Verified listing
Share:

Residential block in prestigious London-Mayfair district featuring 65 apartments

England, United KingdomUnlock address

80%

£120.000.000

Residential investment

#33668

Core+, Value-Add

4 Mar 2024

Property Details

Broker

For sale

34,730 sq.ft.

3,226 m²

GIA

65

3,455 £/sq.ft.

37,197 £/m²

5.00 %

61

Freehold

X

Fees

0.00 %

0.70 %

0.50 %

0.00 %

0.20 %

Investment Overview

Super prime Central London location within the heart of Mayfair. All flats are let. Period building built in 1935 with recently refurbished entrance lobby and communal areas to a high-standard. 65 apartments total – 4 are currently sold off on separate leases. 61 owned apartments totalling 32,863 sq ft, plus 4 additional leased units of 1,867 sq ft. Total existing apartment GIA of 34,730 sq ft. Large commercial space (5,202 sq ft GIA) on the lower ground floor, currently laid out as a restaurant, which has implemented planning permission for conversion to 6 new residential apartments totalling 4,510 sq ft. Current building GIA of 51,236 sq ft. An ERV of £3,272,040 per annum and £62,923 per week on existing apartments and commercial in current condition; with a potential refurbishment ERV of £6,306,000 if finished to the specification of the show flats. Planning permission granted and implemented which increases residential apartment NIA of all 71 apartments to 40,933 sq ft. Private garden , On-site management office, Video entry-phone system, Two lifts, Two fully refurbished show flats , Close proximity to Hyde Park, Green Park and Berkeley Square, Walking distance to Bond Street and Green Park Underground Stations. Close proximity to Mayfair restaurants, shops, bars, hotels and clubs