30/31 LEINSTER SQUARE BAYSWATER LONDON W2 4NQ RARE OPPORTUNITY TO PURCHASE A BAYSWATER FREEHOLD FOR REFURBISHMENT / REDEVELOPMENT

Transcription

1 30/31 LEINSTER SQUARE BAYSWATER LONDON W2 4NQ RARE OPPORTUNITY TO PURCHASE A BAYSWATER FREEHOLD FOR REFURBISHMENT / REDEVELOPMENT

2 Summary Two adjoining Freehold terraced buildings London Borough of Westminster Affluent Bayswater location Views over Leinster Square To be offered with Full Vacant Possession Opportunity for refurbishment or redevelopment subject to the necessary consents Approximately sq m (10,418 sq ft) GIA (existing) First time on the market in almost 40 years Unusually large garden Seeking offers in excess of 8,300,000 ( 797 psf) subject to contract and exclusive of VAT 30/31 Leinster Square, Bayswater, London W2 4NQ

3 WES T C A R R I A GE DR IVE Location Bayswater is one of London s most desirable residential areas, with its close proximity to Kensington Gardens to the south, Westbourne Grove to the north and Portobello Road to the west, Leinster Square is perfectly placed to enjoy the vibrancy of Kensington, Notting Hill and the West End. The public transport links are excellent, with Bayswater underground station (Central & District) only five minutes walk away and Queensway and Notting Hill Gate underground stations (Central) both only seven minutes walk. The nearest mainline station being London Paddington (approx km / 0.7 miles) provides connectivity to the south west of the United Kingdom and London s busiest airport Heathrow (Heathrow Express journey time 15 minutes). In 2018 Paddington Station will be at the heart of Crossrail, which is set to deliver a new world class, high speed rail link across central London and beyond. The new station will provide direct access to Bond Street (3 minutes) and Canary Wharf (16 minutes). Situation The property is situated on the east side of Leinster Square directly opposite the private Leinster Square Gardens. It is situated within the Bayswater Conservation Area, equidistant between Princes Square and Westbourne Grove where nearby occupiers include Côte Brasserie, Starbucks, Caffè Nero, Carluccio s, Farrow & Ball, Sainsbury s. There are numerous other restaurants, bars and shops nearby including The Ledbury (Michelin star), Mazi (rated 5 star by Time Out magazine) and destination eateries including 202 Café and L Epicerie. In addition, Whiteleys shopping centre on Queensway is some 4 minutes walk from the property. H O L L A N D P A R K A V E B AY S W A T E R R O A D C A M P D P E M B R ID G E V I L L A S E N H I L L R O A D D AW S O N P L A C E M O S C O W R O A D Notting Hill Gate K E N S I N G T O N C H U R C H H O R N T O N S T R E E T K E N S I N G T O N H I ALLEN ST LEINSTER SQUARE W R I G H T S LN STR E E T I L C H E S T E R G D N S K E N S I N G T O N PA L A C E G A R D E N S G H S W High Street Kensington Kensington Q U E E N S WAY T E S T B O U R N E G R P O R C H E S T E R R O A D Bayswater S TA N F O R D R O A D G L O U C E S T E R T E R R A C E R E E T V I C T O R I A R O A D C L E V E L A N D Queensway Kensington Palace T E R R A C E G L O U C E S T E R R D E A S T B O U R N E T E R R A C E W E S T B O U R N E T E R R A C E Kensington Gardens Q U E E N S G AT E Paddington PRINCE CONSORT RD CHELSEA K E N S I N G T O N R O E X H I B I T I O N R D C R O M W E L L P R A E D S T R E E T S U S S E X G A R D E N S S O U T H W I C K P L A C E ENNISMORE GDNS R O A D A D E D G W A R E R O A D Hyde Park THE SERPENTINE S O U T H C A R R I A G E D R I V E WA LT O N S T O X F O R D S T R E E T O B R O M P T S E Y M O U R S T R E E T N R S L O A N E S T R E E T O P O R T M A N S T R E E T Marble Arch A D P A P O N T S T R E E T P A R K L A N E R K L A N E Hyde Park Corner Knightsbridge BELGRAVE SQ LYA L L S T Bond Street B R O O K S T R E E T G R O S V E N O R S T R E E T M O U N T S T R E E T G R D U K E S T R E E T Mayfair C U R Z O N S T R E E T O S V E N O E AT O N G ATE P I C C A D I L LY Buckingham Palace Gardens R P L A C N E Rare Bayswater Freehold Opportunity

4 Westbourne Grove Oxford Street Whiteleys Shopping Centre Mayfair Hyde Park Bayswater Knightsbridge Kensington Gardens Royal Albert Hall Notting Hill Gate Queensway Kensington Palace 30/31 Leinster Square, Bayswater, London W2 4NQ

5 Description The property comprises two separate buildings interconnected at each level to provide approximately sq m (10,418 sq ft) GIA. Both buildings are six storey stucco fronted Grade II Listed and arranged over lower ground, ground and four upper floors. The property has been used as a hostel (Sui Generis) since 1964 and there are 29 single rooms on the upper floors with communal bathroom and toilet facilities at each floor. The ground floor and lower ground comprise ancillary accommodation including a kitchen and dining room in the lower ground. The property benefits from views over and residents access to Leinster Square Gardens as well as benefiting from a landscaped and unusually large garden to the rear having a depth of some 63 feet. Accommodation The property has been measured by Measured Survey Solutions Ltd in accordance with the RICS Code of Measuring Practice (6th Edition) and provides the following GIA areas: 30 Leinster Square 31 Leinster Square Floor to Ceiling Height (m) Floor Sq M Sq Ft Sq M Sq Ft Lower Ground Floor Lower Ground (Vaults) Ground Floor First Floor Second Floor Third Floor Fourth Floor Sub Total , ,211 Combined (30 & 31) sq m 10,418 sq ft Rare Bayswater Freehold Opportunity

6 N Tenure Freehold. Tenancy View from 1st floor balcony The building is being offered with full vacant possession. Asset Management Opportunities The building has been owned by the vendor since 1976 and offers the potential for refurbishment or redevelopment. Originally built as terraced houses, the opportunity exists to restore the buildings to their original residential use and refurbish and extend (subject to consent). Other properties in the terrace have been extended to the rear. View from 1st floor balcony The property is in a predominantly residential area although there are numerous embassies, boutique hotels and serviced apartments nearby. 30/31 Leinster Square, Bayswater, London W2 4NQ

7 N Residential Market Commentary SHW SHW SHW SHW Central London has benefitted both nationally and internationally from its stability throughout the global economic and political turbulence of recent years. The London residential market has proved resilient and liquid amidst uncertainty. Consequently, it has received attention from investors looking for safe havens and also developers attempting to meet some of the demand from both UK and overseas investors and occupiers. Whether it s the appeal of the Portobello Road market in Notting Hill or the lure of Mayfair s shopping and luxury quarter, Leinster Square W2 is a very desirable residential location. Ground Floor Plan Planning L E I N S T E R S Q U A R E Third Floor Plan Built in the 1850s, the linked pair of buildings was originally constructed as two terraced houses; they are typical of much of the housing stock in the Bayswater area. The property is listed Grade II for its group value as part of the terrace from 27 to 34 (consec) Leinster Square. The planning use is sui generis (rough sleeper hostel). The property falls within the Bayswater Conservation Area and the Lancaster Gate Ward. Over recent years, the City Council has established a track record of encouraging new, high quality residential accommodation in the Bayswater area. It is also relevant to note that the Council has, on occasion, decided that the restoration of the original, residential use to this type of property, and the associated physical works, are of greater planning benefit than the preservation of hostel use, for which these buildings may not be ideally suited. A planning report has been prepared and is available at Rare Bayswater Freehold Opportunity

8 VAT VAT is not applicable to the sale. Website Further information and documentation is available at Viewings Should you wish to inspect the Property, contact sole agents, Ashwell Rogers. Proposal Offers are invited in excess of 8,300,0000 (Eight Million, Three Hundred Thousand Pounds), subject to contract and exclusive of VAT reflecting a low capital value of 797 per square foot. Contacts Tom Owtram Jimmy Bell tom@ashwellrogers.com jimmybell@ashwellrogers.com Disclaimer: Ashwell Rogers LLP gives notice to anyone who may read these particulars as follows: 1.These Particulars are prepared for the guidance only of prospective purchasers. They are intended to give a fair overall description of the property but are not intended to constitute part of an offer or contract. 2. Any information contained herein (whether in the text, plans or photographs) is given in good faith but should not be relied upon as being a statement or representation of fact. 3. Nothing in these particulars shall be deemed to be a statement that the property is in good condition or otherwise nor that any services or facilities are in good working order. 4. The photographs appearing in this brochure show only certain parts and aspects of the property at the time when the photographs were taken. Certain aspects may have changed since the photographs were taken and it should not be assumed that the property remains precisely as displayed in the photographs. Furthermore no assumptions should be made in respect of parts of the property which are not shown in the photographs. 5. Any areas, measurements or distances referred to herein are approximate only. 6. Where there is reference in these particulars to the fact that alterations have been carried out or that a particular use is made of any part of the property this is not intended to be a statement that any necessary planning, building regulations or other consents have been obtained and these matters must be verified by any intending purchaser. 7. Any guide prices quoted or discussed are exclusive of VAT. 8. No person in the employment of Ashwell Rogers LLP has any authority to make any representation or warranty whatsoever in relation to this property. 9. Descriptions of a property are inevitably subjective and the descriptions contained herein are used in good faith as an opinion and not by way of statement of fact. January 2015 Designed and produced by Creativeworld Tel: /31 Leinster Square, Bayswater, London W2 4NQ