Transcript KENSINGTON - i

KENSINGTON
ENTER
THE OPPORTUNITY
•
The property has served as the Kingdom of Netherlands
Embassy since 1953 and offers the potential to redevelop
to provide an internationally significant super prime central
London residential development (subject to planning).
• A super prime central London residential development
opportunity (subject to planning) in the Royal Borough of
Kensington and Chelsea located adjacent to Kensington
Gardens.
• Located close to the royal residence Kensington
Palace and the occupants of Kensington Palace Gardens,
recognised as London’s most exclusive address.
• A generous 0.47 acre (0.19 hectare) site with extensive
panoramic views over Kensington Gardens and Hyde Park,
two of the 8 Royal Parks of London.
•
An extremely rare opportunity to acquire a landmark
freehold in Kensington bordering Knightsbridge, home
to London’s most exclusive residential and business
addresses and globally renowned retail destination.
•
A proposed scheme provides a net residential sales area
of 6,800 sq m (73,195 sq ft) over 18 private residential
apartments with enviable lateral accommodation (subject
to planning).
• A proposed scheme delivers exclusive concierge and
security services with 18 secure basement car parking
spaces, gym, swimming pool and spa.
T H E L O C AT I O N
THE BOROUGH IS HOME TO MANY MUSEUMS,
G A L L E R I E S , E X H I B I T I O N S A N D O T H E R C U LT U R A L
AND ARTISTIC INSTITUTIONS AND VENUES. THERE
A R E T H R E E M A J O R N AT I O N A L M U S E U M S L O C AT E D
IN SOUTH KENSINGTON; THE SCIENCE MUSEUM,
T H E N AT U R A L H I S T O R Y M U S E U M A N D T H E
VICTORIA AND ALBERT MUSEUM.
Prime
Development
Opportunity
T H E L O C AT I O N
V I E W L O C AT I O N M A P
VIEW AERIAL MAP
The propety is located in the exclusive Royal Borough of Kensington and Chelsea. The area is bound by Notting Hill and Holland Park to the North;
by Brompton and Knightsbridge to the East; by Chelsea and Earls Court to the South and Hammersmith to the West.
The area has historically been home to London’s social elite, and the principle landowners of the Duke of Westminster and the Earl of Cadogan retain control over
much of areas such as Knightsbridge, leading to an exceptional and unrivalled local environment. The borough is also home to major international businesses which
are attracted to the area by the ease of access to the West End, City and Canary Wharf.
From a retail perspective, Knightsbridge to the East is defined in the London Plan as one of the 2 International Centres in London identifying the area as a globally
renowned retail destination with enviable public transport accessibility. Due to this flagship stores such as Harvey Nichols and Harrods are located here, and the
luxury global fashion designers such as Jimmy Choo, Bvlgari, Gucci and Roberto Cavalli have located stores here.
The Royal Borough of Kensington and Chelsea is home to London’s most iconic super prime residential developments with the world famous Candy and Candy
One Hyde Park scheme, the Squire and Partners designed The Knightsbridge, and the De Vere Estates De Vere Gardens Scheme.
B A C K T O L O C AT I O N
L O C AT I O N M A P
38
Hyde Park
A315
Knightsbridge
Knightsbridge
B31
0
04
A42
igh St
on H
ngt
nsi
Ke
Kensington Gardens
High St
Kensington
A4
G
Queen’s
A3216
ate
t
Pont S
32
A
Gate
2
A3
20
Earl’s Court
d
Ol
Br
on
pt
om
Rd
Sl
oa
ne
Av
e
Rd
t
ot
yc
a
Dr
Sloane
Square
Pl
A3216
Fu
l
m
ha
17
St
South
Kensington
C h es h a m
8
e St
Queen’s
Gloucester Rd
21
n Rd
pto
A3
A4
Cromwell Rd
Rd
Sloan
Cromwell
Bro m
Marloes Rd
B319
AERIAL MAP
BOND STREET
BUCKINGHAM PALACE
MAYFAIR
MANDARIN ORIENTAL
HYDE PARK
HARVEY NICHOLS
SLOANE SQUARE
SERPENTINE
ONE HYDE PARK
HARRODS
ROYAL ALBERT HALL
NATURAL HISTORY MUSEUM
38
KENSINGTON GARDENS
CONNECTIVITY
L O N D O N ’ S T R A N S P O R T S Y S T E M I S W O R L D R E N O W N E D F O R I T ’ S C U LT U R A L A N D
H I S T O R I C A L H E R I T A G E . A LT H O U G H R E T I R E D F R O M W I D E S C A L E U S E I N L O N D O N
T H E Q U I N T E S S E N T I A L LY E N G L I S H D O U B L E D E C K E R R O U T E M A S T E R E N D U R E S ,
W I T H V E H I C L E S I N U S E I N C O U N T R I E S S U C H A S C H I N A , M A L AY S I A A N D C A N A D A
AMONGST OTHERS. LONDON IS ALSO PROUD TO HAVE HAD THE FIRST, URBAN
U N D E R G R O U N D R A I LW AY I N T H E W O R L D W H I C H H A S G R O W N A N D D E V E L O P E D
INTO THE ICONIC LONDON UNDERGROUND SYSTEM.
Prime
Development
Opportunity
CONNECTIVITY
Kensington benefits from excellent transport links providing
easy access to the West End, City and Canary Wharf via the
London Underground (District and Circle lines) at High Street
Kensington station within 10 minutes walk of the property.
Transport links will be further improved across central
London by Crossrail from 2018 onwards, providing enhanced
journey times between Heathrow Airport, the West End, the
City and Canary Wharf.
WEST END
9 mins
38
HEATHROW
29 mins
GATWICK
57 mins
CENTRAL
LONDON
CANARY WHARF
26 mins
International travel is provided by Heathrow Airport which is
less than 30 minutes drive to the west.
CITY AIRPORT
33 mins
Location Distance West End City Canary Wharf 2.2 Miles 9 Minutes
(3.5 Kilometres)
4.5 Miles 18 Minutes
(7.2 Kilometres)
7.6 Miles 26 Minutes
(12.2 Kilometres) Location Distance Tr a v e l T i m e
Heathrow Airport London City Airport
Gatwick Airport 15.1 Miles ( Kilometres)
11 Miles ( Kilometres)
36.3 Miles ( Kilometres) 29 Minutes
Tr a v e l T i m e
33 Minutes
57 Minutes
THE SITE
3 8 H Y D E PA R K G AT E O V E R L O O K S K E N S I N G T O N
G A R D E N S A N D H Y D E PA R K W H I C H A R E T W O O F
T H E E I G H T R O YA L PA R K S O F L O N D O N . T H E S E
PA R K S C O M B I N E T O M A K E U P A L M O S T 6 2 0 A C R E S
O F O P E N S PA C E I N T H E H E A R T O F L O N D O N .
Prime
Development
Opportunity
THE SITE
The property is registered under Title No 454532. A copy of the Title Register and Title
Plan is available on the data room.
The freehold site extends to 0.47 acres (0.19 hectares) and is bounded by Hyde Park
Gate to the North and West. To the South the property adjoins 39 Hyde Park Gate. The
site has extensive views across Hyde Park to the North.
r
HYDE
PARK
GATE
KENSINGT
14.1m
Shelter
ON ROAD
The immediate area is predominantly residential in character, with a number of luxury
residential homes and high profile apartment schemes.
14.5m
Shelter
52
35
38
53a
54
1 to 26
35a
49
PL
A
6
CE
34
39
8
9
HYDE PARK GATE
HYDE PARK
GATE
7 to 8
54a
53
Broadwalk House
6
Shelte
48
31
RESTON
16
PARK
E
GAT
29
YDE
42
30mH
VIEW EXISTING PROPERTY
Ordnance Survey © Crown Copyright 2014. All rights reserved.
Licence number 100022432. Plotted Scale - 1:1250
This plan is published for convenience of identification.
Any site boundaries shown are indicative only and
should be checked against Title Deeds.
ES753998
14 to 24
20m
Chancellor House
45
10m
30
40
0m
1 to 12
HYDE PARK
GATE MEWS
The site benefits from vehicular ingress & egress for a gated drive offering private
secure parking, this can be accessed from both Kensington Gore and Hyde Park Gate.
THE SITE
THE EXISTING PROPERTY
38 Hyde Park Gate was originally built as a red brick mansion
block around the start of the twentieth century in the Queen
Anne style.
The property extends to 6,997.9 sq m
(75,235 sq ft) GIA arranged over basement, ground and 6
upper floors as detailed in the schedule:
Floor Sq m Sq Ft
Seventh Sixth Fifth Fourth Third Second First Ground Basement 201.3
602.9
800.4
861.6
878.4
878.7
872.7
950.8
951.1
2,167
6,490
8,615
9,274
9,455
9,458
9,394
10,234
10,238
To t a l
6,997.975,235
BACK TO SITE
PLANNING
T H E R O YA L B O R O U G H O F K E N S I N G T O N &
C H E L S E A H A S 3 5 C O N S E R VAT I O N A R E A S W H I C H
COVERS OVER 70% OF ITS AREA. IT ALSO HAS
SOME 3,800 BUILDINGS LISTED FOR THEIR
SPECIAL ARCHITECTURAL OR HISTORICAL
I M P O R TA N C E .
Prime
Development
Opportunity
PLANNING
DP9 have provided a planning report which considers the potential in planning terms for alternative uses on the site, including conversion and redevelopment of the existing building.
The key conclusions of the report include:
• Personal planning permission was granted in March 1953 for use of the basement, ground, first, second and third floors for the purposes of the Royal Netherlands
Embassy and Consulate. The upper floors have not been the subject of a change of use and are believed to have remained in lawful residential use since the buildings original
construction.
• The site is the subject of the following designations on the Core Strategy Proposal Map:
- The site falls within the Queensgate Conservation Area;
- The site is within the Air Quality Management Area; and
- The site is designated as an Area of Metropolitan Importance.
• The building is not listed.
• There is no policy contained in the Core Strategy or UDP which resists the loss of Embassies. However, the supporting text of saved UDP Policy E29 states that where
diplomatic use ceases in a building which was formerly in residential use the Council will require its return to full residential use unless re-occupied by another diplomatic user.
RBKC’s priority on vacation of the Embassy will be for the building to be converted to residential.
• The site benefits from good transport accessibility (PTAL 5) and would be suitable to high trip generating uses. Therefore whilst RBKC would seek the building to be converted
to residential, there may be potential for the site to accommodate office and/or hotel uses.
• The current building on the site can be considered to have a positive impact on the character and appearance of the Conservation Area. For its demolition to be acceptable, a
replacement building would need to be of the highest architectural quality. There is the potential for the facades of the building to be retained with new construction behind.
DEVELOPMENT
Paul Davis & Partners have been instructed to create a residential scheme based on a redevelopment of the existing building. The design demonstrates an exciting
potential scheme that retains the attractive existing façade of 38 Hyde Park Gate (subject to planning). The design was produced after a Rights of Light study was
undertaken by GVA Schatunowski Brooks in order to ascertain the development potential for any proposed scheme.
The building envelope produced (available in the dataroom) demonstrates the potential to maximise the roof elements as well as the Western elevation of the building.
A visual structural survey undertaken by the Waterman Group and a measured survey provided by Plowman Craven were both considered during the design process.
The proposed scheme delivers:
• 18 generously apportioned apartments offering enviable lateral accommodation
• Apartments on floors 1-7 all include generous external space with wonderful views over Kensington Gardens and Hyde Park
• Luxury residents spa & gym
• 2 residents lifts & 1 service lift
• Underground car parking with 18 spaces
• Exclusive front courtyard for concierge assisted drop off services
VIEW FLOOR PLANS
VIEW SCHEDULE
FLOOR PLANS
BACK TO DEVELOPMENT
Tenant Storage
55m2
Bike Store
59m2
Plant
92m2
Car Stacker Lift
Car Stacker Lift
En-suite
13m2
WC
5m2
Gym
165m2
Reception
46m2
Enlarged lightwell
18 cars per level
Car Stacker
En-suite
11m2
Bedroom
53m2
Hall
17m2
Hall
14m2
Circulation 49m2
Kitchen
13m2
Bathroom
8m2
Bedroom
28m2
New terrace
Reception
40m2
Bedroom
22m2
Pool Store
10m2
Kitchen
8m2
Changing 52m2
Proposed Basement Plan
Reception
35m2
Hall
20m2
Kitchen/ Dining
30m2
Enlarged lightwell
Bathroom
9m2
New terrace
PROPOSED BASEMENT PLAN
Swimming Pool
251m2
Spa Pool
Proposed Lower Ground Floor Plan
Prime
Development
Opportunity
PROPOSED LOWER GROUND FLOOR PLAN
FLOOR PLANS
Dressing
9m2
Service/ escape
En-suite
12m2
Bedroom 1
52m2
En-suite
8m2
Lobby
16m2
Car Stacker Lift
Wine
Cellar
6m2
Bedroom 3
31m2
En-suite
9m2
En-suite
9m2
Bedroom 3
31m2
En-suite
9m2
Utility
6m2
Bedroom 2
32m2
Utility
15m2
WC 4m2
Dressing
9m2
Entrance Hall
43m2
Hall
20m2
Kitchen
14m2
Kitchen
14m2
Utility
11m2
Utility
11m2
Bedroom 3
33m2
En-suite
9m2
En-suite
9m2
Bedroom 2
31m2
Dressing
9m2
Study/
Library
15m2
Reception
71m2
Hall
9m2
Reception
84m2
Dining
20m2
Wine
Cellar
11m2
Bedroom 2
31m2
Study/
Library
15m2
Cloak
4m2
Hall
20m2
Wine
Cellar
11m2
Lobby
8m2
Dressing
9m2
WC
4m2
Study/
Library
15m2
Dressing
6m2
Dressing
9m2
En-suite
9m2
Dressing
9m2
Dressing
6m2
Dressing
9m2
En-suite
9m2
En-suite
9m2
Clk4m2
Bedroom 2
31m2
Reception
84m2
Bedroom 1
52m2
Lobby
8m2
Bedroom 1
33m2
Wine
Cellar
11m2
En-suite
14m2
Bedroom 1
52m2
Dressing
9m2
Dressing
9m2
En-suite
12m2
En-suite
14m2
WC
4m2
WC
4m2
Cloak
4m2
Cloak
4m2
Lobby
7m2
Study
12m2
New Balcony
En-suite
8m2
BACK TO DEVELOPMENT
Hall
9m2
Lobby
7m2
Reception 1
79m2
Dining
16m2
Kitchen
36m2
Dining
20m2
Kitchen
16m2
Dining
23m2
Porch
Plant Access
Balcony
Balcony
Balcony
Balcony
Proposed 1st-5th Floor Plans
Exit
new service road & landscaping
Existing tree
Gatehouse
1100lit 1100lit 1100lit
eurobin eurobin eurobin
Existing tree
GATE
HYDE PARK
drop kerb
Drop-off
2x parking spaces
PROPOSED 1st-5th FLOOR PLANS
recycling & refuse
Meters
1100lit 1100
lit 1100lit
eurobin euro
bin eurobin
Existing vehicular entrance
Proposed Ground Floor Plan
PROPOSED GROUND FLOOR PLAN
Prime
Development
Opportunity
En-suite
11m2
Utility
11m2
Bedroom 3
31m2
Bedroom 3
25m2
Study/
Library
15m2
Dining
20m2
WC
4m2
Cloak
4m2
Cloak
4m2
Lobby
7m2
Hall
9m2
Reception
83m2
WC
4m2
Kitchen
16m2
Dining
23m2
Kitchen
15m2
Terrace
Bedroom 3
26m2
Reception 2
73m2
Study
21m2
Lobby
9m2
Reception 1
86m2
Terrace
Hall
9m2
Lobby
7m2
Kitchen
23m2
Hall
13m2
Reception 1
51m2
Cloak
8m2
Proposed 7th Floor Plan
Proposed 6th Floor Plan
PROPOSED 6th FLOOR PLAN
WC
4m2
PROPOSED 7th FLOOR PLAN
Prime
Development
Opportunity
Penthouse GIA: 477m2/ 5,134sq.ft.
Utility
11m2
En-suite
10m2
En-suite
9m2
En-suite
9m2
Dressing
12m2
Terrace
Wine
Cellar
11m2
En-suite
8m2
Wine
Cellar
11m2
Utility
13m2
Terrace
Terrace
En-suite
10m2
Bedroom 2
25m2
En-suite
9m2
Terrace
Bedroom 2
32m2
Terrace
Dressing
7m2
Terrace
En-suite
11m2
En-suite
13m2
Terrace
Bedroom 1
28m2
Bedroom 1
35m2
Bedroom 1
38m2
Bedroom 3
34m2
Terrace
Dressing
13m2
BACK TO DEVELOPMENT
Terrace
Dressing
13m2
Terrace
FLOOR PLANS
SCHEDULE OF PROPOSED AREAS
PROPOSED GEA
BACK TO DEVELOPMENT
PROPOSED GIA
Floor
Sq m
Sq Ft
Floor
Use
Sq m Sq Ft
Seventh
Sixth
Fifth
Fourth
Third
Second
First
Ground
Lower Ground
Basement
537
863
1,031
1,031
1,031
1,031
1,031
1,039
1,391
337
5,782
9,289
11,096
11,096
11,096
11,096
11,096
11,188
14,976
3,628
Seventh
To t a l
9,322
100,342
Residential
Circulation
Residential
Circulation
Residential
Circulation
Residential
Circulation
Residential
Circulation
Residential
Circulation
Residential
Circulation
Residential
Circulation
Ancillary
Residential
Circulation
Spa/Gym/Bike Store
Car Park
4,596
646
728
7,836
75
807
893
9,612
72
775
893
9,612
72
775
893
9,612
72
775
893
9,612
72
775
893
9,612
72
775
727
7,825
1551,668
85
915
393
4,230
116
1,249
737
7,933
315
3,391
Sixth
Fifth
Fourth
Third
Second
First
PROPOSED NSA
Ground
Floor
Sq m
Sq Ft
Seventh
Sixth
Fifth
Fourth
Third
Second
First
Ground
Lower Ground
728
893
893
893
893
893
727
393
4,596
7,836
9,612
9,612
9,612
9,612
9,612
7,825
4,230
To t a l
6,740
72,549
Lower Ground
Basement
To t a l
THE MEASUREMENTS FOR THE PROPOSED
S C H E M E A R E A P P R O X I M AT E A N D S H O U L D
B E U S E D F O R G U I D A N C E O N LY
MARKET
THE BOROUGH’S MOTTO IS
Q U A M B O N U M I N U N U M H A B I TA R E ,
W H I C H C A N B E R O U G H LY T R A N S L A T E D A S
‘ W H AT A G O O D T H I N G I T I S T O D W E L L
TOGETHER IN UNITY’.
Prime
Development
Opportunity
MARKET
The Super Prime market has been fuelled by London’s political stability, first class higher education system and quality of the cosmopolitan lifestyle and culture. The
capital’s booming financial services and business investment industries has also added to the burgeoning market for prime property.
London’s Super Prime market is intrinsically linked to wealth distribution. It is well documented by commentators such as Forbes and the Financial Times that London
is a focus for the super rich and that this group is consistently growing.
A record 1,645 billionaires made the Forbes 2014 List of the World’s Richest People with an Aggregate Net Worth of $6.4 Trillion, up from $5.4 trillion from the year
before. The average net worth of those billionaires was $4.7 billion (up from $4.2 billion in 2013).
Europe boasted the most billionaires outside of the U.S., with 468 billionaires, and it is estimated that London is home to 67 billionaires. This made it the most
popular of Western Europe’s capitals with the ultra-wealthy, ahead of Paris with 25 and Geneva with 18.
More millionaires migrated to the UK over the last ten years compared to any other country worldwide, and London topped the rankings for millionaire residents in a
single city. As a result the UK is now host to 815,000 dollar millionaires, third globally behind the US and Japan, but its net inflow represented a 16 percent increase
over the decade, compared with just 1 percent for the US.
LEGAL
L E G A L I N F O R M AT I O N
It is well documented that the Kingdom of Netherlands Embassy is looking to relocate to a site which has already been acquired in Nine Elms. Therefore the sale of 38 Hyde Park Gate will be subject to
an 42 month occupational lease back on a peppercorn from Exchange of Contracts as the Embassy finalises details of the impending move. A copy of the draft lease is available on the dataroom.
The property is subject to a Deed which agrees mutual means of escape at roof level between the subject property and the adjoining residential block to the South, 39 Hyde Park Gate. A clause is
contained in the Deed which allows either party to end the agreement with a 4 month notice period. Full details and a copy of the Deed are available on the dataroom.
F U R T H E R I N F O R M AT I O N
For further information please contact the sales team to
request access to the dataroom. The dataroom includes
the following information:
•
•
•
•
•
•
•
•
Title Register and Plan
Plowman Craven Measured Survey
Building Survey
Energy Performance Certificate
Planning Briefing Note
Draft Sale Contract
Draft Lease
Report on Title
Prime
Development
Opportunity
C O N TA C T
METHOD OF SALE
Residential Development Unconditional offers with an 42 month occupational leaseback are
invited for the freehold interest.
Jack Simmons
Direct Dial: Mobile:
Email:
+ 44 (0) 20 7152 5386
+44 (0) 7734 078161
James Chell
Direct Dial: Mobile:
Email:
+ 44 (0) 20 7152 5396
+44 (0) 7921 092317
VIEWINGS
All appointments are strictly by appointment only through
Cushman & Wakefield development team.
VAT
Central London Development
We are advised that the property is not elected for VAT.
James Bain-Mollison
Direct Dial: + 44 (0) 20 7152 5223
Mobile:
+44 (0) 7730 358073
Email:
Tom Burnage
Direct Dial: Mobile:
Email:
+ 44 (0) 20 7152 5513
+44 (0) 7793 808513
Prime
Development
Opportunity
Cushman & Wakefield LLP (and any joint agent appointed) on its own behalf
and for vendors or lessors of this property, whose agent it is, gives notice
that:
1. The particulars are produced in good faith, but are a general guide only
and do not constitute any part of a contract.
2. No person in the employment of the agent(s) has any authority to make or
give any representation or warranty whatsoever in relation to this property.
3. The property is offered subject to contract and unless otherwise stated all
rents are quoted exclusive of VAT.
4. Nothing in these particulars should be deemed a statement that the property is in good condition, or that any services or facilities are in working order.
5. Unless otherwise stated, no investigations have been made regarding
pollution, or potential land, air or water contamination. Interested parties are
advised to carry out their own investigations if required.
May 2014