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Elm Park Road, Chelsea, SW3

3250000 Make an offer

7 bed building for sale

This is a fantastic opportunity to purchase the Freehold of a superb period property comprising 3 flats. With a present layout of one lower ground floor flat, a ground & first floor duplex and an upper maisonette.

Key features

  • Freehold interest in the building and two underlying leases
  • Leasehold of the lower ground floor flat (Flat 1)
  • Leasehold of the upper maisonette (Flat 3)
  • Presently these leases expire March 2037
  • Easily extendable to 999 years by acquiring the Freehold
  • Ground and First duplex held on a long lease until 14/3/2127
  • Lease contains a Landlord's section 61 development clause
  • Development opportunity with potential for planning gain

We are offering for sale the potential to acquire the Freehold interest in this above house with huge development potential (STP) currently comprising three units, being a garden flat, a ground and first maisonette and a second and third maisonette. The sale is with vacant possession of Flats 1 and 3 which currently have lease lengths expiring on 14th March 2037, but with the purchase of the freehold can easily be extended to 999 years. The ground and first floor maisonette ( Flat 2) is currently being held on a long lease expiring on 14.3.2127 but contains a Landlord`s section 61 development right . (As set out in the Leasehold Reform, and Urban Development Act 1993 as this lease was previously extended under that act) UNDER THE TERMS OF THE LEGISLATION, A FREEOLDER HAS THE RIGHT TO RECOVER POSSESSION IN ORDER TO REDEVELOP THE PROPERTY BY GIVING NOTICE OF THEIR INTENTION TO DEVELOP PRIOR TO THE EXPIRY OF THE OF THE INITIAL LEASE, BEFORE IT WAS EXTENDED, WHICH IN THIS INSTANCE IS 14/03/37, WHERE THE MARKET PRICE CAN BE NEGOTIATED. AN APPROXIMATE ESTIMATE TODAY COULD BE IN REGION OF £2,000,000 TO £2,500,000 SUBJECT TO CONTRACT.

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Local Life

UNDER THE TERMS OF THE LEGISLATION, A FREEOLDER HAS THE RIGHT TO RECOVER POSSESSION IN ORDER TO REDEVELOP THE PROPERTY BY GIVING NOTICE OF THEIR INTENTION TO DEVELOP PRIOR TO THE EXPIRY OF THE OF THE INITIAL LEASE. Please contact us for further info.

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Nearest stations

South Kensington station
Piccadilly District Circle lines, Zone: 1

Gloucester Road station
Piccadilly District Circle lines, Zone: 1

Imperial Wharf station
London Overground Southern lines,

Further details

Tenure:
Freehold
Stamp Duty
£303,750
Council tax:
To be confirmed
Local authority:
The Royal Borough of Kensington and Chelsea
Total Sq Ft:
3,662 (340 Sq M) approx.
Reference:
14623297

Lease details, service charges, ground rent (where applicable) and council tax are given as a guide only and should be checked and confirmed by your Solicitor prior to exchange of contracts.

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Mortgage

Calculations by Alexander Hall Mortgages

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