Freehold Office Investment/Residential Development Opportunity
Freehold Office Investment/Residential Development Opportunity
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.
Freehold.
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.
Freehold.
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 is not applicable to this lot.
The EPC will be available to view online in the solicitor’s legal pack.
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 is not applicable to this lot.
The EPC will be available to view online in the solicitor’s legal pack.
| 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.
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