A FREEHOLD INVESTMENT / DEVELOPMENT OPPORTUNITY WITH A PLANNING CONSENT IN A PRIME AREA OF LONDON
The existing building comprises of nine residential apartments (2 x 1 bed, 4 x 2 bed, 3 x 4 bed) arranged over floors 1-4 extending to 868 sqm GIA (9,342 sqft) and three ground floor retail units (2,044 sqft GIA). The residential element is currently producing a gross rental income of £238,876 per annum. The building also benefits from 8 underground parking spaces and a lift that serves the ground to fourth floors.
Planning permission was granted in September 2020 for the change of use for the ground floor from 2 x Class A1 and 1 x Class A3 units to C3 residential, including an internal reconfiguration to the ground and first floor to create 2 additional residential dwellings. We have been advised the ERV for the consented scheme would be in the region of £364,000 per annum due to the building currently being under-let.
The conversion and reconfiguration of the building will comprise 11 flats (4 x 1 bed, 4 x 2 bed and 3 x 4 bed) and extends to 1,030 sqm (11,087 sqft) of net saleable area in total.
There is also a larger scheme currently in appeal for the erection of two additional storeys to provide 4 more residential units increasing the total number of private apartments to 14 (5 x 1 bed, 4 x 2 bed, 2 x 3 bed, 3 x 4 bed) extending to 1,311 sqm (13,369 sqft).
The building is situated approximately 1600 metres (1.0 miles) South of Battersea Power Underground Station, providing direct services to Waterloo (7 minutes), Leicester Square (11 minutes), and Euston (18 minutes).