REVERSIONARY FREEHOLD RESIDENTIAL INVESTMENT OPPORTUNITY
PRIDEAUX PLACE, ACTON LONDON W3 7AS
Prideaux Place, W3 7AS
REVERSIONARY FREEHOLD RESIDENTIAL INVESTMENT OPPORTUNITY | PRIDEAUX PLACE, ACTON LONDON W3 7AS
REVERSIONARY FREEHOLD RESIDENTIAL
INVESTMENT OPPORTUNITY
East Acton
Underground
Acton Mainline
> A freehold residential estate comprising 2 purpose built blocks arranged as 22 two
bedroom flats.
> Gross Internal Area (excluding communal parts) extending to approximately 1,579 sq m /
17,002 sq ft.
> Subject to a lease to a housing association expiring in 2033 (rent review 2022) at a
passing rent of £106,056 per annum.
> Planning application submitted for an additional block of 5 flats.
> Located in Acton in West London which is due to benefit from Crossrail from 2018.
LOCATION
The property is located on Prideaux Place in Acton
within the London Borough of Ealing in West
London. Prideaux Place is situated off Friars Place
Lane.
The property is close to Acton Park and East
Churchfield Road which provides a variety of local
shops.
The immediate area is residential in character with
good quality Victorian and Edwardian properties
pre-dominating.
The area benefits from excellent transport links.
East Acton London Underground Station is
approximately 0.7 miles to the east and is served
by the Central Line.
Shepherd Bush (Westfield) – 6 mins
Oxford Circus – 17 mins
Liverpool Street – 26 mins
Acton Overground
Acton Central Overground Station is
approximately 0.5 miles to the south and provides
circular access around London.
Acton Mainline Train Station is approximately
0.6 miles to the north.
The A40 Western Avenue / Westway is
approximately 0.1 mile to the north.
Crossrail is due to open at Acton Mainline Station
in 2018. Savills research estimate that property
prices in the ‘centre west’ part of the planned
line including Hanwell, Ealing and Acton have
outperformed the rest of the borough by almost
23% over the last 5 years.
Old Oak Common is approximately 1 mile to the
north and has been proposed by TFL as a potential
super-hub with an interchange between HS2,
Crossrail and the Overground. The area has the
capacity to deliver a potential 24,000 new homes
and 55,000 new jobs over the next 30 years.
Ordnance Survey © Crown Copyright 2014. All rights reserved. Licence number 100022432. Plotted Scale - 1:12532
Crown Copyright - licence no. 100018190. Based on Ordnance Survey 2014.
Not to Scale - For Identification Purposes Only.
House price growth – historic and forecast
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
Ealing
6.3%
6.9%
3.5%
7.5%
12.2% 6.3%
2.7%
4.0% 5.4%
5.4%
5.1%
5.1%
5.1%
Greater
London
11.9%
2.8%
4.7%
8.6%
12.5% 6.3%
2.6%
3.9%
5.5%
5.3%
5.3%
5.3%
Source: Oxford Economics
5.4%
REVERSIONARY FREEHOLD RESIDENTIAL INVESTMENT OPPORTUNITY | PRIDEAUX PLACE, ACTON LONDON W3 7AS
DESCRIPTION
ERV
The property is a 1960s built residential estate
consisting of 2 adjacent purpose built blocks.
There are communal gardens to the rear and
parking for several cars.
We estimate that market rents for comparable flats would average in the
order of £350 per week.
Flats 1 – 16 are situated in the front block facing
the road.
On this basis we believe the estimated rental value to be in the region of
£400,000 per annum.
Rental Growth
Year
2009
2010
2011
2012
2013
LEASE
London
9.40%
9.40%
9.90%
7.30%
12.50%
2018
2015
2016
2017
London
3.50%
3.50%
4.50%
6.00%
20.6m
12
91
2014
6.00%
Source: Savills
21.8m
PLANNING
o
9t
The freeholder has submitted a planning application for the construction of an
additional block of 5 flats.
17
to
53
The lessee has the right to extend its lease for
a further 90 years in accordance with the 93
Landlord & Tenant Act.
Year
49
We understand that 4 flats are occupied by
Rent Act tenants.
Forecast Rental Growth
68
There is a rent review on 24th June 2022. Rent
reviews are assessed as 49.435028% of the
open market rental value and where there are
regulated tenants 50% of the fair rent.
Source: IPD, Savills
16
22
o8
1t
81
The property is leased in its entirety to Peabody
Trust for a term of 60 years commencing
on 5th October 1973 and expiring on 4th
October 2033. The unexpired term is therefore
approximately 18.75 years.
Prideaux Place, W3 7AS
E
LAN
CE
PLA
RS
FRIA
Flats 17 – 22 are situated in the rear block.
CE
2 x 1 beds
PRIDEA
UX
A
PL
61
2 x 2 bed
18.0m
INCOME
1 x 2 bed penthouse
The passing rent is currently £106,056. This
rent was set at the last review in June 2010.
The freeholder is in receipt of a favourable pre-application response from the
local authority.
21.1m
14
56
38
44
16.7m
54
36
63
NSA 3,245 sq ft
n's
St Dunsta
Church
0m
10m
20m
30m
Crown Copyright - licence no. 100018190. Based on Ordnance Survey 2014.
Not to Scale - For Identification Purposes Only.
REVERSIONARY FREEHOLD RESIDENTIAL INVESTMENT OPPORTUNITY | PRIDEAUX PLACE, ACTON LONDON W3 7AS
ACCOMMODATION SCHEDULE
Address
Block
Floor
Unit Type
Unit Description
Floor Area Sq M
Floor Area Sq ft
1
(1-8) LHS
Ground
Flat
2 bed, 1 bath, reception, seperate kitchen
76.9
828
2
(1-8) LHS
Ground
Flat
2 bed, 1 bath, reception, seperate kitchen
76.9
828
3
(1-8) LHS
1st
Flat
2 bed, 1 bath, reception, seperate kitchen
76.9
828
4
(1-8) LHS
1st
Flat
2 bed, 1 bath, reception, seperate kitchen
76.9
828
5
(1-8) LHS
2nd & 3rd
Duplex
2 bed, 1 bath, reception, separate kitchen & store
74.3*
800*
6
(1-8) LHS
2nd & 3rd
Duplex
2 bed, 1 bath, reception, separate kitchen & store
74.3*
800*
7
(1-8) LHS
2nd & 3rd
Duplex
2 bed, 1 bath, reception, separate kitchen & store
74.3*
800*
8
(1-8) LHS
2nd & 3rd
Duplex
2 bed, 1 bath, reception, separate kitchen & store
74.3*
800*
9
(9-16) RHS
Ground
Flat
2 bed, 1 bath, reception & separate kithchen
76.9
828
10
(9-16) RHS
Ground
Flat
2 bed, 1 bath, reception & separate kithchen
76.9
828
11
(9-16) RHS
1st
Flat
2 bed, 1 bath, reception & separate kithchen
76.9
828
12
(9-16) RHS
1st
Flat
2 bed, 1 bath, reception & separate kithchen
76.9
828
13
(9-16) RHS
2nd & 3rd
Duplex
2 bed, 1 bath, reception, separate kitchen & store
74.3*
800*
14
(9-16) RHS
2nd & 3rd
Duplex
2 bed, 1 bath, reception, separate kitchen & store
74.3*
800*
15
(9-16) RHS
2nd & 3rd
Duplex
2 bed, 1 bath, reception, separate kitchen & store
74.3*
800*
16
(9-16) RHS
2nd & 3rd
Duplex
2 bed, 1 bath, reception, separate kitchen & store
74.3*
800*
17
(17-22) Rear Block
Ground
Flat
2 bed 1 bath, reception & separate kitchen
61.6
663
18
(17-22) Rear Block
Ground
Flat
2 bed 1 bath, reception & separate kitchen
61.6
663
19
(17-22) Rear Block
First
Flat
2 bed 1 bath, reception & separate kitchen
61.6
663
20
(17-22) Rear Block
First
Flat
2 bed 1 bath, reception & separate kitchen
61.6
663
21
(17-22) Rear Block
Second
Flat
2 bed 1 bath, reception & separate kitchen
61.6
663
22
(17-22) Rear Block
Second
Flat
2 bed 1 bath, reception & separate kitchen
61.6
663
1579.5
17002
Total
* estimated floor area
RESIDENTIAL INVESTMENT OPPORTUNITY | 28 EMPEROR’S GATE, LONDON, SW7 4HS
REVERSIONARY FREEHOLD RESIDENTIAL INVESTMENT OPPORTUNITY | PRIDEAUX PLACE, ACTON LONDON W3 7AS
METHOD OF SALE
CONTACTS
The property is offered for sale by private treaty.
For further information please contact:
Offers are sought for the freehold interest subject
to contract and subject to the existing occupational
lease and tenancies.
James Laverack Should a closing date be set for the submission of
offers, all parties who have expressed an interest
will be advised accordingly.
[email protected]
+44 (0) 20 7016 3770
Davina Clowes
[email protected]
+44 (0) 20 7016 3838
FURTHER INFORMATION
A full suite of background information can be found
on the online dataroom at:
www.savills.com/prideauxplace
the site includes:
Headlease
Planning application
Pre-planning application response
Rent Registers
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 | October 2014