23-33 The Parade 110,120 SF 100% Leased Retail Building Watford WD17 1LQ £18,000,000 (£163.46/SF)
INVESTMENT HIGHLIGHTS
- 1.15 acres comprising a mixed-use parade of retail and offices, the Watford Market and a gym
- Resolution to grant planning permission for redevelopment of the site to create a new market, commercial space and 141 private residential units acros
- Part let to a variety of tenants including B&M, producing £461,496.75 per annum offering potential for asset management opportunities
EXECUTIVE SUMMARY
Opportunity to acquire a landmark mixed-use redevelopment located in the heart of Watford Town Centre.
The property is to be sold freehold with existing tenants remaining in situ. The property is sold subject to and/ or with the benefit of any rights of way, easements or restrictions, which may exist, whether or not mentioned in the attached particulars.
Offers invited in excess of £18,000,000 for the freehold interest.
A resolution to grant planning permission was given in 2024 (reference: 23/00391/FULM) for the phased development involving the demolition / part demolition of existing buildings, interim market provision, and the erection of replacement buildings to deliver a mixed-use redevelopment, comprising a revitalised market, new commercial, business and service units (Class E), residential dwellings (Class C3), public realm, landscaping, amenity spaces, accesses, car parking, cycle parking, service bays, plant and utilities.
The proposed development will provide 141 x residential apartments (59 x 1 bed, 58 x 2 bed and 24 x 3 bed units) with all of the units for private sale. The development will also propose the creation of a new market place and retail space. During the build of the development, part of the existing market which falls within the development title will be temporarily re-located.
Following practical completion of the new market place, Watford Borough Council have agreed to enter into a 20 year lease at a rent of £100,000 per annum for the market space which falls within the development title.
The property is to be sold freehold with existing tenants remaining in situ. The property is sold subject to and/ or with the benefit of any rights of way, easements or restrictions, which may exist, whether or not mentioned in the attached particulars.
Offers invited in excess of £18,000,000 for the freehold interest.
A resolution to grant planning permission was given in 2024 (reference: 23/00391/FULM) for the phased development involving the demolition / part demolition of existing buildings, interim market provision, and the erection of replacement buildings to deliver a mixed-use redevelopment, comprising a revitalised market, new commercial, business and service units (Class E), residential dwellings (Class C3), public realm, landscaping, amenity spaces, accesses, car parking, cycle parking, service bays, plant and utilities.
The proposed development will provide 141 x residential apartments (59 x 1 bed, 58 x 2 bed and 24 x 3 bed units) with all of the units for private sale. The development will also propose the creation of a new market place and retail space. During the build of the development, part of the existing market which falls within the development title will be temporarily re-located.
Following practical completion of the new market place, Watford Borough Council have agreed to enter into a 20 year lease at a rent of £100,000 per annum for the market space which falls within the development title.
PROPERTY FACTS
Sale Type
Investment
Sale Condition
Development Sale
Property Type
Retail
Tenure
Freehold
Property Subtype
Storefront
Building Size
110,120 SF
Building Class
B
Year Built
1890
Price
£18,000,000
Price Per SF
£163.46
Percent Leased
100%
Tenancy
Multiple
Number of Floors
5
Building FAR
2.20
Lot Size
1.15 AC
Parking
50 Spaces (0.45 Spaces per 1,000 SF Leased)
Frontage
114 ft on The Parade
AMENITIES
- Bus Route
- Corner Lot
- Restaurant
- Security System
- Signage
- Storage Space
1 of 1
NEARBY MAJOR RETAILERS
CONTACTS
-
Jordan
Oldfield
-
Charlie
Cooke
-
James
Burke
-
Oscar
Darlington
