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Residential Investment & Development Opportunity Chesterfield Lodge, 78

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Residential Investment & Development Opportunity Chesterfield Lodge, 78 RESIDENTIAL INVESTMENT & DEVELOPMENT OPPORTUNITY CHESTERFIELD LODGE, 78 BEULAH HILL, LONDON SE19 3EX RESIDENTIAL INVESTMENT & DEVELOPMENT OPPORTUNITY | CHESTERFIELD LODGE, 78 BEULAH HILL, LONDON SE19 3EX 2 INVESTMENT SUMMARY • A freehold investment building located in Beulah Hill, London • Overall Gross Internal Area extending to 5,880 sq ft (546 sq m) • Configured to provide 11 self contained rental apartments arranged as: - 2 studios - 3 one-bedroom apartments - 6 two-bedroom apartments Chesterfield Lodge • An overall gross rental income of H ERM ITA £97,560 per annum (82% occupancy) G E G ARD 17a with an estimated rental value across ENS the existing building of approximately 15 £136,000 per annum LOCATION AND SITUATION 10 88.3m • Located approximately 1.4 mile (2.2 km) 77 OAD Chesterfield Lodge, 78 Beulah Hill, is located in Transport connections are excellent. There is a R E AG T from West Norwood Railway Station I Crystal Palace within the London Borough of bus stop in front of the Property providing quick RM E H providing direct access into London Croydon. access to West Norwood Railway Station, Central 2 Bridge (23 minutes) and London Victoria Croydon and the London underground network. 2j The central triangle of Crystal Palace, formed by (21 minutes) West Norwood Railway Station is located c. 1.4 4c Church Road, Westow Hill and Westow Street 2m miles (2.2 km) to the north of the property and provides a variety of restaurants and high street • Implemented planning permission provides access into mainline London stations. to erect 5 additional flats in the rear shops. A large expanse of green space is provided 88 garden extending to 3,041 sq ft at the nearby recreation ground and Crystal London Bridge c. 23 mins Palace Park. London Victoria c. 21 mins 11 (283 sq m) comprising: 80 Beulah Hill runs north to south connecting Knight’s Clapham Junction c. 12 mins TCB 6 - 4 one-bedroom apartments 76 Hill with South Norwood Hill. The road itself is a - 1 two-bedroom apartment There are also numerous accessible bus routes in residential street that is characterised by a mix EWS M 71 1 to E 9 G 70 the immediate vicinity that connect the Property ID of Victorian detached houses and more modern R EB N O • Extensive garden to the rear and ample T to wider London. S 68a purpose built accommodation. The Property 68 66a off street parking to the front 66 80 to occupies a prominent position on the north side of 102 96.3m Pa t h ( u the road. m) P • Scope to improve condition for the R I O RY 24 o t C 2 existing subject to necessary consents RES C E NT 67 to 73 26 to 78 63 65 FB 51 1 to 27 to 0m 10m 20m 30m 37 Ordnance Survey © Crown Copyright 2017. All rights reserved. Licence number 100022432. Plotted Scale - 1:1250 RESIDENTIAL INVESTMENT & DEVELOPMENT OPPORTUNITY | CHESTERFIELD LODGE, 78 BEULAH HILL, LONDON SE19 3EX 3 DESCRIPTION The Property is a large detached Victorian villa arranged over lower ground floor, raised ground floor and two upper floors, providing 11 self contained flats. The property extends to an overall gross internal area of 5,880 sq ft (546 sq m), including the common parts of 538 sq ft (50 sq m). The Property has been well maintained and is in good decorative order throughout. Several apartments (A, D, G, H and I) were refurbished between 2012 and 2017. Currently, Flat F is being updated and the communal areas are being repainted. There is an substantial private garden to the rear that is enjoyed by all tenants. In addition there is ample off street parking to the front. INCOME The Property is managed by the current owner and is 82% let on Assured Shorthold Tenancies (ASTs) producing a gross annual income of £97,560. The emphasis has been on tenant retention with units vacated for refurbishment. We consider there to be scope to significantly increase the rent roll with an estimated rental value in the region of £136,000 across the existing Property. RESIDENTIAL INVESTMENT & DEVELOPMENT OPPORTUNITY | CHESTERFIELD LODGE, 78 BEULAH HILL, LONDON SE19 3EX 4 MARKET OVERVIEW RENTAL GROWTH OVERVIEW The fundamentals for the Private Rented Sector construction of new units of over 23,000 units. 2017 2018 2019 2020 2021 5 year (PRS) in London are the strongest in the UK. Crystal Palace is a location that enjoys rapid With high levels of demand and limited supply, access into Central London. Neighbouring areas UK 3.3% 4.2% 5.5% 3.7% 3.3% 21.5% rental growth has averaged 3.0% per annum such as Brixton have seen accelerated capital Greater London 5.0% 6.4% 8.4% 5.7% 5.0% 34.3% over the past 20 years. The Greater London growth over the past 3 years leaving Crystal Chesterfield Lodge £136,800 £144,700 £156,900 £165,800 £174,100 housing shortage remains, with a projected annual Palace looking comparatively better value to both ERV PA shortfall between new household formation and tenants and owner occupiers. RESIDENTIAL INVESTMENT & DEVELOPMENT OPPORTUNITY | CHESTERFIELD LODGE, 78 BEULAH HILL, LONDON SE19 3EX 5 PLANNING Planning permission (11/00079/P) was granted in September 2011 to erect 5 additional flats in the rear garden. The planning permission has been implemented with the the foundations partially having been dug. This has been verified by Lewis Berkeley, corporate approved inspector. These reports can be found on the dataroom. Unit Unit Type Floor GIA (sq ft) GIA (sq m) 1 1 Bed First Floor 578 54 2 1 Bed Ground Floor 540 50 3 2 Bed Ground and First Floor 813 76 4 1 Bed Ground and First Floor 543 50 5 1 Bed Ground and First Floor 567 53 Total 3,041 283 ACCOMMODATION SCHEDULE Unit Unit Type Floor GIA (sq ft) GIA (sq m) Gross Rent Passing PCM Gross Rent Passing PA A 1 Bed Lower Ground Floor 430 40 £830 £9,960 B 2 Bed Lower Ground Floor 653 61 £900 £10,800 C 2 Bed Raised Ground Floor 560 52 £850 £10,200 D 1 Bed Raised Ground Floor 432 40 £850 £10,200 E 2 Bed First Floor 606 56 £945 £11,340 F 2 Bed First Floor 581 54 Vacant for refurbishment G 2 Bed Second Floor 592 55 £1,185 £14,220 H 2 Bed Second Floor 687 64 £1,125 £13,500 I Studio Raised Ground Floor 332 31 £780 £9,360 J Studio First Floor 137 13 Vacant K Studio Lower Ground Floor 332 31 £665 £7,980 Total 5,342 496 £8,130 £97,560 RESIDENTIAL INVESTMENT & DEVELOPMENT OPPORTUNITY | CHESTERFIELD LODGE, 78 BEULAH HILL, LONDON SE19 3EX 6 FLOORPLANS Lower Ground Floor Ground Floor K Kitchen 7' x 6'9'' 2.13 x 2.06m Kitchen/ Kitchen/ Reception Reception Room Room Kitchen/ Reception Bedroom 22'9'' x 16' 15'9'' x 14' Room 13'9'' x 6'9'' Reception 4.80 x 4.27m 6.93 x 4.88m Bedroom Room 13'9'' x 13'9'' 4.19 x 2.06m 13' x 6'9'' 13'9'' x 13'6'' 4.19 x 4.19m 3.96 x 2.06m 4.19 x 4.11m Bedroom 12'6'' x 6'9'' Bedroom 3.81 x 2.06m A 8'9'' x 8'6'' D 2.67 x 2.59m C B Bedroom Bedroom 12'6'' x 7' I 3.81 x 2.13m Bedroom Bedroom 11'9'' x 10'9'' Kitchen 13'9'' x 8' 3.58 x 3.28m 4.19 x 2.44m 7'3'' x 7'3'' Kitchen/ 2.21 x 2.21m Reception Reception Room Room 22'9'' x 16' 16' x 11' 6.93 x 4.88m 4.88 x 3.35m RESIDENTIAL INVESTMENT & DEVELOPMENT OPPORTUNITY | CHESTERFIELD LODGE, 78 BEULAH HILL, LONDON SE19 3EX 7 FLOORPLANS First Floor Second Floor Bedroom Bedroom Kitchen/ Bedroom Bedroom Kitchen/ 10'3'' x 10' 10'6'' x 10'3'' Reception 10'3'' x 9' 11'6'' x 10'3'' Reception 3.12 x 3.05m 3.20 x 3.12m Room 3.12 x 2.74m 3.51 x 3.12m Room 18'6'' x 16' 18'6'' x 16' 5.64 x 4.88m 5.64 x 4.88m E G J Studio 20'6'' x 6'9'' H 6.25 x 2.06m F Bedroom Bedroom Bedroom Kitchen/ 11' x 10'6'' 13' x 11' 3.35 x 3.20m Bedroom 9'3'' x 8'9'' Reception 10' x 7'6'' 3.96 x 3.35m 2.82 x 2.67m Room 3.05 x 2.29m 22'9'' x 16' Kitchen/ 6.93 x 4.88m Reception Room 22'9'' x 16' 6.93 x 4.88m RESIDENTIAL INVESTMENT & DEVELOPMENT OPPORTUNITY | CHESTERFIELD LODGE, 78 BEULAH HILL, LONDON SE19 3EX 8 TENURE VIEWINGS The Property is held freehold. Viewings are strictly by appointment via the vendor’s sole selling agents, Savills. Please contact one of the agents below to make an appointment. METHOD OF SALE The Property is offered for sale by private treaty. CONTACTS Offers are sought for the freehold interest subject to contract and existing tenancies. Davina Clowes [email protected] VAT + 44 (0) 20 7016 3838 Thibaut Pieters The Property is not elected for VAT. [email protected] + 44 (0) 20 7016 3761 FURTHER INFORMATION A full suite of background information, including EPCs, can be found on the online data room at www.savills.com/chesterfieldlodge Important Notice Savills, their clients and any joint agents give notice that: 1.
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