Prime Central London Residential Investment pdf. Villas_ Central London Residential Investment Development Opportunity Pembridge Villas, Notting Hill, London Prime Central London Residential Investment Development Opportunity Pembridge Villas, Notting Hill, London
Post on 09-Mar-2018
Pembridge Villas, Notting Hill, London Prime Central London Residential Investment & Development Opportunity Prime Central London Residential Investment & Development OpportunityPembridge VillasNotting HillLondon 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 SummaryAn opportunity to own a significant freehold property in Prime Central London, benefiting from both existing income and future development potentialSummaryUnits 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 ftTotal Site Area 0.32 acres (0.13 hectares)Passing Rent (pa) 561,077Tenure Freehold THE THAMESHarveyNicholsNaturalHistoryMuseumRoyalAlbertHallV&AMuseumWestfieldLondonKensingtonPalaceOLD BOND STEDGWARE ROAD PARK LANE GROSVENOR PL VAUXHALL BRIDGE RD HOLLAND PARK AVE BAYSWATER RD BAYSWATER RD OXFORD ST OXFORD ST KENSINGTON CHU RCH ST LADBROKE GROVE KENSINGTON PARK RDWESTBOURNE PARK RD CHAPSTOW RDWESTBOURNE GROVE KENSINGTON HIGH STREET KENSINGTO N RD CROMWELL RD A4 BROMPTON RD WARWICK GRDN SREDCLIFFE GRDNS GLOUCESTER RD FULHAM RD A308 A3217 KINGS RDSLOANE ST CHELSEA BRIDGE RDCHELSEA EMBANKMENT GROSVENOR RD A3212 MILLBANK BEAUCH AMP PL PONT ST ECCLESTON ST BELGVE RD PICCADILLYVICTORIA STBUCKINGHAM GATEMARSHAM STALBERT EMBANKMENT LAMBETH PALACE RDVICTORIA EMBANKMENTPALL MALL WHITEHALLKINGSWAY CHARING CROSS RD REGENT STWIGMORE ST NEW BOND STBRUTON STSTND EXHIBITION RDBROOK STGROSVENOR STMOUNT ST WARWICK RD WAR WICK WAY HAMMERSMITH FLYOVER A315 HAMMERSMITH BRIDGE FULHA M PALACE ROAD GOLDHAWK ROAD A402UXBRIDGE ROAD A4020WOOD LANE A219 SHEPHERDS BUSH ROAD A219WESTWAY A40PORTOBELLO ROADKENSINGTON PALACE GARDENSHOLLANDPARKHYDEPARKKENSINGTONGARDENSGREENPARKBERKELEYSQUAREMAYFAIRST JAMESSCHELSEANOINGHILLBAYSWATERKENSINGTONWHITECITYSOHOCOVENTGARDENPICCADILLYCIRCUSOXFORDCIRCUSBONDSTREETMARBLEARCHLANCASTERGATEPADDINGTONQUEENSWAYNOINGHILL GATEHOLLANDPARKSHEPHERDSBUSHKENSINGTONOLYMPIAGOLDHAWKROADHAMMERSMITHLATIMERROADWHITECITYWOODLANESHEPHERDSBUSH MARKETHIGH STREETKENSINGTONEARLSCOURTWESTKENSINGTONWESTBROMPTONGLOUCESTERROAD SOUTHKENSINGTONKNIGHTSBRIDGESLOANESQUAREVICTORIAPIMLICOHYDEPARKCORNERGREENPARKST JAMESSPARKLEICESTERSQUARECHARINGCROSSEMBANKMENTTOENHAMCOURT ROADWESTMINSTERKNIGHTSBRIDGEST JAMESSPARKHarrodsOne Hyde Parke RitzSelfridgesThe LanesboroughBELGVIA2123&RegentsParkWarrenStreetFarringdonBarbicanHigh StreetKensingtonGreen ParkBakerStreetNottingHill GateHolland ParkVictoriaSloaneSquareOxfordCircusBondStreetWestminsterPiccadillyCircusCharingCrossHolbornLeicesterSquareLondon BridgeKnightsbridgeSouthKensingtonMaryleboneTottenhamCourt RoadEarlsCourtLiverpoolStreetBankPaddington EustonKings CrossSt. PancrasEdgware RoadEmbankmentWaterlooCrossrail (from 2018)QueenswayGreatPortlandStreetGoodgeStreetNot to scale. For illustrative purposes onlyRed line is approximate and for illustrative purposes onlyPortabello Market Pembridge Villas, Notting Hill, London Pembridge Villas, Notting Hill, London Prime Central London Residential Investment & Development Opportunity Prime Central London Residential Investment & Development Opportunity The City Docklands SerpentineNotting HillHyde ParkThe West EndWestbourne Grove2123& Pembridge Villas, Notting Hill, London Pembridge Villas, Notting Hill, London Prime Central London Residential Investment & Development Opportunity Prime Central London Residential Investment & Development Opportunity 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) 23.1m21.8m22.2mDAWSON PLACEPEMBRIDGE PLACECRESCENTCHEPSTOWCHEPSTOW VILLASPEMBRIDGE VILLAS231022Hall1 to 72LondonSpiritual Mission164114 to 3421271113a24251115171a301b117311c8SurgeryChepstow17Court3Lodge161 to 1212918Ashdown18a14141319Pembridge Studios1 to 9124029ShelterShelter27a0m 10m 20m 30m0.32 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 - 1:1250Reception Room14'3'' x 11'9''4.34 x 3.58mBedroom13'6'' x 10'9''4.11 x 3.28mBed/SittingRoom17'3'' x 14'3''5.26 x 4.34mLIFT10'3'' x 5'9''3.12 x 1.75mBoilerRoom20'9'' x 7'9''6.32 x 2.36mClassroom21'9'' x 17'6''6.63 x 5.33mClassroom28'3'' x 15'8.61 x 4.57mClassroom14' x 13'6''4.27 x 4.11mUnabletoAccess11'3'' x 5'3.43 x 1.52mClassroom16'3'' x 14'3''4.95 x 4.34mClassroom16' x 14'3''4.88 x 4.34mOffice10'9'' x 9'3.28 x 2.74mOffice12'9'' x 7'3''3.89 x 2.21m13'3'' x 8'6''4.04 x 2.59mClassroom14'6'' x 14'3''4.42 x 4.34mClassroom21'6'' x 15'3''6.55 x 4.65mClassroom22'3'' x 17'6''6.78 x 5.33m18'6'' x 9'5.64 x 2.74m11'6'' x 10'6''3.51 x 3.20mClassroom14'3'' x 12'9''4.34 x 3.89mClassroom20'6'' x 14'3''6.25 x 4.34m10'9'' x 7'6''3.28 x 2.29mCloakroom14' x 8'4.27 x 2.44mClassroom21'6'' x 17'9''6.55 x 5.41mClassroom28'9'' x 14'9''8.76 x 4.50mOffice14'9'' x 14'4.50 x 4.27mBedroom16'3'' x 14'6''4.95 x 4.42mReceptionRoom16'9'' x 14'6''5.11 x 4.42m12' x 10'3''3.66 x 3.12mReceptionRoom10' x 8'6''3.05 x 2.59mBedroom14'9'' x 13'4.50 x 3.96mKitchen13'3'' x 8'6''4.04 x 2.59mClassroom14'6'' x 14'3''4.42 x 4.34mClassroom21'6'' x 15'3''6.55 x 4.65mClassroom17'6'' x 15'3''5.33 x 4.65m17'6'' x 13'3''5.33 x 4.04m 13'9'' x 8'3''4.19 x 2.51m15'6'' x 14'3''4.72 x 4.34mGround 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. Pembridge Villas, Notting Hill, London Pembridge Villas, Notting Hill, London Prime Central London Residential Investment & Development Opportunity Prime Central London Residential Investment & Development Opportunity Year 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024Projected YoY % RPI Growth 1.2 3.0 3.4 3.4 3.4 3.5 3.6 3.6 3.5 3.3Annual rent for following year if forecast realised 567,810 584,844 604,729 625,289 646,548 669,177 693,267 718,224 743,362 767,892Lease 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. Londons 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 CommentaryTypical classroom Central London Forecasts Capital Value: Prime Central London2015 2016 2017 2018 2019 5 years1% 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/pembridgeandclanricardeContacts For further information please contact:Davina Clowes email@example.com +44 (0) 20 7016 3838 Andrew Boyd firstname.lastname@example.org +44 (0) 20 7409 9993Important NoticeSavills, 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 2015Rear gardens of the property
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