IIIIII I I I I 1 11 I - Savillspdf.savills.com/documents/1-11FoulisTerraceBrochure.pdf · The Property is within close proximity to a wide range of retail, café and restaurant outlets

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1 - 1 1 F O U L I S T E R R A C E

1 - 1 1 F O U L I S T E R R A C EL o n d o n S W 7 3 L Z

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P R I M E C E N T R A L L O N D O N R E S I D E N T I A L I N V E S T M E N T & D E V E L O P M E N T O P P O R T U N I T Y

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1 - 1 1 F O U L I S T E R R A C E1 - 1 1 F O U L I S T E R R A C E

INVESTMENT SUMMARY

A rare opportunity to purchase an unbroken freehold terrace in

Prime Central London.

f An elegant Grade II listed terrace of eleven adjoining buildings extending to an overall gross internal area 3,571.8 sq m (38,447 sq ft) including common parts, but excluding basement lightwells

f Prime location in Chelsea and within walking distance of South Kensington Underground Station, as well as the world class retail and restaurant amenities within the area

f Since the 1960s the Property has been used to accommodate staff based at the Royal Brompton Hospital, and part of the basement has been in use as a nursery / crèche since 1988

f There is significant scope to enhance the asset by upgrading and reconfiguring the existing accommodation (subject to the necessary consents)

f Overall site area 0.147 hectares (0.363 acres)

f The Property is for sale freehold with vacant possession on completion by way of informal tender

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KNIGHTSBRIDGEHYDE PARK

THE CITY MAYFAIR

SLOANE SQUARE

HARRODS

SOUTH KENSINGTON UNDERGROUND STATION


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For identification purposes only

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LOCATION & SITUATIONThe Property is located in Chelsea, which together with neighbouring

South Kensington, is one of the most desirable locations in Prime Central London.

Chelsea is home to some of London’s most beautiful residential garden squares and streets. The Property is within close proximity to a wide range of retail, café and restaurant outlets. Sloane Street is known for its exclusive international fashion and jewellery brands and is approximately 1.28 km (0.8 miles) from the Property. Fulham Road and King’s Road are both situated just to the south of the Property and also have an eclectic array of boutiques and well known high street shops. Chelsea is home to some of London’s finest restaurants including Restaurant Gordon Ramsey, Medlar and The Ivy. The attractive green spaces of Kensington Gardens and Hyde Park are approximately 1.35 km (0.84 miles) to the north of the Property.

Communications are excellent, with South Kensington Underground Station (Piccadilly, Circle and District lines) approximately 550 metres north-east of the

Property. Gloucester Road (Piccadilly, Circle and District lines) and Earl’s Court (Piccadilly and District lines) Underground Stations are both approximately 1.3 km (0.8 miles) to the north-west of the Property, West Brompton (District line, London Overground, and National Rail services) Station is approximately 1.4 km (0.9 miles) to the west. Cromwell Road (A4) is 700 metres north of the Property, which leads into Knightbridge and the West End. It also links to London Heathrow to the west, via M4 and M25, which is approximately 28 km (17.7 miles) from the Property.

The Property itself is situated on the west side of Foulis Terrace, which runs off Fulham Road, connecting to Onslow Gardens and Onslow Square. The Property overlooks the former Brompton Hospital, which was re-developed into private residential between 1996-2000.

RIVER THAMES

CROMWELL ROAD

CROMWELL ROAD

FULHAM ROAD

FULHAM ROAD

C

HELSEA EMBANKMENT

KINGS ROAD

KINGS ROAD

OLD BROMPTON ROAD

OLD BROMPTON ROAD

HARRODS

HYDE PARKKENSINGTON GARDENS

V&A

BROMPTON ORATORY

EARL’S COURTEXHIBITION CENTRE

THE ROYALALBERT HALL

SCIENCE MUSEUM

SAATCHI GALLERY

ONE HYDE PARK

KNIGHTSBRIDGE

HYDE PARKCORNER

SLOANE SQUARE

SOUTHKENSINGTON

GLOUCESTER ROAD

EARLS COURT

HIGH STREETKENSINGTON

WEST BROMPTON

NATURAL HISTORYMUSEUM

THEBOLTONS


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South Kensington

Underground

Knightsbridge 2 mins

Hyde Park Corner 4 mins

Green Park 6 mins

Piccadilly Circus 8 mins

Leicester Square 9 mins

Westm

inister 8 m

ins

St. James’ P

ark 6 m

ins

Victoria 4 m

ins

Sloan Square 2 m

ins

Earl’s Court

5 mins

Gloucester R

oad 2 m

ins

Heathrow (T4) 41 mins

PICCADILLY

CIRCLE

DISTRICT

King’s Cross St. Pancras 16 mins

Journey times: tfl.gov.uk Not to scale - for identification purposes only

Not to scale - for identification purposes only

KENSINGTON GARDENS

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DUDMASTON MEWS

FOULIS TERRACE

FULH

AM R

D

SOUTH PARADE

ONSLOW GARDENS

NEVILLE STREET

SELWOOD TER

NEVILLE TERRACE

TennisCentre

18

239a

1 to 6

1

26

94

1

108

7

13

9

1

7 1a

27

TrafalgarChambers

49 to

74

33 to 48

Rose Square

237

4

1

8

92

11 o

t 9

7 to 9

10 to

11

13

12

80

1 to 3

2

12

1 to 5

6

14

7

14

14

20

Royal

Brompto

n Hos

pital

Fulham W

ing

Brompton Hospital Nurses Home

Institute ofCancer Research

ONSLOW GARDENS

Hall

St Paul's

Church

Vic

2

0m 10m 20m 30m

SUMNER PLACE

DESCRIPTIONThe Property is an elegant brick and stucco terrace which was

constructed in the mid 19th Century.

In the 1960’s the Property was converted into accommodation for staff based at the Royal Brompton Hospital. A central corridor has been created interconnecting 1-9 Foulis Terrace on the ground and upper floors. 10 & 11 Foulis Terrace are self contained from 1-9 Foulis, but are interconnecting between one another and benefit from an additional mansard level. Since 1988 the basements of 3-6 Foulis Terrace have been used as a nursery/crèche, which was extended to include the basements of 7-9 Foulis Terrace in 2003.

Currently the buildings are arranged over lower ground, ground and three upper floors, with an additional fourth floor mansard at 10 & 11 Foulis Terrace. The Property is currently configured to provide 108 rooms, with shared bathrooms and WCs.

Internally, the Property is in need of complete refurbishment following continued occupation over the last six decades. There is a clear opportunity to modernise and reconfigure the accommodation, subject to obtaining the necessary consents.

NOTE: Reproduced from the Ordnance Survey Map with the permission of the Controller of H.M. Stationery Office. © Crown copyright licence number 100024244 Savills (UK) Ltd. NOTE: Published for the purposes of identification only and although believed to be correct accuracy is not guaranteed.

VIEW FROM THE PROPERTY ONTO THE REAR FACADES OF NEVILLE STREET

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PLANNINGThe Property is located within the Royal Borough of Kensington and Chelsea (RBKC) and within the Thurloe Estate and Smiths Charity Conservation Area. The buildings are Grade II listed and

form part of the listing for 1-14 Foulis Terrace.

There is limited planning history associated with these buildings. Several historic committee reports describe the use as ‘nurses residential accommodation’ and ‘non self contained residential accommodation’ interchangeably. The building has been used for this purpose for at least the last 10 years. In addition to the nurses residential accommodation, the buildings at 3-9 Foulis Terrace have also been used to contain a nursery school (D1 use) at basement level. The nursery occupied this space for over 10 years. It should be noted that the nursery use was limited to only providing childcare to children of NHS staff working in the locality.

In summary, the Property presents an opportunity to upgrade and optimise its current use class, or seek alternative uses, subject to the necessary consents.

HMO LICENCEThe Property was transferred from the Royal Brompton & Harefield NHS Foundation Trust to the Royal Brompton & Harefield Hospitals Charity in April 2012. No HMO licence exists.


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VIEW FROM ROOF OF THE PROPERTY

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FLOORPLANS FLOORPLANS

LOWER GROUND GROUND LEVEL ONE LEVEL TWO

BO

IL 2

BO

IL 3

BO

IL 1

Not to Scale - For Identification Purposes Only. Not to Scale - For Identification Purposes Only.

Bedroom Circulation/store Nursery KitchenWC Bedroom Circulation/store Nursery KitchenWC

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AREA SCHEDULE

Floor UseNumber of HMO Units

GIA NIA

SQM SQFT SQM SQFT

LGNurses Accommodation 10 304 3,269 331 3,560

Nusery n/a 543 5,840 385 4,139

G Nurses Accommodation 20 659 7,090 590 6,352

1 Nurses Accommodation 25 657 7,074 577 6,213




Total 108 3,572 38,446 3,140 33,794

LEVEL THREE LEVEL FOUR

NOTE: The floorplans have been provided by the vendor and produced by BNP Paribas. We have assumed they have been produced in accordance with the RICS Code of Measurement Practice.

FLOORPLANSBedroom Circulation/store Nursery KitchenWC

Not to Scale - For Identification Purposes Only.

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PRIME CENTRAL LONDON OVERVIEW

INVESTMENT MARKETThe HMO investment market has evolved rapidly over recent years, HMO have the potential to optimise rent ‘per square foot,’ enabling an enhanced yield above mainstream residential.

Over the last 12 months, the strongest rental market in Prime Central London has been for smaller units in Central London. Prime one bedroom and studio units have delivered above average, annual rental growth of 3.1%. This has been predominantly due to a reduction in corporate budgets for employees. Central London locations remain popular, and so demand has risen in the studio market. Due to the transient nature of the London workforce, bespoke rental accommodation, which is fully furnished, operational and ready to move in to, is in highest demand.

LAND The Central London residential land market has long outperformed other London and UK land markets and has recovered strongly since the 2009 downturn. Since the 2007 peak, values of Central London residential land sites have increased by nearly 20%. In contrast, Central London office sites have seen a decrease in value (-29%) over the same period and UK urban land has seen a decrease (-40%). Central London’s outperformance has been a result of an acute supply demand imbalance – strong demand for a limited pool of suitable opportunities from a wide range of domestic and foreign players.

Central London residential land values saw a period of strong growth from September 2012 to September 2014, increasing by 16% over the period. However, more recently over the last year caution in the land market due to uncertainty after the EU referendum has led to some falls in land values across the UK. In Central London, land values have fallen (-8.9%) during the six months to September 2016. The slowdown in this market has been exacerbated by subdued house price growth in the residential market as changes to stamp duty are still being absorbed. This presents an opportunity for land acquisition from buyers, although land buyer caution means that there is a focus towards lower risk sites, however there is still considerable activity for the best sites.

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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 | January 2017

METHOD OF SALEThe freehold interest of the property is offered for sale as a whole by informal tender, through a sealed bid process.

Further details on the bidding process are contained in the process letter which can be found on the dedicated project data room.

Unconditional offers (subject to contract only) are invited.

TENUREFreehold (BGL10497)

VIEWINGSViewings are strictly by appointment only through the

sole selling agents Savills.

EPCA copy of the EPC for the property is available on the dataroom.

FURTHER INFORMATION A full dataraoom can be found at: www.savills.com/foulisterrace

VATThe property has not been elected for VAT.

CONTACTS LUKE HAWKESBURY

+44 (0) 20 7409 9942+44 (0) 7967 555 820

[email protected]

DAVINA CLOWES+44 (0) 20 7016 3838

+44 (0) 07967 555 [email protected]

LIZZIE PARROTT+44 (0) 20 7409 9943 +44 (0) 7807 999 502 [email protected]

Documents

IIIIII I I I I 1 11 I - Savillspdf.savills.com/documents/1-11FoulisTerraceBrochure.pdf · The Property is within close proximity to a wide range of retail, café and restaurant outlets