Lombard Road, Battersea, London SW11

Transcription

1 Lombard Road, Battersea, London SW11 Two head leasehold residential investments available either collectively or individually

2 Investment Summary Regent House The opportunity to purchase two Head Leasehold interests comprising a total of 19 apartments and 19 basement car parking spaces. Regent House: (999 years at a peppercorn rent) Ground, first and second floors Entire first floor comprises 7 first floor apartments (1 x studio, 3 x 1 bed, 3 x 2 bed) each let subject to an AST Ground and second floor offices sold on long leases 7 basement car parking spaces Total gross current rent reserved 196,300 per annum Waterfront House: (999 years at a peppercorn rent) Ground, first and second floors 12 apartments (5 x 1 bed, 7 x 2 bed) each let subject to an AST 7 flats and remaining commercial space sold on long leases at peppercorn rents 12 basement car parking spaces Total gross current rent reserved 307,070 per annum Located in Oyster Wharf, Battersea within the London Borough of Wandsworth close to the Nine Elms Regeneration Area An established residential location, on the south bank of the River Thames Each apartment is finished to an excellent specification with good ceiling heights Fully let producing a total gross current rent reserved of 503,370 per annum Excellent micro location that has experienced robust capital and rental growth Estimated Rental Value: 510,000 per annum REGENT HOUSE WATERFRONT HOUSE TOTAL Units 7 apartments 12 apartments 19 apartments GIA (sq ft) 7,930 12,355 20,285 GIA (sq m) Passing rent (pa) 196, , ,370 Occupancy 100% 100% 100% Tenure Head leasehold Head leasehold 2 individual Head Leasehold interests Potential Ground Rent income* 1,800 per annum 2,750 per annum 4,100 per annum (assuming 200pa for 1 bed and 250pa for 2 bed) 2

3 3 Waterfront House

4 HIGH STREET KENSINGTON KENSINGTON OLYMPIA A3220 A4 CROMWELL ROAD HAMMERSMITH FULHAM PALACE ROAD A219 FULHAM FOOTBALL CLUB A4 BARONS COURT TALGARTH ROAD WEST KENSINGTON WEST KENSINGTON FULHAM PALACE FULHAM HIGH STREET MUNSTER ROAD DAWES ROAD A308 PUTNEY BRIDGE A3220 F NORTH END ROAD LILLIE R OAD INBOROUGH ROAD WEST BROMPTON B317 F U L HAM ROAD HURLINGHAM PARK PARSONS GREEN THE HURLINGHAM CLUB R I V E R T H A M E S FULHAM BROADWAY NEW KING S ROAD SOUTH PARK EARL S COURT REDCLIFFE GARDENS A3220 CHELSEA FOOTBALL CLUB A308 FULHAM WANDSWORTH BRIDGE ROAD ASHBURNHAMROA D IMPERIAL WHARF GLOUCESTER ROAD A3220 IMPERIAL PARK SOUTH KENSINGTON FULHAM ROAD A308 YORK ROAD A3218 SOUTH KENSINGTON BATTERSEA REACH LOTS ROAD POWER STATION CHELSEA HARBOUR CHELSEA LONDON HELIPORT KING S ROAD A3217 CREMORNE ROAD MONTEVETRO BUILDING A3220 CLAPHAM JUNCTION BATTERSEA PARK UPPER RICHMOND ROAD A205 PUTNEY WANDSWORTH PARK RIVERSIDE QUARTER WANDSWORTH TOWN Location Oyster Wharf is located on the Battersea Embankment in the London Borough of Wandsworth. The property is situated on the south side of the River Thames and benefits from its close proximity to the shops on Battersea High Street. More extensive shopping and amenities can be found at Clapham Junction which is an approximate 10 minute walk to the south. These include a wide range of shops, restaurants and bars, including Debenhams Department Store, Wholefoods, 24 hour ASDA superstore, Jamie s Kitchen, TK Max and Waitrose. The property benefits from being close to the open space of York Gardens and Battersea Park. The scheme is located in a predominantly residential area which has benefited from strong capital growth. The area continues to attract notable inward investment and development activity. The most recent development includes Helicopter Heights, a 15 storey tower situated immediately to the west of the property. Transport Transport links are excellent with Clapham Junction Mainline Train Station 1.29 km (0.8 miles) to the south providing direct access into Central London; Vauxhall (4 minutes), London Victoria (8 minutes) and Waterloo (7 minutes). In addition, numerous buses run along York Road (A3205), while Battersea Bridge Road (A3220) provides access to a number of central and peripheral London locations.

5 P lay Area DW DW 4.7m SP 19 Regent House 4.6m W arehouse 80 Mean High Water Mooring Po sts Mud 4.9m 37 Oyster P ier Waterfront House 20 LOMBA R D R OAD Builder's Yard HARR OWAY R OAD 0m 10m 20m 30m Dock Description Formerly a derelict wharf, Oyster Wharf is a mixed use development originally constructed by Barratt Homes. The development comprises three buildings consisting of 146 flats, 8 live/work units, offices, a restaurant and basement car parking. The subject portfolio provides 19 apartments and 19 basement car parking spaces with a rent totalling 503,370 per annum comprising: Regent House Tenure A Head Leasehold interest for a term of 999 years (less 3 days) from 25 December 2003 over the ground, first and second floors. Accommodation The Head Leasehold interest covers the ground, first and second floors, each of which were originally completed as office accommodation. Both ground and first floor offices are sold subject to long leases for terms of 999 years (less 3 days) from 25 December 2003 at a peppercorn rent. The first floor comprises 7 residential apartments consisting of 1 x studio, 3 x 1 bed, 3 x 2 bed. The apartments were converted under Permitted Development Rights in January Each of the apartments have been finished to a high specification with good ceiling heights. Each of the flats benefit from a basement car parking space. Tenancies Each of the seven flats are let subject to an AST. The total gross current rent reserved is 196,300 per annum. Waterfront House Tenure A Head Leasehold interest for a term of 999 years (less 3 days) from 25 December 2003 over the ground, first and second floors. Accommodation The Head Leasehold interest covers the ground, first and second floors, each of which were originally completed as office accommodation. Waterfront House is now a predominantly residential block, having been converted from offices historically. Flats 1,2,6,8,9,13 and 15 are all sold on long leases for a term of 999 years (less 3 days) from 25 December 2003 at a peppercorn rent. The 12 apartments (5 x 1 bed, 7 x 2 bed) are arranged over ground, first and second floors. Flats 3,4,5 and 7 are located on the first floor, flats 10,11,12 and 14 on the second floor and flats 16,17,18,19 on the third floor. The apartments are in good condition and all of the flats benefit from views over the River or the dock. Each of the unsold flats benefit from a basement car parking space. Tenancies Each of the 12 flats are subject to an AST agreement. The total gross current rent received is 307,070 per annum. 5

6 Nine Elms Regeneration Nine Elms is one of Europe s largest regeneration areas and runs from Chelsea Bridge east to Vauxhall Bridge. Oyster Wharf is close to this regeneration area and therefore benefits from the surrounding infrastructure improvements that are underway. The area has seen the transformation of the Battersea Power Station, as well as the delivery of The Ballymore Group s plans for the 15 acre development Embassy Gardens, delivering new homes alongside shops, cafes, bars, restaurants, business space, a 100 bed hotel, a health centre, children s playgrounds and sports pitches. The area will be connected via a Linear Park green corridor between Battersea Power Station and Vauxhall Cross. Tenancy Schedule Work commenced in 2013 on regeneration of the area around Battersea Power Station, including shops, cafes, restaurants, art and leisure facilities, office space and residential buildings. An essential part of the work is an extension of the London Underground. The proposed extension would branch from the Northern line at Kennington and travel west to Nine Elms and Battersea - creating two new stations. The stations are due to be operational by 2020 and will fall within Travel Zone 1. Regent House Flat No. Floor Beds Floor area (sq ft) Floor area (sq m) Parking Space Status Tenancy Start Date Tenancy End Date Break Let Furnished or Unfurnished Rent per month Rent per annum 1 1 Studio EJ Let No break furnished 1,517 18, BO Let months (L&T) furnished 1,777 21, , BP Let months (L&T) unfurnished 2,600 31, FU Let months (L&T) unfurnished 1,755 21, , BQ Let Months (L&T) unfurnished 1,950 23, , BN Let No break unfurnished 3,012 36, , BM Let months (L&T) furnished 3,748 44,980 Sub Total 10 7, , ,300 Waterfront House Flat No. Floor Beds Floor area (sq ft) Floor area (sq m) Parking Space Status Tenancy Start Date Tenancy End Date Break Let Furnished or Unfurnished Rent per month Rent per annum , AS Let months (L&T) furnished 2,080 24, , EF Let months (L&T) furnished 1,777 21, , EC Let months (L&T) furnished 2,297 27, EA Let months (L&T) unfurnished 1,907 22, , EI Let No break unfurnished 2,145 25, , EB Let No break furnished 1,907 22, , BS Let month (L&T) unfurnished 2,298 27, EG Let months (L&T) furnished 1,863 22, G 2 1, DZ Let months (L&T) furnished 2,298 27, G BR Let months (L&T) furnished 1,702 20, G EE Let months (L&T) part furnished 2,470 29, G 2 1, AT Let month (T only) unfurnished 2,847 34,164 Sub Total 19 12,355 1,148 25, ,070 Grand Total 20 20,285 1,885 41, ,370 *Rent received as of January * Parking spaces demised by the vendor. Individual leases give the right to park. 6

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8 regent House - FIRST FLOOR UNIT 1 UNIT 7 UNIT 6 UNIT 2 UNIT 4 UNIT 5 UNIT 3 Waterfront House - SECOND FLOOR UNIT 3 UNIT 4 UNIT 2 UNIT 5 UNIT 6 UNIT 7 UNIT 1 8

9 Waterfront House - FIRST FLOOR UNIT 10 UNIT 11 UNIT 9 UNIT 12 UNIT 13 UNIT 14 UNIT 8 Waterfront House - GROUND FLOOR UNIT 15 UNIT 16 UNIT 17 UNIT 18 UNIT 19 9

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11 Service Charge Service charge budgets and apportionments are all available to download from the data room. VAT The sale of the property is exempt from VAT, so none will be payable. Method of Sale The Head Leasehold interests for both Regent House and Waterfront House are being offered for sale by way of private treaty and are available either collectively or individually. Guide price Offers in excess of 14,000,000 are invited for the portfolio in its entirety subject to existing ASTs and contract. Alternatively offers in excess of 5,000,000 and 9,000,000 are invited for the Head Leasehold interest in Regent House and Waterfront House respectively, subject to all existing ASTs and contract. Viewings A limited number of set viewing days are to be scheduled. Viewings are by appointment only, via the vendor s selling agents, Savills and Allsop. Further Information The following information is available to download from our website: Additional photos Full accommodation and tenancy schedule Floor plans EPCs Service charge budget, apportionments and audited accounts Copy Head Leases Land Registry Titles Contacts Savills Davina Clowes +44 (0) dclowes@savills.com James Laverack +44 (0) jlaverack@savills.com Allsop James Hood +44 (0) james.hood@allsop.co.uk Adam Kerven +44 (0) adam.kerven@allsop.co.uk 11

12 Important Notice Savills, their clients and any joint agents give notice that: 1. They are not authorised to make or give any representations or warranties in relation to the property either here or elsewhere, either on their own behalf or on behalf of their client or otherwise. They assume no responsibility for any statement that may be made in these particulars. These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact. 2. Any areas, measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily comprehensive. It should not be assumed that the property has all necessary planning, building regulation or other consents and Savills have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise. Designed and Produced by Savills Marketing: Janary 2016