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Pembridge Villas, Notting Hill, London Prime Central London Residential Investment & Development Opportunity

Prime Central London Residential Investment & Development Opportunity

Pembridge VillasNotting Hill

London W11 3EP

2123

&

Pembridge Villas, Notting Hill, London Pembridge Villas, Notting Hill, London Prime Central London Residential Investment & Development Opportunity Prime Central London Residential Investment & Development Opportunity

Location & Transport 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.

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.

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)

Executive Summary

“An opportunity to own a significant freehold property in Prime Central London, benefiting from both existing income and future development potential”

Summary

Units 2 interlocking period buildings (currently used as a private school & residential accommodation)

Gross internal Area (Sq m / sq ft)

1,101 sq m / 11,846 sq ft

Total Site Area 0.32 acres (0.13 hectares)

Passing Rent (pa) £561,077

Tenure Freehold

T

HE

T

HA

ME

S

HarveyNichols

NaturalHistory

Museum

RoyalAlbert

Hall

V&AMuseum

WestfieldLondon

KensingtonPalace

OLD BO

ND ST

EDGWARE ROAD PARK LANE

GROSVENOR PL VA

UXHALL BRIDGE RD

H

OLLAND PARK AVE

BAYSWATER RD

BAYSWATER RD

OXFORD ST

OXFORD ST

KENSIN

GTO

N C

H

U RCH ST

LADBRO

KE GROVE

KENSINGTON PARK RD

WESTBOURNE PARK RD

CHAPSTO

W RD

WESTBOURNE GROVE

KENSINGTON HIGH STREET

KENSINGTO N RD

CROMWELL RD A4

B

ROMPTON RD

WARW

ICK GRDN S

REDCLIFFE GRDNS

GLOU

CESTER RD

FULHAM RD

A308

A

3217

KING’S RD

SLOAN

E ST CHELSEA BRIDGE RD

CHELSEA EMBANKMENT GROSVENOR RD A3212 MILLBANK

BEAUCH AMP PL PONT ST

ECCLESTON ST BELG�VE RD

P

ICCADILLY

VICTORIA ST

BUCKINGHAM GATE

MARSH

AM ST

ALBER

T EM

BAN

KMEN

T

LAM

BETH

PAL

ACE R

D

VIC

TORI

A EM

BAN

KMEN

T

PALL MALL

WHITEH

ALL

KING

SWAY C

HARIN

G CRO

SS RD

REGEN

T ST

WIGMORE ST

NEW BO

ND ST

BRUTON ST

ST�ND

EXH

IBIT

ION

RD

BROOK ST

GROSVENOR ST

MOUNT ST

WARWICK RD

WAR WICK WAY HAMMERSMITH FLYOVER A315

H

AMM

ERSMIT

H BRIDGE

FULH

A M PALACE ROAD

GOLDHAWK ROAD

A402

UXBRIDGE ROAD A4020

WO

OD

LANE A219 SH

EPHERD

’S BUSH

ROAD A219

WESTWAY A40

PORTO

BELLO ROAD

KENSIN

GTO

N PALACE G

ARDEN

S

HOLLANDPARK

HYDEPARK

KENSINGTONGARDENS

GREENPARK

BERKELEYSQUARE

MAYFAIRST JAMES’S

CHELSEA

NO�INGHILL

BAYSWATER

KENSINGTON

WHITECITY

SOHO

COVENTGARDEN

PICCADILLYCIRCUS

OXFORDCIRCUS

BONDSTREET

MARBLEARCH

LANCASTERGATE

PADDINGTON

QUEENSWAY

NO�INGHILL GATEHOLLAND

PARK

SHEPHERD’SBUSH

KENSINGTONOLYMPIA

GOLDHAWKROAD

HAMMERSMITH

LATIMERROAD

WHITECITY

WOODLANE

SHEPHERD’SBUSH MARKET

HIGH STREETKENSINGTON

EARL’SCOURTWEST

KENSINGTON

WESTBROMPTON

GLOUCESTERROAD SOUTH

KENSINGTON

KNIGHTSBRIDGE

SLOANESQUARE

VICTORIA

PIMLICO

HYDEPARK

CORNER

GREENPARK

ST JAMES’SPARK

LEICESTERSQUARE

CHARINGCROSS

EMBANKMENT

TO�ENHAMCOURT ROAD

WESTMINSTER

KNIGHTSBRIDGE

ST JAMES’SPARK

Harrods

One Hyde Park

�e Ritz

Selfridges

The Lanesborough

BELG�VIA

2123

&

Regent’sPark

WarrenStreet

Farringdon

Barbican

High StreetKensington

Green Park

BakerStreet

NottingHill Gate

Holland Park

Victoria

SloaneSquare

OxfordCircus

BondStreet

Westminster

PiccadillyCircus

CharingCross

Holborn

LeicesterSquare

London Bridge

Knightsbridge

SouthKensington

Marylebone

TottenhamCourt Road

Earl’sCourt

LiverpoolStreet

Bank

Paddington Euston

King’s CrossSt. Pancras

Edgware Road

Embankment

Waterloo

Crossrail (from 2018)

Queensway

GreatPortlandStreet

GoodgeStreet

Not to scale. For illustrative purposes onlyRed line is approximate and for illustrative purposes only

Portabello Market


The City Docklands SerpentineNotting Hill

Hyde ParkThe West EndWestbourne

Grove

2123

&


Description

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 for use as an open play area including a hard

surface area for tennis and other racket and ball sports.

The subject property is held freehold with the entire site

extending to 0.32 acres (0.13 hectares).

Planning 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.

Floor Plans Overall gross internal area of 1,101 sq m (11,846 sq ft)

23.1m

21.8m

22.2m

DAWSON PLACE

PEMBR

IDG

E PLAC

E

CRESCENT

CHEPSTOW

CHEPSTOW VILLAS

PEM

BRID

GE

VILL

AS

23

10

22

Hall

1 to

7

2

London

Spiritual Mission

16

41

14 to 34

21

27

1113

a

24

25

11

15

1

7

1a

30

1b

11

7

3

1

1c8

Surgery

Chepstow

17

Court

3

Lodg

e

16

1 to 12

12

9

18

Ashd

own

18a

14

14

13

19

Pembridge Studios

1 to 9

12

40

29

Shelter

Shelter

27a

0m 10m 20m 30m

0.32 Acres (0.13 Hectares) 13,941 sq ft.

21 and 23 Pembridge Villas

Ordnance Survey © Crown Copyright 2015. All rights reserved. Licence number 100022432. Plotted Scale - 1:1250

Reception Room14'3'' x 11'9''4.34 x 3.58m

Bedroom13'6'' x 10'9''4.11 x 3.28m

Bed/SittingRoom

17'3'' x 14'3''5.26 x 4.34m

LIFT

10'3'' x 5'9''3.12 x 1.75m

BoilerRoom

20'9'' x 7'9''6.32 x 2.36m

Classroom21'9'' x 17'6''6.63 x 5.33m

Classroom28'3'' x 15'

8.61 x 4.57m

Classroom14' x 13'6''

4.27 x 4.11m

Unableto

Access

11'3'' x 5'3.43 x 1.52m

Classroom16'3'' x 14'3''4.95 x 4.34m

Classroom16' x 14'3''

4.88 x 4.34m

Office10'9'' x 9'

3.28 x 2.74m

Office12'9'' x 7'3''

3.89 x 2.21m13'3'' x 8'6''

4.04 x 2.59mClassroom

14'6'' x 14'3''4.42 x 4.34m

Classroom21'6'' x 15'3''6.55 x 4.65m

Classroom22'3'' x 17'6''6.78 x 5.33m

18'6'' x 9'5.64 x 2.74m

11'6'' x 10'6''3.51 x 3.20m

Classroom14'3'' x 12'9''4.34 x 3.89m

Classroom20'6'' x 14'3''6.25 x 4.34m

10'9'' x 7'6''3.28 x 2.29m

Cloakroom14' x 8'

4.27 x 2.44m

Classroom21'6'' x 17'9''6.55 x 5.41m

Classroom28'9'' x 14'9''8.76 x 4.50m

Office14'9'' x 14'

4.50 x 4.27m

Bedroom16'3'' x 14'6''4.95 x 4.42m

ReceptionRoom

16'9'' x 14'6''5.11 x 4.42m

12' x 10'3''3.66 x 3.12m

ReceptionRoom

10' x 8'6''3.05 x 2.59m

Bedroom14'9'' x 13'

4.50 x 3.96m

Kitchen13'3'' x 8'6''

4.04 x 2.59m

Classroom14'6'' x 14'3''4.42 x 4.34m

Classroom21'6'' x 15'3''6.55 x 4.65m

Classroom17'6'' x 15'3''5.33 x 4.65m

17'6'' x 13'3''5.33 x 4.04m 13'9'' x 8'3''

4.19 x 2.51m

15'6'' x 14'3''4.72 x 4.34m

Ground Floor

Second Floor

Third Floor

Lower Ground Floor

First Floor

Second Floor Mezzanine

NOTE:- Reproduced from the Ordnance Survey Map with the permission of the Controller of H.M. Stationery Office. © Crown copyright licence number 100024244 Savills (UK) Ltd. NOTE:- Published for the purposes of identification only and although believed to be correct accuracy is not guaranteed.

Floorplans provided by BKR Floorplanners.


Year 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Projected YoY % RPI Growth

1.2 3.0 3.4 3.4 3.4 3.5 3.6 3.6 3.5 3.3

Annual rent for following year if forecast realised

£567,810 £584,844 £604,729 £625,289 £646,548 £669,177 £693,267 £718,224 £743,362 £767,892

Lease

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;

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.

Prime Central London Commentary

Typical classroom

Central London Forecasts

Capital Value: Prime Central London

2015 2016 2017 2018 2019 5 years

1% 8% 6.5% 5% 5% 25.5%

Rental Value: Prime London

2.5% 3.0% 3.5% 3.5 3.5 17.1%

Common Parts

Pembridge Villas, Notting Hill, London Prime Central London Residential Investment & Development Opportunity

Tenure The property is held Freehold.

VATWe understand that the property is not VAT elected.

Method of SaleFor 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 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:

www.savills.com/pembridgeandclanricarde

Contacts For further information please contact:

Davina Clowes [email protected]

+44 (0) 20 7016 3838

Andrew Boyd [email protected]

+44 (0) 20 7409 9993

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: 020 7499 8644 | June 2015

Rear gardens of the property

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