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Marble Arch Apartments MARBLE ARCH APARTMENTS 11-13 HARROWBY STREET, LONDON W1H 5PQ PRIME CENTRAL LONDON AIRSPACE DEVELOPMENT OPPORTUNITY EXECUTIVE SUMMARY Rare opportunity to develop new build apartments on the roof of an existing building, moments from Marble Arch and in a highly valued residential location. Full planning permission has been granted to provide eight residential units extending to a total net saleable area of 623 sq. m. (6,711 sq. ft.) The existing property comprises 118 apartments all sold off on long leasehold interests of 999 years from 1st January 2002. A ground rent is payable to the Freeholder of £29,500 per annum, doubling every 25 years, for the first 100 years of the lease. For sale freehold. MARBLE ARCH APARTMENTS, 11-13 HARROWBY STREET, LONDON W1H 5PQ 2 LOCATION The property is well located on A K D H R a O r the south side of Harrowby Street, e A M T w D A E E o ID R o N d A T REGENTS PARK S with Castlereagh Street bounding A V N v A O e L S n le u G rc E D r Ci R e l te o u A O the property to the rear. u H c C e D R s REGENTS PARK A E O t O U L e R I r N P S BAER STREET D E e S P L V nf l E o O MARYLEBONE a I A c ld t N MADAME TUSSAUDS F A e e M D S e G M O I tr tr M A e S R A S O A It is approximately 600 metres (0.4 miles) from Hyde M T et y R le V R M d Y a E Y P A o L Park and 1.3 kilometres (0.8 miles) from Regent’s R r L O E B E Y R B ’ B et S tre T O O e S Park. The property also benefits from close proximity T D hir L E A ons A RO N ev R D E N R BON E D A LE H to Edgware Road (A5) and Oxford Street, 100 metres C RY MA PL E EDGWARE ROAD et I Stre G t ddington tree a S P H th A (320 feet) and 700 metres (0.5 miles) respectively. AY mou TW ey S W T In addition, Marylebone High Street, approximately R E E reet T t 1 kilometre (0.6 miles), offers a collection of high end ish S end Cav shops and restaurants. New THE SITE The property has a PTAL rating of 6b, demonstrating PADDINGTON E the highest level of public transport accessibility. Nearby D G W O transport links include; Edgware Road station serving U A ET R MARYLEBONE E R E STR N ORE the Circle, District and Hammersmith & City lines, 500 E R IGM T O W E A R D R metres (0.3 miles), Marble Arch station serving the A C Central line, 600 metres (0.4 miles), Marylebone station E PADDINGTON BOND STREET serving the Bakerloo line, 800 metres (0.5 miles) and SELFRIDGES N ET EW D STRE Paddington station serving the Bakerloo, Circle, District OXFOR B O and Hammersmith & City lines, 1 kilometre (0.6 miles). N D MARBLE ARCH There are also numerous bus routes LANCASTER GATE provided on Edgware Road and Oxford Street. AD R RO HYDE PAR MAYFAIR MARBLE ARCH APARTMENTS, 11-13 HARROWBY STREET, LONDON W1H 5PQ 3 LOCATION KNIGHTSRIDGE LANCASTER GATE PARK LANE HYDE PARK MARLE ARCH EDGWARE ROAD OXFORD STREET LONDON MARRIOTT HOTEL MARLE ARCH RYANSTON SUARE MARBLE ARCH APARTMENTS, 11-13 HARROWBY STREET, LONDON W1H 5PQ 4 THE SITE VIEW OF CASTLEREAGH STREET The property extends to approximately 0.22 hectares (0.55 acres). The property is an unlisted mansion block building comprising 118 apartments, extending from basement, ground to four upper floors. The main entrance accessed from Harrowby Street, includes a generous lobby area and 24-hour concierge. Additional entrances are located on Harrowby Street and Brown Street. The existing double pitched roof consists of attic space and houses several water tanks. There are pedimented dormers to the front and a sheer elevation to the rear. TENURE The freeholder is Jewelside Limited, held under title number LN117570. GROUND RENT All 118 leaseholders are required to pay a ground rent of £29,500 per annum to the freeholder. Ground rent reviews take place every 25 years for the first 100 years of the original lease, dated 1st January 2002. At each review the ground rent will double, but after the first 100 years it remains fixed for the remainder of the term. A ground rent for the eight new residential units will be payable, consistent with the ground rent payable by the other residential units in the building. MARBLE ARCH APARTMENTS, 11-13 HARROWBY STREET, LONDON W1H 5PQ 5 PLANNING MAIN ENTRANCE LOBBY On 19th December 2019, The City of Westminster granted planning permission for the ‘Erection of a single storey roof extension to provide eight additional residential units (Class C3) (2 x 1-bed, 3 x 2-bed and 3 x 3-bed units). Relocation of existing water tanks to new roof level.’ (ref: 19/00261/FULL). The building is not listed, nor is it in a conservation area. Associated planning documents relating to the planning permission are available in the dataroom: https://marblearchapartments.co.uk/ SECTION 106 AGREEMENT A monitoring fee of £1,000 is payable. We are not aware of any further Section 106 payments that are due. The Section 106 Agreement stipulates that the proposed development will be eligible to join the existing Car Club. COMMUNITY INFRASTRUCTURE LEVY (CIL) The proposed development will be subject to the following CIL obligations: Financial Obligation Sum Mayoral CIL £55,070.85 Borough CIL £362,532.84 The development will be subject to a Mayoral CIL2 rate of £80 per sq. m. and a City of Westminster residential CIL rate of £400 per sq. m. The Borough CIL rate will be subject to inflation using the national All-In Tender Price Index of construction costs published by the Building Cost Information Service (BCIS) of the Royal Institution of Chartered Surveyors. MARBLE ARCH APARTMENTS, 11-13 HARROWBY STREET, LONDON W1H 5PQ 6 THE PROPOSED DEVELOPMENT VIEW FROM HARROWBY STREET AND MAIN ENTRANCE Taking advantage of the ability to utilise airspace in London, the development will enhance the traditional appearance of the building from the street whilst creating contemporary luxury living spaces. Under the current consent the residences have been designed as spacious lateral one to three bedroom apartments. The existing roof level water tanks will be relocated to the roof of the proposed extension. The stairs and lift shaft will be extended to provide access to the new residences. A summary of the proposed residential accommodation is set out below: Area schedule (proposed approximate NIA) Flat Beds NSA (sq. m.) NSA (sq. ft.) 601 3-Bed 99 1,065 602 3-Bed 108 1,166 603 1-Bed 52 563 604 3-Bed 90 971 605 2-Bed 71 764 606 2-Bed 73 789 607 2-Bed 77 823 608 1-Bed 53 570 Total 623 6,711 MARBLE ARCH APARTMENTS, 11-13 HARROWBY STREET, LONDON W1H 5PQ 7 @1015mm @1500mm @2500mm PROPOSED FIFTH FLOOR PLAN Marble Arch Apartments 11-13 Harrowby Street, London W1H 5PQ 6 PROPOSED FIFTH FLOOR PLAN N @1015mm @1500mm @2500mm Bed 1 607 603 604 606 601 602 605 608 PRELIMINARYPLANNING Bed 1 Not to scale: - for indicative purposes only MARBLE ARCH APARTMENTS, 11-13 HARROWBY STREET, LONDON W1H 5PQ 8 Not to scale: - for indicative purposes only PRELIMINARYPLANNING CONTACT For further information please contact: TENURE The property is offered for sale freehold with vacant possession. VANDERMOLEN REAL ESTATE METHOD OF SALE Jonathan Vandermolen Sam Phillips CEO Land & Investment The property will be sold by way of informal tender (unless sold prior). [email protected] [email protected] A sale summary is available on the project dataroom. 020 7290 2828 020 3971 6066 0795 634 1581 0783 150 9965 VIEWINGS Viewings are by appointment only, please contact the joint sole selling agents to arrange a viewing. VAT SAVILLS UK The property is not elected for VAT. Luke Hawkesbury James Donger Director Associate FURTHER INFORMATION [email protected] [email protected] Further information including planning, technical and legal documentation is available at: +44 (0) 20 7409 9942 +44 (0) 20 7016 3841 https://marblearchapartments.co.uk/ IMPORTANT NOTICE Maps are 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, and published for the purposes of identification only and although believed to be correct accuracy is not guaranteed. Savills, their clients and any joint agents give notice that: 1. 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 clie nt 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. 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.
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