CHELSEA RESIDENTIAL DEVELOPMENT PORTFOLIO

Transcription

1 CHELSEA RESIDENTIAL DEVELOPMENT PORTFOLIO

2 LOCATION MAP Childs Place Cromwell Road Warwick Road Earls Court Road W.8 Earl s Court Earls Court Exhibition Centre Cromwell Road 180 Finborough Road Fulham Road Earls Court Road W.8 Finborough Road Brompton Cemetery Old Brompton Road Fulham Road Gloucester Road Cromwell Road Fulham Road Fulham Road Fulham Road Fulham Road The Boltons Earls Court Road W.8 Quin s Gate Quin s Gate Kings Road Cremorne Road Old Brompton Road Quin s Gate South Kensington Old Church Street Kings Road Chelsea and Westminster Hospital 116 Edith Grove Onslow Square River Thames Oakley Street Chelsea Embankment 2a Milner Street Kings Road Albert Bridge Kings Road Chelsea Embankment River Thames River Thames Sloane Street Sloane Square Royal Hospital Road Chelsea Physic Garden Saatchi Gallery Burton Court Battersea Park Chelsea Bridge Road Royal Hospital Chelsea 2

3 OPPORTUNITY SUMMARY Opportunity to acquire 4 unique freehold properties all located within the Royal Borough of Kensington & Chelsea. The 4 properties 180 Finborough Road, 116 Edith Grove, 2a Milner Street and Childs Place are offered for sale. The four sites are at various stages of the planning cycle, with the potential to provide circa 20 residential units across the properties (subject to the necessary consents). The Milner Street property is part tenanted with current rental income. Opportunity to acquire the portfolio as a whole or individual lots, or combination of the properties. Offers in excess of 17.5m. 3

4 CHELSEA LIVING A financial powerhouse and home to the most desirable real estate on the planet, London is a global leader that continues to build on its reputation as a safe, secure and strong performing market. A centre for culture, retail and tourism, it regularly tops the tables in terms of international visitor numbers. Its shopping districts are famous world over: the luxury department stores in Knightsbridge, the flagships of Oxford Street, the designer couture of Bond Street and the exclusive independent boutique stores of Notting Hill and Chelsea offer something for every price point. Add to the mix acclaimed theatres and museums, excellent accessibility and public transportation systems and you have what makes a truly international city. One of London s most affluent residential areas is Chelsea, renowned hangout of the rich, royal and famous. Subsequently, the borough has one of the capital s most competitive property markets, as well as a plethora of fashionable restaurants, bars and clubs. The famous Chelsea Embankment marks the southern boundary of the area, with the eastern boundary defined by Chelsea Bridge Road and the southern end of Sloane Street, where the district meets Kensington. The four properties sit within four excellent locations within the Chelsea neighbourhood and offer outstanding opportunity for prestigious development. 4

5 180 FINBOROUGH ROAD, CHELSEA SUMMARY The property comprises a mid terrace building arranged over lower ground and three upper floors. The property is currently arranged to provide five self-contained flats. The surrounding uses are predominantly residential, with commercial units located along Old Brompton Road, and office and retail uses further south along Finborough Road. The property is located on the west side of Finborough Road between its junctions with Redcliffe Square and Wharfedale Street. Local shops and amenities are within walking distance along Old Brompton Road and Fulham Road. The nearby A4 to the north provides road access to Central London. West Brompton Underground (District Line) and Overground Station is within walking distance. Earls Court Underground Station (District, Circle and Piccadilly Lines) is also accessible to the north. Other benefits include: Freehold Within walking distance of West Brompton Underground Station Mid Terrace Building Potential to extend to the rear. PLANNING A recent planning application ref: PP/15/01051 was submitted to the local authority and refused on 21st May. The proposed development comprises four residential units creating 1 x studio; 2 x 1 bedroom & 1 x two bedroom apartments spread over four floors (Basement, Ground and two upper floors) totaling 215sqm / 2,314sqft NIA. The property is included within the Bolton s Conservation Area and is located immediately adjacent to the Brompton Cemetery Conservation Area. Proposed extension to match parapet level of neighboring rear extension Proposed rear extension at lower ground level 5

6 116 EDITH GROVE, CHELSEA SUMMARY The site is located within a predominately residential area at the southern end of Edith Grove. The property itself sits on the west side of the street and lies directly adjacent to the junction of Cremorne Road. 116 Edith Grove is an end of terrace Georgian property arranged over four storeys (plus basement) forming seven self-contained flats. There is stepped access to the principle entrance with two large pavement lightwells either side, one of which has steps to the basement level direct from the pavement. There is a garden area at the rear, which is accessed from basement level. The top floor comprises a slate mansard roof with a number of dormer windows. Edith Grove is one way between Kings Road and Cremorne Road and the carriageway is made up of two lanes with residential parking on the west side. The property is conveniently located a short walk from both Imperial Wharf (12 mins) for the London Overground and Fulham Broadway Underground Station (15 mins) for the District Line. Other benefits include: Freehold Within walking distance of Fulham Broadway Underground Station End of Terrace Building Separate entrance to the upper floors. Computer generated image 6.0 THE PROPOSAL PLANNING 6.0 THE PROPOSAL 6.1 Floor plans 15 Planning permission for the internal reconfigurations, external alterations including alterations to mansard roof and dormers, brickwork extension at basement level, creating 2 x 1 bedroom and 3 x 2 bedroom apartments was granted on the 8th April The apartments are spread over five floors (Basement, Ground & three upper levels) totaling 295sqm / 3,175sqft NIA. Proposed basement level plan 6 Proposed ground floor plan Proposed first floor plan

7 2A MILNER STREET, CHELSEA SUMMARY The property is located at the corner of Milner Street, Denyer Street and Rawlings Street and currently consists of ground floor and basement level retail accommodation occupied by Marsh and Parsons estate agents (Use Class A2), with vacant floorspace above. The site presents an outstanding opportunity for redevelopment for residential use with the retention of an element of employment accommodation at ground floor. The ground floor commercial unit is accessed via an entrance on the corner of Milner Street and Rawlings Street whilst the first and second floor residential accommodation benefit from a separate access further along Milner Street. The property is connected to a single storey rear garage block, which is also currently let to Marsh and Parsons. The surrounding area is predominantly residential with a small number of ground floor retail units, including cafes and estate agents. Milner Street is located within 10 minutes (0.5 miles) of South Kensington and Sloane Square underground stations. Other benefits include: Freehold Within walking distance of Sloane Street Underground Station Corner Building Separate entrance to the upper floors. PLANNING Pre-application planning advice has been submitted for the construction of a 2 storey infill extension, 3rd floor mansard roof extension, with associated refurbishments for provision of 3 residential units. The proposed scheme comprises three residential units creating 3 x two bedroom apartments over four floors ( Basement, Ground & two uppers) totaling 266sqm / 2,863sqft NIA The submitted scheme will retain the existing ground floor and basement unit as Use Class A2 within the proposed development. The site is located with the Chelsea Conservation Area. The building itself is not statutorily listed or locally listed and does not lie within an area of special archaeological significance. 7

8 14-15 CHILDS PLACE, KENSINGTON SUMMARY The property is located at the end of a quiet picturesque cul-de-sac off Earls Court Road and comprises a selfcontained building over lower ground to 2nd floors with additional mezzanine. The property was constructed in 1994 and benefits from good natural light throughout and views over Childs Place. In terms of public transport, Earls Court Underground Station is served by the District and Piccadilly Lines, and West Brompton Overground station is a short distance away. The area accommodates a significant number of large hotels, but is best known for the Earls Court Exhibition Centre, the largest conference and event venue in central London. The surrounding area is predominantly residential with a number of ground floor retail units, including cafes and restaurants located on the Earls Court Road. Childs Place is located within 2 minutes (0.1 miles) of Earls Court underground station. Other benefits include: Freehold Within walking distance of Earls Court Underground Station Quiet cul-de-sac Unconsented residential development opportunity. 2. Site Location Computer generated image 2. Site Location PLANNING The site falls within the boundary of the Earls Court Village conservation area. The site is not located within an employment zone. A proposed residential scheme has been considered, and initial feasibility studies that have been carried out suggest that it could be possible to achieve 8 residential units on the site. This could increase the developable area from 750SqM to 795sqm (GIA) subject to obtaining the necessary consents. Further information is available in the dataroom. Aerial Perspective - East Aerial Perspective - East TENANCY The building will be sold with the benefit of vacant possession. Aerial Map 8 Aerial Map Indicative Site Boundary Indicative Site Boundary

9 PROPOSED SCHEDULE OF DEVELOPABLE AREAS 180 FINBOROUGH ROAD Accommodation Floor Beds NIA (Sq Ft) NIA (Sq M) Apartment LG Apartment G Apartment Studio Total NIA 2, Total GIA 2, A MILNER STREET Accommodation Floor Beds NIA (Sq Ft) NIA (Sq M) Duplex LG, G Triplex 1, 2, 3 2 1, Duplex 1, Total NIA 2, Total GIA 3, EDITH GROVE Accommodation Floor Beds NIA (Sq Ft) NIA (Sq M) Duplex LG, G Duplex LG, G Apartment Studio Duplex 2, Total NIA 3, Total GIA 3, CHILDS PLACE Floor NIA (Sq M) GIA (Sq M) Amenity (Sq M) Lower Ground Floor Ground Floor First Floor Second Floor Third Floor Total - 8 Units

10 DATA ROOM Further details relating to the layout and design of the schemes are provided in the Design and Access Statements, Planning Statements and architectural plans which can be found in the data room. Access to the data room can be requested at EPC Copies of the energy performance certificates are available within the data room. PROPOSAL The vendors preference is to dispose of the portfolio as a block sale of all 4 properties, however, consideration will be given to offers for the individual purchase of one or a combination of the properties within the portfolio. The vendor does not undertake to accept the highest nor any offer submitted. Prospective purchasers of multiple properties within the portfolio are required when submitting offers to state the price attributable to each asset as the ownership of each of the properties is held in separate subsidiary companies. CONTACT For further information or to arrange a viewing please contact: Simon Rogers Richard Thomas Steven Cooper Simon Maine-Tucker DD: DD: DD: DD: simon.rogers@bnpparibas.com richard.e.thomas@bnpparibas.com steven.cooper@bnpparibas.com smainetucker@marshandparsons.co.uk Misrepresentation Act 1967: BNP Paribas Real Estate Advisory & Property Management UK Limited for themselves and for the vendor(s) or lessor(s) of this property whose agents they are, give notice that: 1. These particulars do not constitute, nor constitute any part of, an offer or contract. 2. None of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact. 3. Any intending purchaser or lessee must satisfy himself by inspection or otherwise as to the correctness of each of the statements contained in these particulars. 4. The vendor(s) or lessor(s) do not make or give and neither BNP Paribas Real Estate Advisory & Property Management UK Limited nor any person in their employment has any authority to make or give, any representation or warranty whatever in relation to this property. Finance Act 2013: Unless otherwise stated all prices and rents are quote exclusive of VAT. The Business Protection from Misleading Marketing Regulations 2008: These details are believed to be correct at the time of compilation but may be subject to subsequent amendment.