Property Description
<strong>Description</strong><br>The property comprises a 9 storey (plus basement) former office building, most recently used as a combination of offices and holiday let accommodation. Access is provided via a dedicated ground floor entrance, with stairs and two passenger lifts serving the upper levels. The building is constructed around a central lightwell extending from the basement, which allows for good natural light throughout. With the exception of the eighth floor, the floorplates are largely consistent in size, although layouts vary. Each floor benefits from access to the main service core, incorporating staircases, male and female WCs and the two lifts, and all levels are also served by a secondary stairwell.<br />
<br />
The ground floor is largely excluded from the sale and falls under separate ownership held under a separate 999-year lease. Floors one and two are currently in office use, while floors three to six have been converted to immaculate high specification holiday accommodation. The seventh floor comprises vacant office accommodation which has been taken back to a shell format, with planning consent secured for its conversion into five residential flats (Use Class C3). The eighth floor benefits from additional vacant apartment and storage space.<br />
<br />
On the vacant office space the specification includes suspended ceilings with recessed lighting and double-glazed UPVC window units. The specification of floors three, four, five and six is to a high standard, including modern fitted kitchens and bathrooms, with decorative styling throughout.<br><br><strong>Planning</strong><br>The property currently has a mixed use planning consent. The building has planning permission for Use Class E and C1 under alterations, conversion and extension of the existing building from a mixed D1 (non-residential education) and B1 (office) use into a mixed-use scheme consisting of Serviced Accommodation (Tourism C1 use), flexible co-working and shared office space (Now ‘E Class’ Use) and ancillary hospitality, café, restaurant and event space with associated cycle and bin storage. This was granted under planning reference 7/2019/1102/BX.<br />
<br />
Both subsequent planning applications have also been granted. The first is a variation of Condition 7 (holiday apartments) to allow the apartments to be rented for up to six months over the winter period, while maintaining holiday-let use only between Easter Monday and 30 September each year under reference P/25/03176/CONDR. The second permission permits the change of use of the seventh floor from hospitality space to five residential flats (Use Class C3), granted under application 7/2024/1102/BZ.<br />
<br />
Savills can provide a planning summary on the site (subject to status) but in our professional opinion the property presents a planning-led investment opportunity at the heart of Bournemouth’s Lansdowne district. With extant permissions, a highly adaptable building structure, and strong policy support for new housing within the Town Centre, the property is well positioned for strategic planning gains. All parties to<br />
satisfy their own enquiries.<br><br><strong>Local Authority</strong><br>www.bcpcouncil.gov.uk<br><br><strong>Revenue & Projections</strong><br>Four floors are in a turnkey state and therefore could be income producing immediately. Whilst Savills and their client can not warrant any historic trading information, revenue projection figures can be made available to seriously interested parties, subject to status.<br><br><strong>Development Opportunity</strong><br>The opportunity exists to lease out the holiday accommodation upon acquisition. Alternatively change of use could be applied for open C3 on whole or in part. The remaining refurbished floors can then either be converted to C3 private residential, Co-living or BTR (STP). Finally given the proximity of the property to Bournemouth University a Sui Generis Student Accommodation consent may also be obtained (STP).<br><br><strong>EPC</strong><br>The EPC’s for the building will be provided to seriously interested parties upon request.<br><br><strong>Tenure & Opportunity</strong><br>The property is available for sale freehold with vacant possession on part basement, part ground and the<br />
entire upper floors. The remainder of the ground floor and basement is subject to a long lease (999 years) at a nominal ground rent of £1pa. Offers are invited on an unconditional basis only. Guide Price of £5,995,000.<br><br>