44 Penywern Road, London SW5 9SX

Transcription

1 INVESTMENT opportunity 44 Penywern Road, London SW5 9SX

2 2 Investment Summary A high quality, freehold residential investment opportunity situated close to the Earls Court regeneration area Attractive, mid-terrace, freehold apartment block Overall Gross Internal Area (including common parts) sq m (5,422 sq ft) Located in the Royal Borough of Kensington and Chelsea Configured to provide nine self contained apartments; 7 x one bedroom and 2 x three bedrooms Currently let on ASTs, producing a rent equivalent to 216,818 per annum (including ERV for one vacant unit) Estimated Rental Value: 227,240 per annum Central London location with superb transport links including both Earls Court Underground Station (Travel Zone 1 - District & Piccadilly Lines) and West Brompton Overground within 0.5 km Location and Situation The property is located in Kensington within the Royal Borough of Kensington and Chelsea, a Prime Central London location. Penywern Road runs east to west connecting Earls Court Road with Warwick Road and the property sits centrally on the street. It is a quiet residential street that benefits from being conveniently located 0.3km (0.2 of a mile) to the south of the wide range of cafes, shops, restaurant and bars on Earls Court Road. Transport connections are excellent with both Earls Court (Travel Zone 1 District & Picadilly) and West Brompton Overground Station within 0.5km of the property. Travel times are 15 minutes to Oxford Circus and 27 minutes into Moorgate. In addition, there are various accessible bus routes within the vicinity that connect the property to wider London.

3 7 INVESTMENT OPPORTUNITY 44 Penywern Road, London SW Earl's Court Station (LU) 6 Earls Court Regeneration 9 DW 38 Lodge 34 FB The Earls Court Masterplan is 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 a 7.5 acres of green open space throughout the scheme to 54 Key current and pipeline development schemes include: 22 Kensington Mansions SLs SB SL SL Lillie Square Developer: Capco Capital Value Ranges: 11 to 13 Units: 608 private units - Studio 515K 535K - 1 Bed 595K 900K - 2 Bed 940K 1.4M - 3 Bed 1.03M 1.86M The Landau SL PENYWERN RD 39 Developer: Mount Anvil U n i t s : 107 total, 89 private units Capital Value Ranges: - 1 Bed 915K 1.365M - 2 Bed 1.19M 1.565M - 3 Bed 2.35M 2.45M Ariana Apartments 75 TCBs a 53 IPE Developments Units: 20 private units Capital Value Ranges: - 1 Bed 600K 700K - 2 Bed 765K 960K - 3 Bed 985K 1.125M 0m 10m 20m 30m NOTE:- Reproduced from the Ordnance Survey Map with the permission of the Controller of H.M. Stationery LB Office. Crown copyright licence number Savills (UK) Ltd. NOTE:- Published for the purposes of identification only and although believed to be correct accuracy is not guaranteed. Ordnance Survey Crown Copyright All rights reserved. Licence number Plotted Scale - 1: m

4 4 Description The property is a mid terraced building comprising nine apartments, 6 x one beds, 1 x two bed and 2 x three bed. The three beds are currently arranged as 4 bed flats and are popular with students. The accommodation is arranged across the lower ground, ground and four upper floors. Each of the apartments has been finished to a good standard. Flats three, five, eight and nine have the added benefit of either a balcony or terrace. Whilst flat one and two enjoy the use of the garden and terraces. Market Overview The property is configured well, comprising mainly one bedroom and studio flats allowing for maximum rental return ( psf). There is scope for further asset management, with an estimated rental value of 227,240 per annum, reflecting an initial yield of 4.02%. The rental market is forecasted to expand by more than one million households over the next five years. Mismatch between supply and demand will continue to underpin rental growth and attract increasing investment into PRS in London, highlighting the city as a global rental destination years UK 3.00% 3.00% 3.00% 3.00% 3.50% 16.50% London 4.00% 4.00% 4.00% 4.50% 4.50% 22.80% 44 Penywern Estimated Rental Value PA 227, , , , , ,051 Gross Net Yield 4.02% 4.18% 4.35% 4.55% 4.75% 4.94%

5 5 Accommodation Further information: (a). (*4) configured as 4 beds (b). Rents as of February 2016 Property Information 44 Penywern Road, London SW5 9SX Tenancy Information Unit Floor Beds Bath Outside space Sq m Sq ft Rent PM Rent PA Tenancy start date Tenancy end date 1 LG 3 (*4) 2 Terrace , , /3/ /2/ G 3 (*4) 2 Garden , , /30/2015 9/29/ Balcony x , , /8/2016 8/7/ (rear) , , /27/ /26/ (front) 1 1 Balcony * 20, Show flat 6 3 (front) , , /4/2015 9/3/ (rear) , , /1/2015 3/31/ (front) 1 1 Balcony , , /21/2016 3/20/ (rear) 1 1 Balcony , , /13/2015 8/12/2016 Common parts , , Important Notices Please note any advice contained or attached in this schedule is informal and given purely as guidance unless otherwise explicitly stated. Our views on price are not intended as a formal valuation and should not be relied upon as such. They are given in the course of our estate agency role. No liability is given to any third party and the figures suggested are in accordance with Professional Standards PS1 and PS2 of the RICS Valuation Professional Standards, effective from 6th January Any advice attached is not a formal ( Red Book ) valuation, and neither Savills nor the author can accept any responsibility to any third party who may seek to rely upon it, as a whole or any part as such. If formal advice is required this will be explicitly stated along with our understanding of limitations and purpose.

6 INVESTMENT OPPORTUNITY 44 Penywern Road London SW5 6 Floorplans Basement Flat Ground Floor Flat First Floor Flat Second Floor Front Flat Second Floor Rear Flat 7'6" x 14'0" 7'6" x 17'7" 2.29 x 4.28m 2.29 x 5.37m E N S W Dining Area FR Kitchen Bathroom Reception Room 11'4" x 13'10" 3.47 x 4.23m 9'7" x 8'7" 2.93 x 2.63m WM 12'0" x 13'11" 3.67 x 4.25m Shower Room 8'4" x 12'4" 2.56 x 3.78m External Patio FR Kitchen Area Entrance Hall WM W N Bathroom Garden 23.17m X 6.4m Balcony 2.9m x 1.7m (9 5 x 5 6 ) S E Third Floor Front Flat Third Floor Rear Flat Fourth Floor Front Flat Fourth Floor Rear Flat Reception Room 11'0" x 14'8" 3.36 x 4.47m 8'11" x 10'1" 2.73 x 3.09m Kitchen Area Wardrobe FR Sky Light Sky Light Bathroom W N WM S E

7 7 Tenure The property is held Freehold Method of Sale The property is for sale freehold by private treaty. Offers are sought for the freehold interest subject to contract and the existing tenancies. VAT The property is not elected for VAT Further Information A full suite of background information, including EPCs, can be found on the online dataroom at: Viewings 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 Davina Clowes Adam Alster + 44 (0) (0) dclowes@savills.com aalster@savills.com James Laverack +44 (0) jlaverack@savills.com Important Notice Savills, and their clients 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 that Savills and Knight Frank have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise. Designed and Produced by Savills Marketing: February 2016