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Project Name
Alex Sam Martin -
Category
Development -
Date
17 Aug 2023
Project Details
Purpose: Levene Chartered Surveyors received instructions to inspect and report the value of this property to consider its suitability for commercial secured lending.
Planning Use: Class C3 (Residential)
Type of security: Leasehold with development rights to construct 5th-floor level 16 (4 x 1 bed; 10 x 2 bed; 2 x 3 bed) new self-contained flats with private terraces and an extension of the existing lifts to the 5th floor.
Property Description:
The security comprises the 5th floor only of an existing basement and four upper floors, with 91 self-contained flats. The basement is an unallocated vacant area.
This property is located on the west side of West Hampstead in the London Borough of Camden area. Maygrove Road and the immediate surrounding area are predominantly residential in nature and comprise mainly three to five-storey residential buildings with a mix of period houses and large buildings that have been converted flats.
Size:
· Floor Area (GIA) total: Proposed 12,334sqft (1,146 sqm) GIA, made up of:
o 4 x 1-bedroom flats
o 10 x 2-bedroom flats
o 2 x 3-bedroom flats
Market Value:
· £3,500,000 (Three Million Five Hundred Thousand Pounds)
SWOT Analysis:
