We are delighted to announce that we have recently been instructed on the sale of a Lisson Grove investment property with development potential.
This Lisson Grove investment property is located on the north side of Church Street which links Lisson Grove with the Edgware Road section of the A5. Marylebone and Edgware Road Underground Stations are within a few minutes’ walk. Church Street is a thriving market location and a well-known centre for the antiques trade. Church Street itself boasts a vibrant outdoor market and has London’s largest indoor market for antiques.
Church Street is at the heart of the borough’s ‘Futures Plan’ making it an important regeneration scheme. The existing building comprises a four storey terraced building comprising of a retail unit on the ground and lower ground floor levels and two flats above. It was constructed of London Stock brick with timber framed windows and slate tiled mansard roof. This Lisson Grove investment property was built circa 1890 of a Georgian style.
The rebuilt shop front, mansard roof, lower ground floor, and ground floors rear extensions were added in 2000. A more recent alteration to the shop front was carried out in 2014. We understand that there is precedence along Church Street to convert the lower ground floor to a self contained one bedroom garden apartment (subject to planning permission). We believe the value to be in the order of £400,000. The entrance can be created from the front by turning the staircase around or, alternatively, installing a staircase via the pavement. There is already a already a kitchen and shower room within the demise.
There is planning permission to extend the lower ground floor at the rear and further details of this can be provided upon request. The ground and lower ground floors will be sold with full vacant possession. A new 999 year lease will be sold at nominal ground rent together with a share of the freehold. We are seeking offers in excess of £895,000 for the benefits of the client’s long leasehold interest in this Lisson Grove investment property. Please note that both of the flats above have already been sold on long leaseholds. For further information, please contact a member of our dedicated and experienced investment team or look at our brochure.
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