3 SPRING STREET LONDON W2 3RA Freehold Commercial & Residential Investment - For Sale THE OPPORTUNITY: £4,950,000
❖ FULLY REFURBISHED IN 2018 ❖ GROSS INTERNAL AREA: 5,213 SQ.FT. ❖ FREEHOLD INVESTMENT OPPORTUNITY ❖ COMMERCIAL AND C3 RESIDENTIAL ACCOMMODATION ❖ 0.1 MILES FROM PADDINGTON STATION ❖ SIX FLOORS ❖ COMMERCIAL ON GROUND AND LOWER FLOORS ❖ RESIDENTIAL: 4 X 1 BEDS, 1 X 2 BED & 1 X 3 BED ❖ RESIDENTIAL: FULLY LET ON ASTS AT £168,000 PER ANNUM ❖ COMMERCIAL: £40,000 PER ANNUM, UNTIL SEPT 2034 ❖ COMBINED INCOME: £208,000 PER ANNUM ❖ YIELD: 4.2% (GROSS) ❖ PRIME PADDINGTON LOCATION ❖ IMMINENT ARRIVAL OF CROSSRAIL ❖ MUTUAL BREAK AT 5TH & 10TH ANNIVERSARY SUBJECT TO 6 MONTHS WRITTEN NOTICE THE AREA
3 SPRING STREET IS A UNIQUE AND QUINTESSENTIALLY BRITISH INVESTMENT OPPORTUNITY, REPRESENTING THE BEST OF THE LATE REGENCY AND EARLY VICTORIAN PERIODS AS A RESULT OF BOTH ITS ARCHITECTURE AND NUMEROUS PERIOD FEATURES, WHICH LEAD TO IT BEING LISTED AS BEING OF ARCHITECTURAL OR HISTORIC IMPORTANCE GRADE II.
THE RESIDENTIAL ELEMENT OF 3 SPRING STREET IS ENTERED VIA ITS OWN ENTRANCE ON CONDUIT MEWS AND THE FLATS LOOK OUT TO THE REAR OVER ITS ATTRACTIVE COBBLED STREET AND QUAINT MULTI-COLOURED HOUSES.
THE PROPERTY WAS SUBJECTED TO A COMPLETE REFURBISHMENT AND STRUCTURAL UPGRADE IN 2018, DELIVERING THE EXISTING 6 UNITS, WHILST ALSO OPTIMISING THE UTILITY AND SPACE OFFERED BY THE COMMERCIAL AREA ON THE GROUND AND LOWER GROUND FLOOR. AS A RESULT, THERE IS NO REQUIREMENT FOR FURTHER CAPITAL EXPENDITURE IN THE NEAR- TO MID- TERM.
THE 6 FLATS REPRESENT AN IDEAL RENTAL INVESTMENT MIX FOR THE AREA WITH 4 X 1 BED UNITS, 1 X 2 BED UNIT AND 1X 3 BED UNIT, OPTIMISING APPEAL FOR THE CORPORATE RENTAL MARKET. THE CLOSE PROXIMITY OF PADDINGTON STATION (0.1 MILES) INCREASES THE ATTRACTION FOR TENANTS WHO TRAVEL FREQUENTLY, OR PUT GREAT IMPORTANCE ON ACCESS TO THEIR PLACE OF WORK. PADDINGTON HOSTS THE HEATHROW EXPRESS, NATIONAL RAIL, CIRCLE, DISTRICT, BAKERLOO, HAMMERSMITH AND CITY LINES. THE IMMINENT ARRIVAL OF CROSSRAIL WILL SEE JOURNEY TIMES TO CANARY WHARF CUT TO JUST 17 MINUTES.
THE W2 POSTCODE WHERE 3 SPRING STREET IS FOUND IS FREQUENTLY PICKED BY TOP INDUSTRY EXPERTS AS THE AREA OF PRIME CENTRAL LONDON WITH THE GREATEST VALUE UPSIDE DUE TO ITS BEAUTIFUL ARCHITECTURE, EXCELLENT TRANSPORT LINKS, PROXIMITY TO HYDE PARK AND ITS PRICE-POINT RELATIVE TO ITS NEIGHBOURING AREAS. THE MULTI-BILLION POUND INVESTMENT BEING POURED INTO QUEENSWAY AND THE SURROUNDING STREETS IS SET TO CREATE A NEW SHOPPING, CULTURAL AND CULINARY DESTINATION.
WITH THE A1 COMMERCIAL E USE ELEMENT ON THE GROUND AND LOWER GROUND FLOORS, THE BUILDING QUALIFIES FOR NON-RESIDENTIAL RATES OF STAMP DUTY (MAX. 5%), SAVING A PURCHASER UP TO £500,000 VERSUS INDIVIDUAL UNIT ACQUISITIONS. RESIDENTIAL UNITS FLOOR PLAN
FLOOR FLAT SQ. FT. GRND & LWR COMMERCIAL 1,243 1ST FLAT 1 402 1ST FLAT 2 363 2ND FLAT 3 817 3RD FLAT 4 380 3RD FLAT 5 406 4TH FLAT 6 763 COMMUNAL 839 TOTAL 5,213 GIA
Note: These floor areas have been supplied by the vendor and interested parties are encouraged to verify this information as part of their due diligence. GOING ON NEARBY
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A. PORTOBELLO ROAD K. MARYLEBONE B. KENSINGTON PALACE GARDENS L. MARBLE ARCH C. WESTBOURNE GROVE M. OXFORD STREET D. WHITELEYS N. MAYFAIR E. KENSINGTON PALACE O. MARYLEBONE HIGH STREET F. KENSINGTON GARDENS P. BOND STREET G. PADDINGTON STATION Q. REGENT STREET H. SERPENTINE GALLERY R. JERMYN STREET I. CONNAUGHT VILLAGE S. SOHO J. HYDE PARK T. CHINA TOWN SURROUNDING AREA
KENSINGTON GARDENS
3 SPRING STREET IS LOCATED IN THE HEART OF PADDINGTON, JUST MOMENTS FROM BOTH THE STATION AND THE TRANQUILLITY OF HYDE PARK. LONDON REMAINS A GLOBAL CAPITAL OF CULTURE, WITH WORLD CLASS VENUES SUCH AS THE ROYAL ALBERT HALL AND THE SERPENTINE GALLERY WITHIN EASY WALKING DISTANCE.
SERPENTINE GALLERY
ROYAL ALBERT HALL SURROUNDING AREA
RECENT LUXURY DEVELOPMENTS INCLUDING THE LANCASTERS AND THE HEMPEL THE LANCASTERS COLLECTION HAVE SET A NEW BENCHMARK IN PRICING FOR HIGH-END RESIDENTIAL FOR THE AREA, BUT PRICES REMAIN CONSIDERABLY BELOW THOSE SEEN SOUTH OF HYDE PARK, SUGGESTING SIGNIFICANT UPSIDE POTENTIAL.
THE HEMPEL COLLECTION
WHITELEYS
WHITELEYS SURROUNDING AREA
ENJOY THE BOUTIQUE SHOPPING OF BOND STREET, PORTOBELLO ROAD, WESTBOURNE GROVE AND OXFORD STREET PORTOBELLO ROAD WESTBOURNE GROVE
OXFORD STREET
BOND STREET SURROUNDING AREA
ENJOY LONDON’S BEST RESTAURANTS AND BARS ON YOUR DOORSTEP.
PERGOLA ON THE ROOF PADDINGTON THE LEDBURY LCP HOUSE OGLE STREET LONDON W1W 6HU
Damien Field David CaldeiraTELEPHONEAdam Stackhouse Orlando Macdonald-Buchanan [email protected] [email protected] [email protected] [email protected] +44(0)207 723 1733 020 7637 0821 020 7355 0285 EMAIL [email protected]
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