REVERSIONARY FREEHOLD RESIDENTIAL INVESTMENT OPPORTUNITY

PRIDEAUX PLACE, ACTON LONDON W3 7AS Prideaux Place, W3 7AS

REVERSIONARY FREEHOLD RESIDENTIAL INVESTMENT OPPORTUNITY | PRIDEAUX PLACE, ACTON LONDON W3 7AS

REVERSIONARY FREEHOLD RESIDENTIAL INVESTMENT OPPORTUNITY Acton Mainline East Acton Underground > A freehold residential estate comprising 2 purpose built blocks arranged as 22 two bedroom flats. > Gross Internal Area (excluding communal parts) extending to approximately 1,579 sq m / 17,002 sq ft. > Subject to a lease to a housing association expiring in 2033 (rent review 2022) at a passing rent of £106,056 per annum. > Planning application submitted for an additional block of 5 flats. > Located in Acton in which is due to benefit from Crossrail from 2018.

LOCATION Acton Overground

The property is located on Prideaux Place in Acton Acton Central Overground Station is within the London Borough of in West approximately 0.5 miles to the south and provides London. Prideaux Place is situated off Friars Place circular access around London. Lane. Acton Mainline Train Station is approximately Ordnance Survey © Crown Copyright 2014. All rights reserved. Licence number 100022432. Plotted Scale - 1:12532 Crown Copyright - licence no. 100018190. Based on Ordnance Survey 2014. The property is close to Acton Park and East 0.6 miles to the north. Not to Scale - For Identification Purposes Only. Churchfield Road which provides a variety of local The A40 Western Avenue / Westway is shops. approximately 0.1 mile to the north. House price growth – historic and forecast The immediate area is residential in character with Crossrail is due to open at Acton Mainline Station good quality Victorian and Edwardian properties in 2018. Savills research estimate that property 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 pre-dominating. prices in the ‘centre west’ part of the planned The area benefits from excellent transport links. line including , Ealing and Acton have outperformed the rest of the borough by almost East Acton Station is Ealing 6.3% 6.9% 3.5% 7.5% 12.2% 6.3% 2.7% 4.0% 5.4% 5.4% 5.1% 5.1% 5.1% 23% over the last 5 years. approximately 0.7 miles to the east and is served Greater by the Central Line. is approximately 1 mile to the 11.9% 2.8% 4.7% 8.6% 12.5% 6.3% 2.6% 3.9% 5.4% 5.5% 5.3% 5.3% 5.3% London north and has been proposed by TFL as a potential Shepherd Bush (Westfield) – 6 mins super-hub with an interchange between HS2, Source: Oxford Economics Oxford Circus – 17 mins Crossrail and the Overground. The area has the capacity to deliver a potential 24,000 new homes Liverpool Street – 26 mins and 55,000 new jobs over the next 30 years. REVERSIONARY FREEHOLD RESIDENTIAL INVESTMENT OPPORTUNITY | PRIDEAUX PLACE, ACTON LONDON W3 7AS

DESCRIPTION ERV

The property is a 1960s built residential estate We estimate that market rents for comparable flats would average in the consisting of 2 adjacent purpose built blocks. order of £350 per week. There are communal gardens to the rear and On this basis we believe the estimated rental value to be in the region of parking for several cars. £400,000 per annum. Flats 1 – 16 are situated in the front block facing Rental Growth the road. Flats 17 – 22 are situated in the rear block. Year 2009 2010 2011 2012 2013 Prideaux Place, W3 7AS

F London 9.40% 9.40% 9.90% 7.30% 12.50% RI LEASE ARS

P L Source: IPD, Savills A C

E L The property is leased in its entirety to Peabody A NE Trust for a term of 60 years commencing Forecast Rental Growth on 5th October 1973 and expiring on 4th October 2033. The unexpired term is therefore Year 2014 2015 2016 2017 2018 20.6m

approximately 18.75 years. 91

13 12 There is a rent review on 24th June 2022. Rent London 3.50% 3.50% 4.50% 6.00% 6.00% reviews are assessed as 49.435028% of the 49

Source: Savills open market rental value and where there are 68 21.8m regulated tenants 50% of the fair rent.

53

We understand that 4 flats are occupied by PLANNING 16 9 to Rent Act tenants. 22 to The freeholder has submitted a planning application for the construction of an 17 The lessee has the right to extend its lease for 8 81 to additional block of 5 flats. 1 a further 90 years in accordance with the 93 2 x 1 beds LACE Landlord & Tenant Act. UX P PRIDEA 61 2 x 2 bed 18.0m 1 x 2 bed penthouse n's St Dunsta INCOME Church 63 NSA 3,245 sq ft 56 21.1m The passing rent is currently £106,056. This The freeholder is in receipt of a favourable pre-application response from the rent was set at the last review in June 2010. 38 14 local authority. 44

16.7m

69

54 36

FRIARS PL Crown Copyright - licence no. 100018190. Based on Ordnance Survey 2014. Not to Scale - For Identification Purposes Only. 63

ACE L

0m 10m 20m 30m ANE

Ordnance Survey © Crown Copyright 2014. All rights reserved. Licence number 100022432. Plotted Scale - 1:1252 REVERSIONARY FREEHOLD RESIDENTIAL INVESTMENT OPPORTUNITY | PRIDEAUX PLACE, ACTON LONDON W3 7AS

ACCOMMODATION SCHEDULE

Address Block Floor Unit Type Unit Description Floor Area Sq M Floor Area Sq ft

1 (1-8) LHS Ground Flat 2 bed, 1 bath, reception, seperate kitchen 76.9 828 2 (1-8) LHS Ground Flat 2 bed, 1 bath, reception, seperate kitchen 76.9 828 3 (1-8) LHS 1st Flat 2 bed, 1 bath, reception, seperate kitchen 76.9 828 4 (1-8) LHS 1st Flat 2 bed, 1 bath, reception, seperate kitchen 76.9 828 5 (1-8) LHS 2nd & 3rd Duplex 2 bed, 1 bath, reception, separate kitchen & store 74.3* 800* 6 (1-8) LHS 2nd & 3rd Duplex 2 bed, 1 bath, reception, separate kitchen & store 74.3* 800* 7 (1-8) LHS 2nd & 3rd Duplex 2 bed, 1 bath, reception, separate kitchen & store 74.3* 800* 8 (1-8) LHS 2nd & 3rd Duplex 2 bed, 1 bath, reception, separate kitchen & store 74.3* 800* 9 (9-16) RHS Ground Flat 2 bed, 1 bath, reception & separate kithchen 76.9 828 10 (9-16) RHS Ground Flat 2 bed, 1 bath, reception & separate kithchen 76.9 828 11 (9-16) RHS 1st Flat 2 bed, 1 bath, reception & separate kithchen 76.9 828 12 (9-16) RHS 1st Flat 2 bed, 1 bath, reception & separate kithchen 76.9 828 13 (9-16) RHS 2nd & 3rd Duplex 2 bed, 1 bath, reception, separate kitchen & store 74.3* 800* 14 (9-16) RHS 2nd & 3rd Duplex 2 bed, 1 bath, reception, separate kitchen & store 74.3* 800* 15 (9-16) RHS 2nd & 3rd Duplex 2 bed, 1 bath, reception, separate kitchen & store 74.3* 800* 16 (9-16) RHS 2nd & 3rd Duplex 2 bed, 1 bath, reception, separate kitchen & store 74.3* 800* 17 (17-22) Rear Block Ground Flat 2 bed 1 bath, reception & separate kitchen 61.6 663 18 (17-22) Rear Block Ground Flat 2 bed 1 bath, reception & separate kitchen 61.6 663 19 (17-22) Rear Block First Flat 2 bed 1 bath, reception & separate kitchen 61.6 663 20 (17-22) Rear Block First Flat 2 bed 1 bath, reception & separate kitchen 61.6 663 21 (17-22) Rear Block Second Flat 2 bed 1 bath, reception & separate kitchen 61.6 663 22 (17-22) Rear Block Second Flat 2 bed 1 bath, reception & separate kitchen 61.6 663 Total 1579.5 17002 * estimated floor area RESIDENTIAL INVESTMENT OPPORTUNITY | 28 EMPEROR’S GATE, LONDON, SW7 4HS REVERSIONARY FREEHOLD RESIDENTIAL INVESTMENT OPPORTUNITY | PRIDEAUX PLACE, ACTON LONDON W3 7AS

METHOD OF SALE CONTACTS

The property is offered for sale by private treaty. For further information please contact: Offers are sought for the freehold interest subject James Laverack to contract and subject to the existing occupational lease and tenancies. [email protected] +44 (0) 20 7016 3770 Should a closing date be set for the submission of offers, all parties who have expressed an interest Davina Clowes will be advised accordingly. [email protected] +44 (0) 20 7016 3838 FURTHER INFORMATION

A full suite of background information can be found on the online dataroom at: www.savills.com/prideauxplace the site includes: Headlease Planning application Pre-planning application response Rent Registers

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 2014