GLEN HOUSE 1 2 5 - 1 3 2 O L D B R O M P TO N R O A D
L O N DO N S W 7
PRIME KENSINGTON DEVELOPMENT OPPORTUNITY ANCHORED BY A FERRARI SHOWROOM
Prime South Kensington location in the heart of RBKC
Situated on Old Brompton Road less than half a mile from South Kensington Underground Station and just one mile from Knightsbridge
Freehold
Glen House comprises a partially demolished prominent corner building, providing a car showroom and offices over lower ground and ground floors.
Planning consent has been implemented to provide 5 new luxury private residential apartments and two new floors of offices above the existing Ferrari showroom
Potential for change of use of the entire development for Grade A offices / luxury residential / a boutique hotel or serviced apartments above the existing showroom (STPP)
Possibility to reconfigure the existing consented residential unit mix (STPP)
Showroom is let to H.R. Owen trading as ‘Ferrari’ off a low rent of £343,595 p.a. (£60.00 psf) with an ERV of £460,000 p.a. (£80.00 psf)
Further 2,350 sq ft (218 sqm) of vacant offices at lower ground
Total existing ERV of £554,000 p.a.
Offers in excess of £22,000,000 for either the freehold asset or for 100% of the issued share capital in the UK registered SPV
Two mews houses to the rear are available by separate negotiation
INVESTMENT SUMMARY
CGI of consented scheme
GLEN HOUSE 2
A RARE ROYAL BOROUGH OF KENSINGTON AND CHELSEA NEW BUILD DEVELOPMENT OPPORTUNITY
GLEN HOUSETHE BOLTONSHYDE PARK NATURAL
HISTORY MUSEUM
V&A MUSEUM SLOANE
SQUARE
KING’S ROADSOUTH KENSINGTON
HARRODSROYAL ALBERT HALL
LOCATION SURROUNDED BY SOME OF THE MOST INSTANTLY RECOGNISABLE BUILDINGS
AND RESIDENTIAL STREETS IN LONDON, KENSINGTON IS ONE OF THE MOST ATTRACTIVE PLACES TO LIVE AND
WORK IN THE CAPITAL.
Situated on the south side of Old Brompton Road in the heart of South Kensington.
Located just 1 mile from the world famous luxury enclaves of Knightsbridge and Belgravia in the affluent Royal Borough of Kensington and Chelsea (RBKC). Kensington is renowned as a premier address, home to wealthy professionals and families. There is an abundance of high end retail and leisure occupiers accompanying numerous world class tourist destinations including The Science Museum, The Royal Albert Hall and The Victoria
& Albert Museum. The sprawling greenery of Hyde Park and premier retailing of High Street Kensington is located just a mile to the north.
GLEN HOUSE 4
GLEN HOUSE
Located just 1 mile to the north east, Knightsbridge lies adjacent to Mayfair and Belgravia and is undoubtedly one of the world’s most exclusive and renowned addresses. The area is characterized by an alluring mix of the world’s most revered retail brands, luxury residences, Michelin starred restaurants and London’s finest hotels.
Anchored by two iconic department stores, Harrods and Harvey Nichols, the area boasts a luxury retail tenant profile including Hermes, Gucci, Dolce & Gabbana, Louis Vuitton, Salvatore Ferragamo, Chanel, Armani and Prada.
Knightsbridge comprises an impressive hotel and restaurant line up with some of London’s most recognisable venues including The Lanesborough, The Wellesley, The Berkeley and One Hyde Park.
KNIGHTSBRIDGE
KNIGHTSBRIDGE IS ONE OF THE WORLD’S MOST EXCLUSIVE AND RENOWNED ADDRESSES
Excellent transport links with both South Kensington and Gloucester Road Underground Stations (Circle, District, Piccadilly lines) within 0.4 miles.
CONNECTIVITY
SLOANE SQUARE
LONDONVICTORIA
HYDE PARKCORNER
GLOUCESTERROAD
HIGH STREETKENSINGTON
EARL’SCOURT
BATTERSEA PARK
FULHAMBROADWAY
OLD BROMPTON ROAD
KNIGHTSBRIDGE
SOUTHKENSINGTON
HYDE PARK
ONE HYDE PARK
ROYAL ALBERT HALL
V&A MUSEUM
SAATCHIGALLERY
KENSINGTON
CHELSEA
BELGRAVIA
KNIGHTSBRIDGE
GLEN HOUSE
10
11
12
13
12
56
78
1
92
4
3
1
3
2
4
5
68
7
7
1
3
8
2
6
5
4
910
11
GLEN HOUSE
Gloucester Road
Travel Time (Mins)
South Kensington
Piccadilly Circus 8
Earl’s Court 2
Wimbledon 22
Acton Town 16
Paddington 10
Victoria 6
Cannon Street 17
Liverpool Street 24
King’s CrossSt. Pancras
International17
Heathrow 42
RESTAURANTS1) The Ivy King’s Road2) Kiru3) Restaurant Gordon
Ramsey4) Scalini5) Daphne’s6) Bibendum7) Bluebird8) Tom’s Kitchen9) Zuma10) Buddha Bar11) Dinner by Heston
Blumenthal
RETAIL1) Club Monaco2) Giorgio Armani3) Brora4) Paule Ka5) Lamborghini6) Maserati7) Amanda Wakeley8) Chanel 9) Tiffany & Co 10) Hermes11) Gucci12) Louis Vuitton13) Burberry
HOTELS1) The Kensington2) 11 Cadogan Gardens
Hotel3) Blakes Hotel4) The Lanesborough5) The Park Tower6) The Berkeley7) Mandarin Oriental8) Bulgari
GLEN HOUSE 6
SOUTH KENSINGTON TUBE UNDERGROUND REDEVELOPMENT
TFL are currently underway searching for a long term joint venture partner for a large scale redevelopment and regeneration of South Kensington Underground Station and the immediate surrounding buildings. When complete it is anticipated that the scheme will bring increased access, footfall and connectivity as well multiple new homes and commercial space to complement the existing provision.
The proposed station upgrade includes:
A new dedicated platform for eastbound District and Circle line services.
A reconfigured, updated and larger ticket hall.
A canopy over the new platform designed to complement the historic retaining wall.
A bridge between the District line platforms to provide an interchange from the Piccadilly line.
Step-free access from street to train on all platforms and multiple step-free access entrances from street level.
The main elements of development around the station will include:
Restoration of the historic shop fronts along Thurloe Street and station arcade.
Restoration of the bullnose (the curved front of the station) and addition of a first floor to provide commercial space.
Opening up and making use of currently redundant areas to allow development along Pelham Street.
Appropriate development along Pelham Street with new homes and commercial space, restoring the active frontages to this side of the street.
Refurbishment of 20-34 Thurloe Street, including a new station entrance with step-free access to the ticket hall.
The development is anticipated to commence in 2018/2019.
Existing Station / Around Station building massing
Proposed Front Elevation - Thurloe Street
LOCAL DEVELOPMENTS
GLEN HOUSE 7
PELHAM STREET
ONSLOW SQUARE
THURLOE SQ
PELHAM STREET
HARRINGTON Rd
THURLOE PLACE
THURLOE SQUARE GARDEN
THURLOE STREET
THURLOE STREET
EXHIBITION Rd
Bullnose &Arcade
Thurloe St
Platform
Ticket Hall
Oxblood
SOUTH KENSINGTON AND THE UNDERGROUND STATION WILL UNDERGO A MAJOR REDEVELOPMENT IMPROVING PUBLIC REALM, ACCESSIBILITY AND NEARBY AMENITIES
1 60 SLOANE AVENUE, SW3
Planning has been granted for the demolition behind part retained facades and redevelopment of the site to provide a David Chipperfield designed 7 storey mixed-use development comprising 49 luxury residential apartments, off street parking, high end retail and leisure accommodation.
Planning consent granted.
2 ODEON CINEMA & FORMER POST OFFICE, KENSINGTON HIGH STREET, W8
Multiple planning permissions granted for a large redevelopment to provide 43 luxury private residential units, two cinemas, three retail units, a standalone office building and 20 affordable housing units.
Awaiting commencement.
3 LANCER SQUARE, KENSINGTON CHURCH STREET, W8
Redevelopment of the former Kensington Palace Barracks to provide a large mixed use residential led luxury scheme comprising apartments, office, retail and restaurants.
Under Construction.
5 CHELSEA CLEARINGS
The clearings is a proposed new build, residential led scheme of approximately 78 luxury apartments including a retail element on the ground floor. The landmark development will also include bespoke leisure facilities, concierge and residents business suite.
Planning consent granted.
4 CHELSEA BARRACKS
The demolition of the existing buildings at Chelsea Barracks for the mixed use redevelopment comprising 552 luxury residential houses (including 276 units of affordable housing), a hotel, sports centre, a community hall and a retail / restaurant offering.
Awaiting planning decision.
6 THE DESIGN MUSEUM, 224-238 KENSINGTON HIGH STREET, W8
New 100,000 sq ft state of the art museum for contemporary design and architecture which will help promote the area as a creative hub.
Completed in Q4, 2016.
SLOANE SQUARE
LONDONVICTORIA
HYDE PARKCORNER
GLOUCESTERROAD
HIGH STREETKENSINGTON
EARL’SCOURT
BATTERSEA PARK
FULHAMBROADWAY
KNIGHTSBRIDGE
SOUTHKENSINGTON
OLD BROMPTON ROAD
GLEN HOUSE
5
6
1
2
4
3
GLEN HOUSE 8
Glen House was originally built as a mixed-use office and car showroom building arranged over lower ground, ground and four upper floors. The existing building has now been demolished above ground floor level leaving just a car showroom and office premises over lower ground and ground which are fitted out and trading as Ferrari.
2 car parking spaces are afforded to the rear of Glen House.
DESCRIPTION GLEN HOUSE OCCUPIES AN IMPOSING CORNER SITE
Freehold.Two car parking spaces (marked orange) are held by the vendor on 999 year leases from 1st October 1987 at a peppercorn rent.
One car parking space (marked blue) is sold off on a 999 year lease from 1st October 1987 at a peppercorn rent.
TENURE
TC
Bs
TC
Bs
EA
GLE
PLA
CE
RO
LAN
D G
AR
DE
NS
CR
AN
LEY
ME
WSR
OLA
ND
WA
Y
OLD BROMPTON ROAD
Glen House
3 1
125 to 133
Not to scale. For identification purposes only. This plan is based upon the Ordnance Survey Map with the sanction of the controller of H.M. Stationery Office. Crown Copyright reserved
ACCOMMODATION
TENANCY
Glen House, 125-132 Old Brompton Road
FLOOR USE NIA GIA
Sq m Sq ft Sq m Sq ft
Ground Showroom 442 4,323 445 4,785
Lower Ground Showroom 375 3,396 391 4,213
Office 218 2,350 245 2,640
TOTAL 1,035 10,069 1,081 11,638
TENANT FLOOR USE AREA (SQ FT)
LEASE TERM
RENT REVIEW
RENT PA (£PSF)
ERV PA (£PSF)
COMMENTS
H.R. Owen Dealerships Limited t/a Ferarri
Pt Lower Ground & Ground
A1/A2 (Car Showroom)
7,719* 14/08/10 -13/08/25
14/08/20 £343,595(£44.51)
£460,000(£80.00 on best)
Nil rent being paid until practical completion of the development.Inside 1954 LTA.
Vacant Pt Lower Ground
Office 2,350 - - - £94,000(£40.00)
TOTAL 10,069 £554,000
*Agreed rent review areas.
GLEN HOUSE 9GLEN HOUSE
CONSENTED SCHEME
Planning consent was granted in 2013 for ‘Partial demolition and redevelopment to provide a mixed-use scheme comprising B1 offices on part lower ground, part ground, 1st and 2nd floors and 5 new residential apartments (2x1 bed, 1x2 bed and 2x3 bed) on the 3rd to 5th floors. Provision of an additional storey and expansion of the existing building envelope at 1st - 4th floors with retention of existing car showroom at ground floor level.’
Glen House has been partially demolished implementing the above planning consent.
The consented scheme provides the following areas:
Glen House, 125-132 Old Brompton Road
FLOOR USE NIA GIA
Sq m Sq ft Sq m Sq ft
5th Residential 219 2,357 224 2,407
4th Residential 407 4,380 432 4,654
3rd Residential 805 4,626 462 4,972
RESIDENTIAL SUB TOTAL 1,431 11,363 1,118 12,033
2nd Office 385 4,149 451 4,859
1st Office 383 4,118 448 4,822
Lower Ground Office 218 2,350 245 2,640
OFFICE SUB TOTAL 986 10,617 1,144 12,321
Ground Showroom 442 4,323 445 4,785
Lower Ground Showroom 375 3,396 391 4,213
CAR SHOWROOM SUB TOTAL 817 7,719 836 8,998
TOTAL 3,234 29,699 3,098 33,352
Glen House Apartment Breakdown
FLOOR UNIT NUMBER BEDROOMS AREA
Sq m Sq ft
5th Apartment 1 3 219 2,357
4th Apartment 2 1 60 646
4th Apartment 3 3 347 3,734
3rd Apartment 4 1 55 593
3rd Apartment 5 3 375 4,033
TOTAL 11 1,056 11,363
1234789 6 345 2
SHOWROOM AND ANCILLARY
PRINCIPALRESIDENTIALENTRANCE
DIS WC
WC
LOBBY
78
DIS WC
WC
WC
GROUND FLOOR
FIRST FLOOR
Not to scale.For identification purposes only.
GLEN HOUSE 10
141311
KITCHEN
MASTER DRESSING
BEDROOM 3
STUDY
MASTERBATH
1 BED APARTMENT
WC
COATS
PLANT
BAR
BEDROOM 2
DINING / LIVING
BEDROOM
BATH 2
DINING RECEPTION
FAMILY
BATH 3
MASTER BEDROOM
HALL TO 3 BED APARTMENT
BALCONY
TERRACE
HALL
12345
7
6
8
9
10 1512 16
123
14
15
13
12
11
5910
1918 201716
4
WC
DIS WC
LOBBY
WC
HALL
SERVICEKITCHEN
KITCHENDININGFAMILYMASTER BED
MASTERBATH
BEDROOM 2
BATH 2
WC
MASTER DRESSING
KITCHEN
MASTER BEDROOM
MASTER DRESSING
BEDROOM 3
DINING RECEPTION
HALL TO 3 BED APARTMENT
STUDY
FAMILY
MASTERBATH
1 BED APARTMENT
WC
COATS
PLANT
BAR
BEDROOM 2
DINING / LIVING
BEDROOM
BATH 2
BATH 3
BALCONY
TERRACE
HALL
2
1
3
456
16
17
15
14
13
101112
1918 20
FOURTH FLOORSECOND FLOOR
FIFTH FLOORTHIRD FLOOR
Not to scale.For identification purposes only.
GLEN HOUSE 1 1
GLEN HOUSE 12
A PRIME KENSINGTON DEVELOPMENT OPPORTUNITY ANCHORED BY
A FERRARI SHOWROOM
ALTERNATIVE SCHEMES
Potential to create several alternative development options which could incorporate a variety of different uses and layouts (STPP) including:
5TH FLOOR PENTHOUSE EXTENSION:
Potential exists (STPP) to extend and enlarge the consented 5th floor penthouse.
An enlarged scheme has been drawn up by the vendor (detailed below and opposite) which would provide an additional 877 sq ft of net saleable area. A full pre-application on this basis was conducted with RBKC in August 2016. The feedback was extremely positive with the council specifically noting that the ‘proposed design of the fifth floor extension is acceptable’ and that ‘the sunlight and daylight assessment demonstrates an acceptable impact on surrounding neighbours.’
Further information is available upon request.
Reconfigure existing planning consent to provide a number of smaller apartments within existing massing
Change of use of consented offices over 1st and 2nd floors to luxury residential
Potential change of use to provide a Grade A HQ office building above existing showroom premises
Boutique hotel above existing showroom premises
Serviced apartments above existing showroom premises
Potential to extend and enlarge the current 5th floor penthouse and add a 6th floor
GLEN HOUSE 13
20
MASTERBEDROOM
MASTER DRESSING
GUESTBEDROOM
GUESTBATHROOM
MASTERBATHROOM
GUESTBEDROOM 2
GUESTBATHROOM 2
RECEPTION DINING
KITCHEN
UTILITY
WC
HALL
LOBBY
1918171615
14
13
12
11
10
09 08 07 06 05 04
TERRACE
TERRACE
HALL
SERVICEKITCHEN
KITCHENDININGFAMILYMASTER BED
MASTERBATH
BEDROOM 2
BATH 2
WC
MASTER DRESSING
POTENTIAL FIFTH FLOOR
CONSENTED SCHEME FIFTH FLOOR
FLOOR GEA GIA NSA
Sq m Sq ft Sq m Sq ft Sq m Sq ft
Consented 5th floor 247 2,660 224 2,407 219 2,357
Proposed extended 5th floor 324 3,486 307 3,308 300 3,234
POTENTIAL UPLIFT 77 826 83 901 81 877
DATAROOM
Further information can be found on a dedicated dataroom. Details available on request.
VAT
VAT elected - it is proposed the transaction will be structured as a TOGC (Transfer of Going Concern).
PROPOSAL
Offers in excess of £22,000,000 for either the freehold asset or for 100% of the issued share capital in the UK registered SPV. Two mews houses to the rear are available by separate negotiation.
COURT ORDER
A Court Order between the vendor and H.R Owen is in effect and details noise and vibration limits that must be adhered to by the developer during any works (demolition and construction) as well as positive and negative obligations on the developer as to the means by which the building is re-developed.
No rent is payable by H.R Owen from the date of the Court Order until all scaffolding has been removed from the building.
Further information can be provided on request.
PRE-EMPTION RIGHTS/OVERAGE
Planning overage provisions and a number of pre-emption rights in favour of a third party are noted on the title. They are contained in the Transfers dated 21 March 2014 that can be viewed in the dataroom.
Further details can be provided upon request.
FURTHER INFORMATION
CONTACT
Mark Shipman+44 (0)20 7529 [email protected]
Harry Cox+44 (0)20 7529 5703 [email protected]
Scott Lister+44 (0)20 7529 [email protected]
Peter Ng+65 6733 3212 [email protected]
If you have any questions please feel free to call us on the contact numbers below:
MISREPRESENTATIONS ACT 1967 & DECLARATION:
Michael Elliott LLP for themselves and for the vendors of this property whose agents they are given notice that: a) the particulars are set out as general outline only for the guidance of intending purchasers and do not constitute, nor constitute part of, an offer or contract; b) all descriptions, dimensions, references to condition and necessary permissions for use and occupation and other details are given in good faith and are believed to be correct, but any intending purchaser should not rely on them as statements or representations of fact but should satisfy themselves by inspection or otherwise as to the correctness of each of them; c) no person in the employment of Michael Elliott LLP has any authority to make or give any representations or warranty whatever in relation to this property. October 2017 (Q3862)
GLEN HOUSE 12