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- Investment Guide
A unique opportunity to purchase a prominent property in the heart of the medical district in Harley Street W1.
Currently mixed use two or three residential flats & up to 10 medical licences. Recent legislative changes allow for permitted development to residential.
This Edwardian property has been maintained but offers substantial opportunity to refurbish luxuriously to create a most prestigious, unique home on the doorstep to the heart of the West End with Marylebone High Street & Regent’s Park.
Non contentious architect’s plans are available that describe up to c. 4000 sq ft NIA extension.
The 5948 sq ft. useful net internal area (excluding door thresholds & bays etc.) can be extended subject to non-contentious [supplied] architect’s plans up to 4000 sq ft. This means that there is a development opportunity for an additional 60% from lightwell infills, a rear single storey extension, and a top floor extension (in keeping with local development precedents).
The average price for developed property in the area is £1,954 per square foot giving a developer a potential £7,816,000 return on their investment (less development costs).”
Current medical lets in the area are in the region of £45,000 p.a. for a 530 sq ft consulting room giving a potential annual revenue of £900,000 if the entire property were developed for medical use and the extension likewise.
Alternatively if the property were rented residentially based on current yields 7 flats of 1400 sq ft with lift access in the region of 3x £9,000 pcm + 4x £3,000 pcm gives a potential annual revenue of £500,000. If such flats were sold the expected yield might be 1x 2-storey penthouse £10m + 5x flats @£2.2m = £21million.
The current mixed use offers a diversity to the investment that makes it far more secure than single use investments