Proposed retail unit and office space with scope for further residential accommodation
Eastbourne, Terminus Road
20,930 sq ft
Investment Summary
Property comprises 20,930 sq ft over ground, basement and four upper floors. Proposed retail unit over the ground and basement with Permitted Development (PD) approval to convert the upper floor office space to 18 flats. Scope for further residential accommodation in the existing roof space being explored.
Barclays Bank held a lease on the entire property which had expired.
A new letting was completed securing Barclays Bank on a new long-term lease on the ground floor and basement, with Permitted Development obtained to convert the upper floors 1 – 3 of the building into 18 flats (5x two-bedroom and 13x one-bedroom). Planning is being sought for an additional 4 flats within the 4th floor roof space.
Asset Management Highlights
- Securing the strong national covenant of Barclays Bank on a new long-term lease.
- In response to having vacant office floorspace with limited local demand, undertaking a viability assessment and taking advantage of the Government’s Permitted Development rules, securing consent to convert the upper floors into 18 flats, with potential for a further 4, maximising the capital value of the premises.
Securing Barclays Bank on a long-term lease and securing PD approval to convert vacant office space to 18 1-bed and 2-bed flats.
