Embed Size (px)
Citation preview
1
RAVENSCOURT PARK HOSPITAL
A LANDMARK WEST LONDON GRADE II* LISTED DEVELOPMENT OPPORTUNITY
RAVENSCOURT PARK
HOSPITAL LONDON W6 0TW
2
RAVENSCOURT PARK HOSPITAL
• A landmark development opportunity overlooking Ravenscourt Park in West London.
• A 1.56 hectare (3.87 acre) site comprising a considerable Grade II* listed vacant building previously in use as a hospital (C2).
• Typical Art-Deco architecture, designed in 1931, with ornamental courtyard garden.
• Potential for demolition and redevelopment of part of the property, with the remainder being refurbished, converted and possibly extended, subject to the necessary consents.
• Suitable for a range of alternative uses, including residential, subject to obtaining the necessary consents.
• 350 metres west of Ravenscourt Park and east of Stamford Brook London Underground stations providing District line services.
• For sale freehold with vacant possession: On the Instructions of Joint Fixed Charge Receivers.
Opportunity Summary
3
RAVENSCOURT PARK HOSPITAL
Ravenscourt Park Hospital is located by Ravenscourt Park, an affluent residential, west London suburb of the London Borough of Hammersmith and Fulham. The property is beneficially positioned adjacent to Ravenscourt Park and in close proximity to a range of other amenities.
To the north and south of the property, both Goldhawk Road and King Street offer a variety of independent cafes, restaurants, public houses, retailers and gyms including The Duchess Pub, Coffeeology, Pizza Home and F45 gym. A range of convenience stores and supermarkets, such as Sainsbury’s, Tesco, M&S and Co-op, can be found within 1.5 km (1 mile). There is a more extensive retail and leisure offering within 2km (1.3 miles) of the property at Hammersmith, Chiswick and Westfield London. Occupiers include Gail’s, Waitrose, Planet Organic, Pret A Manger, Joe & the Juice, John Lewis, Apple and Boots.
The property is extremely well placed for access to green open spaces, overlooking Ravenscourt Park which boasts 21 acres of space and offers tennis and basketball courts, a bowling green, cafes, a walled garden and a number of play areas.
Location
R I V E R T
HA
ME
S
BARON’SCOURT
RAVENSCOURTPARK HOSPITAL
HOLLANDPARK
HYDEPARK
CHISWICK HOUSE& GARDENS
ACTONPARK
WHITE CITYHOUSE
WESTFIELDLONDON
ST PAULSSCHOOL
QUEEN'SCLUB
HAMMERSMITH EARL’S COURT
KENSINGTON
SHEPHERD’S BUSH
SHEPHERD’SBUSH
WHITE CITY
BEDFORD PARK
CHISWICK
ACTON
NOTTING HILL
HOLLAND PARK
PADDINGTON
PALACE GREEEN
HAMMERSMITH
HAMMERSMITH
GOLDHAWKROAD
RAVENSCOURTPARK
STAMFORDBROOK
TURNHAMGREENCHISWICK
PARK
CHISWICKPARK
SOUTHACTON
ACTONCENTRALSTATION
BARON’SCOURT
WESTKENSINGTON
GLOUCESTERROAD
SOUTHKENSINGTON
QUEENSWAY
NOTTING HILLGATE
HOLLANDPARK
LANCASTERGATE
LATIMERROAD
LADBROKEGROVE
WHITECITY
WOODLANE
SLOANESQUARE
KENSINGTONOLYMPIA
PADDINGTON
BAYSWATER
THE RIVERCAFÉ
OLYMPIALONDON
KENSINGTONPALACE
NATURALHISTORYMUSEUM
BRACKENBURYVILLAGE
GODOLPHIN &LATYMER SCHOOL
KING’SROAD
The property is also in close proximity to a number of highly regarded private and state schools including Latymer Prep and Upper School, Ravenscourt Park Prep School, Orchard House Prep School, St Peter’s Church of England Primary School, Godolphin and Latymer Secondary School, Sacred Heart High School and St Paul’s Secondary School.
RAVENSCOURT PARK COFFEEOLOGY
4
RAVENSCOURT PARK HOSPITAL
The property is situated approximately 350 metres to both Ravenscourt Park and Stamford Brook Underground stations providing District Line services, with trains into central London stations including Earls Court (8 minutes) and Victoria station (17 minutes). Hammersmith Underground station is also in close proximity, being 1.2 km (0.8 miles) east of the property, providing District line, Piccadilly line, Circle and Hammersmith & City line including services to Green Park (14 minutes) and Heathrow Airport (30 minutes) (Source: TfL). There are also numerous bus connections along Goldhawk Road and King Street. The property has a PTAL rating of between 3 and 4.
Connectivity
Bayswater
High Street Kensington
NottingHill Gate
Hyde Park Corner
Knightsbridge
Queensway
Marble Arch
SouthKensington
SloaneSquare
LancasterGateHolland
Park
GloucesterRoad
EdgwareRoad
Shepherd’sBush
Fulham Broadway
West Brompton
Parsons Green
Putney Bridge
East Putney
Southfields
Wimbledon ParkHeathrowTerminal 5
Northfields
Boston Manor
SouthEaling
Osterley
Hounslow Central
Hounslow East
Hounslow West
Hatton Cross
Ealing Common
Gunnersbury
Kew Gardens
Richmond
Acton Town
ChiswickPark
TurnhamGreen
StamfordBrook Ravenscourt
Park
WestKensington
BaronsCourt
Earl’sCourt
Shepherd’sBush Market
Goldhawk Road
Hammersmith
Wood Lane
WhiteCity
WestActon
NorthActon
EastActon
Latimer Road
Ladbroke Grove
Royal Oak
Westbourne Park
HeathrowTerminal 4
HeathrowT erminals 2 & 3
EalingBroadway
Wimbledon
Circle
Central
Piccadilly
Hammersmith & City
District
RAVENSCOURT PARK
5
RAVENSCOURT PARK HOSPITAL
Westfield London
Hyde Park
Holland Park
Goldhawk Road
The City
Canary Wharf
Ravenscourt Park
Ravenscourt Park Station
Hammersmith Broadway
King Street
Stamford Brook Station
Hammersmith Bridge
6
RAVENSCOURT PARK HOSPITAL
Completed in 1933 and designed by Sir John Burnett Tait & Lorne, Ravenscourt Hospital is a Grade II* Listed, purpose built hospital building occupying a prominent position adjacent to Ravenscourt Park. The property was subsequently extended in 1978.
The current accommodation is arranged in five blocks, over basement, ground and 4 upper floors. Blocks A, B, C and D form the original building, whilst Block E and its elevated walkway are a later addition set over ground and first floor.
The property is typical of Art Deco architecture. The buildings are constructed of steel-frames with shallow concrete floors, red brick walls and Crittall windows.
The site extends to approximately 1.56 hectares (3.87 acres) and is bounded to the south by the listed residences on Ravenscourt Gardens, to the east and north by Ravenscourt Park, to the west by a mix of residential and care home uses.
Description
Site boundary for indicative purposes only
7
RAVENSCOURT PARK HOSPITAL
MAIN ENTRANCELOBBY
BLOCK A FIRST FLOOR OFFICE
RAVENSCOURT PARK HOSPITAL
8
Accommodation Schedule
Please access the below black links below for more detailed floor plans and a virtual tour of the property:
Building FloorGIA NIA Standard Facilities
Sq M Sq Ft Sq M Sq Ft Sq M Sq Ft
BLOCK A
Ground 749.33 8,065.7 495.00 5,328.1 66.60 716.9
First 597.42 6,430.6 382.00 4,111.8 32.22 346.8
Second 224.28 2,414.1 110.44 1,188.8 7.66 82.5
Third 197.08 2,121.4 64.86 698.1 33.12 356.5
TOTAL 1,768.11 19,031.8 1,052.30 11,326.9 139.60 1,502.6
BLOCK B
Ground 1,653.08 17,793.6 958.75 10,319.9 95.55 1,028.5
First 1,620.28 17,440.5 765.07 8,235.1 212.91 2,291.7
Second 1,618.81 17,424.7 818.64 8,811.8 201.91 2,173.3
Third 1,286.98 13,852.9 644.44 6,936.7 138.29 1,488.5
Fourth 1,021.13 10,991.4 643.42 6,925.7 63.28 681.1
Roof (Plant room) 29.61 318.7 0.00 0.0 5.03 54.1
TOTAL 7,229.89 77,821.9 3,830.32 41,229.2 716.97 7,717.4
BLOCK C
Ground 598.40 6,441.1 348.81 3,754.6 47.65 512.9
First 237.14 2,552.6 116.25 1,251.3 23.03 247.9
Second 235.85 2,538.7 78.90 849.3 55.04 592.4
Third 216.27 2,327.9 147.94 1,592.4 11.21 120.7
Fourth 226.20 2,434.8 77.69 836.2 76.08 818.9
TOTAL 1,513.86 16,295.1 769.59 8,283.8 213.01 2,292.8
BLOCK D
Ground 761.83 8,200.3 521.63 5,614.8 38.09 410.0
First 763.82 8,221.7 418.85 4,508.5 57.85 622.7
Second 755.26 8,129.6 428.26 4,609.8 55.12 593.3
Third 55.85 601.2 0.00 0.0 20.03 215.6
TOTAL 2,336.76 25,152.7 1,368.74 14,733.0 171.09 1,841.6
BLOCK EGround 1,214.27 13,070.3 698.64 7,520.1 222.90 2,399.3
First 1,294.85 13,937.6 668.29 7,193.4 111.32 1,198.2
Second 238.91 2,571.6 0.00 0.0 224.92 2,421.0
TOTAL 2,748.03 29,579.5 1,366.93 14,713.5 559.14 6,018.5
TOTAL 15,596.65 167,880.9 8,387.88 90,286.4 1,799.81 19,373.0
Please note that there is also a basement floor. Floor areas and a floor plan will be available within the dataroom.
9
RAVENSCOURT PARK HOSPITAL
Floor Plans
Ground floorBlock B
Block A
Block C
Block D
Block E
10
RAVENSCOURT PARK HOSPITAL
Floor Plans
First floorBlock B
Block A
Block C
Block D
Block E
11
RAVENSCOURT PARK HOSPITAL
Floor Plans
Second floorBlock B
Block A
Block C
Block D
Block E
12
RAVENSCOURT PARK HOSPITAL
Floor Plans
Third floorBlock B
Block A
Block C
Block D
13
RAVENSCOURT PARK HOSPITAL
Floor Plans
Fourth floorBlock B
Block A
Block C
14
RAVENSCOURT PARK HOSPITAL
Planning and Development Potential
The property falls within the jurisdiction of the London Borough of Hammersmith and Fulham. The property is part Grade II* listed and is situated within the Ravenscourt and Starch Green Conservation Area.
The property benefits from an implemented hospital planning consent (2007/04211/FUL), granted on 29th January 2008 for:
“Refurbishment and extensions to existing hospital comprising: erection of a single storey extension to the north elevation of Block B for supplies; erection of a generator housing and sub station to north east of the site; erection of steps, access platform and hoist to the southern elevation of Block A; excavation of garden area to the south of the site and creation of a subterranean housing for four linear accelerators including alteration to the building elevation at ground level to form glazed lobby; lift and stair access to the below ground housing and single storey plant room at ground level; reinstatement of ornamental garden.”
The site has been vacant since 2006 and is not currently in active use, but previously operated as an in-patient hospital and therefore falls within planning use class C2. Pre-application advice was sought in September 2020, with the objective being to establish acceptable development principles in terms of physical alterations and land uses.
Having been vacant for approximately 15 years, the property offers the potential for refurbishment and alteration to suit a range of uses. Planning policy allows for a change of use from hospital / community use, should it be possible to demonstrate a lack of viable demand for its current use. Subject to demonstrating a lack of viable demand, policy would appear to support a range of alternative uses, possibly as part of a mixed-use scheme, including:
• Residential
• Retirement / Extra Care
• Co-living / Build To Rent
• Hotel
• Small scale office use
• Small scale replacement community use
• Education
• Members club and other leisure uses.
The Pre-Application Statement, Hammersmith & Fulham’s response, a Heritage Report and the Gensler Capacity Study are available within the dataroom.
Opportunities for New Build Development
Subject to securing the necessary consents, there is potential for demolition and redevelopment of part of the property, with the remainder being refurbished / converted and possibly extended. Gensler Architects have produced a capacity study which considers the demolition and re-development of more modern parts of the site (Block E), sensitive new extensions or possible upward extensions in appropriate locations, and conversion of the Grade II* listed blocks. The capacity studies, indicate potential for between 250 and 350 units are included within the dataroom.
15
RAVENSCOURT PARK HOSPITAL
Market Commentary
Residential
Much like the regional markets, larger family homes with outside space have been the top performers in London over the past year or so. However, we expect to see increasing demand for a broader range of property types now that social distancing restrictions have been relaxed, the vaccination programme continues and the capital regains its buzz.
Indeed, as office workers continue their return to London, even if on a part-time basis, we will also see the return of demand for the pied-à-terre market across much of prime London. Our June buyer and seller survey suggests there remains a core of unmet demand from those looking to move within London and those looking for a weekday base. As the year goes on, we expect there to be a greater focus on London, so the price growth we have seen in the first six months of this year is likely to be sustained throughout the remainder of 2021 and into 2022.
Beyond 2021, the implications of gradually rising interest rates and the prospect of increased taxes will be the main drivers for the prime markets. Continued lockdowns and more government spending mean that any rise in taxes could be more imperative than originally anticipated. This leaves less capacity for significant price rises across these markets as buyers’ spending power is likely to be reduced, particularly after the strong price growth we have seen this year.
Despite this, London remains an attractive place for investors due to the fundamentals of the market. London is considered a safe haven for both foreign and local money, attracting investors to its buzzing economy as a top financial centre with excellent infrastructure. London has a chronic undersupply and rising demand for property resulting in continued price growth. This is supported by the Savills five year forecast indicating prime property prices are set to rise 18.7%.
Prime price forecasts
2021 2022 2023 2024 2025 5-YEAR
Prime central London 2.0% 8.0% 4.0% 2.0% 4.0% 21.5%
Prime outer London 4.0% 4.0% 3.0% 2.0% 2.0% 15.9%
All prime London 3.0% 6.0% 3.5% 2.0% 3.0% 18.7%
16
RAVENSCOURT PARK HOSPITAL
Healthcare
Market Commentary
The private acute medical care market in Central London had an estimated worth of £1.6bn in calendar year 2018. This figure includes revenues from acute medical hospitals owned and operated by private companies and charitable organisations and Private Patient Units (PPUs). It excludes private fees paid to specialists and consultants.
Prime yields in the healthcare sector have been stable or improving over the last 18-24 months and more recently, as availability of stock reduces further, showing signs of further compression. Note 19a Cavendish Square, let to the Royal Marsden NHS Foundation Trust, was recently brought to market at a net initial yield of 3.50% and subsequently traded at 2.50%.
Rents too remain strong, partly due to the lack of supply and continued weight of demand from both public and private operators. Prime rents in the HSMA currently sit at c£95 per sq ft, up from c£90 per sq ft in 2019/20. We are aware that some higher specification
accommodation is being marketed at closer to £100 per sq ft. Commentators citing initial concern that lettings, of both medical and office accommodation in the area are set to decline going forward should take comfort from the fact that the Howard de Walden Estate has recently signed up three tenants (March 2021) at its development located at 1 St Vincent Street. This comprised the letting of 2 floors, extending to 7,200 sq ft, to US venture capital firm Sequoia Capital. A further 3,100 sq ft has been let to a maritime tech frim – Silverstream Technologies and 2,600 sq ft has been taken by UK real estate investor Ashby Capital.
17
RAVENSCOURT PARK HOSPITAL
Senior Living
The London market is home to a large and growing population of elderly people with few options for private, fit for purpose and attractive accommodation. With over half a million people aged 75+ living in London, and an expected 27% increase in this cohort by 2031, there is a large and growing demand for senior living schemes. As the first baby boomer reaches the age of 75 this year, the growth in the elderly population across the UK will continue to accelerate with the supply and demand disparity continuing to widen.
Not surprisingly, the elderly population in the UK, and especially London, sit on large quantum’s of housing equity, much of which is without a mortgage. And with prime property prices set to increase by 18.7%
across the capital, the housing wealth of the elderly population in London is growing, making them prime consumers for high end senior accommodation.
The local market surrounding Ravenscourt Park benefits from a growing and affluent elderly population and a lack of existing and future competition, making it an ideal location for senior living. With only c. 400 units available and under development within 3 miles of the site, and an anticipated need for over 1,100 units, there is ample demand for a high end scheme to serve the local elderly population.
Market Commentary
18
RAVENSCOURT PARK HOSPITAL
Title & Tenure
The property is for sale freehold with vacant possession.
PondFish
4.4m
4.3m
4.5m
4.3m
4.3m
LB
SD
RAVEN
SCO
UR
T
GARDENS
RAVENSCOURTW
estside
27
20
Ravenscourt Park Hospital
29
49
1 to
10
11 to
20
6450
31 33
25
29a
4.5m
RAVENSCOURT SQUARE
Sports Facility
17
915
2321
11
142624
16 to 22
0m 10m 20m 30m
Stamford Hospital, Ravenscourt Park, London W6 0TW
Title number: BGL21885
Ordnance Survey © Crown Copyright 2016. All rights reserved. Licence number 100022432. Plotted Scale - 1:1250
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. Published for the purposes of identification only and although believed to be correct accuracy is not guaranteed.
Method of Sale
The site will be sold by way of informal tender (unless sold prior).
VAT
The sale price will be exclusive of VAT, its understood that no option to elect to charge VAT has been made.
Viewings
Viewings are strictly by appointment; please contact the sole selling agents to make an appointment.
Virtual Tour
Please use the hyperlinks on page 8 of the brochure to view the virtual tour.
Further Information
Further information, including planning, technical and legal documentation, is available at:
www.savills.co.uk/ravenscourtparkhospital
Contacts
DEVELOPMENT
Robert Pollock +44 (0) 7968 550 326 [email protected]
Tim Whitmey +44 (0) 7967 555 640 [email protected]
Georgie O’Connell +44 (0) 7971 358 922 [email protected]
SENIOR LIVING
Caryn Donahue +44 (0) 7800 916 955 [email protected]
HEALTHCARE
Colin Rees-Smith +44 (0) 7870 999 697 [email protected]
COMMERCIAL
Oliver Fursdon +44 (0) 7870 999 183 [email protected]
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 2021
This property is being marketed for sale on behalf of joint fixed charge receivers and therefore no warranties or guarantees in any respect can be given. The property will be sold with no title guarantee and no covenants for title. The information in these particulars has been provided by the joint fixed charge receivers to the best of their knowledge based upon information obtained from third parties, but the purchaser must rely solely upon their own enquiries. The joint fixed charge receivers are acting as agents without personal liability.
