Bryanston Square, London - Savills

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Bryanston Square, London - Savills

Investment Opportunity76 Space Basement Car Park76 Space Basement Car Park , 33 – 35 Bryanston Square, London, W1For Sale■■76 Parking Spaces- 23 spaces let on 125 year licences- 2 spaces let on 10 year licences from 2008- 11 spaces let on annual licences- 27 spaces currently vacant- 13 spaces sold on long leases■■Gross Income: £166,896 pa (ERV £290,000 pa)■■Leasehold (c. 71 years remaining)■■Guide Price £3,500,000savills.com/residentialinvestment


DescriptionThe property comprises the leaseholdinterest of a 76 space basement car parkbeneath properties situated on BryanstonSquare. Access to the car park is viaBryanston Mews West, through a secureelectronic gate which can be openedremotely. The car park is of concreteconstruction with clearly marked bays andspacious common areas. The property alsobenefits from a car washing bay as wellas 64 storage cages some of which areavailable to be let, the remainder being leton licences.The property is held on a 125 year leasefrom 29th September 1959 (circa 71 yearsremaining). There is a ground rent of £310pa payable by the head leaseholder to thefreeholder – Bryanston Freehold Ltd (theResidents of 33 – 35 Bryanston Square).Of the 76 spaces, 13 of the spaces havebeen sold on long leases, 23 are let on125 year licences (reviewed to market rentevery 7 years), 2 are let on 10 year licensesfrom 20/08/2008 and 11 are let on annuallicences. The remaining 27 are currentlyvacant, leaving potential for significantupside on the rental income per annum.Secure parking spaces are in great demandwithin prime central London due to the evergrowing number of cars and increasingaffluence of the area. Due to this demandparking spaces achieve premium prices onthe rare occasion they come to the market.The last space to have been sold on a longlease within the property achieved £80,000in March 2013.LocationThe property is located within the LondonBorough of Westminster the desirable areaof Marylebone. It is situated on the westside of Bryanston Square, albeit the accessis from Bryanston Mews West which runsnorth to south between George Street andBryanston Place. The area is characterisedby its proximity to world class retail andrestaurants, Hyde Park and Regents Parkand easy access to many of London’sprincipal transport hubs.Marylebone Road to the north provideseasy access to the M40 motorway to thewest, giving easy access to UK motorwaynetworks as well as Heathrow Airport. Thecity can also be accessed by car tothe east.Service ChargeThe service charge currently amounts to£67,755 pa (A breakdown is availableupon request). 99.345% of this ischargeable back to the tenants assumingall are sold on long leases or let onannual licences.Legal EnquiriesAll legal and planning enquiries should bedirected to the vendor’s solicitors:Lawrence Stephens Solicitors LLP50 Farringdon Road, London, EC1M 3HEAttn: David SealTel: +44 (0) 20 7936 8888ViewingViewings are strictly by appointmentonly. Please contact the selling agents.Method of SaleThe property is offered for sale by way ofprivate treaty.A closing date for bids will be set in duecourse and all parties who express aninterest will be notified at the appropriatetime as to the bidding procedure.Further InformationPlease contact the selling agents forfurther information to include:■■Sample licences/long lease■■A copy of the 1959 head lease.■■Historical premiums from sales on longleases■■Photographs■■Title Register and Plan■■Full portfolio scheduleAsking Price£3,500,000.VATWe understand that the property is notelected for VAT.Important NoticeSavills, their clients and any joint agents give notice that:1. They have no authority to make or give any representations or warranties in relation to the property. These particulars do not formpart 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 notnecessarily comprehensive. It should not be assumed that the property has all necessary planning, building regulation or other consentsand Savills have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise.Savills33 Margaret StreetLondonW1G 0JDPiers de WintonAssociate DirectorResidential Capital Marketspdewinton@savills.com020 7016 3816Robert WilsonInvestment AgentResidential Capital Marketsrwilson@savills.com020 7016 3765savills.com/residentialinvestment

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