Pembridge Villas Notting Hill London W11 3EP

Transcription

1 21 & 23 Pembridge Villas Notting Hill London W11 3EP Prime Central London Investment & Development Opportunity

2 Executive Summary A substantial freehold building comprising two adjoining and interlocking stucco fronted properties with a site area of 0.32 acres (0.13 hectares) Let on a full repairing lease to the Russian Federation for a term certain of 14.5 years at a current rent of 561,077 per annum Attractive annual rent reviews linked to the Retail Price Index (RPI) Overall gross internal area of 1,101 sq m / 11,846 sq ft The property is currently operated as a Russian Curriculum School for diplomats children; it also includes four residential apartments Located in Notting Hill, within the Royal Borough of Kensington and Chelsea, close to Notting Hill Underground Station (Travel Zone 1, Central, Circle and District Lines) Various future residential development options (subject to the necessary consents) An opportunity to own a significant freehold property in Prime Central London, benefiting from both existing income and future development potential Summary Units Gross internal Area (Sq m / sq ft) Total Site Area Passing Rent (pa) 561,077 2 interlocking period buildings (currently used as a private school & residential accommodation) 1,101 sq m / 11,846 sq ft 0.32 acres (0.13 hectares) Tenure Freehold Red line is approximate and for illustrative purposes only

3 Location & Transport Portabello Market The property is located in Notting Hill, within the Royal Borough of Kensington and Chelsea. Notting Hill is a fashionable area of central London. There is a range of shopping amenities available on Notting Hill itself, along with fashionable boutiques, exclusive bars and eateries in the immediate surrounding area. The world famous Portobello Road is immediately to the west whilst Kensington Gardens are approximately 700 metres to the south. Pembridge Villas is an attractive and exclusive street which runs north from Notting Hill to Westbourne Grove. The property is located on the east side, close to the junction with Chepstow Villas. Pembridge Villas mainly comprises substantial mid-nineteenth century detached and terraced properties, some of which remain as superb single houses while others have been converted into apartments. Some properties are in commercial use including educational / diplomatic purposes, such as the subject property. Crossrail (from 2018) Paddington Marylebone Edgware Road Queensway Baker Street Regent s Park Great Portland Street Warren Street Goodge Street Euston Tottenham Court Road King s Cross St. Pancras Farringd The area benefits from excellent communications with Notting Hill London Underground station (Travel Zone 1, Circle & District, Central Lines) just 500 metres to the south providing easy access to the West End. Journey times to Oxford Circus are approximately 8 minutes and approximately 17 minutes to Bank station in the City. The Central Line also links to the Piccadilly line which allows access to Heathrow Airport. A40 WESTBOURNE PARK RD NOTTING HILL CHAPSTOW RD WESTBOURNE GROVE EDGWARE ROAD LADBROKE GROVE PORTOBEL L O ROAD & Holland Park Earl s Court BAYSWATER Notting Hill Gate High Street Kensington Knightsbridge South Kensington Sloane Square Bond Street Victoria Green Park Oxford Circus Piccadilly Circus Westminster PADDINGTON Waterloo Charing Cross Holborn Leicester Square Embankment WHITE CITY LATIMER ROAD K ENSINGTON PARK RD QUEENSWAY BAYSWATER RD LANCASTER GATE BAYSWATER D S ET WOOD LANE A219 D A4020 Westfield London HOLLAND PARK HOLLAND PARK AVE NOTTING HILL GATE KENSINGTON GARDENS Kensington Palace HYDE PARK K ROAD A402 SHEPHERD S BUSH ROAD OLDHAWK OAD SHEPHERD S BUSH KENSINGTON OLYMPIA HOLLAND PARK WARWI CK GRDN S KENSINGTON CH U RCH ST KENSINGTON HIGH STREET KENSINGTON KENSINGTON HIGH STREET KENSINGTON PALACE GARDENS KENSINGTON RD GLOUCESTER RD Royal Albert Hall Natural History Museum EXHIBITION RD KNIGHTSBRIDGE V&A Museum KNIGHTSBRIDGE BROMPTON RD Harrods BEAUCH AM SMITH A219 CROMWELL RD A4 GLOUCESTER ROAD SOUTH KENSINGTON CHELSEA Not to scale. For illustrative purposes only

4 Westbourne Grove The West End The City &

5 Docklands Hyde Park Serpentine Notting Hill

6 a 11 3 PEMBRIDGE PLACE 7 Prime Central London Investment & Development Opportunity Description Planning Originally built as a detached house and adjacent semi detached house the property is now interconnecting. The property extends to 1,101 sq m (11,846 sq ft) and accommodation is arranged over lower ground, ground and three upper floors at 21 Pembridge Villas, and two upper floors at 23 Pembridge Villas. The property is let to the Russian Federation and is currently used as a Russian Curriculum School, exclusively for the use of Diplomatic families. The majority of the building is designated for educational use. However, there are two residential apartments at the lower ground floor level (a studio and a one bedroom flat). There is also a one bedroom flat on the top floor of No.21 and another two bedroom flat on the second floor of No.23. Each floor boasts impressive floor to ceiling heights and original period features. To the rear, the former gardens, which are extensive, have been combined 21 for and use 23 as Pembridge an open play Villas area including a hard surface area for tennis and other racket and ball sports. The property is located within the administrative boundaries of the Royal Borough of Kensington and Chelsea (RBKC). It has not been the subject of any planning applications in recent years, with any applications instead relating to arboricultural works. Planning policy in RBKC seeks to protect educational facilities, albeit the focus of this policy is on the safeguarding of schools which provide for local needs rather than Embassy Schools. Current RBKC policy is included within the Core Strategy, which provides over-arching, rather than detailed policy guidance. The previous detailed policy in the UDP sought to resist Diplomatic and Allied Uses in certain locations, including at Pembridge Villas, due to the residential character of the properties and traffic implications on the road network. In view of the existing and superseded policy, it is considered that there would be justification for change of use to residential. However, prospective purchasers are advised to rely upon their own enquiries. The subject property is held freehold with the entire site 21.8m extending to 0.32 acres (0.13 hectares) m 1 to 7 Ashdown Lodge 1c 1b 1a Shelter 40 1 to 9 Pembridge Studios 27a 13a 23.1m London Spiritual Mission Shelter 1 PEMBRIDGE VILLAS 41 NOTE:- Reproduced from the Ordnance Survey Map with the permission of the Controller of H.M. Stationery 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. Surgery Ordnance Survey Crown Copyright All rights reserved. Licence number Plotted Scale - 1: DAWSON PLACE Acres (0.13 Hectares) 13,941 sq ft.

7 Floor Plans Overall gross internal area of 1,101 sq m (11,846 sq ft) Reception Room 14'3'' x 11'9'' 4.34 x 3.58m Bedroom 13'6'' x 10'9'' 4.11 x 3.28m LIFT Boiler Room 20'9'' x 7'9'' 6.32 x 2.36m 21'9'' x 17'6'' 6.63 x 5.33m 14'3'' x 12'9'' 4.34 x 3.89m 10'9'' x 7'6'' 3.28 x 2.29m Cloakroom 14' x 8' 4.27 x 2.44m 21'6'' x 17'9'' 6.55 x 5.41m 10'3'' x 5'9'' 3.12 x 1.75m Bed/Sitting Room 17'3'' x 14'3'' 5.26 x 4.34m 11'3'' x 5' 3.43 x 1.52m Unable to Access 14' x 13'6'' 4.27 x 4.11m 28'3'' x 15' 8.61 x 4.57m 20'6'' x 14'3'' 6.25 x 4.34m Office 14'9'' x 14' 4.50 x 4.27m 28'9'' x 14'9'' 8.76 x 4.50m Lower Ground Floor Ground Floor Office 10'9'' x 9' 3.28 x 2.74m 18'6'' x 9' 5.64 x 2.74m 22'3'' x 17'6'' 6.78 x 5.33m 12' x 10'3'' 3.66 x 3.12m Reception Room 10' x 8'6'' 3.05 x 2.59m Bedroom 14'9'' x 13' 4.50 x 3.96m 17'6'' x 15'3'' 5.33 x 4.65m 16' x 14'3'' 4.88 x 4.34m Bedroom 16'3'' x 14'6'' 4.95 x 4.42m 16'3'' x 14'3'' 4.95 x 4.34m Office 12'9'' x 7'3'' 3.89 x 2.21m 13'3'' x 8'6'' 4.04 x 2.59m 14'6'' x 14'3'' 4.42 x 4.34m 21'6'' x 15'3'' 6.55 x 4.65m Reception Room 16'9'' x 14'6'' 5.11 x 4.42m Kitchen 13'3'' x 8'6'' 4.04 x 2.59m 14'6'' x 14'3'' 4.42 x 4.34m 21'6'' x 15'3'' 6.55 x 4.65m First Floor Second Floor 11'6'' x 10'6'' 3.51 x 3.20m 15'6'' x 14'3'' 4.72 x 4.34m 17'6'' x 13'3'' 5.33 x 4.04m 13'9'' x 8'3'' 4.19 x 2.51m Second Floor Mezzanine Third Floor Floorplans provided by BKR Floorplanners.

8 Lease Common Parts The property is let to the Russian Federation on effective full repairing terms for a term of 20 years commencing on 1st January 2010 and expiring 31 December 2029, with a current rent passing of 561,077 per annum. The lease is subject to annual rent reviews linked to the Retail Price Index (RPI). The lease allows for the property to be used as a private residence or as a school for the children of the staff or other persons connected with the embassy or consular services of the government of the Russian Federation in London or guests of such embassy. The Russian Federation currently has a D&B rating of O1 which reflects a minimum risk of business failure. Using RPI forecasts from the Office of National Statistics and Haver Analytics the following rental increases are forecasted; Year Projected YoY % RPI Growth Annual rent for following year if forecast realised , , , , , , , , , ,892 Prime Central London Commentary Over the past five years, Prime London has been the strongest performing UK residential market, with average values currently 30.8% above 2010 levels. Following the General Election sentiment remains strong for Notting Hill due to the quality of the location, built environment and breadth of amenities. The Royal Borough of Kensington and Chelsea has seen particularly significant price growth and is currently 58% above 2007 levels. Traditionally it has been the core Prime Central London locations, such as Knightsbridge and Mayfair, where Super Prime values have been achieved; however, this has permeated in the past 12 months to neighbouring locations. Notting Hill now falls within the core of Prime Central London and benefits from a historic lack of new build development sites, finite supply and high demand from wealthy international buyers. London is forecast to benefit from robust capital growth with Savills Research forecasting 22.7% growth over the next five years and 17.1% increase in Prime Central London rents. London s global status and political and economic stability continue to attract ongoing high demand from equity rich investors and owner occupiers. The property allows an investor to enjoy an attractive RPI linked income, as well as potential for good capital growth prospects during the lease term. Central London Forecasts Capital Value: Prime Central London years 1% 8% 6.5% 5% 5% 25.5% Rental Value: Prime London 2.5% 3.0% 3.5% %

9 Typical classroom

10 Tenure The property is held Freehold. VAT Contacts For further information please contact: We understand that the property is not VAT elected. Method of Sale For sale on the instruction of R Kerrigan & M Kempton at Kempton Carr Croft acting as LPA Fixed Charge Receivers. The property is offered for sale, as a single lot subject to the existing lease, by way of informal tender. Should a closing date for the submission of offers be set, all parties who have expressed an interest will be informed in due course. Viewings Davina Clowes dclowes@savills.com +44 (0) Andrew Boyd aboyd@savills.com +44 (0) In order to keep tenant disruption to a minimum no internal access will be provided during the marketing period. For further information and a full suite of property data including EPCs please visit: Rear gardens of the property 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: June 2015