Proposed new residential and retail development in Central Redhill comprising of 61 new apartments and a 3,840 sq.ft. retail unit. The development will provide a mix of 23 1-Bedroom and 38 2-bedroom apartments together with 23 dedicated car parking spaces on site. The residential will be arranged over 1st to 7th Floors extending to 39,829 sq ft of net residential floorspace, provide excellent views and high quality accommodation with balconies/terraces. Station Corner is ideally situated for direct and immediate access to the town centre and station.
Planning Permission was granted in 2012 (Ref: P/12/00477). A new planning application was submitted in March 2013 (Ref: P/13/00420/F) for the now proposed 61-unit scheme. It is envisaged this application will be approved in June 2013 with similar Planning Conditions and S.106 Agreement.
The Retail unit comprises 3,840 sq ft which is pre-let to Tesco Stores Limited for 20 years, with tenant break in year 15, at a rent of £68,500 p.a. Tesco are to make a contribution of £55,000 to the developer on lease completion. The rent is review in line with RPI every 5 years subject to a maximum of 4% p.a. and a minimum of 1% p.a.
A detailed floor area schedule is contained in the brochure which can be downloaded from the home page.
© Copyright 2012 Angle Property. All Rights Reserved.