Investment Opportunity
Kensington London W2 4BGFor Sale
OIEO £10,000,000
DESCRIPTION
The hostel is arranged over five floors including a basement, ground and upper floors. It provides 40 rooms and a reception office on the ground floor which is accessed directly from Kensington Square Gardens. Access to the building is controlled by an on-site manager and CCTV in the main entrance. The rooms have been fitted out to a basic specification and are in need of modernisation. Each room provides living areas and cooking facilities with WC, shower and washing facilities on every floor on a communal basis. Hot water and heating is supplied to each dwelling via communal Boilers. The rooms are let on an AST basis with bills included at a flat rate per calendar month.
The overall Gross Internal Area of the building including the common parts and service areas is approximately 927 sqm (9978 sqft).
LOCATION
This grade II listed double fronted property is close to one of central London’s premier shopping districts Whiteley’s as well Kensington Palace, Knightsbridge, The Royal Albert Hall, Notting Hill and Queensway. It is in walking distance to Kensington Gardens, Hyde Park and the Serpentine. There are good train links across London including Bayswater, Queensway and Paddington Station, all within a couple of minutes walk. This area has recently been approved for a £1bn regeneration scheme designed by Foster & Partners.
PLANNING
Applications have been made and approved for adjacent buildings for the development of a mansard roof extension and various other modifications to the interior layouts. There is scope to add a mansard roof extension to the building subject to planning.
The existing fabric of the building is in poor condition and there are many number of opportunities to improve the overall condition of the building to sustain its long term use.
TENURE
Freehold
