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East Finchley Substation site, Great North Road, N2

East Finchley

Contacts

Daniel Ward MRICS
Partner, Residential Development
Tel: 020 7861 5432
daniel.ward@knightfrank.com

Jason Hobbs MRICS
Partner, Residential Development
Tel: 020 7861 5417
jason.hobbs@knightfrank.com

Summary

Location

The site is located on the Great North Road (A1000), adjacent to The Bishops Avenue to the west. It falls within the administrative boundaries of London Borough of Barnet. The Great North Road amalgamates with the High Road to the north and Archway Road (A1) to the south. The site is within a predominantly residential area. The site is approximately 150 metres to the south east of East Finchley Underground Station (Northern line, Zone 3) and it backs on to the railway line to the north. The station provides direct services into Moorgate, with fastest journey times of approximately 25 minutes. There are also bus routes operating along the Great North Road, serving the local area.

Description

The site extends to approximately 0.44 acres (0.178 hectares). The boundaries are marked for indication purposes on the attached Ordnance Survey extract. The site slopes gently from north west to south east. The site comprises a redundant substation building which is well set back from the road. We understand it was constructed in c.1939. It is arranged over basement, ground and two upper floors (in part) beneath a fl at roof. Its use as a substation ceased in 2000 and it has since been vacant. The building is in a dilapidated internal condition and all plant has been removed. The remainder of the site comprises open yard space.

Development potential

We believe the site has excellent potential for residential development, or alternative uses, subject to obtaining the necessary consents. There is residential and commercial use within the immediate vicinity of the site. There is consultation on the new London Plan (running up until March 2018), which plans for housing delivery over the next 20-25 year period. The new London Plan will be published in Autumn 2019. The Mayor’s target for new homes in the London Borough of Barnet is 31,340 (over 10 years) / 3,134 (per annum), which is the fourth highest target across all London Boroughs. The site’s location has a PTAL of 4 (Good). It is felt that as site is situated within the London Borough of Barnet, close to good transport links, it may be viewed favourably by the Local Planning Authority for medium to high density redevelopment. We would recommend that you seek independent planning advice in this regard.

Sale process

The freehold interest of the site is to be made available for sale, by means of informal tender on the following bases:

i. Subject to contract

ii. Subject to contract and planning

The sale contract will incorporate an obligation on the part of the purchaser to prepare as soon as reasonably practicable (but not later than three months from the date of exchange of contracts), and submit to the Vendor for their approval (such approval not to be unreasonably withheld) a planning application, supported by all necessary drawings, for a redevelopment of the site which is intended to maximise residual value and following such approval, to use all reasonable endeavours to obtain with all due speed planning permission for such approved scheme.

iii. Alternative option

Whilst the Vendor’s preferred options are set out in i and ii, prospective purchasers may submit a bid in addition to, or as an alternative to, the above.

The date that has been set for the receipt of “best bids” for the site is 12 noon on 10 May 2018.

Bids should be delivered by post, email or by personal delivery to the offices of the Vendor’s sole selling agent, Knight Frank LLP.

Details below:

Jason Hobbs

Knight Frank LLP

55 Baker Street, London W1U 8AN

Email: jason.hobbs@knightfrank.com

Tel: 020 7861 5417

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