1 – 3LITTLE CHESTER STREET

& 19 CHESTER MEWS

BElgRavia, london SW1X 7al

03

EXECUTIVE SUMMARY

+ Planning permission has been granted for a Squire and Partners new build scheme comprising five private residential apartments;

+ Net saleable area 1,020 sq m (10,979 sq ft);

+ Secure underground car parking;

+ Gross internal area 1,614 sq m (17,367 sq ft);

+ Further enhancement to the residential scheme may be possible, subject to obtaining the necessary consents;

+ Rare opportunity to acquire the freehold interest on practical completion of the development;

+ Vacant possession on completion

CGI of the proposed residential scheme

0504

1 – 3little chester street

& 19 chester mewshyde park mayfairbelgrave square eaton square green park buckingham palace

BELgRAVIA

In the 17th century Belgravia was part of an area of open land known as the Five Fields, a desolate place of swamp and windswept pasture, the haunt of thieves and miscreants.

When Sir Thomas Grosvenor married the eligible Mary Davies, who was heiress to this land, in 1677, so began a period of extraordinary transformation. The Grosvenor family vowed to put the Five Fields to new use, and the following centuries saw it flourish into one of London’s most desirable addresses.

It was in the early 19th century, however, that the real catalyst for change began. London was experiencing a housing boom, and nearby Buckingham House, at the order of King George IV, was remodelled into regal Buckingham Palace.

Riding high on the success of his family’s Mayfair redevelopment about a century earlier, Robert Grosvenor, the 1st Marquess of Westminster, struck while the iron was hot. He enlisted the help of surveyor Thomas Cundy and master builder Thomas Cubitt, and an ambitious building project began.

Grosvenor’s vision for the land included classic Regency-style streets, squares and crescents, all aligned to overlook leafy private gardens and these are still the true hallmarks of Belgravia today.

0706 Belgrave Square

Eaton Square

Buckingham Palace

WestminsterCathedral

The Goring

Eaton Square

Belgrave Square

Cadogan Hall

Constitution Hill

The Berkeley

Victoria

Green ParkHyde Park

Hyde ParkCorner

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Chester Mews

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LoCATIon

The property is situated to the east of Belgrave Square and is just north east of Eaton Square, Belgravia’s premier address. In addition Hyde Park, that borders the northern boundary of Belgravia, is only 750 metres to the north of the property.

communications

Transport communications are excellent with Hyde Park (Piccadilly line) Underground station less than 750 metres from the property. Victoria Station is the nearest main line station, which provides an express rail services to Gatwick airport, is approximately 900 metres from the property.

The key arterial routes of Knightsbridge, Piccadilly and Park Lane are all accessed off Hyde Park Corner which is 500 metres from the property, further enhancing its connectivity via private car and bus.

Serpentine Lake, Hyde Park

Wellington Arch

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1 – 3LITTLE CHESTER STREET

& 19 CHESTER MEWS

THE EXISTIng pRopERTY

The former Talbot Public House, 1-3 Little Chester Street is two storeys high with a basement level and is constructed of yellow London Stock Brick with a flat roof. The basement is constructed of modern brick and concrete walls. The former pub occupied the ground floor area with residential use on the first floor.

The existing building was built during the post war period between 1952-1958. It is not considered to be of architectural merit, however, it is located within the Belgravia Conservation Area.

19 Chester Mews was formerly part of No.29 Chester Street. The building comprises two storeys and is constructed from London Stock brick with stucco at the bottom. The full height windows at first floor are modern introductions. Access is gained from a private lane off Chester Mews.

tenure

The property comprises two parcels of land, which are registered at the Land Registry under separate title numbers.

1–3 Little Chester Street is freehold (NGL913867), but is subject to a lease (LN226561) with an original term of 99 years from 29 September 1959.

19 Chester Mews is freehold (NGL849694).

planning

The property is not listed, but lies within the Belgravia Conservation Area.

1110

1 – 3LITTLE CHESTER STREET

& 19 CHESTER MEWS

THE oppoRTUnITY

consented scheme

On 7 July 2015 planning permission was granted for the 'Demolition of existing buildings and replacement with a building comprising newly excavated basement, lower ground, ground and two upper floors with terraces at lower ground, rear first and second floor levels to provide five residential units (Class C3), off-street car parking for three vehicles, accessed via a car lift off Chester Mews and mechanical plant located at basement and roof level' (14/00555/FULL).

non material amendment

On 29 December 2015 a non material amendment was approved, which brings the individual light wells to the rear of the site (currently next to 19 Chester Mews) within the site boundary and provides improved amenity to the lower ground floor apartments.

scheme overview

5 private residential units.

Secure underground car parking (3 spaces).

schedule of proposed area

Unit Floor Bedrooms Net internal area

Sq m Sq ft

1 G/LG 3 161 1,733

2 G/LG 3 173 1,862

3 G/LG 2 146 1,572

4 1 3 287 3,089

5 2 3 253 2,723

Total 1,020 10,979

section 106 agreement

The conditional planning permission is subject to a signed Section 106 legal agreement to provide a financial contribution towards affordable housing of £857,600 (index linked and payable on the commencement of development).

community infrastructure levy (cil)

The implementation of the July 2015 planning permission (ref: 14/00555/FULL) will give rise to a payment of £55,250 towards Mayoral CIL.

ground surveys

Survey work undertaken has concluded that there are no major sources of ground contamination within the site.

CGI of the proposed residential scheme CGI of the proposed residential scheme

CGI of the proposed residential scheme

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FLooR pLAnS

Basementlower ground

1514

ground floor first floor

1716

second floor roof plan

1918

RESIdEnTIAL MARkET CoMMEnTARY

Since the inception of Savills Prime index in 1979, prime London house prices have consistently outperformed mainstream London and the rest of the UK in real terms. The trend rate of real house price growth across prime London has averaged 4.3% per year.

Real house price growth across Greater London has averaged 3.6% above inflation annually over the same period, compared to the UK average of 2.1%. Prime London has been driven by both domestic and international equity and is regarded as one of the premier world cities in which to both live and invest.

Residential property values in the well established prime location of Belgravia have increased significantly over the past decade. In nominal terms, the area has seen price growth of 117% over the last 10 years, outpacing the 113% growth seen across wider prime central London (PCL).

Annual growth at Q4 2015 in Belgravia has seen a small correction of -2.6% which reflects the adjustment that the market made following the stamp duty land tax (SDLT) reform in December 2014.

However this modest fall has not been as pronounced as other PCL locations; Belgravia has outperformed Knightsbridge, South Kensington and Notting Hill over the last year. 5 year growth in Belgravia is at 28.6%, the strongest performing PCL district after Chelsea and Marylebone.

In terms of transactions, there has been a notable increase in the number of prime central London new build £5m+ sales during 2015, with transactions up 48% compared with 2014.

Whilst the increase in new build market share is in part a function of more top end new build stock coming to the market, it also indicates that there is considerable appetite for best in class product.

Looking forward, we expect prime central London house prices to remain flat throughout 2016 as the market absorbs the 2014 SDLT reform and the recently announced 3% SDLT surcharge on additional homes, which takes effect from April 2016.

However, the fundamentals of global wealth generation will support a return to positive rates of price growth over the medium term. Over the five years to the end of 2020 we are forecasting total price growth in the prime central London market of 21.5%.

new build flats sales over £5m have increased significantly over the last year

£5m – £10m £10m – £15m £15m – £20m £20m+

£5m+ new build market share is increasing

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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 | March 2016

FURTHER InFoRMATIon

method of sale

The sale of the Property will take place by way of two new 125 year leases, with the freehold interests being transferred on practical completion of the development.

The existing lease on 1–3 Little Chester Street (LN226561) will also be transferred as part of this transaction and the Purchaser will be obliged to merge the unexpired term of the existing lease into the new 125 year lease for this element of the Property.

vat

The existing leasehold interest of 1–3 Little Chester Street (LN226561) has been elected for VAT, and therefore, VAT will be payable on this apportioned element of the purchase price.

dataroom

A dedicated project website detailed suite of information can be found at www.savills.com/lcs

viewing

All viewings are by appointment only through Savills.

contacts

Luke Hawkesbury

e. lhawkesbury@savills.com

t. +44 (0)20 7409 9942

Lizzie Parrott

e. lparrott@savills.com

t. +44 (0)20 7409 9943

Offers are invited in excess of £17,000,000 (seventeen million pounds), subject to contract.