Property Overview

A PRIME NOTTING HILL, MIXED USE FREEHOLD, WITH PLANNING PERMISSION TO DEVELOP

Overview

For Sale

24 Powis Terrace (A1 & C3 use class) is a substantial and immediately attractive flat-fronted building of period construction arranged as retail (A1) across ground and basement floor levels with a separate private entrance providing access to a large, self-contained triplex apartment with extensive private terracing and roof garden. The property is presented in good condition throughout and enjoys superb open views to the rear elevation. Development Opportunity: This building presents itself as a rare development/investment opportunity with scope to capitalise on the planning consent detailed in order to create two self-contained residential apartments that could either be disposed of or retained for investment. Local capital values are currently averaging £1,400 p/sq/ft for completed apartments. The estimated rental value for the commercial is £30,000 per annum giving rise to an attractive commercial investment which, based on current yields of 5% would reveal a capital value of £600,000 (subject to covenant strength). Planning: The property benefits from two recently granted planning consents as follows:-  Construction of mansard roof extension (PP/16/00913).  Construction of part of basement and part of ground floor to form additional residential unit 9PP/16/02252).

Location

Powis Terrace is nestled in the heart of Notting Hill and is situated between Westbourne Park Road and Talbot Road. The world famous shopping facilities provided by Portobello Road are just moments away alongside a raft of superb global fashion brand boutique stores and some of London’s finest restaurants and entertainment venues, including The Ledbury, Raul's and Nama. Public transport is a short walk away accessed via Ladbroke Grove tube station (Hammersmith & City line) and Notting Hill Gate tube station (Central line).

Accommodation

A1 Ground Floor Retail Area
Floor: 1

Lower Ground Floor Storage & Bedroom / Bathroom to the Rear
Floor: 2

First Floor Reception Room & Kitchen
Floor: 3

Second Floor Bedroom & Bathroom
Floor: 4

Overall Area: GIA 2,401 sq ft

- Ground & Basement Vacant Commercial Unit (A1 Use Class)

- Large Self-contained Upper Triplex Apartment 

- Garden and roof garden

- Freehold with full vacant possession.

- Attractive capital value of just £916 per sq ft

Tenure

Freehold

Asking Price of £ 2200000

Planning

Planning for Mansard Roof Addition & Creation of 2 Apartments

Rateable Value

£11,750 per annum (April 2016-17) / £26,000 per annum (April 2017-2018)

Rates Payable

£5,687 per annum (April 2016-17) / £12,922 per annum (April 2017-18) - NB We strongly recommend that you cheque the rating figures with the Royal Borough of Kensington & Chelsea's Valuation Department

We strongly advise that you verify these figures with Royal Borough of Kensington & Chelsea City Council Business Rates Department

Possession

Full vacant possession immediately on completion of legal formalities

Legal Costs

Each party is to bear their own legal costs

Viewing Details

Strictly by appointment with Sole Agents Bective Commercial on 0207 985 0715

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Powis Terrace London

£2,200,000
Sold
1

Property Overview

A PRIME NOTTING HILL, MIXED USE FREEHOLD, WITH PLANNING PERMISSION TO DEVELOP

Overview

For Sale

24 Powis Terrace (A1 & C3 use class) is a substantial and immediately attractive flat-fronted building of period construction arranged as retail (A1) across ground and basement floor levels with a separate private entrance providing access to a large, self-contained triplex apartment with extensive private terracing and roof garden. The property is presented in good condition throughout and enjoys superb open views to the rear elevation. Development Opportunity: This building presents itself as a rare development/investment opportunity with scope to capitalise on the planning consent detailed in order to create two self-contained residential apartments that could either be disposed of or retained for investment. Local capital values are currently averaging £1,400 p/sq/ft for completed apartments. The estimated rental value for the commercial is £30,000 per annum giving rise to an attractive commercial investment which, based on current yields of 5% would reveal a capital value of £600,000 (subject to covenant strength). Planning: The property benefits from two recently granted planning consents as follows:-  Construction of mansard roof extension (PP/16/00913).  Construction of part of basement and part of ground floor to form additional residential unit 9PP/16/02252).

Location

Powis Terrace is nestled in the heart of Notting Hill and is situated between Westbourne Park Road and Talbot Road. The world famous shopping facilities provided by Portobello Road are just moments away alongside a raft of superb global fashion brand boutique stores and some of London’s finest restaurants and entertainment venues, including The Ledbury, Raul's and Nama. Public transport is a short walk away accessed via Ladbroke Grove tube station (Hammersmith & City line) and Notting Hill Gate tube station (Central line).

Accommodation

A1 Ground Floor Retail Area
Floor: 1

Lower Ground Floor Storage & Bedroom / Bathroom to the Rear
Floor: 2

First Floor Reception Room & Kitchen
Floor: 3

Second Floor Bedroom & Bathroom
Floor: 4

Overall Area: GIA 2,401 sq ft

- Ground & Basement Vacant Commercial Unit (A1 Use Class)

- Large Self-contained Upper Triplex Apartment 

- Garden and roof garden

- Freehold with full vacant possession.

- Attractive capital value of just £916 per sq ft

Tenure

Freehold

Asking Price of £ 2200000

Planning

Planning for Mansard Roof Addition & Creation of 2 Apartments

Rateable Value

£11,750 per annum (April 2016-17) / £26,000 per annum (April 2017-2018)

Rates Payable

£5,687 per annum (April 2016-17) / £12,922 per annum (April 2017-18) - NB We strongly recommend that you cheque the rating figures with the Royal Borough of Kensington & Chelsea's Valuation Department

We strongly advise that you verify these figures with Royal Borough of Kensington & Chelsea City Council Business Rates Department

Possession

Full vacant possession immediately on completion of legal formalities

Legal Costs

Each party is to bear their own legal costs

Viewing Details

Strictly by appointment with Sole Agents Bective Commercial on 0207 985 0715

 


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Bective Leslie Marsh