Property photos
Just added
£3,600,000
(£134.78/sq. ft)
Land for sale
Latimer Road, Luton, Bedfordshire LU126,711 sq. ft
Local area information
Property location
Nearby amenities
- Tennyson Road Primary School 0.3 miles
- Luton Pentecostal Church Christian Academy 0.3 miles
- Luton 0.5 miles
- Luton Airport Parkway 0.8 miles
These distances are calculated in a straight line. The actual route and distance may vary.
Read our area guide for Luton to find out more about the local area.
Features and description
Description
The subject site is an established industrial estate, comprising 10 units and a particularly versatile first-floor commercial space, potentially suitable (STPP) for religious use, leisure, gymnasium, education, professional services, etc. The estate extends to 26,711 sqft (2,482 sqm) on a site area of approximately 0.81 acres.
Whilst by no means limited to the same, the estate and surrounding area is favoured by motor trade and manufacturing operators. Luton leans heavily on its industrial heritage and the motor trade sector is particularly strong.
The estate has benefitted from recent improvements including decoration of all external elevations, upgraded electrics, satisfaction of compliance matters and the implementation of proper estate management (to include service charge and rent collection).
Sr Wood & Son and Lewis & Partners are instructed to market the freehold interest in the subject site, providing the purchaser with a number of potential angles as summarised hereunder.
Opportunity 1 (Break-Up)
This disposal offers the buyer the opportunity to acquire the site as a whole and to re-sell the individual units for a profit. We are of the opinion that, given Luton's high demand for motor trade premises, the units could command a re-sale value in excess of £200/sqft.
Opportunity 2 (Redevelopment)
In addition, there is prospect for (subject to the necessary consents) the site to be redeveloped to help satisfy Luton's ever-increasing housing demand. We understand that the neighbouring site is in the process of being redeveloped, setting such a precedent.
Opportunity 3 (Investment)
sr Wood & Son are undertaking lease renewals and lettings at the subject site. Rents being achieved are in the region of £12.25-13.00/sqft. The rent roll is increasing at pace and has potential, through active management, to reach circa £340,000 pa.
Location
Located in the county of Bedfordshire, Luton is one of the largest towns in the UK without city status. The town has exceptional connectivity, benefitting from an international airport and three train stations with high-speed services to London St Pancras. Furthermore, the town is served by various arterial routes, notably the M1 (J10, J11 & J11A), the A505 and the A6.
The subject site is situated on the southern fringe of Luton town centre, just off of A505 inner ring road and within a short drive of London Luton Airport and the M1 (J10). All town centre amenities are within proximity, to include Luton Point (shopping centre), mainline train station, Bedfordshire University, shops, cafes, restaurants, pubs, banking, etc.
A number of key development sites are also within proximity. Firstly, the former Bute Street carpark, which is to house a new performing arts venue called The Stage and a mixture of residential and commercial premises, Secondly, Power Court, which is to house a new stadium and will be the new home of Luton Town Football Club.
Terms
Offers are sought in excess of £3,600,00.
Tenancy schedule (including lease events and rent roll) available upon request.
Legal Costs
Each party to bear its own costs incurred.
VAT
All costs are subject to VAT at the appropriate rate, if applicable.
The subject site is an established industrial estate, comprising 10 units and a particularly versatile first-floor commercial space, potentially suitable (STPP) for religious use, leisure, gymnasium, education, professional services, etc. The estate extends to 26,711 sqft (2,482 sqm) on a site area of approximately 0.81 acres.
Whilst by no means limited to the same, the estate and surrounding area is favoured by motor trade and manufacturing operators. Luton leans heavily on its industrial heritage and the motor trade sector is particularly strong.
The estate has benefitted from recent improvements including decoration of all external elevations, upgraded electrics, satisfaction of compliance matters and the implementation of proper estate management (to include service charge and rent collection).
Sr Wood & Son and Lewis & Partners are instructed to market the freehold interest in the subject site, providing the purchaser with a number of potential angles as summarised hereunder.
Opportunity 1 (Break-Up)
This disposal offers the buyer the opportunity to acquire the site as a whole and to re-sell the individual units for a profit. We are of the opinion that, given Luton's high demand for motor trade premises, the units could command a re-sale value in excess of £200/sqft.
- Industrial/Motor Trade Units | 21,727 sqft | Estimated Break-Up Value (£200/sqft) = £4,345,400
- First Floor Commercial Space | 4,984 sqft | Estimated Value = £395,000
Opportunity 2 (Redevelopment)
In addition, there is prospect for (subject to the necessary consents) the site to be redeveloped to help satisfy Luton's ever-increasing housing demand. We understand that the neighbouring site is in the process of being redeveloped, setting such a precedent.
Opportunity 3 (Investment)
sr Wood & Son are undertaking lease renewals and lettings at the subject site. Rents being achieved are in the region of £12.25-13.00/sqft. The rent roll is increasing at pace and has potential, through active management, to reach circa £340,000 pa.
Location
Located in the county of Bedfordshire, Luton is one of the largest towns in the UK without city status. The town has exceptional connectivity, benefitting from an international airport and three train stations with high-speed services to London St Pancras. Furthermore, the town is served by various arterial routes, notably the M1 (J10, J11 & J11A), the A505 and the A6.
The subject site is situated on the southern fringe of Luton town centre, just off of A505 inner ring road and within a short drive of London Luton Airport and the M1 (J10). All town centre amenities are within proximity, to include Luton Point (shopping centre), mainline train station, Bedfordshire University, shops, cafes, restaurants, pubs, banking, etc.
A number of key development sites are also within proximity. Firstly, the former Bute Street carpark, which is to house a new performing arts venue called The Stage and a mixture of residential and commercial premises, Secondly, Power Court, which is to house a new stadium and will be the new home of Luton Town Football Club.
Terms
Offers are sought in excess of £3,600,00.
Tenancy schedule (including lease events and rent roll) available upon request.
Legal Costs
Each party to bear its own costs incurred.
VAT
All costs are subject to VAT at the appropriate rate, if applicable.
More information
Listed by
S.R. Wood & Son Ltd
View agent properties.png){kind=logo}
Property descriptions and related information displayed on this page are marketing materials provided by - S.R. Wood & Son Ltd. Zoopla does not warrant or accept any responsibility for the accuracy or completeness of the property descriptions or related information provided here and they do not constitute property particulars. Please contact S.R. Wood & Son Ltd for full details and further information.