INVESTMENT OPPORTUNITY NEVERN HOUSE, 10 NEVERN ROAD, LONDON SW5 9PJ

Transcription

1 INVESTMENT OPPORTUNITY NEVERN HOUSE, 10 NEVERN ROAD, LONDON SW5 9PJ

2 2 INVESTMENT SUMMARY A freehold investment building located in Kensington, Central London. Overall Gross Internal Area (excluding storage areas) extending to sq m (5,474 sq ft) Configured to provide 17 letting rooms arranged as: - 12 standard rooms - 4 superior en suite rooms - 1 x one bedroom flat The property has been occupied by international students on short term lettings since 1996 To be sold with the benefit of vacant possession Estimated Rental Value c. 350,000 (short lets) Central London location with superb transport links including both Earls Court Underground Station (Travel Zone 1 District & Piccadilly Lines) and West Brompton Overground station within 0.5 km (0.3 miles) Scope to reconfigure subject to necessary consents LOCATION AND SITUATION The property is located within the Royal Borough of Kensington and Chelsea, a Prime Central London location. Nevern Road runs north to south connecting Longridge Road with Nevern Place. The road itself is a quiet residential street that is characterised by Georgian terraced townhouses. Transport connections are excellent with both Earls Court (Travel Zone 1- District and Piccadilly) and West Brompton Overground station within 0.5 km (0.3 miles) of the property. Green Park Paddington Mainline Railway Oxford Circus Canary Wharf Heathrow International Airport London City Airport 9 mins 9 mins 15 mins 29 mins 37 mins 40 mins There are also various accessible bus routes within the immediate vicinity that connect the property to wider London. DESCRIPTION The property is an imposing end of terrace, corner building comprising 17 letting rooms arranged over the lower ground, ground and three upper floors. There are 12 standard rooms which share kitchen and bathroom facilities, four en suite rooms with shared kitchens and one self contained one bedroom flat. There is a library and study room on the ground floor and a private garden to the rear accessed by units 16 and 17. The building itself, boasts grand ceiling height on the ground and first floor with large double glazed bay windows. The building has been well maintained and is in good decorative order throughout. The property extends to an overall gross internal area (excluding storage areas) of sq m (5,474 sq ft)

3 3 INCOME The building has been accommodating international students since 1996 on short term letting agreements and has been managed in house by the current owner. During 2016 the owner quoted the following weekly rents: Standard Room Bathroom shared with one other resident Single Room 325 per week Twin Room 500 per week Single Room extra nights 50 per night Twin Room extra nights 75 per night Superior Room Bathroom en-suite Single Room 390 per week Single Room extra nights 65 per night Rents charged are inclusive of utilities, fresh bed linen and towels (twice each week). EARLS COURT REGENERATION The Earls Court Masterplan, arguably one of the most exciting regeneration projects in the capital. A concept devised by Sir Terry Farrell expands across the 77 acres of the Earls Court development site. The scheme will provide 10,000 new jobs and state of-the-art health, education and community facilities. Further improvements to the city scape include the creation of 7.5 acres of green open space throughout the scheme for public roam. Outlook from Standard Bedroom

4 4 MARKET OVERVIEW The investment market for sui-generis HMO, hostel and serviced apartment blocks has rapidly evolved over the past two years. Such buildings have potential to optimize rent per square foot, enabling an enhanced yield above mainstream residential. According to the 2011 Census, 25.1% of households in London are in the private rented sector and in Earl s Court the proportion is significantly higher at 41.6% of all households. Demand for rental properties in the area comes from tenants in both the prime and mainstream markets. The prime rental market benefits from strong employment and the increasing number of international companies in London. Savills figures show that across prime London, 47% of tenants are renting due to employment relocation and 60% of tenants are from overseas. RENTAL GROWTH FORECAST year UK 3.0% 3.0% 3.0% 3.0% 3.5% 16.5% London 4.0% 4.0% 4.0% 4.0% 4.5% 22.8% Nevern House Estimated Rental Value PA (short lets) 345, , , , , ,642

5 5 PLANNING According to planning records the building was recognised as Residential in From 1971 the property was recognised as a guest house, 20% awarded for Private Residential and the remaining 80% awarded as a Guest House In 1991 the Royal Borough of Kensington and Chelsea certified the building for the provision of sleeping accommodation valid until 31st March We note that it may be possible under a CLEUD to establish the property as a Sui-Generis building (short lets), subject to necessary consents. The building is not listed but does fall within a conservation area. ASSET MANAGEMENT There is scope to increase the number of lettable rooms, self contain the units and improve specification throughout (subject to necessary consents). ACCOMMODATION Unit Floor Room Type Bathroom Outside Space 17 Lower Ground 1 bed Self-contained Private Garden 16 Lower Ground En suite room Private Library Ground - - Office Ground - - d garden 15 Lower Ground En suite room Private d garden 1 Ground En suite room Private 2 Ground En suite room Private 3 First Standard 4 First Standard 5 First Standard 6 First Standard 7 Second Standard 8 Second Standard 9 Second Standard 10 Second Standard 11 Third Standard 12 Third Standard 13 Third Standard 14 Third Standard Floor Area (sq m) Floor Area (sq ft) and mezzanine floors ,474

6 Shed Shed FLOORPLANS Lower Ground Garden x 5.97m 33'0 x 19'7 Garden x 5.97m 33'0 x 19' sq m / 5,476 sq ft sq m / 5,476 sq ft Total Areas Including Total Areas Including ( Including restricted height under 1.5m ( Including ) restricted height under 1.5m ) Nevern House, Nevern SW5 House, SW5 Approximate Approximate Gross Internal Gross AreaInternal Area 5.78 x 1.34m 19'0 x 4' x m sq m / 5476 sq sq m ft/ 5476 sq ft 19'0 x 4' sq m / sq ftm / 63 sq ft Total Areas Total Including Areas Including sq m / 5,539 sq m sq / ft 5,539 sq ft ( CH = Ceiling Heights ) Ground Floor( CH = Ceiling Heights ) First Floor Second Floor 2.12 x 1.77m 6'11 x 5' x 1.64m 6'10 x 5' x 1.77m 6'11 x 5' x 1.64m 6'10 x 5'5 Third Floor sq m / 5476 sq ft Total Areas Including Raised First Floor 6 Stor 2.12 x 1 6'11 x Storag 2.09 x 1. 6'10 x 5 Raised Second Floor Approximate Gross Internal A sq m / 247 sq Raised Ground Floor Approximate Gross Internal Raised AreaGround Floor sq m / Approximate 270 sq ft Gross Internal Area sq m / 270 sq ft Raised Second Floor Raised Second Floor Approximate Gross Approximate Internal Area Gross Internal Area sq m / sq sq ft m / 247 sq ft Unit x 2.82m Unit x 2.83m Shed Unit x 2.65m 10'8 x 8'8 Unit 16 Unit x 2.92m 3.25 x 2.65m 10'8 x 9'7 10'8 x 8'8 Unit 1 Unit x 2.60m 3.26 x 2.92m 10'8 x 8'6 10'8 x 9'7 Unit 2 Unit x 3.02m 3.24 x 2.60m 10'0 x 9'11 10'8 x 8'6 Unit 5 Unit x 2.83m 3.06 x 3.02m 11'2 x 9'3 10'0 x 9'11 Unit x 2.81m Unit 5 10'2 x 9' x 2.83m 11'2 x 9'3 Unit x 2.81m 10'2 x 9'3 Unit x 2.82m Unit 9Unit x 2.82m 3.13 x 2.83m Unit x 2.83m Unit x 2.87m 10'6 x 9'5 Unit 14 Unit x 2.79m 3.21 x 2.87m 10'6 x 9'2 10'6 x 9'5 Unit x 2.79m 10'6 x 9'2 Garden x 5.97m 33'0 x 19' x 2.35m 18'8 x 7'9 Unit x 2.65m 10'8 x 8'8 Unit x 2.92m 10'8 Reception x 9'7 Room 7.02 x 5.34m Reception Room 23'0 x 17' x 5.34m 23'0 x 17'6 Office 2.66 x 2.63m 8'9 x 8'8 Library 4.44 x 4.27m 14'7 x 14'0 Void Office 2.66 x 2.63m 8'9 x 8'8 CH 3.49m Library 4.44 x 4.27m 14'7 x 14'0 Void B CH 3.49m Unit x 2.72m 11'3 x 8'11 B Raised First Floor Raised First Floor Unit 3 Approximate Gross Approximate Internal Area Gross Internal Area 3.42 x 2.72m Unit sq 4.45 x 3.02m Unit m 4/ sq sq ft m / 425 sq ft 11'3 x 8'11 14'7 x 9' x 3.02m 14'7 x 9' x 2.35m 18'8 x 7'9 Second Floor Second Floor First Floor Approximate Gross Approximate Internal Area Gross Internal Area First Floor sq m / sq sq ft m / 862 sq ft Bedroom sq m / Approximate 890 sq ft Gross Internal Area 3.50 x 2.52m Bedroom sq m / 890 sq ft Ground Floor 11'6 x 8' x 2.52m ILLUSTRATION FOR ILLUSTRATION IDENTIFICATION FOR IDENTIFICATION PURPOSES ONLY PURPOSES ONLY Approximate Gross Internal Ground Area Floor 11'6 x 8'3 ALL MEASUREMENTS ALL MEASUREMENTS ARE MAXIMUM, ARE AND MAXIMUM, INCLUDE WINDOW AND INCLUDE BAYS AND WINDOW WARDROBES BAYS AND WHERE WARDROBES APPLICABLE WHERE APPLICABLE Reception Room sq m / Approximate 899 sq ft Gross Internal Area THIS PLAN MUST THIS NOT PLAN BE REPRODUCED MUST NOT BE BY REPRODUCED ANY OTHER BY PERSON ANY OTHER WITHOUT PERSON PERMISSION WITHOUT PERMISSION sq m / 5476 sq ft 7.02 x 5.34m sq m / 899 sq ft 23'0 x 17'6 Lower Ground Floor ILLUSTRATION FOR IDENTIFICATION PURPOSES ONLY Approximate Gross Internal Lower Area Ground Floor ALL MEASUREMENTS ARE MAXIMUM, AND INCLUDE ILLUSTRATION WINDOW FOR BAYS IDENTIFICATION AND WARDROBES PURPOSES WHERE ONLY APPLICABLE Unit sq 17m / Approximate 1,006 sq ftgross Internal Area THIS PLAN ALL MUST MEASUREMENTS NOT BE REPRODUCED ARE MAXIMUM, BY ANY AND OTHER INCLUDE PERSON WINDOW WITHOUT BAYS PERMISSION AND WARDROBES WHERE APPLICABLE sq m / 1,006 sq ft THIS PLAN MUST NOT BE REPRODUCED BY ANY OTHER PERSON WITHOUT PERMISSION 5.69 x 2.35m 18'8 x 7'9 Unit x 2.95m 10'6 x 9'8 Unit 7 Unit x 2.95m 3.67 x 2.82m 10'6 x 9'8 12'0 x 9'3 Unit x 2.82m 12'0 x 9'3 Unit x 2.65m 10'6 x 8'8 Unit 11Unit x 2.65m 3.65 x 3.01m 10'6 x 8'8 12'0 x 9'11 Unit x 3.01m 12'0 x 9'11 Third Floor Third Floor Approximate Gross Approximate Internal Area Gross Internal Area sq m / sq sq ft m / 875 sq ft Total Areas Including Raised First Floor sq m / 425 sq ft Raised Second Floor Unit x 2.95m 10'6 x 9'8 Unit x '0 x 9'3 Second Floor sq m / 862 sq ft ILLUSTRATION FOR IDENTIFICATION PURPO ALL MEASUREMENTS ARE MAXIMUM, AND INCLUDE WINDOW BAYS AN THIS PLAN MUST NOT BE REPRODUCED BY ANY OTHER PER 2.12 x 1.77m 6'11 x 5' x 1.64m 6'10 x 5' sq m/ 5,474 sq ft Raised Second Floor sq m / 247 sq ft Bedroom 3.50 x 2.52m 11'6 x 8'3 Unit x 2.82m Unit x 2.83m Unit x 2.87m 10'6 x 9'5 Unit x 2.79m 10'6 x 9'2 Lower Ground Floor sq m / 1,006 sq ft

7 7 Rear garden Rear garden Student library TENURE VIEWINGS The property is held freehold. METHOD OF SALE The property is for sale by private treaty. Viewings are strictly by appointment via the vendor s sole selling agents, Savills. Please contact one of the agents below to make an appointment. CONTACTS Offers are sought for the freehold interest subject to contract and the existing tenancies. VAT The property is not elected for VAT. FURTHER INFORMATION Davina Clowes James Laverack + 44 (0) (0) dclowes@savills.com jlaverack@savills.com Adam Alster + 44 (0) aalster@savills.com Typical standard room Typical bathroom A full suite of background information, including EPCs, can be found on the online dataroom at: Important Notice Savills, their clients and any joint agents give notice that: 1. They have no authority to make or give any representations or warranties in relation to the property. 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. Typical kitchen