Freehold Office Investment/Residential Development Opportunity
Highly affluent West End of London location
Suitable for owner occupation or Residential Redevelopment (subject to consents)
Approximate Total Gross Internal Area 530.74 sq m (5,713 sq ft)
Six Week Completion
Lot 8
Auction 23rd May 2013
Rent £27,500 per Annum Exclusive
Status Sold Post
Price
Sector Office
Auction Venue The Dorchester Hotel Park Lane Entrance Mayfair London W1K 1QA
Property Information
Location
Miles
880 metres from Hyde Park
900 metres from Marble Arch
1,000 metres from Regents Park
Roads
Edgware Road (A5), Marylebone Road (A501)
Rail
Edgware Road Underground Station (Bakerloo Line, Circle Line, District Line, Hammersmith & City Line), London Paddington Railway Station, Marylebone Railway Station
Air
London City Airport, London Heathrow Airport
Situation
The highly affluent and fashionable West End suburb of Bayswater is one of Central London’s most prestigious and desirable residential areas located approximately equidistant from Hyde Park and Regents Park, west of Marylebone and north-east of Kensington and Notting Hill. The property is situated in a prominent position on the north side of Star Street.
Tenure
Freehold.
Location
Miles
880 metres from Hyde Park
900 metres from Marble Arch
1,000 metres from Regents Park
Roads
Edgware Road (A5), Marylebone Road (A501)
Rail
Edgware Road Underground Station (Bakerloo Line, Circle Line, District Line, Hammersmith & City Line), London Paddington Railway Station, Marylebone Railway Station
Air
London City Airport, London Heathrow Airport
Situation
The highly affluent and fashionable West End suburb of Bayswater is one of Central London’s most prestigious and desirable residential areas located approximately equidistant from Hyde Park and Regents Park, west of Marylebone and north-east of Kensington and Notting Hill. The property is situated in a prominent position on the north side of Star Street.
Tenure
Freehold.
Description
The property is an attractive 4 storey former post office building comprising office accommodation on the lower ground floor, ground and first floor with residential accommodation on the second and third floors.
Planning
The Seller has submitted a planning application for a change of use of the basement, ground and first floor from office use to residential use to provide a 2 bedroom duplex (142 sq m/1,528 sq ft), a 1 bedroom duplex (92 sq m/990 sq ft) and a 2 bedroom flat (61 sq m/656 sq ft). The Seller has commissioned a design of a reconfiguration of the entire property together with an additional fourth floor to provide residential accommodation as detailed below.
A copy of the planning application and the redevelopment design is available in the legal pack.
VAT
VAT is not applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property is an attractive 4 storey former post office building comprising office accommodation on the lower ground floor, ground and first floor with residential accommodation on the second and third floors.
Planning
The Seller has submitted a planning application for a change of use of the basement, ground and first floor from office use to residential use to provide a 2 bedroom duplex (142 sq m/1,528 sq ft), a 1 bedroom duplex (92 sq m/990 sq ft) and a 2 bedroom flat (61 sq m/656 sq ft). The Seller has commissioned a design of a reconfiguration of the entire property together with an additional fourth floor to provide residential accommodation as detailed below.
A copy of the planning application and the redevelopment design is available in the legal pack.
VAT
VAT is not applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
PROPOSED ACCOMMODATION
Floor
Accommodation
Floor Areas (Approx)
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reversion
Lower Ground & Ground
3 Bedroom/3 Bathroom, Living Room
168.50 sq m
(1,813 sq ft)
Ground & Mezzanine
1 Bedroom/1 Bathroom, Living Room
87.00 sq m
(936 sq ft)
First
2 Bedroom/2 Bathroom, Living Room
108.00 sq m
(1,163 sq ft)
Second
2 Bedroom/2 Bathroom, Living Room
99.50 sq m
(1,071 sq ft)
Third/Fourth
3 Bedroom/3 Bathroom, Living Room
124.50 sq m
(1,340 sq ft)
Totals
587.50 sq m
(6,323 sq ft)
Lower Ground
Office
103.58 sq m
(1,115 sq ft)
VISA SERVICES LIMITED
Until 11/07/2014 (1)
£27,500
11/07/2014
Ground Mezzanine First
Office Office
110.83 sq m 18.12 sq m 116.40 sq m
(1,193 sq ft) (195 sq ft) (1,253 sq ft)
VACANT POSSESSION
Second Third
Residential Residential
98.66 sq m 83.15 sq m
(1,062 sq ft) (895 sq ft)
VACANT POSSESSION
Totals
530.74 sq m
(5,713 sq ft)
£27,500
(1) The lease is outside the security of tenure provision of the Landlord and Tenant Act 1954.
