Magnet UK Limited on a 10 year lease until 18th May 2031 at a current rent of £145,000 per annum. The rental agreement is subject to a fixed rental increase in May 2027 with the rent increasing to £195,000 per annum.   Notice can be served on the tenant to vacate and surrender their agreement subject to 3 months notice at any time.  TENURE:  The property is being sold freehold with offers considered subject to vacant possession or with the existing tenant remaining in situ.   VAT:  We understand the property has not been elected for VAT.  TERMS:  Offers invited in the region of £9,000,000 for the freehold interest which reflects £26,315 per proposed residential unit.

Commercial property for sale in Luton, England

Residential development for sale

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