Development
properties
12 & 12a Westbere Road, West Hampstead, London NW2 3SR
Offers in excess of £1,350,000
Residential development opportunity for sale
Pair of semi-detached dwellings positioned on a site of approximately 205m², both currently let on ASTs producinga total rental income of £38,223.96 per annum
Planning permission for the construction of 2 x 3 bedroom luxury houses extending to a total net sellable area of 4,034ft²
Highly sought-after North West London location closeto Kilburn and West Hampstead stations
Unconditional offers invited in excess of £1,350,000 freehold
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Description & tenancies
The property comprises a pair of 1 bedroom semi-detached houses constructed over 2 storeys and positioned on a site extending to 205m².
12 and 12a Westbere Road are let on separate Assured Shorthold Tenancy agreements for 12 month terms from 10th February 2014 and 29th August 2013 respectively, producing a combined rental income of £3,185.33 per calendar month (£38,223.96 per annum).
Location & transport
The property is situated in the highly desirable area of West Hampstead, within the London Borough of Camden. Westbere Road is a short walk from West End Lane which is host to a variety of shops, restaurants and amenities. Brent Cross and Westfield shopping centres are a short drive from the property. The area benefits from excellent transport links, with both Kilburn (Jubilee Line) and West Hampstead (Jubilee Line, London Overground & National Rail) stations being within walking distance.
Planning
The property benefits from planning permission, granted 13th February 2014, under reference 2012/7688/P, for the construction of a part 2, part 3 storey and basement level building to provide 2 x 3 bedroom residential dwellings following demolition of the existing houses. We understand that the inhabitants of the proposed dwellings will be able to apply for on-street parking permits.
The planning permission is subject to a Section 106 Agreement, however; this does not include any financial contributions. We understand that a Community Infrastructure Levy (CIL) payment of £13,040 is payable by the developer.
Terms
Unconditional offers are invited in excess of £1,350,000 for the freehold interest, subject to the existing tenancies remaining in-situ. We understand that the property is not elected for VAT.
Additional information
Additional information including copies of the approved planning drawings, draft Decision Notice, draft Section 106 Agreement, Assured Shorthold Tenancy agreements and indicative resale information is available upon request.
Please note the information provided by Highfield Investments London Limited, trading as Highfield Investments has been given in good faith, however all parties must undertake their own due diligence to satisfy themselves in regards to accuracy.