GLEN HOUSE OLD BROMPTON ROAD LONDON SW7 PRIME KENSINGTON DEVELOPMENT OPPORTUNITY ANCHORED BY A FERRARI SHOWROOM

Transcription

1 GLEN HOUSE 5 - OLD BROMPTON ROAD LONDON SW7 PRIME KENSINGTON DEVELOPMENT OPPORTUNITY ANCHORED BY A FERRARI SHOWROOM

2 GLEN HOUSE INVESTMENT SUMMARY A RARE ROYAL BOROUGH OF KENSINGTON AND CHELSEA NEW BUILD DEVELOPMENT OPPORTUNITY Prime South Kensington location in the heart of RBKC Situated on Old Brompton Road less than half a mile from South Kensington Underground Station and just one mile from Knightsbridge Freehold Glen House comprises a partially demolished prominent corner building, providing a car showroom and offices over lower ground and ground floors. Planning consent has been implemented to provide 5 new luxury private residential apartments and two new floors of offices above the existing Ferrari showroom Potential for change of use of the entire development for Grade A offices / luxury residential / a boutique hotel or serviced apartments above the existing showroom (STPP) Possibility to reconfigure the existing consented residential unit mix (STPP) Showroom is let to H.R. Owen trading as Ferrari off a low rent of,595 p.a. ( psf) with an ERV of 60,000 p.a. ( psf) Further,50 sq ft (8 sqm) of vacant offices at lower ground Total existing ERV of 55,000 p.a. Offers in excess of,000,000 for either the freehold asset or for 00% of the issued share capital in the UK registered SPV Two mews houses to the rear are available by separate negotiation CGI of consented scheme

3 ROYAL ALBERT HALL HYDE PARK NATURAL HISTORY MUSEUM HARRODS V&A MUSEUM SOUTH KENSINGTON GLEN HOUSE SLOANE SQUARE THE BOLTONS KING S ROAD

4 GLEN HOUSE LOCATION Situated on the south side of Old Brompton Road in the heart of South Kensington. Located just mile from the world famous luxury enclaves of Knightsbridge and Belgravia in the affluent Royal Borough of Kensington and Chelsea (RBKC). Kensington is renowned as a premier address, home to wealthy professionals and families. There is an abundance of high end retail and leisure occupiers accompanying numerous world class tourist destinations including The Science Museum, The Royal Albert Hall and The Victoria & Albert Museum. The sprawling greenery of Hyde Park and premier retailing of High Street Kensington is located just a mile to the north. SURROUNDED BY SOME OF THE MOST INSTANTLY RECOGNISABLE BUILDINGS AND RESIDENTIAL STREETS IN LONDON, KENSINGTON IS ONE OF THE MOST ATTRACTIVE PLACES TO LIVE AND WORK IN THE CAPITAL.

5 GLEN HOUSE KNIGHTSBRIDGE KNIGHTSBRIDGE IS ONE OF THE WORLD S MOST EXCLUSIVE AND RENOWNED ADDRESSES Located just mile to the north east, Knightsbridge lies adjacent to Mayfair and Belgravia and is undoubtedly one of the world s most exclusive and renowned addresses. The area is characterized by an alluring mix of the world s most revered retail brands, luxury residences, Michelin starred restaurants and London s finest hotels. Anchored by two iconic department stores, Harrods and Harvey Nichols, the area boasts a luxury retail tenant profile including Hermes, Gucci, Dolce & Gabbana, Louis Vuitton, Salvatore Ferragamo, Chanel, Armani and Prada. Knightsbridge comprises an impressive hotel and restaurant line up with some of London s most recognisable venues including The Lanesborough, The Wellesley, The Berkeley and One Hyde Park.

6 GLEN HOUSE 6 CONNECTIVITY Excellent transport links with both South Kensington and Gloucester Road Underground Stations (Circle, District, Piccadilly lines) within 0. miles. Heathrow HIGH STREET KENSINGTON KENSINGTON ROYAL ALBERT HALL HYDE PARK 8 9 ONE HYDE PARK 7 0 KNIGHTSBRIDGE5 6 HYDE PARK CORNER BELGRAVIA Wimbledon Acton Town 6 Paddington 0 Earl s Court EARL S COURT GLOUCESTER ROAD GLEN HOUSE OLD BROMPTON ROAD V&A MUSEUM SOUTH KENSINGTON 5 6 KNIGHTSBRIDGE SAATCHI GALLERY 0 SLOANE SQUARE LONDON VICTORIA 8 Gloucester Road GLEN HOUSE 7 South Kensington CHELSEA Victoria 6 Piccadilly Circus 8 Cannon Street 7 King s Cross St. Pancras International 7 Liverpool Street FULHAM BROADWAY RESTAURANTS ) The Ivy King s Road ) Kiru ) Restaurant Gordon Ramsey ) Scalini 5) Daphne s 6) Bibendum 7) Bluebird 8) Tom s Kitchen 9) Zuma 0) Buddha Bar ) Dinner by Heston Blumenthal RETAIL ) Club Monaco ) Giorgio Armani ) Brora ) Paule Ka 5) Lamborghini 6) Maserati 7) Amanda Wakeley 8) Chanel 9) Tiffany & Co 0) Hermes ) Gucci ) Louis Vuitton ) Burberry HOTELS ) The Kensington ) Cadogan Gardens Hotel ) Blakes Hotel ) The Lanesborough 5) The Park Tower 6) The Berkeley 7) Mandarin Oriental 8) Bulgari BATTERSEA PARK Travel Time (Mins)

7 THURLOE SQUARE GARDEN GLEN HOUSE 7 LOCAL DEVELOPMENTS SOUTH KENSINGTON AND THE UNDERGROUND STATION WILL UNDERGO A MAJOR REDEVELOPMENT IMPROVING PUBLIC REALM, ACCESSIBILITY AND NEARBY AMENITIES SOUTH KENSINGTON TUBE UNDERGROUND REDEVELOPMENT TFL are currently underway searching for a long term joint venture partner for a large scale redevelopment and regeneration of South Kensington Underground Station and the immediate surrounding buildings. When complete it is anticipated that the scheme will bring increased access, footfall and connectivity as well multiple new homes and commercial space to complement the existing provision. Proposed Front Elevation - Thurloe Street HARRINGTON Rd THURLOE PLACE THURLOE STREET Bullnose & Arcade EXHIBITION Rd Thurloe St Ticket Hall Oxblood Platform THURLOE STREET PELHAM STREET ONSLOW SQUARE THURLOE SQ PELHAM STREET The proposed station upgrade includes: A new dedicated platform for eastbound District and Circle line services. A reconfigured, updated and larger ticket hall. A canopy over the new platform designed to complement the historic retaining wall. A bridge between the District line platforms to provide an interchange from the Piccadilly line. Step-free access from street to train on all platforms and multiple step-free access entrances from street level. The main elements of development around the station will include: Restoration of the historic shop fronts along Thurloe Street and station arcade. Restoration of the bullnose (the curved front of the station) and addition of a first floor to provide commercial space. Opening up and making use of currently redundant areas to allow development along Pelham Street. Appropriate development along Pelham Street with new homes and commercial space, restoring the active frontages to this side of the street. Existing Station / Around Station building massing Refurbishment of 0- Thurloe Street, including a new station entrance with stepfree access to the ticket hall. The development is anticipated to commence in 08/09.

8 6 HYDE PARK CORNER HIGH STREET KENSINGTON KNIGHTSBRIDGE SOUTH KENSINGTON EARL S COURT GLOUCESTER ROAD GLEN HOUSE OLD BROMPTON ROAD 5 SLOANE SQUARE LANCER SQUARE, KENSINGTON CHURCH STREET, W8 Redevelopment of the former Kensington Palace Barracks to provide a large mixed use residential led luxury scheme comprising apartments, office, retail and restaurants. Under Construction. CHELSEA BARRACKS The demolition of the existing buildings at Chelsea Barracks for the mixed use redevelopment comprising 55 luxury residential houses (including 76 units of affordable housing), a hotel, sports centre, a community hall and a retail / restaurant offering. Awaiting planning decision. FULHAM 60 SLOANE AVENUE, SW Planning has been granted for the demolition behind part retained facades and redevelopment of the site to provide a David Chipperfield designed 7 storey mixed-use development comprising 9 luxury residential apartments, off street parking, high end retail and leisure accommodation. Planning consent granted. ODEON CINEMA & FORMER POST OFFICE, KENSINGTON HIGH STREET, W8 Multiple planning permissions granted for a large redevelopment to provide luxury private residential units, two cinemas, three retail units, a standalone office building and 0 affordable housing units. Awaiting commencement. 5 CHELSEA CLEARINGS The clearings is a proposed new build, residential led scheme of approximately 78 luxury apartments including a retail element on the ground floor. The landmark development will also include bespoke leisure facilities, concierge and residents business suite. Planning consent granted. 6 THE DESIGN MUSEUM, -8 KENSINGTON HIGH STREET, W8 New 00,000 sq ft state of the art museum for contemporary design and architecture which will help promote the area as a creative hub. Completed in Q, 06.

9 GLEN HOUSE 8 DESCRIPTION GLEN HOUSE OCCUPIES AN IMPOSING CORNER SITE Glen House was originally built as a mixed-use office and car showroom building arranged over lower ground, ground and four upper floors. The existing building has now been demolished above ground floor level leaving just a car showroom and office premises over lower ground and ground which are fitted out and trading as Ferrari. car parking spaces are afforded to the rear of Glen House.

10 GLEN HOUSE 9 TENURE ACCOMMODATION Freehold. Two car parking spaces (marked orange) are held by the vendor on 999 year leases from st October 987 at a peppercorn rent. One car parking space (marked blue) is sold off on a 999 year lease from st October 987 at a peppercorn rent. Glen House, 5- Old Brompton Road FLOOR USE NIA GIA Sq m Sq ft Sq m Sq ft Ground Showroom, 5,785 Lower Ground Showroom 75,96 9, Office 8,50 5,60 TOTAL,05 0,069,08,68 TENANCY OLD BROMPTON ROAD 5 to Glen House CRANLEY MEWS TENANT FLOOR USE AREA (SQ FT) LEASE TERM RENT REVIEW RENT PA ( PSF) ERV PA ( PSF) COMMENTS H.R. Owen Dealerships Limited t/a Ferarri Pt Lower Ground & Ground A/A (Car Showroom) 7,79* /08/0 - /08/5 /08/0,595 (.5) 60,000 ( on best) Nil rent being paid until practical completion of the development. Inside 95 LTA. ROLAND WAY ROLAND GARDENS Vacant Pt Lower Ground Office, ,000 ( 0.00) EAGLE PLACE TOTAL 0,069 55,000 *Agreed rent review areas. Not to scale. For identification purposes only. This plan is based upon the Ordnance Survey Map with the sanction of the controller of H.M. Stationery Office. Crown Copyright reserved

11 GLEN HOUSE 0 CONSENTED SCHEME GROUND FLOOR Planning consent was granted in 0 for Partial demolition and redevelopment to provide a mixed-use scheme comprising B offices on part lower ground, part ground, st and nd floors and 5 new residential apartments (x bed, x bed and x bed) on the rd to 5th floors. Provision of an additional storey and expansion of the existing building envelope at st th floors with retention of existing car showroom at ground floor level. Glen House has been partially demolished implementing the above planning consent. The consented scheme provides the following areas: SHOWROOM AND ANCILLARY PRINCIPAL RESIDENTIAL ENTRANCE DIS Glen House, 5- Old Brompton Road FLOOR USE NIA GIA Sq m Sq ft Sq m Sq ft 5th Residential 9,57,07 th Residential 07,80,65 rd Residential 805,66 6,97 RESIDENTIAL SUB TOTAL,,6,8,0 nd Office 85,9 5,859 st Office 8,8 8,8 Lower Ground Office 8,50 5,60 OFFICE SUB TOTAL 986 0,67,, Ground Showroom, 5,785 Lower Ground Showroom 75,96 9, FIRST FLOOR CAR SHOWROOM SUB TOTAL 87 7, ,998 TOTAL, 9,699,098,5 Glen House Apartment Breakdown FLOOR UNIT NUMBER BEDROOMS AREA Sq m Sq ft 5th Apartment 9,57 LOBBY th Apartment th Apartment 7,7 DIS rd Apartment rd Apartment 5 75,0 TOTAL,056,6 Not to scale. For identification purposes only.

12 GLEN HOUSE SECOND FLOOR FOURTH FLOOR BALCONY BAR BATH MASTER BATH MASTER BEDROOM PLANT DINING RECEPTION BEDROOM MASTER DRESSING COATS HALL TO BED APARTMENT BEDROOM KITCHEN FAMILY BEDROOM STUDY LOBBY DINING / LIVING DIS BED APARTMENT BATH TERRACE HALL THIRD FLOOR FIFTH FLOOR BALCONY BAR BATH MASTER BATH MASTER BEDROOM PLANT MASTER BATH SERVICE KITCHEN DINING RECEPTION MASTER BED FAMILY DINING KITCHEN BEDROOM MASTER DRESSING MASTER DRESSING COATS HALL HALL TO BED APARTMENT BEDROOM BEDROOM KITCHEN FAMILY BEDROOM STUDY BATH DINING / LIVING BED APARTMENT BATH TERRACE HALL Not to scale. For identification purposes only.

13 GLEN HOUSE A PRIME KENSINGTON DEVELOPMENT OPPORTUNITY ANCHORED BY A FERRARI SHOWROOM

14 GLEN HOUSE ALTERNATIVE SCHEMES CONSENTED SCHEME FIFTH FLOOR Potential to create several alternative development options which could incorporate a variety of different uses and layouts (STPP) including: MASTER BATH SERVICE KITCHEN Reconfigure existing planning consent to provide a number of smaller apartments within existing massing MASTER BED MASTER DRESSING FAMILY DINING KITCHEN Change of use of consented offices over st and nd floors to luxury residential HALL Potential change of use to provide a Grade A HQ office building above existing showroom premises BEDROOM Boutique hotel above existing showroom premises BATH Serviced apartments above existing showroom premises Potential to extend and enlarge the current 5th floor penthouse and add a 6th floor 5TH FLOOR PENTHOUSE EXTENSION: Potential exists (STPP) to extend and enlarge the consented 5th floor penthouse. POTENTIAL FIFTH FLOOR An enlarged scheme has been drawn up by the vendor (detailed below and opposite) which would provide an additional 877 sq ft of net saleable area. A full pre-application on this basis was conducted with RBKC in August 06. The feedback was extremely positive with the council specifically noting that the proposed design of the fifth floor extension is acceptable and that the sunlight and daylight assessment demonstrates an acceptable impact on surrounding neighbours. GUEST BEDROOM GUEST BEDROOM TERRACE KITCHEN UTILITY Further information is available upon request. GUEST BATHROOM GUEST BATHROOM RECEPTION DINING LOBBY FLOOR GEA GIA NSA MASTER DRESSING HALL Sq m Sq ft Sq m Sq ft Sq m Sq ft Consented 5th floor 7,660,07 9,57 MASTER BATHROOM Proposed extended 5th floor,86 07,08 00, MASTER BEDROOM TERRACE POTENTIAL UPLIFT

15 GLEN HOUSE FURTHER INFORMATION DATAROOM Further information can be found on a dedicated dataroom. Details available on request. VAT VAT elected it is proposed the transaction will be structured as a TOGC (Transfer of Going Concern). PROPOSAL Offers in excess of,000,000 for either the freehold asset or for 00% of the issued share capital in the UK registered SPV. Two mews houses to the rear are available by separate negotiation. COURT ORDER A Court Order between the vendor and H.R Owen is in effect and details noise and vibration limits that must be adhered to by the developer during any works (demolition and construction) as well as positive and negative obligations on the developer as to the means by which the building is re-developed. No rent is payable by H.R Owen from the date of the Court Order until all scaffolding has been removed from the building. Further information can be provided on request. PRE-EMPTION RIGHTS/ OVERAGE Planning overage provisions and a number of pre-emption rights in favour of a third party are noted on the title. They are contained in the Transfers dated March 0 that can be viewed in the dataroom. Further details can be provided upon request. CONTACT If you have any questions please feel free to call us on the contact numbers below: Mark Shipman + (0) markshipman@michaelelliott.co.uk Harry Cox + (0) harrycox@michaelelliott.co.uk Scott Lister + (0) scottlister@michaelelliott.co.uk Peter Ng peterng@michaelelliott.co.uk MISREPRESENTATIONS ACT 967 & DECLARATION: Michael Elliott LLP for themselves and for the vendors of this property whose agents they are given notice that: a) the particulars are set out as general outline only for the guidance of intending 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 purchaser should not rely on them as statements or representations of fact but should satisfy themselves by inspection or otherwise as to the correctness of each of them; c) no person in the employment of Michael Elliott LLP has any authority to make or give any representations or warranty whatever in relation to this property. October 07 (Q86)