6-8 Park Street, Luton, Bedfordshire, LU1 3EP

  • Substantial Town Centre Premises with Planning for Residential Development FOR SALE £800,000
6-8 Park Street, Luton, UK
Investment/Development

6-8 Park Street, Luton, Bedfordshire, LU1 3EP

6-8 Park Street, Luton, UK
  • Substantial Town Centre Premises with Planning for Residential Development FOR SALE £800,000
From 14908 SqFt (1,385.0 m2)

Property Info

Location

Situated in Bedfordshire, Luton is a large town approximately 30 miles north of London, 9 miles west of Stevenage, 17 miles south east of Milton Keynes and 5 miles north of Hemel Hempstead and St Albans. The town is well located, being immediately to the east of the M1 and served by junctions 10, 11 and 11a. The M1 provides easy access to the M25, approximately 13 miles to the south, and to the Midlands and the North. The A505 also provides a key route between the South East and East Anglia, connecting Luton with the A1 and the M11. Luton Central and Luton Airport Parkway stations benefit from regular rail services to Central London to St Pancras International (10 trains an hour – 26 minutes), Farringdon (8 trains an hour – 40 minutes), City Thameslink (6 trains an hour – 42 minutes) and London Blackfriars (6 trains an hour – 42 minutes). London Luton Airport is located to the south east of the town centre and provides flights to over 30 countries and 70 destinations. The airport is one of the 5 busiest in the UK, serving in excess of 16 million passengers in 2023 and an aim to serve over 30 million within the next 20 years. The property is situated in a prominent position in the prime retail and leisure core of Luton, close to the “Smiths Lane Mall” entrance into the Luton Point Shopping Centre and just a moments’ walk from the Luton campus of the University of Bedfordshire. Luton Railway Station is less than ½ mile away whilst the airport is only approximately 1.5 miles away. Luton & Dunstable Hospital is within 3 miles of the property. The proposed Power Court Development which is to be the new home of Luton Town FC along with a new music venue and hotel is only ¼ of a mile away.

Description

The property is a relatively modern building of brick construction with a flat roof behind the faux pitched roof to the front elevation. It comprises a public house on the ground and
mezzanine floors and a former gym, (now vacant), at first and second floors. The vacant upper floors are predominantly open plan and benefit from solid floors, suspended ceiling, LED lighting,
WC facilities, changing room, a central stairwell, a fire exit stairwell, and ground floor access onto Park Street.

The property was most recently used as a gym but could potentially be used for other uses such as showroom, church, education, leisure or an office subject to receipt of the appropriate planning permission.

Permitted Development Rights are in place to convert the first floor and part second floor to provide 10 residential units, 7 at first floor and 3 at the second floor. (22/01289/PACOM). Planning Permission has also been granted to develop two storeys above the existing property, creating a four storey building in total, comprising of 3 additional residential units on the 2nd floor and 6 residential units in a new third floor. A new stair and lift core is to be created to the rear with minor amendments to ancillary areas, refuge, plant and cycle areas. (22/00574/FUL).
Planning permission was also granted for external alterations to the front, rear and side fenestration of the building including infilling and creation of windows and doors with balconies pursuant to application 22/01289/PACOM noted above. (22/01337/FUL). It is proposed that 17 of the 19 apartments would have a terrace. The architects believe there may be scope to create two additional
units, subject to further site investigations and design development. In total, permission has been obtained for 19 new residential dwellings. Refer to downloadable brochure for more information.

Terms

The ground floor is held on a 999 year long leasehold interest from April 2024 at a peppercorn rent and is not included in the sale. The vendor may however be willing to entertain a sale of this interest and further information regarding this can be supplied by the agents upon request. The first and second floors are vacant and therefore not income producing. We are instructed by our client to seek offers in excess of £800,000 (eight hundred thousand pounds) subject to contract for the freehold interest in the property. The Vendor will also give consideration to selling the long leasehold interest in the ground floor commercial element of the property. Further information can be obtained from the agents.

Rateable Value

The Rateable Value for the former gym at first and second floors is £48,000. (This is not the rates payable).

Legal Costs

Each party to bear their own costs incurred.

VAT

We are advised that the property has not been elected for VAT.

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Jacob Wood
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