LOT 8

55 South Street, Bishop's Stortford, Hertfordshire, CM23 3AL

PROMINENT FREEHOLD DEVELOPMENT SITE, EXTENDING TO CIRCA 15,731 SQ FT (1,461 SQ M) WITH THE BENEFIT OF PLANNING PERMISSION FOR A MIXED USE SCHEME OF RETAIL AND RESIDENTIAL TO INCLUDE THE CREATION OF AN ADDITIONAL FLOOR

Result: Please refer to auctioneer Guide price: £2,250,000 - £2,500,000*

Auction Date

Thursday, 8th April 2021 12:00pm

The property is situated within the town centre of the market town of Bishop’s Stortford. The town has a population of circa 35,000 and is expanding with some 4,000 new homes under construction. Situated north of London on the M11 corridor with links by both road and rail providing a 24 min travel time to Tottenham Hale station and London Underground, with travel time to Liverpool street being 37 minutes. Stansted Airport is situated three miles to the north east providing both national and European transport links. An imposing corner plot on the crossroads of Station Road and South Street, right on the doorstep of the town centre and a three minute walk to the train station. The property lies on a high footfall route, as most passengers alighting at the station will use this route into the town centre. The station are is due to undergo a large scale regeneration. Once completed, this effectively joins the station to the High Street, placing 55 South Street at its heart. Situated within the Primary Shopping Area of Bishop’s Stortford, the wider surrounding area is mixed, comprising retail, offices, and residential accommodation. The site and building are in a prominent position, being located at the junction of 4 main town centre roads.

Accommodation

Virtual 3D viewings are available by clicking the "View Free Legal Pack Documents" link in the yellow box to the right.

The site extends to 0.26 acres, has a double frontage onto the B1383 at its junction with South Street and Station Road, within Bishop’s Stortford Town Centre.

The site comprises a large two-storey premises (originally built in 1958 to serve as a headquarters building for the Co-op). The premises currently provide retail and commercial space over ground and first floor levels and a parking area at the rear.

The property currently comprises:
Ground Floor: GIFA = 665 sqm / 7,158 sqft
First Floor: GIFA = 807 sqm / 8,683 sqft
The addition of the second floor will provide an additional 594.4 sqm / 6,345 sqft

Planning

August 29th 2019, app ref: 3/19/0742/FUL granted planning for: "Retention of Class A1 unit (part ground and first floors), reconfiguration and change of use to create 2 no. units with flexible permission for Classes A1/A2/A3 (part ground floor) and 1 no. unit with flexible permission for Classes B1/D1/D2 uses (part ground and first floors), and associated external alterations. Construction of a second floor to create 1 no. 2-bedroom and 8 no. 1-bedroom self-contained flats, reconfiguration of car parking and provision of cycle parking, and other ancillary works."

There is an additional planning consent granted under planning reference 3/19/2422/FUL to convert the existing building to class B1 (offices) with associated external alterations and the creation of second floor for class B1. (These commercial uses now fall into the new flexible “E” planning use class).

In line with the freeholders previous correspondence with East Herts, an enhanced scheme with an additional floor(s) maybe achievable for the building subject to planning. In addition, emerging planning policy relating to proposed forthcoming permitted development rights would enable to the existing building (now all within E Class use) to be converted to residential, without the need for planning permission.”

Note

A 3D tour of the property and drone footage of the surrounding area are available on our website. For the open plan E class arrangement shown on the January 2020 planning drawings please see the legal pack.

Status

Please refer to auctioneer

Addendum

Amended Guide Price £2,250,000 to £2,500,000

Joint Auctioneer

Louise Campbell

Viewings: Louise Campbell 07837 362002

* The Notice to Bidders, which can also be seen on the inside front cover of the hard copy catalogue, includes a definition of Guide Price [section #17] Note that in addition to the purchase price there is a buyer’s administration fee [section #13] and there may be additional non-optional fixed or variable fees and costs [section #8]. To establish the full cost of purchasing a property, please inspect the legal documentation/special conditions. Please also check strettons.co.uk for updates.