27 KELSO PLACE KENSINGTON LONDON W8 02 Opportunity Freehold Refurbishment Prime Westend

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27 KELSO PLACE KENSINGTON LONDON W8 02 Opportunity Freehold Refurbishment Prime Westend 27 KELSO PLACE KENSINGTON LONDON W8 KELSO PLACE EXECUTIVE SUMMARY • Freehold • Located in the heart of Kensington within close proximity to both Gloucester Road and High Street Kensington stations • 5,530 sq ft NIA / 7,033 sq ft GIA of B1 office 02 accommodation arranged over ground, first and 03 second floors • Offered with full vacant possession • Suitable for both private investors and owner occupiers • Numerous asset management opportunities including: comprehensively refurbishing the property, significantly increasing the existing massing and changing the use Prime West End class, subject to the necessary consents Freehold Refurbishment Opportunity KELSO PLACE 27 Kelso Place is located in the Royal Borough of Kensington and Chelsea, one of London’s most affluent boroughs. Situated just 2 miles west of Mayfair and 1 mile west of Knightsbridge, Kensington is a premier address and is a popular location for office occupiers as it benefits from excellent accessibility and a diverse retail offering. The subject property is located 400 metres south of High Street Kensington station 04 05 and 600 metres north of Gloucester Road station. The immediate locality is surrounded by high value residential, although the wider area is home to many luxury boutiques and international retailers as well as a number of high end restaurants and cafés. Kensington is renowned for its status as a cultural hub and is home to the Natural History Museum, the Serpentine Gallery, the Royal Albert Hall and the Victoria and Albert Museum. The area is also well known for its proximity to the open green spaces of Hyde Park, Holland Park and Kensington Palace Gardens. These local amenities, combined with its international community, LOCATION make Kensington an attractive location for office occupiers, particularly from the technology, media and music sectors, many of which have dedicated their long term KENSINGTON future to the area. 10 KELSO Holland Park PLACE Station Palace Hyde Park 9 Green Kensington Ct 8 Derry St Young St High Street Kensington Station Kensington Thackeray St 7 Derry St Square Garden Holland Park Holland Park 5 Knightsbridge Wrights Lane Ansdell St Ansdell Kensington Square Pl Ct Kensington High Street 11 Wrights Ln Ansdell 3 Kensington Station 4 Terrace 6 Kensington S End High Street Kensington Marloes Road 27 Kelso Place Brompton Road Scarsdale Pl S End Row 1 Scarsdale Pl Stanford Rd Cromwell Road Gloucester South Marloes Rd Station Kensington Sloane Avenue West Cromwell Rd Station St Mary’s Pl Kelso Pl Kelso 07 Earls Court St Margarets Lane Station West Kensington Drayton Gardens Station St Mary’s Gate Cornwall Gardens Earls Court Old Church Street 2 Marloes Rd West Brompton Lexham Gardens Station Chelsea Lexham Gardens Pennant Mews Lexham Gardens Point W Access Rd 1 Natural History Museum 5 High Street Kensington Station 9 Kensington Gardens Cromwell Road 2 Earls Court Regeneration Scheme 6 Design Museum 10 Hyde Park 3 Kensington High Street 7 Holland Park 11 Royal Albert Hall 4 Harrods 8 Kensington Palace KELSO PLACE Piccadilly Liverpool CONNECTIVITY Paddington King’s Cross St Pancras Street District District (weekends) Shepherd’s Bush Leicester Square 27 Kelso Place is served by excellent transport links, situated within walking Circle distance of both High Street Kensington and Gloucester Road stations, which Overground High Street Monument Kensington Olympia Kensington Green Park provide access to the Circle, District and Piccadilly Lines. Heathrow Hammersmith Barons Court Earls Court Gloucester Rd Richmond Kew Gardens West Kensington West Brompton South Kensington Victoria Clapham Junction Wimbledon Shepherd’s Bush Paddington Oxford Circus 10 7 16 08 minutes minutes minutes 09 From High Street Kensington Station King’s Cross Victoria Waterloo 26 12 20 minutes minutes minutes High Street Gloucester South Kensington Kensington station Road station station Palace 10 Green Hyde Park Earls Court Olympia Regeneration KELSO Holland Park London Scheme PLACE Holland Park 1 2 High Street Earls Court is to undergo a £12 billion regeneration, over Wrights ln Kensington Station Largest exhibition centre in Central London. 77 acres, which will make it the largest mixed-use scheme 3 Redevelopment project will transform the venue into a in Central London. world-leading arts and entertainment venue. The scheme will deliver 7,500 homes and will bring Kensington approximately 10,000 jobs to the area. High Street Kensington Marloes Road Infrastructure improvement will include the enhancement 1 27 Kelso Place of Earls Court, West Brompton and West Kensington 4 underground stations. Cromwell Road Gloucester South Station Kensington Sloane Avenue West Cromwell Rd Station Earls Court Station West Kensington Station Drayton Gardens Earls Court 2 Old Church Street 11 River Thames Redevelopment of West Brompton Station The South Kensington Chelsea 3 Kensington 4 Tube Station West Brompton Delancey led scheme for the redevelopment of Plans have been approved to transform South Kensington the formerRiver Odeon Thames Cinema, Post Office sorting house tube station, which will see the station upgraded and the and office building on Kensington High Street. surrounding land sensitively developed. Transport for London have chosen property developer Native Land as its Clem Attlee Fulham Broadway The scheme was granted permission in 2016 and will joint venture partner to redevelop the land. Station include two new cinemas, a bar, retail and office space. Court A new entrance to the station will be built at Thurloe Street The consent also includes 35 luxury private apartments as part of the scheme and several four storey buildings at LOCAL and 20 affordable homes. 20-34 Thurloe Street will also be upgraded. DEVELOPMENTS 27 Kelso Place is set to benefit from a number of exciting local developments which will further enhance the immediate locality. KELSO PLACE DESCRIPTION Car Parking Large Kitchen 27 Kelso Place is an attractive period building comprising 5,530 sq ft NIA / 7,033 sq ft GIA of office accommodation arranged over ground and two upper floors. The property retains many period features and provides flexible office Double glazed windows accommodation with efficient, rectangular floor plates. The property also benefits from a large, central courtyard which allows for excellent levels of natural light throughout. The courtyard is currently used for car parking, although could be developed on in the future Suspended ceilings 12 to significantly enhance the existing area, subject to the 13 necessary consent. ACCOMMODATION Air Conditioning The property has been measured by Pure Real Estate Services Ltd in accordance with the RICS Code of Measuring Practice 6th Edition and the International Property Measuring Standards IPMS3. The survey is assignable to a purchaser and a Duty of Care can External Courtyard be provided. Floor NIA (sq ft) GIA (sq ft) IPMS 3 2nd 895 1,306 1,095 Passenger Lift 1st 2,622 3,058 2,743 Ground 2,013 2,669 2,070 Total 5,530 7,033 5,908 Inset Lighting KELSO FLOOR PLANS PLACE Plant WC s Kitchen Step 14 15 WC WC Plant WC Lift Lift Ground Floor First Floor Second Floor 2,013 sq ft (NIA) 187 sq m 2,622 sq ft (NIA) 244 sq m 895 sq ft (NIA) 83 sq m 2,669 sq ft (GIA) 248 sq m 3,058 sq ft (GIA) 284 sq m 1,306 sq ft (GIA) 121 sq m KELSO PLACE 27 Kelso Place provides the opportunity to undertake a number of asset management strategies, which will help to drive value both in the short and long term. These include the following: • Comprehensively refurbishing the property • Increasing the existing net internal area through plant space efficiency and infilling part of the central courtyard, subject to consent 16 • Changing the use class to either C3 residential or 17 D1, subject to the necessary consent ASSET MANAGEMENT OPPORTUNITIES KELSO PLACE MARKET WEST END OFFICE MARKET COMMENTARY OCCUPATIONAL MARKET Kensington has a shortage of offices given that a large proportion of period office buildings have been converted to higher value Area sq ft Capital Value uses, such as residential. Total office stock is relatively low in Date Address Tenure Price NIY (NIA) (£psf) Kensington & Chelsea, totalling 4.7 million sq ft, which represents 145 Kensington around 5.00% of the West End office market as a whole. Freehold 6,067 £7,500,000 3.94% £1,236 May 18 Church Street, W8 6 St Catherine’s Mews, Sep 17 Freehold 2,938 £3,390,000 - £1,154 Grade A vacant space is extremely low in this submarket, currently Knightsbridge, SW3 standing at 1.00% as at Q1 2018, versus the 10 year average of 21 Queen Anne’s Gate, Mar 17 Freehold 4,897 £7,500,000 - £1,532 1.40%. The overall office vacancy rate is also low, at 1.50% as at SW1 Q1 2018, versus the 10 year average of 3.20%. Prime rents in the 197 Kensington High Nov 16 Freehold 3,929 £7,000,000 3.35% £1,782 area are c.£70 psf. Street, W8 18 19 INVESTMENT MARKET London continues to be one of the most dynamic and sought after property investment markets in the world. London is one of the most liquid real estate markets and continues to attract significant overseas investor demand despite the UK’s vote to leave the EU in 2016. 2017 witnessed £18.2m of transactions, an increase of 30% to 2016. 80% of acquisitions in 2017 were completed by overseas investors who are drawn to London because it provides a transparent property market with an established legal system, combined with excellent infrastructure connectivity, a highly skilled labour pool and is located in a strategic time zone that facilitates optimum trading between the American and Asian markets. CONTACTS For further information or to arrange an inspection of the property, please contact: MILTON KARAMANI FRANCESCA SPILLER [email protected] [email protected] 0207 852 4269 0207 087 5569 TENURE The property is held freehold under title number LN67310, the extent of which is outlined on the site plan.
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