Date : May 2019
Location : Belgravia London
Amount : £ 17, 500, 000
The property is located in Belgravia, near to one of the most prestigious squares in London, Belgrave Square – a 10-minute walk to Hyde Park Corner.
Description of the asset
The property is a Grade II* listed end-of-terrace house and is one of the few dwellings located in the area that has not been converted into several apartments. The property has six levels split between a lower ground floor, a ground floor and four upper floors.
The property was previously used as “offices” however the change of use to a residential occupation had been granted.
Planning permission and Listed Building Consent were both granted in September 2016 for external and internal alterations including erection of rear extension at ground floor level and installation of a swimming pool at lower ground level. The development proposals included the creation of a master suite extending to the entire second floor while the first floor would be refurbished to form three joined reception rooms. In addition, there would be five to six bedrooms with their respective en-suite bathrooms and a specific staff area would be installed too.
The Borrower negotiated new leases expiring in March 2144 for the contemplated property at a very low ground rent.
The Borrower had been involved with a few properties in London:
Said property was bought by the Borrower in 2014 for £ 15,000,000 with leases of 70 years and a very low yearly rent, the Borrower negotiated extensions to March 2144 for £ 17,750,000. The lease was extended in Fall 2017.
In addition, development was planned by the Borrower for which necessary permits and consent were granted in September 2016.