EXECUTIVE SUMMARY
• Palace Court is a distinctive Queen Anne style terraced street which leads north from Bayswater Road and the adjacent Kensington Gardens. • A rare opportunity to purchase a consented new build scheme for 24 private apartments and 2 refurbished maisonettes. • Located in popular Notting Hill, a short walk from the boutique lifestyle amenities of Westbourne Grove as well as the open spaces of Kensington Gardens and Hyde Park. • The site includes: • 34 PALACE COURT • An existing mixed use building of offices totalling 16,458 sq ft Gross Internal Area accessed from Palace Court, and residential apartments totalling 5,500 sq ft Gross Internal Area accessed from Chapel Side. • Planning permission has been granted for demolition and construction of a new build scheme of 24 private apartments, concierge, gymnasium and library with 18 underground car parking spaces. • 32 PALACE COURT • An existing office building of 5,038 sq ft Gross Internal Area. • Planning permission has been granted for refurbishment of the existing building to provide two private residential maisonettes. • Freehold with vacant possession. • For sale as a whole or two separate lots.
2 Outline for indicative purposes only. Paddington Station Westbourne Grove Notting Hill Bayswater Mayfair Hyde Park Queensway Knightsbridge Kensington Gardens Notting Hill Gate
Outline for indicative purposes only. 3 LOCATION
Palace Court is a grand street stretching north from Kensington Palace Gardens, distinguished by its Queen Anne style terraced homes. The property is located at the north end of Palace Court at the junction with Moscow Road. The property is bounded to the rear by Chapel Side, a mews street. Palace Court falls within the well known and affluent Notting Hill. The property benefits from close proximity to Westbourne Grove (450 metres to the north), a popular and chic shopping street with luxury boutiques and fashionable cafes. Kensington Gardens and Hyde Park are accessed 350 metres south of the property, with ample amenities for running, cycling and picnics. While Notting Hill has a local, village atmosphere, with London’s vibrant West End only 2.5km east of Palace Court. The property is well connected, with Bayswater Underground Station (Circle and District lines) 400 metres to the east, Queensway Underground Station (Central line) 550m to the south east and Notting Hill Gate Underground Station (Central, Circle and District lines) 600 metres to the south west. For overground services to the west of England and Heathrow Airport, Paddington Station is conveniently located 1.6km to the east of the property, and will also benefit from Crossrail services from 2018. Palace Court is also under 3km for both the A40 and A4, for quick road access out of London to the west.
4 W WESTWAY ST EST 4 RD WAY A40 WFO CRA PADDINGTON S E Y ROYAL OAK Y A M TW E O ES D W 412 G U LADBROKE GROVE B R W W P O L A ST O E N R ORG A D E GE A 4
U L R E 1 N D D V S Y O 4 A GR N L 0 I W NE 2 T UR N E E A5 ES O W TB D Y S V E Q
W R
E
A S
P U
R G T
O ST E N X UR
E O A R E M D E Y S E N 2 T A S K S S O O 1 S L E S U 9 R A BE W S N E T EET D R S L G A E ST BR D I L Y D R R N O I O XF R P O O G R R B A MARBLE ARCH A K T O O C R E A M N BAYSWATER K E D E GR P S A P RK LANCASTER GATE T O R V O
E AD
1 NOTTING HILL 5 W CE'S (BBC)
PRIN C RE 9 2 LADBROKE D SQ UA Hotel 3
ATER R HYDE 1 SW 4
RO QUEENSWAY AY 2 B 3
SQUARE Hotel 1
PARK2
2 C 14 S ESSs A S
R 8 Cycle Hire R KENSINGTON R NOTTING HILL GATE Station S I T W A
3 'S ME P
5 E 14 o
INC a
t R
G GARDENS 1 1 P A I E 1 5 L B G C e
A
H 0
E R
r
o
1 R
r ESTE
t 6 St Sophia's
i
n D 1
9 K g
D Vicarage E 3 2
0 t
o N
on 1
t R
1 Greek Church 2 S 1 1 R L K H I
o A 8
E V
u
o 1 4
t s
1 N N e E
K S 3 E o
2 9
t 1 E I N N E G Telephone V HOLLAND PARK S A T 24.3m I K Exchange 5 N 85 0 R O to rt P PA 52 ou G C A D N ce N ala T P LA R L P O O K H A SHEPHERDS BUSH N KENSINGTON L L
A
C
7 A
C 5 7 PALACE 7 H E N
MOSCOW ROAD 1 U 3
G E R
C A R
D 1
H 1
S to
T 2
KENSINGTON E 7 N
3
C 0
H S t 3 o A HYDE PARK CORNER 4 P 3
4 SERPENTINE E
L
S
4
I
HOLLAND PARK o D t
E D 1 GALLERY OA P R A OW E SC L G
MO A RID
C 9 6 B
2 S E St Matthew's 2 T
9 H
C
8 9 Church G O I
7 EET PH N TR U N RD A315 K H S ENSINGTOR H K T O IG 4
6 H 5
15E
A3 S 5 LO KNIGHTSBRIDGE LL N C e
icarag O V 7
HIGH STREET KENSINGTON 2
N 2
6 T 8 4 O 4 A G T
G
N N
I 1 I 2 ROYAL ALBERT D S
N S 5 S 2
O A D EN 6
K 1 O HALL 4
R 1 R 4 0
O 0 N A 1 O 2 D 6 T 2 3 P M
O 7
NOTE:- Reproduced from the Ordnance Survey Map with the permission of the Controller of H.M. Stationery Office. © Crown copyright licence number 100022432 Savills (UK) Ltd. NOTE:- Published for the purposes of identification only and although believed to be correct accuracy is not guaranteed.R 1 2
2 B KENSINGTON 1
4 El Sub Sta 1 7 2 0
5
1 1
3
1 2
1 1 5 3 1 to 9 lose ster C Lanca
1 8 OS
1 S 6
I N
1
7 G
2 St O laves t T o
O Court 1 5 N
S T S 14c a R 14 1 to x EE o b n
T 2 H
6 al
l EXISTING PROPERTY
34 and 32 Palace Court form part of a grand and prestigious street in Notting Hill. 32 Palace Court is a 34 Palace Court is positioned above a Transport for London underground route (Circle and District line) six storey former townhouse in keeping with the townhouses and mansion blocks surrounding it, whilst and a ventilation shaft is located to the rear of the property on Chapel Side. For this reason we recommend 34 Palace Court is a building of two storeys from ground level. Both buildings are of Edwardian Queen Anne viewing the property, as the current noise and vibration is less intrusive than may be assumed. style fronting Palace Court, with less distinguished and generic brick rear facades. The properties are located within Westminster City Council’s jurisdiction and fall within the boundary The properties were historically headquarter offices and remain configured for this purpose. To the rear of the Bayswater Conservation Area. The buildings are neither listed nor identified as an unlisted of 34 Palace Court, and accessed from 1 - 4 Chapel Side, are four residential apartments with car parking building of merit. at ground floor level. The apartments have recently been refurbished. Both 34 and 32 Palace Court are now vacant.
6 View of Palace Court 32 Palace Court
Second floor view of Moscow Road 32 PALACE COURT CONSENTED SCHEME
On 5th January 2015 planning permission was granted at 32 Palace Court (ref: 14/09260/FULL) for refurbishment and change of use to two residential maisonettes. The proposed scheme provides the following accommodation:
Unit Floor Beds NSA (sq ft) NSA (sq m) Flat 1 Lower Ground and Ground 2 1,464 136 Flat 2 First, Second, Third and Fourth 4 2,723 253 Total 4,187 389
GIA (sq ft) GIA (sq m) Communal Areas 375 34.8 Scheme Total 4,562 423.8
8 FLOOR PLANS
BIKE STORE
External Lightwell
PLA NT MA STER BA THROOM BEDROOM 1 BEDROOM 2 ENSUITE BEDROOM 1 OFFICE SPACE
REFUSE STORE
ENSUITE LA UNDRY
FLAT 1 32 PALACE COURT SECOND 32 PALACE COURT ACCESS CUP'D BASEMENT PLA NT SECOND FLOOR
Fireplace
WC
ENTRA NCE LOBBY BEDROOM 3 ENSUITE BEDROOM 2
LIV ING/ DINING
FLA T 1 KITCHEN MA IN ACCESS
BA THROOM MA IN ENTRA NCE HALL 32 PALACE COURT ENTA NCE 32 PALACE COURT STUDY GROUND FLOOR THIRD FLOOR
Fireplace
Flat roof
KITCHEN
BEDROOM 4
ENTRA NCE LOBBY
LIV ING/ DINING D r a i
WC n a g e
channel Flat Roof
ENSUITE PLA NT SPACE 32 PALACE COURT FLA T 2 32 PALACE COURT FIRST FLOOR FOURTH FLOOR 9 34 PALACE COURT CONSENTED SCHEME
On 19th January 2016 planning permission was granted at 34 Palace Court (ref: 15/05691/FULL) for demolition and construction of a new build scheme designed by Paul Davis + Partners of 24 private apartments comprised of: XX 8 one bedroom units XX 8 two bedroom units XX 7 three bedroom units XX 1 four bedroom unit
The scheme also provides for a concierge service, gymnasium, library and 18 secure underground car parking spaces. The consented scheme is subject to planning obligation costs, including:
Mayoral Community Infrastructure Levy £83,500 Affordable Housing Payment in Lieu £750,000 Tree Planting Contribution £10,000 Environmental Monitoring £28,000
10 View from second floor of Palace Court CGI of consented scheme Existing Basement Infilled
KEY
Existing Basement 3 BED
London Underground Tunnel Above London Underground Tunnel
Automated Automated Car Park Car Park Stacking System Stacking System Total: 18 spaces Total: 18 spaces Plantroom Unit 1 FFL 17.575 FFL 21.325 (duplex) Unit 1 FFL 21.325 Above
Car Lift
34 PALACE COURT 34 PALACE COURT BASEMENT (B2) LOWER GROUND (B1) 11 ROAD MOSCOW 75 KEY 77 1 BED
2 BED
3 BED CHAPEL
Unit 4 SIDE
Unit 3
LUL Tunnel (open shaft below)
Unit 2
FFL 26.05
30
t
o Unit 1 34 (Duplex)
PALACE
UP Courtyard
COURT
Unit 5
Main Reception Lobby Personal Training Room
Car Access 51 Meeting Car Park Room (Waiting Area)
Library
32
6
29 34 PALACE COURT GROUND FLOOR
7 12 ROAD MOSCOW 75 KEY 77 1 BED
2 BED
3 BED CHAPEL
SIDE
LUL Tunnel (open shaft below)
Unit 7 Unit 8
Unit 9
30
t
o
34
PALACE Unit 6 Courtyard (open to below)
COURT
Unit 10
51
Unit 12 Unit 11
32
6
29 34 PALACE COURT FIRST FLOOR
7 13 ROAD KEY MOSCOW 75
1 BED 77
2 BED
3 BED
CHAPEL
SIDE
LUL Tunnel (open shaft below)
Unit 14 Unit 15
Unit 16
30
t
o
34
PALACE Unit 13 Courtyard (open to below)
COURT Unit 17 (Duplex)
51 Unit 19 Unit 18
Green Roof
32
6
34 PALACE COURT SECOND FLOOR 29
7 14 ROAD KEY MOSCOW 75
7 1 BED 7
2 BED
3 BED
CHAPEL 4 BED
SIDE
LUL Tunnel (open shaft below)
Unit 21 Unit 22
UP
Unit 23
30
t
o
34
Courtyard (below) PALACE
COURT Unit 20 (Duplex) Unit 17 (Duplex)
Unit 24
51 Green Roof
32
6
34 PALACE COURT THIRD FLOOR 29
7 15 ROAD KEY MOSCOW 75
4 BED 77
CHAPEL
SIDE
LUL Tunnel (open shaft below)
Private Terrace
FFL 39.1
30
t
o
34
Courtyard (below) PALACE
COURT
Unit 20 (Duplex)
51
Green Roof
32
6
34 PALACE COURT FOURTH FLOOR 29
7 16 SCHEDULE OF ACCOMMODATION UNIT ANALYSIS
Unit Floor Beds NSA (sq ft) NSA (sq m) Type No. Units Min (sq ft) Ave (sq ft) Max (sq ft) 1 Lower Ground and Ground 3 2,239 208 1 Bed 8 592 651 786 2 Ground 1 721 67 2 Bed 8 1,076 1,230 1,367 3 Ground 3 1,389 129 3 Bed 7 1,302 1,538 2,239 4 Bed 1 2,314 2,314 2,314 4 Ground 2 1,292 120 5 Ground 1 592 55 6 First 3 1,421 132 7 First 3 1,496 139 8 First 2 1,141 106 9 First 2 1,367 127 10 First 1 592 55 11 First 1 603 56 12 First 1 764 71 13 Second 3 1,421 132 14 Second 3 1,496 139 15 Second 2 1,141 106 16 Second 2 1,367 127 17 Second and Third 2 1,184 110 18 Second 1 603 56 19 Second 1 549 51 20 Third and Fourth 4 2,314 215 21 Third 3 1,302 121 22 Third 2 1,076 100 23 Third 2 1,270 118 24 Third 1 786 73 Total 28,126 2,613
GIA (sq ft) GIA (sq m) Communal Areas / Plant 11,808 1097 Scheme Total 39,934 3,710 CGI of consented scheme 17 W WA T LOCAL DEVELOPMENT PIPELINE EST EST RD S WA W WFO A4 4 CRA The area surrounding Palace Court is undergoing substantial amounts of redevelopment, including luxury residential schemes supplying high quality S E homes in a traditional, popular and trendy area of London. In addition to this, M
E O large scale redevelopment such as at Newcombe House and Whiteleys will D 412 G U substantially raise the profile of this location as an exciting an exciting retail B R W 11 W P and leisure Odestination. A L ST O E N R ORG A D E GE A 4 R U L 1 N E D D 1. Grove House 9. 154 Bayswater Road O 4 GR L I NE 2 R N E A 1 OU TB 11 residential units. 15 residential units. ES W
E S
P U
Imminent construction. Planning consent granted. R T O ST E N UR
E O A R M D E E N 2 T A S 2 8 S O O 1 S L E S 2. Leinster Square 10. 117 – 122 Bayswater Road R A BE W N E T EET D R S L G A E ST 26 residential units. Retail and 55 residential units. BR D I L D R R N O I O F R P O O G R Completed. Planning consent granted. R A A B 13 T O O C R E A M N E D E GR P A P S 3. 1 & 5 Palace Court 11. Paddington / Royal Mail R T O R 13 residential units. Sorting Office O 12 E AD Under construction. Retail, office, public and station W redevelopment. 10 C LADBRO E NOTTING HILL 4. 66 – 74 Notting Hill Gate Consultation stage. H DE RO S UARE 3 R RD Retail and 19 residential units. ATE PAR SW BA C S 4 A Imminent construction. 12.S Queensway 9 R
R R Public realm improvements to ENSINGTON I T A P 6 G A 5. Newcombe House E GARDENS the street. E R 5 Retail, office and 46 residential Consultation stage. D
R L units. I A AR E P N N D E In planning. 13. 18 – 24 Craven Hill N LA S E L E I O N 24 residential units. H N G S T I 6. Notting Hill Gate Estate N In planning. 7 O P G A N Long term asset management T R P O A and development. SHEPHERDS BUSH N ENSINGTON L L A C A Anticipated. C PALACE H E N U
G E R 7. Dukes Lodge C A R H ST D 24 residential units. ENSINGTON E N Imminent construction. S SERPENTINE HOLLAND PAR GALLER 8. Whiteleys GE BRID Retail arcade, hotel, gym, HTS IG cinema and 103 residential units. REET A31 N H ST INGTON RD H ENS Planning consent granted. O IG LL H A31 ON A GT IN RO AL ALBERT D N NS A D E HALL O R R O N A TO D P M O R B
18
Outline for indicative purposes19 only. VAT METHOD OF SALE
The site is elected for VAT. The marketing process will conclude with an informal tender (unless sold prior) and the preference is for a sale ENERGY PERFORMANCE of the asset. CERTIFICATES TENURE 32 Palace Court has an energy performance rating of E, The site will be sold freehold with vacant possession. and the Energy Performance Certificate is available on the dataroom. VIEWINGS
FURTHER INFORMATION Viewings are strictly by appointment only. Please contact the agents below to arrange A full suite of documents relating to the properties and a viewing. proposed development is available at www.savills.com/32_34palacecourt
CONTACT
Tim Whitmey Lizzie Parrott Luke Hawkesbury 020 7409 9999 020 7409 9943 020 7409 9942 [email protected] [email protected] [email protected]
Important Notice
Savills, their clients and any joint agents give notice that:
1. They are not authorised to make or give any representations or warranties in relation to the property either here or elsewhere, either on their own behalf or on behalf of their client or otherwise. They assume no responsibility for any statement that may be made in these particulars. These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact.
2. Any areas, measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily comprehensive. It should not be assumed that the property has all necessary planning, building regulation or other consents and Savills have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise.
Designed and Produced by Savills Marketing: 020 7499 8644 | October 2016