Telford Road, London, W10

INVESTMENT CONSIDERATIONS

¦ Freehold property in the Royal Borough of Kensington and Chelsea
¦ Site extends to 0.19 acres (0.077 ha) and is occupied by part one, part three storey buildings
¦ Existing property extends to 12,043 sq ft (1,118.8 sq m) GIA and is currently in education use
¦ The property is let to Lloyd Williamson Independent School at a rent of £225,000 per annum, expiring in August 2024
¦ The site benefits from an implemented planning permission for a residential led scheme
¦ Confirmation obtained from RBKC that the scheme has been implemented
¦ The permission is for a residential led scheme of 18 units with office and restaurant, and the provision of 18 car parking spaces
¦ Further planning optimisation or reconfiguration opportunities as part of a S73 or new application

DESCRIPTION

The site comprises a part 1 and part 3 storey building, plus basement. The property is currently in use as an independent school (Use Class F1) occupied by The Lloyd Williamson School.

The building occupies a site area of 0.19 acres (0.077 ha) adjacent to the North Kensington Fire Station to the rear of the site, fronting Ladbroke Grove.

The accommodation is arranged over ground, 1st and 2nd floors totalling 12,043 sq ft (1,118.8 sq m) GIA.

CURRENT USE

The site is currently occupied wholly by a Class F1 education use. Previous uses included offices on part of the ground and second floors and a private health clinic on the first floor.

The property is occupied by The Lloyd Williamson Schools Foundation, under an FRI lease expiring 31 August 2024 at a rent of £225,000 per annum. The lease benefits from a mutual break clause on 31 December 2023.

IMPLEMENTED PLANNING PERMISSION

The consented and implemented scheme from 2005 (PP/04/02652 – permission granted 15th August 2005) is for the demolition and redevelopment of the site to deliver 18 residential units, office pace, food and drink space and 18 car parking spaces.

The proposed land use and quantum of the implemented scheme is:

¦ Office: 2,799 sq ft (260 sq m)
¦ Restaurant: 2,573 sq ft (239 sq m)
¦ Residential (Class C3): 33,540 sq ft (3,116 sq m)
The breakdown of the residential accommodation is as follows:
¦ 3 x one bed, 9 x two bed and 6 x three bed

Confirmation that this application has been lawfully implemented is provided by application CL/10/02816, which was granted on 8th November 2010. This confirms that development commenced on site on 13th August 2010 and therefore planning permission PP/04/02652 lawfully commenced within 5 years of that permission being granted.

2-14 Telford Road and 246-248 Ladbroke Grove is located within the Royal Borough of Kensington and Chelsea, one of London's most prestigious and affluent locations.

The area immediately surrounding the subject property is primarily distinguished by a range of residential properties including substantial townhouses (3-4 storeys plus lower ground) and other terraced residences.

The site sits adjacent to the North Kensington Fire Station and just west of the junction between Telford Road and Portobello Road. Running north towards Notting Hill, Portobello Road is a lively and popular tourist destination which is home to an eclectic range of both national and independent restaurants, cafés and retail, including Soho House's Electric Cinema and Gold. Portobello Road
Market forms one of the world's largest antique, brica-brac and vintage clothing markets with over a mile of market stalls, shops and arcades. The wider Notting Hill and Ladbroke area boasts further local pubs, and restaurants including The Pelican, The Westbourne, and Layla Bakery.

A substantial 4-5 storey residential development, known as Portobello Square, has been constructed by Catalyst and fronts Faraday Road and the Athlone Gardens open space, to the east, forming part of the Wornington Green estate regeneration project.

Further north, substantial residential and commercial development is being delivering within the Kensal Canalside Opportunity Area (at least 3,500 homes and 2,000 jobs and associated improved connections to the wider area, over the railway and canal).