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1-11 FOULIS TERRACE

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1-11 FOULIS TERRACE L o n d o n S W 7 3 L Z

PRIME CENTRAL LONDON RESIDENTIAL INVESTMENT & DEVELOPMENT OPPORTUNITY

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INVESTMENT SUMMARY

A rare opportunity to purchase an unbroken freehold terrace in Prime Central London.

ff An elegant Grade II listed terrace of eleven adjoining buildings extending to an overall gross internal area 3,571.8 sq m (38,447 sq ft) including common parts, but excluding basement lightwells

ffPrime location in Chelsea and within walking distance of South Underground Station, as well as the world class retail and restaurant amenities within the area

ffSince the 1960s the Property has been used to accommodate staff based at the Royal Brompton Hospital, and part of the basement has been in use as a nursery / crèche since 1988

ffThere is significant scope to enhance the asset by upgrading and reconfiguring the existing accommodation (subject to the necessary consents)

ffOverall site area 0.147 hectares (0.363 acres)

ffThe Property is for sale freehold with vacant possession on completion by way of informal tender

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HYDE PARK UNDERGROUND STATION SQUARE I I

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For identification purposes only

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HYDE PARK HYDE PARK CORNER KNIGHTSBRIDGE

HIGH STREET ONE HYDE PARK KENSINGTON

THE HARRODS

SCIENCE MUSEUM NATURAL HISTORY MUSEUM V&A KENSINGTON GARDENS

ROAD CROMWELL

ROAD CROMWELL

GLOUCESTER ROAD SOUTH KENSINGTON

D OA R ON EARLS COURT PT M D RO A B O LD R O M A H L U AD F RO N TO P OM BR THE LD O BOLTONS EARL’S COURT EXHIBITION CENTRE AD IIIIII RO II II S II II G I I KIN WEST BROMPTON I I I I I I

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RIVER THAMES

AD RO GSNot to scale - for identification purposes only KIN

LOCATION & SITUATION

The Property is located in Chelsea, which together with neighbouring

Leicester Square South Kensington, is one of the most desirable locations in Prime Central London. Piccadilly Circus King’s Cross St. Pancras Hyde Park CornerGreen Park 16 mins Chelsea is home to some of London’s most beautiful Property. Gloucester Road (Piccadilly, Circle and 9 mins PICCADILLY 8 mins residential garden squares and streets. The Property District lines) and Earl’s Court (Piccadilly and District 6 mins is within close proximity to a wide range of retail, café lines) Underground Stations are both approximately Knightsbridge CIRCLE 4 mins and restaurant outlets. is known for its 1.3 km (0.8 miles) to the north-west of the Property, exclusive international fashion and jewellery brands and West Brompton (, London Overground, DISTRICT 2 mins is approximately 1.28 km (0.8 miles) from the Property. and National Rail services) Station is approximately Road and King’s Road are both situated just 1.4 km (0.9 miles) to the west. (A4) to the south of the Property and also have an eclectic is 700 metres north of the Property, which leads array of boutiques and well known high street shops. into Knightbridge and the West End. It also links to Heathrow (T4) South Chelsea is home to some of London’s finest restaurants London Heathrow to the west, via M4 and M25, which is 41 mins Kensington Underground 5 mins Court Earl’s 2 mins Gloucester Road including Restaurant Gordon Ramsey, Medlar and The approximately 28 km (17.7 miles) from the Property. 2 mins Sloan Square 4 mins Victoria 6 mins Park James’ St. 8 mins Westminister Ivy. The attractive green spaces of Kensington Gardens and Hyde Park are approximately 1.35 km (0.84 miles) The Property itself is situated on the west side to the north of the Property. of Foulis Terrace, which runs off , connecting to Onslow Gardens and Onslow Square.

Communications are excellent, with South Kensington The Property overlooks the former Brompton Hospital, Underground Station (Piccadilly, Circle and District which was re-developed into private residential lines) approximately 550 metres north-east of the between 1996-2000. Journey times: tfl.gov.uk Not to scale - for identification purposes only

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SUMNER PLACE O N S L O Hall W G A

RD 2 E 33 to 48 N S Tennis

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94 DUDMASTON MEWS 7 1a NOTE: Reproduced from the Ordnance Survey Map with the permission of the Controller of H.M. Stationery Office. © Crown copyright licence number 100024244 Savills (UK) Ltd. NOTE: Published for the purposes of identification only and although believed to be correct accuracy is not guaranteed.

Brompton Hospital Nurses Home

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1 23 1 The Property is an elegant9a brick and stucco terraceChambers which was constructed in the mid 19th Century.

In the 1960’s the Property was converted into Currently the buildings are arranged over lower ground, accommodation for staff based at the Royal Brompton ground and three upper floors, with an additional fourth Hospital. A central corridor has been created floor mansard at 10 & 11 Foulis Terrace. The Property is interconnecting 1-9 Foulis Terrace on the ground and currently configured to provide 108 rooms, with shared upper floors. 10 & 11 Foulis Terrace are self contained bathrooms and WCs. from 1-9 Foulis, but are interconnecting between one another and benefit from an additional mansard level. Internally, the Property is in need of complete Since 1988 the basements of 3-6 Foulis Terrace have refurbishment following continued occupation over been used as a nursery/crèche, which was extended to the last six decades. There is a clear opportunity to include the basements of 7-9 Foulis Terrace in 2003. modernise and reconfigure the accommodation, subject to obtaining the necessary consents.

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VIEW FROM ROOF OF THE PROPERTY

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PLANNING

The Property is located within the Royal Borough of Kensington and Chelsea (RBKC) and within the Thurloe Estate and Smiths Charity Conservation Area. The buildings are Grade II listed and form part of the listing for 1-14 Foulis Terrace.

There is limited planning history associated with In summary, the Property presents an opportunity to these buildings. Several historic committee reports upgrade and optimise its current use class, or seek describe the use as ‘nurses residential accommodation’ alternative uses, subject to the necessary consents. and ‘non self contained residential accommodation’ interchangeably. The building has been used for this HMO LICENCE purpose for at least the last 10 years. In addition to the nurses residential accommodation, the buildings at 3-9 The Property was transferred from the Royal Brompton Foulis Terrace have also been used to contain a nursery & Harefield NHS Foundation Trust to the Royal school (D1 use) at basement level. The nursery occupied Brompton & Harefield Hospitals Charity in April 2012. this space for over 10 years. It should be noted that the No HMO licence exists. nursery use was limited to only providing childcare to children of NHS staff working in the locality.

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FLOORPLANS FLOORPLANS

Bedroom Circulation/store Nursery WC Kitchen Bedroom Circulation/store Nursery WC Kitchen

LOWER GROUND GROUND LEVEL ONE LEVEL TWO BOIL 3 BOIL 2 BOIL 1

Not to Scale - For Identification Purposes Only. Not to Scale - For Identification Purposes Only.

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FLOORPLANS AREA SCHEDULE

Bedroom Circulation/store Nursery WC Kitchen Number of GIA NIA LEVEL THREE LEVEL FOUR Floor Use HMO Units SQM SQFT SQM SQFT

Nurses Accommodation 10 304 3,269 331 3,560 LG Nusery n/a 543 5,840 385 4,139

G Nurses Accommodation 20 659 7,090 590 6,352

1 Nurses Accommodation 25 657 7,074 577 6,213

2 Nurses Accommodation 23 648 6,971 582 6,265

3 Nurses Accommodation 25 625 6,726 564 6,066

4 Nurses Accommodation 5 124 1,331 111 1,199

Total 108 3,572 38,446 3,140 33,794

NOTE: The floorplans have been provided by the vendor and produced by BNP Paribas. We have assumed they have been produced in accordance with the RICS Code of Measurement Practice.

Not to Scale - For Identification Purposes Only.

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PRIME CENTRAL LONDON OVERVIEW

INVESTMENT MARKET The HMO investment market has evolved rapidly over recent years, HMO have the potential to optimise rent ‘per square foot,’ enabling an enhanced yield above mainstream residential.

Over the last 12 months, the strongest rental market in Prime Central London has been for smaller units in Central London. Prime one bedroom and studio units have delivered above average, annual rental growth of 3.1%. This has been predominantly due to a reduction in corporate budgets for employees. Central London locations remain popular, and so demand has risen in the studio market. Due to the transient nature of the London workforce, bespoke rental accommodation, which is fully furnished, operational and ready to move in to, is in highest demand.

LAND The Central London residential land market has long outperformed other London and UK land markets and has recovered strongly since the 2009 downturn. Since the 2007 peak, values of Central London residential land sites have increased by nearly 20%. In contrast, Central London office sites have seen a decrease in value (-29%) over the same period and UK urban land has seen a decrease (-40%). Central London’s outperformance has been a result of an acute supply demand imbalance – strong demand for a limited pool of suitable opportunities from a wide range of domestic and foreign players.

Central London residential land values saw a period of strong growth from September 2012 to September 2014, increasing by 16% over the period. However, more recently over the last year caution in the land market due to uncertainty after the EU referendum has led to some falls in land values across the UK. In Central London, land values have fallen (-8.9%) during the six months to September 2016. The slowdown in this market has been exacerbated by subdued house price growth in the residential market as changes to stamp duty are still being absorbed. This presents an opportunity for land acquisition from buyers, although land buyer caution means that there is a focus towards lower risk sites, however there is still considerable activity for the best sites.

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METHOD OF SALE The freehold interest of the property is offered for sale as a whole by informal tender, through a sealed bid process. Further details on the bidding process are contained in the process letter which can be found on the dedicated project data room.

Unconditional offers (subject to contract only) are invited.

TENURE Freehold (BGL10497)

VIEWINGS Viewings are strictly by appointment only through the sole selling agents Savills.

EPC A copy of the EPC for the property is available on the dataroom.

FURTHER INFORMATION A full dataraoom can be found at: www.savills.com/foulisterrace

VAT The property has not been elected for VAT.

CONTACTS

LUKE HAWKESBURY DAVINA CLOWES LIZZIE PARROTT +44 (0) 20 7409 9942 +44 (0) 20 7016 3838 +44 (0) 20 7409 9943 +44 (0) 7967 555 820 +44 (0) 07967 555 833 +44 (0) 7807 999 502 [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. IIII II III II I I I I I I I

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Designed and Produced by Savills Marketing:I 020 7499 8644 | January 2017 I

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