GLEN HOUSE 1 2 5 - 1 3 2 O L D B R O M P TO N R O A D

L O N DO N S W 7

PRIME KENSINGTON DEVELOPMENT OPPORTUNITY ANCHORED BY A FERRARI SHOWROOM

Prime South Kensington location in the heart of RBKC

Situated on Old Brompton Road less than half a mile from South Kensington Underground Station and just one mile from Knightsbridge

Freehold

Glen House comprises a partially demolished prominent corner building, providing a car showroom and offices over lower ground and ground floors.

Planning consent has been implemented to provide 5 new luxury private residential apartments and two new floors of offices above the existing Ferrari showroom

Potential for change of use of the entire development for Grade A offices / luxury residential / a boutique hotel or serviced apartments above the existing showroom (STPP)

Possibility to reconfigure the existing consented residential unit mix (STPP)

Showroom is let to H.R. Owen trading as ‘Ferrari’ off a low rent of £343,595 p.a. (£60.00 psf) with an ERV of £460,000 p.a. (£80.00 psf)

Further 2,350 sq ft (218 sqm) of vacant offices at lower ground

Total existing ERV of £554,000 p.a.

Offers in excess of £22,000,000 for either the freehold asset or for 100% of the issued share capital in the UK registered SPV

Two mews houses to the rear are available by separate negotiation

INVESTMENT SUMMARY

CGI of consented scheme

GLEN HOUSE 2

A RARE ROYAL BOROUGH OF KENSINGTON AND CHELSEA NEW BUILD DEVELOPMENT OPPORTUNITY

GLEN HOUSETHE BOLTONSHYDE PARK NATURAL

HISTORY MUSEUM

V&A MUSEUM SLOANE

SQUARE

KING’S ROADSOUTH KENSINGTON

HARRODSROYAL ALBERT HALL

LOCATION SURROUNDED BY SOME OF THE MOST INSTANTLY RECOGNISABLE BUILDINGS

AND RESIDENTIAL STREETS IN LONDON, KENSINGTON IS ONE OF THE MOST ATTRACTIVE PLACES TO LIVE AND

WORK IN THE CAPITAL.

Situated on the south side of Old Brompton Road in the heart of South Kensington.

Located just 1 mile from the world famous luxury enclaves of Knightsbridge and Belgravia in the affluent Royal Borough of Kensington and Chelsea (RBKC). Kensington is renowned as a premier address, home to wealthy professionals and families. There is an abundance of high end retail and leisure occupiers accompanying numerous world class tourist destinations including The Science Museum, The Royal Albert Hall and The Victoria

& Albert Museum. The sprawling greenery of Hyde Park and premier retailing of High Street Kensington is located just a mile to the north.

GLEN HOUSE 4

GLEN HOUSE

Located just 1 mile to the north east, Knightsbridge lies adjacent to Mayfair and Belgravia and is undoubtedly one of the world’s most exclusive and renowned addresses. The area is characterized by an alluring mix of the world’s most revered retail brands, luxury residences, Michelin starred restaurants and London’s finest hotels.

Anchored by two iconic department stores, Harrods and Harvey Nichols, the area boasts a luxury retail tenant profile including Hermes, Gucci, Dolce & Gabbana, Louis Vuitton, Salvatore Ferragamo, Chanel, Armani and Prada.

Knightsbridge comprises an impressive hotel and restaurant line up with some of London’s most recognisable venues including The Lanesborough, The Wellesley, The Berkeley and One Hyde Park.

KNIGHTSBRIDGE

KNIGHTSBRIDGE IS ONE OF THE WORLD’S MOST EXCLUSIVE AND RENOWNED ADDRESSES

Excellent transport links with both South Kensington and Gloucester Road Underground Stations (Circle, District, Piccadilly lines) within 0.4 miles.

CONNECTIVITY

SLOANE SQUARE

LONDONVICTORIA

HYDE PARKCORNER

GLOUCESTERROAD

HIGH STREETKENSINGTON

EARL’SCOURT

BATTERSEA PARK

FULHAMBROADWAY

OLD BROMPTON ROAD

KNIGHTSBRIDGE

SOUTHKENSINGTON

HYDE PARK

ONE HYDE PARK

ROYAL ALBERT HALL

V&A MUSEUM

SAATCHIGALLERY

KENSINGTON

CHELSEA

BELGRAVIA

KNIGHTSBRIDGE

GLEN HOUSE

10

11

12

13

12

56

78

1

92

4

3

1

3

2

4

5

68

7

7

1

3

8

2

6

5

4

910

11

GLEN HOUSE

Gloucester Road

Travel Time (Mins)

South Kensington

Piccadilly Circus 8

Earl’s Court 2

Wimbledon 22

Acton Town 16

Paddington 10

Victoria 6

Cannon Street 17

Liverpool Street 24

King’s CrossSt. Pancras

International17

Heathrow 42

RESTAURANTS1) The Ivy King’s Road2) Kiru3) Restaurant Gordon

Ramsey4) Scalini5) Daphne’s6) Bibendum7) Bluebird8) Tom’s Kitchen9) Zuma10) Buddha Bar11) Dinner by Heston

Blumenthal

RETAIL1) Club Monaco2) Giorgio Armani3) Brora4) Paule Ka5) Lamborghini6) Maserati7) Amanda Wakeley8) Chanel 9) Tiffany & Co 10) Hermes11) Gucci12) Louis Vuitton13) Burberry

HOTELS1) The Kensington2) 11 Cadogan Gardens

Hotel3) Blakes Hotel4) The Lanesborough5) The Park Tower6) The Berkeley7) Mandarin Oriental8) Bulgari

GLEN HOUSE 6

SOUTH KENSINGTON TUBE UNDERGROUND REDEVELOPMENT

TFL are currently underway searching for a long term joint venture partner for a large scale redevelopment and regeneration of South Kensington Underground Station and the immediate surrounding buildings. When complete it is anticipated that the scheme will bring increased access, footfall and connectivity as well multiple new homes and commercial space to complement the existing provision.

The proposed station upgrade includes:

A new dedicated platform for eastbound District and Circle line services.

A reconfigured, updated and larger ticket hall.

A canopy over the new platform designed to complement the historic retaining wall.

A bridge between the District line platforms to provide an interchange from the Piccadilly line.

Step-free access from street to train on all platforms and multiple step-free access entrances from street level.

The main elements of development around the station will include:

Restoration of the historic shop fronts along Thurloe Street and station arcade.

Restoration of the bullnose (the curved front of the station) and addition of a first floor to provide commercial space.

Opening up and making use of currently redundant areas to allow development along Pelham Street.

Appropriate development along Pelham Street with new homes and commercial space, restoring the active frontages to this side of the street.

Refurbishment of 20-34 Thurloe Street, including a new station entrance with step-free access to the ticket hall.

The development is anticipated to commence in 2018/2019.

Existing Station / Around Station building massing

Proposed Front Elevation - Thurloe Street

LOCAL DEVELOPMENTS

GLEN HOUSE 7

PELHAM STREET

ONSLOW SQUARE

THURLOE SQ

PELHAM STREET

HARRINGTON Rd

THURLOE PLACE

THURLOE SQUARE GARDEN

THURLOE STREET

THURLOE STREET

EXHIBITION Rd

Bullnose &Arcade

Thurloe St

Platform

Ticket Hall

Oxblood

SOUTH KENSINGTON AND THE UNDERGROUND STATION WILL UNDERGO A MAJOR REDEVELOPMENT IMPROVING PUBLIC REALM, ACCESSIBILITY AND NEARBY AMENITIES

1 60 SLOANE AVENUE, SW3

Planning has been granted for the demolition behind part retained facades and redevelopment of the site to provide a David Chipperfield designed 7 storey mixed-use development comprising 49 luxury residential apartments, off street parking, high end retail and leisure accommodation.

Planning consent granted.

2 ODEON CINEMA & FORMER POST OFFICE, KENSINGTON HIGH STREET, W8

Multiple planning permissions granted for a large redevelopment to provide 43 luxury private residential units, two cinemas, three retail units, a standalone office building and 20 affordable housing units.

Awaiting commencement.

3 LANCER SQUARE, KENSINGTON CHURCH STREET, W8

Redevelopment of the former Kensington Palace Barracks to provide a large mixed use residential led luxury scheme comprising apartments, office, retail and restaurants.

Under Construction.

5 CHELSEA CLEARINGS

The clearings is a proposed new build, residential led scheme of approximately 78 luxury apartments including a retail element on the ground floor. The landmark development will also include bespoke leisure facilities, concierge and residents business suite.

Planning consent granted.

4 CHELSEA BARRACKS

The demolition of the existing buildings at Chelsea Barracks for the mixed use redevelopment comprising 552 luxury residential houses (including 276 units of affordable housing), a hotel, sports centre, a community hall and a retail / restaurant offering.

Awaiting planning decision.

6 THE DESIGN MUSEUM, 224-238 KENSINGTON HIGH STREET, W8

New 100,000 sq ft state of the art museum for contemporary design and architecture which will help promote the area as a creative hub.

Completed in Q4, 2016.

SLOANE SQUARE

LONDONVICTORIA

HYDE PARKCORNER

GLOUCESTERROAD

HIGH STREETKENSINGTON

EARL’SCOURT

BATTERSEA PARK

FULHAMBROADWAY

KNIGHTSBRIDGE

SOUTHKENSINGTON

OLD BROMPTON ROAD

GLEN HOUSE

5

6

1

2

4

3

GLEN HOUSE 8

Glen House was originally built as a mixed-use office and car showroom building arranged over lower ground, ground and four upper floors. The existing building has now been demolished above ground floor level leaving just a car showroom and office premises over lower ground and ground which are fitted out and trading as Ferrari.

2 car parking spaces are afforded to the rear of Glen House.

DESCRIPTION GLEN HOUSE OCCUPIES AN IMPOSING CORNER SITE

Freehold.Two car parking spaces (marked orange) are held by the vendor on 999 year leases from 1st October 1987 at a peppercorn rent.

One car parking space (marked blue) is sold off on a 999 year lease from 1st October 1987 at a peppercorn rent.

TENURE

TC

Bs

TC

Bs

EA

GLE

PLA

CE

RO

LAN

D G

AR

DE

NS

CR

AN

LEY

ME

WSR

OLA

ND

WA

Y

OLD BROMPTON ROAD

Glen House

3 1

125 to 133

Not to scale. For identification purposes only. This plan is based upon the Ordnance Survey Map with the sanction of the controller of H.M. Stationery Office. Crown Copyright reserved

ACCOMMODATION

TENANCY

Glen House, 125-132 Old Brompton Road

FLOOR USE NIA GIA

Sq m Sq ft Sq m Sq ft

Ground Showroom 442 4,323 445 4,785

Lower Ground Showroom 375 3,396 391 4,213

Office 218 2,350 245 2,640

TOTAL 1,035 10,069 1,081 11,638

TENANT FLOOR USE AREA (SQ FT)

LEASE TERM

RENT REVIEW

RENT PA (£PSF)

ERV PA (£PSF)

COMMENTS

H.R. Owen Dealerships Limited t/a Ferarri

Pt Lower Ground & Ground

A1/A2 (Car Showroom)

7,719* 14/08/10 -13/08/25

14/08/20 £343,595(£44.51)

£460,000(£80.00 on best)

Nil rent being paid until practical completion of the development.Inside 1954 LTA.

Vacant Pt Lower Ground

Office 2,350 - - - £94,000(£40.00)

TOTAL 10,069 £554,000

*Agreed rent review areas.

GLEN HOUSE 9GLEN HOUSE

CONSENTED SCHEME

Planning consent was granted in 2013 for ‘Partial demolition and redevelopment to provide a mixed-use scheme comprising B1 offices on part lower ground, part ground, 1st and 2nd floors and 5 new residential apartments (2x1 bed, 1x2 bed and 2x3 bed) on the 3rd to 5th floors. Provision of an additional storey and expansion of the existing building envelope at 1st - 4th floors with retention of existing car showroom at ground floor level.’

Glen House has been partially demolished implementing the above planning consent.

The consented scheme provides the following areas:

Glen House, 125-132 Old Brompton Road

FLOOR USE NIA GIA

Sq m Sq ft Sq m Sq ft

5th Residential 219 2,357 224 2,407

4th Residential 407 4,380 432 4,654

3rd Residential 805 4,626 462 4,972

RESIDENTIAL SUB TOTAL   1,431 11,363 1,118 12,033

2nd Office 385 4,149 451 4,859

1st Office 383 4,118 448 4,822

Lower Ground Office 218 2,350 245 2,640

OFFICE SUB TOTAL 986 10,617 1,144 12,321

Ground Showroom 442 4,323 445 4,785

Lower Ground Showroom 375 3,396 391 4,213

CAR SHOWROOM SUB TOTAL 817 7,719 836 8,998

TOTAL 3,234 29,699 3,098 33,352

Glen House Apartment Breakdown

FLOOR UNIT NUMBER BEDROOMS AREA

Sq m Sq ft

5th Apartment 1 3 219 2,357

4th Apartment 2 1 60 646

4th Apartment 3 3 347 3,734

3rd Apartment 4 1 55 593

3rd Apartment 5 3 375 4,033

TOTAL 11 1,056 11,363

1234789 6 345 2

SHOWROOM AND ANCILLARY

PRINCIPALRESIDENTIALENTRANCE

DIS WC

WC

LOBBY

78

DIS WC

WC

WC

GROUND FLOOR

FIRST FLOOR

Not to scale.For identification purposes only.

GLEN HOUSE 10

141311

KITCHEN

MASTER DRESSING

BEDROOM 3

STUDY

MASTERBATH

1 BED APARTMENT

WC

COATS

PLANT

BAR

BEDROOM 2

DINING / LIVING

BEDROOM

BATH 2

DINING RECEPTION

FAMILY

BATH 3

MASTER BEDROOM

HALL TO 3 BED APARTMENT

BALCONY

TERRACE

HALL

12345

7

6

8

9

10 1512 16

123

14

15

13

12

11

5910

1918 201716

4

WC

DIS WC

LOBBY

WC

HALL

SERVICEKITCHEN

KITCHENDININGFAMILYMASTER BED

MASTERBATH

BEDROOM 2

BATH 2

WC

MASTER DRESSING

KITCHEN

MASTER BEDROOM

MASTER DRESSING

BEDROOM 3

DINING RECEPTION

HALL TO 3 BED APARTMENT

STUDY

FAMILY

MASTERBATH

1 BED APARTMENT

WC

COATS

PLANT

BAR

BEDROOM 2

DINING / LIVING

BEDROOM

BATH 2

BATH 3

BALCONY

TERRACE

HALL

2

1

3

456

16

17

15

14

13

101112

1918 20

FOURTH FLOORSECOND FLOOR

FIFTH FLOORTHIRD FLOOR

Not to scale.For identification purposes only.

GLEN HOUSE 1 1

GLEN HOUSE 12

A PRIME KENSINGTON DEVELOPMENT OPPORTUNITY ANCHORED BY

A FERRARI SHOWROOM

ALTERNATIVE SCHEMES

Potential to create several alternative development options which could incorporate a variety of different uses and layouts (STPP) including:

5TH FLOOR PENTHOUSE EXTENSION:

Potential exists (STPP) to extend and enlarge the consented 5th floor penthouse.

An enlarged scheme has been drawn up by the vendor (detailed below and opposite) which would provide an additional 877 sq ft of net saleable area. A full pre-application on this basis was conducted with RBKC in August 2016. The feedback was extremely positive with the council specifically noting that the ‘proposed design of the fifth floor extension is acceptable’ and that ‘the sunlight and daylight assessment demonstrates an acceptable impact on surrounding neighbours.’

Further information is available upon request.

Reconfigure existing planning consent to provide a number of smaller apartments within existing massing

Change of use of consented offices over 1st and 2nd floors to luxury residential

Potential change of use to provide a Grade A HQ office building above existing showroom premises

Boutique hotel above existing showroom premises

Serviced apartments above existing showroom premises

Potential to extend and enlarge the current 5th floor penthouse and add a 6th floor

GLEN HOUSE 13

20

MASTERBEDROOM

MASTER DRESSING

GUESTBEDROOM

GUESTBATHROOM

MASTERBATHROOM

GUESTBEDROOM 2

GUESTBATHROOM 2

RECEPTION DINING

KITCHEN

UTILITY

WC

HALL

LOBBY

1918171615

14

13

12

11

10

09 08 07 06 05 04

TERRACE

TERRACE

HALL

SERVICEKITCHEN

KITCHENDININGFAMILYMASTER BED

MASTERBATH

BEDROOM 2

BATH 2

WC

MASTER DRESSING

POTENTIAL FIFTH FLOOR

CONSENTED SCHEME FIFTH FLOOR

FLOOR GEA GIA NSA

Sq m Sq ft Sq m Sq ft Sq m Sq ft

Consented 5th floor 247 2,660 224 2,407 219 2,357

Proposed extended 5th floor 324 3,486 307 3,308 300 3,234

POTENTIAL UPLIFT 77 826 83 901 81 877

DATAROOM

Further information can be found on a dedicated dataroom. Details available on request.

VAT

VAT elected - it is proposed the transaction will be structured as a TOGC (Transfer of Going Concern).

PROPOSAL

Offers in excess of £22,000,000 for either the freehold asset or for 100% of the issued share capital in the UK registered SPV. Two mews houses to the rear are available by separate negotiation.

COURT ORDER

A Court Order between the vendor and H.R Owen is in effect and details noise and vibration limits that must be adhered to by the developer during any works (demolition and construction) as well as positive and negative obligations on the developer as to the means by which the building is re-developed.

No rent is payable by H.R Owen from the date of the Court Order until all scaffolding has been removed from the building.

Further information can be provided on request.

PRE-EMPTION RIGHTS/OVERAGE

Planning overage provisions and a number of pre-emption rights in favour of a third party are noted on the title. They are contained in the Transfers dated 21 March 2014 that can be viewed in the dataroom.

Further details can be provided upon request.

FURTHER INFORMATION

CONTACT

Mark Shipman+44 (0)20 7529 5708markshipman@michaelelliott.co.uk

Harry Cox+44 (0)20 7529 5703 harrycox@michaelelliott.co.uk

Scott Lister+44 (0)20 7529 5704scottlister@michaelelliott.co.uk

Peter Ng+65 6733 3212 peterng@michaelelliott.co.uk

If you have any questions please feel free to call us on the contact numbers below:

MISREPRESENTATIONS ACT 1967 & DECLARATION:

Michael Elliott LLP for themselves and for the vendors of this property whose agents they are given notice that: a) the particulars are set out as general outline only for the guidance of intending purchasers and do not constitute, nor constitute part of, an offer or contract; b) all descriptions, dimensions, references to condition and necessary permissions for use and occupation and other details are given in good faith and are believed to be correct, but any intending purchaser should not rely on them as statements or representations of fact but should satisfy themselves by inspection or otherwise as to the correctness of each of them; c) no person in the employment of Michael Elliott LLP has any authority to make or give any representations or warranty whatever in relation to this property. October 2017 (Q3862)

GLEN HOUSE 12