H yd e Pa r k, Lo n d o n

Transcription

1 Hyde Park, London 1

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3 Hyde Park, London

4 CGI of completed development

5 A landmark residential development opportunity overlooking the park providing 55 residential apartments, 2 mews houses, a large spa and leisure unit and trophy ground floor retail/restaurant. 7

6 FRONT ROW A rare opportunity to deliver a landmark building overlooking London s most famous Royal Park. 8

7 Early concept image from the third floor

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9 CENTRE STAGE 11

10 EXECUTIVE SUMMARY Park Modern is an exceptional opportunity to acquire a prime freehold site on the park and to deliver a landmark mixed-use development with extensive views south over Kensington Gardens. The property has planning permission for a scheme of 55 apartments alongside two retail units, a health and leisure unit and 2 mews houses. 12

11 CGI of the completed development

12 OVERVIEW Park Modern represents a very rare park side residential development opportunity. It has been facilitated by Fenton Whelan through a site assembly process which means that a landmark building with views south over Kensington Gardens can now be delivered across a site of approximately 0.4 acres. Planning permission has been granted for the demolition and redevelopment of 117 to 125 Bayswater Road (together with 2 to 6 Queensway and 7 Fosbury Mews) for a new building comprising 3 basements, ground and 9 upper floors. The scheme will provide 55 residential apartments with ancillary residential facilities (C3), together with one retail unit (A1) one restaurant or retail unit (A3/A1), a small dentist surgery (D1) and a large spa and leisure unit (D2). 5 & 8 Fosbury Mews are also included within the sale and comprise 2 self-contained mews houses which abut the development to the rear. They may be developed in isolation or as part of the main scheme. 67 secure private parking spaces will be provided (subject to an agreed payment) within the basement of neighbouring Consort House with a direct subterranean link to the principal building. The consented scheme comprises the following approximate net areas: 99,600 sq ft (NSA) of apartments (C3) 2,300 sq ft (NSA) of mews houses (C3) 10,000 sq ft of residential terraces 10,300 sq ft (NIA) of retail (A1 & A1/A3) 13,600 sq ft (NIA) of leisure (D2) 1,500 sq ft (NIA) of dental surgery (D1) This corresponds to approximately 135,000 sq ft (GIA) of residential, 29,000 sq ft (GIA) of commercial and 7,000 sq ft of plant. A total of 171,000 sq ft of Gross Internal Area (GIA) is offered for sale. A Section 73 application has been prepared to increase both the residential and the commercial NSA. The site is offered via 8 separate freehold properties. 14

13 CGI of the completed development

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15 LOCATION

16 Kensington Palace and Round Pond

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18 MARBLE ARCH MAYFAIR ST JAMES S BUCKINGHAM PALACE KNIGHTSBRIDGE ROYAL ALBERT HALL HYDE PARK THE LANCASTERS KENSINGTON PALACE KENSINGTON GARDENS KENSINGTON KENSINGTON PALACE GARDENS NOTTING HILL

19 SOUTH KENSINGTON KENSINGTON The property benefits from a prime central location with excellent transport links to Mayfair, the West End, the City, Canary Wharf and Heathrow. It is part of London s most exciting prime regeneration project and is also walking distance from Notting Hill and Kensington. Additionally, it has direct views of and access to 625 acres of Royal Park. 21

20 THE PARK The site fronts London s principal park and is regarded by most as a single entity. It is technically two, with one lying either side of the road that runs through the middle and crosses the Serpentine: Hyde Park to the east and Kensington Gardens to the west. Hyde Park comprises 350 acres and Kensington Gardens 275 acres. The entire park was originally acquired from the Manor of Hyde in 1536 by Henry VIII and was enclosed to provide him a private deer park for hunting. It was named Hyde Park. In 1689, William III moved his royal residence from St James s Palace to Kensington Palace at the far western edge of Hyde Park. As a result of this re-location, the land surrounding Kensington Palace grew into more formal gardens. The most significant development was undertaken in the rule of George II by Queen Caroline, notably the Serpentine, Round Pond and Broad Walk. In 1728, Queen Caroline requested that the parkland west of the bridge over the new serpentine be separated and named Kensington Gardens, which it has been to this day. The property technically fronts Kensington Gardens but Hyde Park has been referenced in the marketing name given that many people are naturally not familiar with this history and consider Hyde Park to be a single entity that covers both areas. 22

21 Indicatative view from the third floor of the completed development

22 PORTOBELLO MARKET PEMBRIDGE VILLAS Whiteleys NOTTING HILL QUEENSWAY BAYSWATER QUEENSWAY INVERNESS TERRACE The Lancasters BAYSWATER ROAD PADDINGTON SUSSEX GARDENS BAYSWATER PRAED STREET Lancaster London LANCASTER GATE ST GEORGE S FIELDS BAYSWATER ROAD EDGWARE ROAD Speakers Corner Hyatt Regency London - Churchill MARBLE ARCH SEYMOUR STREET BROOK STREET Selfridges OXFORD STREET BOND STREET GROSVENOR SQUARE GROSVENOR STREET Debenhams The Connaught CAV SQ GA Claridge Campden Hill Lawn Tennis Club NOTTING HILL GATE DIANA MEMORIAL PLAYGROUND KENSINGTON GARDENS Hyde Park, London Serpentine Sackler Gallery WEST CARRIAGE DRIVE HYDE PARK Winter Wonderland Grosvenor House Hotel PARK LANE MAYFAIR The Dorchester CAMPDEN HILL ROAD KENSINGTON CHURCH STREET KENSINGTON PALACE GARDENS PALACE AVENU E Round Pond London Hilton The Ath Opera Holland Park HOLLAND PARK KENSINGTON Royal Garden Hotel KENSINGTON ROAD Kensington Roof Gardens HIGH STREET KENSINGTON Whole Foods KENSINGTON PALACE Baglioni Hotel QUEEN S GATE ALBERT MEMORIAL ROYAL ALBERT HALL Serpentine Galleries EXHIBITION ROAD SOUTH CARRIAGE DRIVE KNIGHTSBRIDGE The Serpentine Bulgari Hotel BROMPTON ROAD KNIGHTSBRIDGE Harrods Mandarin Oriental KNIGHTSBRIDGE Harvey Nichols The Berkeley BELGRAVIA The Lanesborough BELGRAVE SQUARE GARDEN PICCADILLY GROSVENOR PLACE The Halkin Metropolitan Ho The Four Seasons HYDE PARK CORNER BUCKING GA KENSINGTON Natural History Museum The Science Museum Victoria & Albert Museum SLOANE STREET Jumeirah Carlton Tower AD CROMWELL ROAD EATON SQUARE ECCLESTON STREET GLOUCESTER ROAD SOUTH KENSINGTON CHELSEA Cadogan Hall SOUTH KENSINGTON OLD BROMPTON ROAD FULHAM ROAD SLOANE AVENUE Peter Jones SLOANE SQUARE KING S ROAD The Duke Of York Square BUC

23 ENDISH UARE OXFORD CIRCUS RDENS John Lewis HANOVER SQUARE 's BERKELEY SQUARE Royal Academy of Arts GREEN PARK enaeum tel Hotel PICCADILLY The Ritz GREEN PARK CONSTITUTION HILL Buckingham Palace HAM PALACE RDENS DESTINATION STATION TIME Mayfair (Bond Street) Queensway 4 minutes The City (Bank) Queensway 14 minutes Canary Wharf Queensway 26 minutes KINGHAM PALACE ROAD Heathrow Bayswater 26 minutes Source: TfL 25

24 Hereford Road, Westbourne Grove Whiteleys Westbourne Grove Kensington Palace Gardens 26

25 The Lancasters The Ledbury, Notting Hill The Orangery, Kensington Palace 27

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27 QUEENSWAY REGENERATION

28 Whiteleys Queensway Princes Court South Queensway Westminster City Council Westminster City Council Westminster City Council Westminster City Council Planning granted for redevelopment including retention of the retail space alongside new residential, hotel and leisure Application submitted for improvements to retail parade alongside additional residential units. A new public plaza to be created to further improve the public realm. Improvement to South Queensway currently at a pre-planning stage The images are Burns + Nice copyright and are issued for the Queensway project only. They may not be altered in any way and may not be reproduced in whole or in part without the permission of Burns + Nice. 30

29 Hyde Park, London 5 Park Modern 5 REINVENTING QUEENSWAY New Park Gates See page 32 Queensway was named to mark the birth of Queen Victoria at nearby Kensington Palace. Historically, it has been best known for Whiteleys, London s first department store. It has long been recognised as an underperforming high street (given its central location) and its regeneration has long been discussed. Now, a more tangible and realisable vision for the area has been tabled by six key stakeholders who are committed to optimising the value and sustainability of the street. At the heart of this regeneration lies Westminster City Council s proposed regeneration of the public areas, outlined in Bayswater Village Redefining Queensway. This can be found on the dedicated website ( 4 This recognises the need to improve the pedestrian experience on Queensway through widening the pavements, reducing the impact of traffic and improving the public realm through improved lighting and landscaping. This will be funded through the S.106 contributions of development in the area and includes the creation of a new gateway into the park. A sum of c. 13m has been committed by Westminster City Council for these improvements. On top of this public realm improvement, five key developments are proposed for the street: the comprehensive redevelopment of Whiteleys ( a new retail parade at Queensway, a new plaza at Princes Court, the redevelopment of South Queensway and the delivery of Park Modern. These principal developments will act as a catalyst for the redevelopment of the rest of the street and the wider area. The owner of Park Modern will benefit from the fundamental redefinition of Queensway (and the surrounding area) and the significant value this will generate. 31

30 THE PARK GATES A major contributor to the redefinition of Queensway will be a new gateway into the park and the creation of a new junction at Bayswater Road. The concept of a new grand entrance into the park has been agreed in principle with Westminster City Council and funds are committed to deliver this through the S.106 payment on Park Modern. The design process can be managed by the owner of Park Modern giving a unique opportunity to open up the park to Queensway and deliver a legacy monument to both the park and the wider area. 32

31 Westminster City Council Artists illustration Fenton Whelon Illustrations are conceptual. CGIs are Burns + Nice copyright and are issued for the Queensway project only. They may not be altered in any way and may not be reproduced in whole or in part without the permission of Burns + Nice. 33

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33 CGI of new junction at Queensway and Bayswater Road

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35 THE OPPORTUNITY

36 THE PROPERTY Following an extensive land assembly process, a peninsula site of approximately 0.4 acres has been delivered, offering the largest consented site available on the park. The property comprises 8 separate freehold properties, as highlighted below, all held within a single group. Car Prk Hotel FOSBURY MEWS Consort House Queensway Station 6 Queensway 125 Bayswater Road 2 Queensway 4 Queensway 123 Bayswater Road 5 Fosbury Mews 7 Fosbury Mews 8 Fosbury Mews Bayswater Road Bayswater Road 38

37 CGI of the completed scheme, looking west towards Notting Hill Gate

38 PLANNING Planning permission has been granted for: the demolition and redevelopment of 117 to 125 Bayswater Road, together with 2 to 6 Queensway and 7 Fosbury Mews for a new building comprising 3 basements, ground and 9 upper storeys to include 55 residential units and ancillary residential facilities (class C3), together with retail (class A1) unit, a retail (class A1) and/or restaurant (class A3) unit, a dentist (class D1) and a spa use (class D2), highway works and the use of car parking within the basement of Consort House Ref:15/10671/FULL Subsequent amendments to the planning have been prepared which will make the following key enhancements to the scheme: The redesign of the lower ground floor commercial spaces to provide for greater leisure area. Rationalisation and consolidation of plant at roof level to provide greater net saleable floor area to the penthouse apartments. Redesign to provide a single core as opposed to dual core allowing for approximately 4% additional net saleable area per floor. Redistribution of the dentist surgery across two rather than three floors. SECTION 106 CONTRIBUTIONS Item Payment in lieu of affordable housing Payable on occupation of the finished residential units 11,000,000* Environmental Inspectorate Contribution 120,000 Public Art 100,000 Streetscape Improvement Contribution 2,500,000 Grand total 13,720,000 COMMUNITY INFRASTRUCTURE LEVY A Community Infrastructure Levy (CIL) is required to be paid as follows: Item Westminster CIL 4,052,662 Mayoral CIL 684,867 Sum Sum Total 4,737,529 *These payments are not due until occupation of sold residential units and thus do not impact the project s cash flow. 40

39 Photograph of existing site, looking east CGI of the completed scheme, looking east Photograph of existing site, looking west CGI of the completed scheme, looking west 41

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41 FLOORPLANS

42 CGI of the completed development

43 SCHEME OVERVIEW Retail Units GIA Sqm GIA Sq ft NSA/NIA Sqm Consented NSA/NIA Sq Ft Proposed NEW NSA/NIA Sq Ft A1/A3 Retail , ,310 8,026 Spa / Recreation Area - D2 Leisure 1 1,336 14,385 1,266 13,625 22,630 Dentist - D1 Healthcare , ,472 1,472 Additional - Cycle storage Shared communal space , Plant , Car parking 67 12,981 Private Apartments Residential Apartments 55 11, ,563 9,257 99, ,746 Mews Houses , ,287 3,431 Resident s storage , Residential facilities , Total Residential 57 12, ,486 9, , ,177 Grand Total 15, ,618 11, , ,833 45

44 RESIDENTIAL ACCOMMODATION* Units Floor Area Size Range Sq ft (NSA) % % Apartments Sqm Sq Ft Average Min Max Units Area 1 bed , % 8% 2 bed 23 2,888 31,090 1,352 1,066 1,599 40% 31% 3 bed 12 2,352 25,316 2,110 1,781 2,571 21% 25% 4 bed 9 2,372 25,532 2,837 2,393 3,589 16% 25% 5 bed ,003 5,002 4,798 5,205 4% 10% Total 55 9,257 99,639 1, ,205 96% 98% Houses Sqm Sq Ft Average Min Max Units Area ,287 1,144 1,083 1,204 4% 2% Grand Total 57 9, ,926 1, , % 100% *Per existing planning. Proposed enhancement lead to an additional 110,177 sqft NSA residential. Excludes parking, residential amenity and residential storage. 46

45 Early concept image of residential lobby

46 N LEVEL B3 Residential storage Spa/recreation area Residential G LG B B2 RESIDENT S CYCLE STORAGE RESIDENT S STORAGE SPA/RECREATION AREA Inverness Terrace Queensway Facilities Bayswater Road N LEVEL B2 LG B B2 GYM SPA/RECREATION AREA Bayswater Road Floorplans reflect current granted planning and do not include Fenton Whelon s proposed enhancements via Section Inverness Terrace G Queensway Spa/recreation area

47 N LEVEL B1 Staff amenities Facilities RESIDENTIAL FACILITES Queensway G LG B B2 A1 RETAIL AND/OR A3 RESTAURANT A1 RETAIL AND/OR CAR SHOWROOM Inverness Terrace Retail Bayswater Road WHICH PARTS DO WE DELETE? LEVEL 00 B2 Facilities Staff amenities Spa/recreation area Retail LOADING BAY Queensway LG B DENTIST A1 RETAIL AND/OR A3 RESTAURANT RESIDENTIAL ENTRANCE A1 RETAIL AND/OR CAR SHOWROOM SPA/RECREATION AREA Inverness Terrace G N Bayswater Road Floorplans reflect current granted planning and do not include Fenton Whelon s proposed enhancements via Section

48 N LEVEL 01 DENTIST 1 bed 3 bed 2 bed 1W.2/1B 1W.3/1B 1E.2/2B G LG B B2 LEVEL G LG B B2 1 bed 3 bed 2 bed Queensway Queensway 1W.1/3B 2W.2/2B 2W.1/3B DENTIST 1W.1/1B 1E.1/2B 1W.5/2B Bayswater Road 2E.2/2B 2W.3/1B 2W.4/1B 2E.1/2B 2W.5/2B 2E.4/2B 1E.4/2B 1E.3/3B 2E.3/3B Inverness Terrace Inverness Terrace N Bayswater Road Floorplans reflect current granted planning and do not include Fenton Whelon s proposed enhancements via Section

49 N LEVEL 03 1 bed 3 bed 2 bed 3W.2/2B 3W.3/1B 3E.2/2B G LG B B2 LEVEL G LG B B2 1 bed 3 bed 2 bed Queensway Queensway 4W.2/2B 3W.1/3B 4W.1/3B 3W.5/2B 4W.5/2B 3W.4/1B 3E.1/2B Bayswater Road 4E.2/2B 4W.4/1B 4E.1/2B 3E.4/2B 4E.4/2B 3E.3/3B 4E.3/3B Inverness Terrace Inverness Terrace N Bayswater Road Floorplans reflect current granted planning and do not include Fenton Whelon s proposed enhancements via Section

50 N LEVEL 05 4 bed 5W.2/2B 3 bed Queensway 5W.3/4B G LG B B2 5E.1/4B 5E.2/3B 5W.1/3B 5E.3/2B Inverness Terrace 2 bed Bayswater Road N LEVEL 06 2 bed 4 bed LG B B2 Queensway G Inverness Terrace 3 bed Bayswater Road Floorplans reflect current granted planning and do not include Fenton Whelon s proposed enhancements via Section

51 N LEVEL G LG B 2 bed 4 bed 3 bed Queensway 7W.1/4B 7W.2/4B 7E.1/4B 7E.2/2B 7E.3/3B Inverness Terrace B2 Bayswater Road Floorplans reflect current granted planning and do not include Fenton Whelon s proposed enhancements via Section

52 N LEVEL G LG B B2 8E.1/4B+ 8W.1/4B+ DUPLEX 8E.2/4B+ DUPLEX Inverness Terrace Queensway 4 bed Bayswater Road N LEVEL 09 4 bed B2 Queensway LG B Inverness Terrace G Bayswater Road Floorplans reflect current granted planning and do not include Fenton Whelon s proposed enhancements via Section

53 CGI of the completed development

54 Early concept image

55 Fenton Whelan conceptual design for duplex penthouse with terraces overlooking the park. 57

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57 Early concept image of 8th floor lateral unit

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59 Early concept image of spa and leisure unit

60 PEMBRIDGE VILLAS NOTTING HILL QUEENSWAY BAYSWATER QUEENSWAY INVERNESS TERRACE BAYSWATER ROAD PADDINGTON SUSSEX GARDENS BAYSWATER PRAED STREET LANCASTER GATE Lancaster London ST GEORGE S FIELDS BAYSWATER ROAD EDGWARE ROAD MARBLE ARCH SEYMOUR STREET OXFORD STREET BROOK STREET BOND STREET GROSVENOR SQUARE GROSVENOR STREET CAVEND SQUAR GARDE HAN SQ NOTTING HILL GATE KENSINGTON CHURCH STREET KENSINGTON PALACE GARDENS PALACE AVENU E KENSINGTON GARDENS Hyde Park, London WEST CARRIAGE DRIVE HYDE PARK PARK LANE Grosvenor House Hotel MAYFAIR The Dorchester B Round Pond The Serpentine CAMPDEN HILL ROAD KENSINGTON Royal Garden Hotel KENSINGTON ROAD SOUTH CARRIAGE DRIVE KNIGHTSBRIDGE Mandarin Oriental KNIGHTSBRIDGE HYDE PARK CORNER PICCADILLY The Lanesborough QUEEN S GATE EXHIBITION ROAD GROSVENOR PLACE HOLLAND PARK HIGH STREET KENSINGTON Baglioni Hotel London KNIGHTSBRIDGE Bulgari Hotel BROMPTON ROAD BELGRAVIA BELGRAVE SQUARE GARDEN BUCKINGHA GARD KENSINGTON SLOANE STREET CROMWELL ROAD SOUTH KENSINGTON GLOUCESTER ROAD OLD BROMPTON ROAD SOUTH KENSINGTON FULHAM ROAD SLOANE AVENUE CHELSEA KING S ROAD SLOANE SQUARE EATON SQUARE ECCLESTON STREET BUCKINGHAM P

61 OVER UARE M PALACE ENS ISH E NS OXFORD CIRCUS ERKELEY SQUARE GREEN PARK PICCADILLY GREEN PARK CONSTITUTION HILL POTENTIAL HOTEL / ALTERNATIVE USE In addition to the high end residential potential of the site, a number of other uses may be considered, subject to the necessary consents. ALACE ROAD In particular, the park side location lends itself well to a landmark hotel, in line with the selection of other exclusive five-star and lifestyle hotels which border the park and are counted amongst the best in London. Depending on the style and function of the hotel considered, the site could potentially accommodate a scheme of between 200 and 300 keys and could include a mixed use element with residential and retail. 63

62 CGI of the completed development viewed from the park

63 ADDITIONAL TECHNICAL INFORMATION All technical information is available on the dedicated website at However, we would draw your attention to the following key items. Site assembly costs Approximately 13.72m of additional payments will be incumbent on an incoming purchaser. 125 Bayswater Road Vacant possession has not been negotiated with the tenant of 125 Bayswater Road, the lease of which runs to December The development can be completed with the tenant in situ. 5 & 8 Fosbury Mews The freehold of these two mews houses (which abut the development to the rear) are included within the sale. They may be extended (subject to planning) and delivered either in isolation or within the completed scheme. 65

64 PROFESSIONAL TEAM

65 DEVELOPER - FENTON WHELAN ARCHITECT - PLP ARCHITECTURE PROJECT MANAGER - BURO FOUR STRUCTURAL ENGINEER - AKT II MEP CONSULTANT - HOARE LEA COST CONSULTANT - GARDINER & THEOBALD 67

66 CONTACTS ALEXANDER LEWIS T: +44 (0) M: +44 (0) ANTHONY KAZAN T: +44 (0) M: +44 (0) ALEX STURGESS T: +44 (0) M: +44 (0) CANDICE MATTHEWS T: +44 (0) M: +44 (0) DECLAN POPE T: +44 (0) M: +44 (0) RICHARD CANDEY T: +44 (0) M: +44 (0) IMPORTANT NOTICE Knight Frank LLP & Cushman & Wakefield give notice that: a. the particulars are set out as a general outline only for the guidance of intending investors or purchasers and do not constitute, nor constitute part of, an offer or contract. b. all descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given in good faith and are believed to be correct, but any intending purchasers should not rely on them as statements or representations of fact but satisfy themselves by inspection and their own due diligence as to the correctness of each of them. c. no person in the employment of Knight Frank LLP or Cushman & Wakefield has any authority to make or give any representation or warranty whatsoever in relation to this property. March 2017.

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