A rare opportunity to purchase a residential development and investment opportunity in Hampstead.
Four storey late 19th Century residential property of approximately 5619 sq ft (gia) divided into four residential apartments with a garden to the rear.
Three of the four apartments are let and income generating with an existing rental income of £84,000 per annum with the potential to increase this substantially through a refurbishment of the existing units.
Planning permission for the demolition of the immediately adjacent 1950s extension and construction of four additional apartments under reference 2019/1515/P.
Total gia for the property, including the proposed development, of 8396 sqft.
Sought after location situated within the London Borough of Camden, within close proximity to Hampstead Village and a 7 minute walk from Finchley Road Underground Station.
Offers In Excess Of £6,000,000 Freehold
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The property dates back to the late 19th Century, it is a four storey building including a lower ground and raised ground floor. The main building comprises 4 spacious apartments and there is a further apartment in the extension building, a total gia of 5,217 sqft excluding store, storage and garage space. There are 4 x 3 bed and 1 x 1 bed in the existing property.
Netherhall Gardens comprises a total size of approximately 0.22 acres (0.087 hectares). Built in the late 19th Century, the property has brown brick elevations, a pitched roof and large dormer windows. There is off-road parking at the front of the property and a sloped communal garden to the rear. There is refurbishment potential within the existing property to generate income far in excess of what the asset already derives.
The property is for sale with the benefit of the existing rental income at circa £84,000 per annum.
Planning permission 2019/1515/P to demolish the 1950s extension, comprising a one bedroom flat and a garage and the construction of a four storey building with four new apartments.
The proposed scheme has careful consideration to the site context and the Fitzjohns / Netherhall Conservation Area characteristics, drawing similar design to the surrounding buildings. The residential dwellings will benefit from private outdoor amenity space as well as the use of the communal garden to the rear of the property. The proposal provides a net saleable area of 3,810 sq ft across the four apartments, an uplift from the 499 sqft unit that is set to be demolished. The scheme has been approved with no affordable units.
The accommodation in the proposed scheme is arranged over basement and three further floors and comprises:
Ground floor: Apartment 1 living area accessed via the communal entrance and a separate access to Apartment 2 which has a terrace at the rear of the property.
Basement: Two bedrooms connected via internal staircase to Apartment 1.
First floor: Apartment 3 accessed via the communal hallway with a terrace to the rear.
Second floor: Communal staircase leading to Apartment 4 and the private roof terrace.
26 Netherhall Gardens is located in Hampstead within the London Borough of Camden, between Finchley Road and Fitzjohn’s Avenue. The property is perfectly situated within Hampstead between Hampstead Heath and Regents Park. Hampstead has long been popular amongst the musical, artistic and academic community, and is known for its restaurants and quaint village. Hampstead Heath is renowned for its swimming ponds, city views from Parliament Hill and woodland.
The site is well accessed by public transport with Finchley Road Underground Station, Finchley Road and Frognal Station approximately a 7 minute walk away. Finchley Underground Station is served by the Jubilee and Metropolitan Lines which provide excellent links to Central London. By overground rail, there are eastbound services to Stratford or westbound services to Clapham Junction and Richmond.
Netherhall Gardens is a quiet tree lined residential road, providing direct access to the A41 which connects southwards to Marylebone Road and northwards to the beginning of the M1 . There are a number of local buses which provide access to Finchley Road, Hampstead High Street and Central London.
|Property Type||%||Avg. current value||Avg. # beds||Avg. # bathrooms|
|End terrace house||0.9%||£2,505,950||3.9||2.5|
|Property Type||1 Bed||2 Beds||3 Beds||4 Beds||5 Beds|
|Houses||£661,667 (6)||£1,643,636 (11)||£2,478,901 (42)||£2,853,498 (60)||£4,569,131 (53)|
|Flats||£617,621 (177)||£943,458 (400)||£1,515,195 (227)||£2,850,077 (64)||£3,459,722 (18)|
|All||£618,147 (184)||£962,198 (411)||£1,667,271 (270)||£2,851,732 (124)||£4,287,873 (71)|