PRIDEAUX PLACE, ACTON LONDON W3 7ASpdf.savills.com/documents/Prideaux-Place-Brochure.pdf · REVERSIONARY FREEHOLD RESIDENTIAL INVESTMENT OPPORTUNITY | PRIDEAUX PLACE, ACTON LONDON

REVERSIONARY FREEHOLD RESIDENTIAL INVESTMENT OPPORTUNITY

PRIDEAUX PLACE, ACTON LONDON W3 7AS

REVERSIONARY FREEHOLD RESIDENTIAL INVESTMENT OPPORTUNITY | PRIDEAUX PLACE, ACTON LONDON W3 7AS

Prideaux Place, W3 7AS

Ordnance Survey © Crown Copyright 2014. All rights reserved. Licence number 100022432. Plotted Scale - 1:12532

LOCATION

REVERSIONARY FREEHOLD RESIDENTIAL INVESTMENT OPPORTUNITY

> A freehold residential estate comprising 2 purpose built blocks arranged as 22 two bedroom flats.

> Gross Internal Area (excluding communal parts) extending to approximately 1,579 sq m / 17,002 sq ft.

> Subject to a lease to a housing association expiring in 2033 (rent review 2022) at a passing rent of £106,056 per annum.

> Planning application submitted for an additional block of 5 flats.

> Located in Acton in West London which is due to benefit from Crossrail from 2018.

Acton Central Overground Station is approximately 0.5 miles to the south and provides circular access around London.

Acton Mainline Train Station is approximately 0.6 miles to the north.

The A40 Western Avenue / Westway is approximately 0.1 mile to the north.

Crossrail is due to open at Acton Mainline Station in 2018. Savills research estimate that property prices in the ‘centre west’ part of the planned line including Hanwell, Ealing and Acton have outperformed the rest of the borough by almost 23% over the last 5 years.

Old Oak Common is approximately 1 mile to the north and has been proposed by TFL as a potential super-hub with an interchange between HS2, Crossrail and the Overground. The area has the capacity to deliver a potential 24,000 new homes and 55,000 new jobs over the next 30 years.

The property is located on Prideaux Place in Acton within the London Borough of Ealing in West London. Prideaux Place is situated off Friars Place Lane.

The property is close to Acton Park and East Churchfield Road which provides a variety of local shops.

The immediate area is residential in character with good quality Victorian and Edwardian properties pre-dominating.

The area benefits from excellent transport links.

East Acton London Underground Station is approximately 0.7 miles to the east and is served by the Central Line.

Shepherd Bush (Westfield) – 6 mins

Oxford Circus – 17 mins

Liverpool Street – 26 mins

House price growth – historic and forecast

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Ealing 6.3% 6.9% 3.5% 7.5% 12.2% 6.3% 2.7% 4.0% 5.4% 5.4% 5.1% 5.1% 5.1%

Greater London

11.9% 2.8% 4.7% 8.6% 12.5% 6.3% 2.6% 3.9% 5.4% 5.5% 5.3% 5.3% 5.3%

Source: Oxford Economics

Crown Copyright - licence no. 100018190. Based on Ordnance Survey 2014. Not to Scale - For Identification Purposes Only.

Acton Mainline East Acton Underground

Acton Overground


DESCRIPTION

20.6m

21.8m

21.1m

18.0m

PLACE

PRIDEAUX

FRIAR

S PLACE LAN

E

63

14

68

1 to 8

Church

12

81

9 to 16

56

44

54

36

91

17 to 22

38

St Dunstan's

49

53

16.7m

FRIARS PLACE LANE

61

13

69

63

0m 10m 20m 30m

Prideaux Place, W3 7AS

Ordnance Survey © Crown Copyright 2014. All rights reserved. Licence number 100022432. Plotted Scale - 1:1252

Crown Copyright - licence no. 100018190. Based on Ordnance Survey 2014. Not to Scale - For Identification Purposes Only.

The property is a 1960s built residential estate consisting of 2 adjacent purpose built blocks. There are communal gardens to the rear and parking for several cars.

Flats 1 – 16 are situated in the front block facing the road.

Flats 17 – 22 are situated in the rear block.

LEASE

The property is leased in its entirety to Peabody Trust for a term of 60 years commencing on 5th October 1973 and expiring on 4th October 2033. The unexpired term is therefore approximately 18.75 years.

There is a rent review on 24th June 2022. Rent reviews are assessed as 49.435028% of the open market rental value and where there are regulated tenants 50% of the fair rent.

We understand that 4 flats are occupied by Rent Act tenants.

The lessee has the right to extend its lease for a further 90 years in accordance with the 93 Landlord & Tenant Act.

INCOME

The passing rent is currently £106,056. This rent was set at the last review in June 2010.

ERV

We estimate that market rents for comparable flats would average in the order of £350 per week.

On this basis we believe the estimated rental value to be in the region of £400,000 per annum.

Rental Growth

Year 2009 2010 2011 2012 2013

London 9.40% 9.40% 9.90% 7.30% 12.50%

Source: IPD, Savills

Forecast Rental Growth

Year 2014 2015 2016 2017 2018

London 3.50% 3.50% 4.50% 6.00% 6.00%

Source: Savills

PLANNING

The freeholder has submitted a planning application for the construction of an additional block of 5 flats.

2 x 1 beds

2 x 2 bed

1 x 2 bed penthouse

NSA 3,245 sq ft

The freeholder is in receipt of a favourable pre-application response from the local authority.


ACCOMMODATION SCHEDULE

Address Block Floor Unit Type Unit Description Floor Area Sq M Floor Area Sq ft

1 (1-8) LHS Ground Flat 2 bed, 1 bath, reception, seperate kitchen 76.9 828

2 (1-8) LHS Ground Flat 2 bed, 1 bath, reception, seperate kitchen 76.9 828

3 (1-8) LHS 1st Flat 2 bed, 1 bath, reception, seperate kitchen 76.9 828

4 (1-8) LHS 1st Flat 2 bed, 1 bath, reception, seperate kitchen 76.9 828

5 (1-8) LHS 2nd & 3rd Duplex 2 bed, 1 bath, reception, separate kitchen & store 74.3* 800*




9 (9-16) RHS Ground Flat 2 bed, 1 bath, reception & separate kithchen 76.9 828

10 (9-16) RHS Ground Flat 2 bed, 1 bath, reception & separate kithchen 76.9 828

11 (9-16) RHS 1st Flat 2 bed, 1 bath, reception & separate kithchen 76.9 828

12 (9-16) RHS 1st Flat 2 bed, 1 bath, reception & separate kithchen 76.9 828

13 (9-16) RHS 2nd & 3rd Duplex 2 bed, 1 bath, reception, separate kitchen & store 74.3* 800*




17 (17-22) Rear Block Ground Flat 2 bed 1 bath, reception & separate kitchen 61.6 663

18 (17-22) Rear Block Ground Flat 2 bed 1 bath, reception & separate kitchen 61.6 663

19 (17-22) Rear Block First Flat 2 bed 1 bath, reception & separate kitchen 61.6 663

20 (17-22) Rear Block First Flat 2 bed 1 bath, reception & separate kitchen 61.6 663

21 (17-22) Rear Block Second Flat 2 bed 1 bath, reception & separate kitchen 61.6 663

22 (17-22) Rear Block Second Flat 2 bed 1 bath, reception & separate kitchen 61.6 663

Total 1579.5 17002

* estimated floor area

RESIDENTIAL INVESTMENT OPPORTUNITY | 28 EMPEROR’S GATE, LONDON, SW7 4HS

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 2014

METHOD OF SALE

The property is offered for sale by private treaty.

Offers are sought for the freehold interest subject to contract and subject to the existing occupational lease and tenancies.

Should a closing date be set for the submission of offers, all parties who have expressed an interest will be advised accordingly.

FURTHER INFORMATION

A full suite of background information can be found on the online dataroom at:

www.savills.com/prideauxplace

the site includes:

Headlease

Planning application

Pre-planning application response

Rent Registers

CONTACTS

For further information please contact:

James Laverack [email protected] +44 (0) 20 7016 3770

Davina Clowes [email protected] +44 (0) 20 7016 3838


PRIDEAUX PLACE, ACTON LONDON W3 7ASpdf.savills.com/documents/Prideaux-Place-Brochure.pdf · REVERSIONARY FREEHOLD RESIDENTIAL INVESTMENT OPPORTUNITY | PRIDEAUX PLACE, ACTON LONDON

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