Stourcliffe Close is a 1920s Art Deco block of one and two bedroom residential apartments, located adjacent to the Edgware Road in Marylebone, London.
The building contains 60 residential apartments, of which 16 remain within the original head lease which has an unexpired term of just over 7 years. In addition to the apartments, the head lease also includes a large underground garage which is currently let to a commercial tenant, producing £80,000 per annum. The apartments are in varying levels of condition having been subject to a rolling schedule of refurbishment works. The building, including the common parts and lift, is managed by a residents RTM company and has recently been the subject of a significant external refurbishment.
Our clients propose a sale of the head lease to include 16 residential apartments to be sold with the assignable benefit of Section 42 notices for 90 year statutory lease extensions with the freeholder. It is not possible to extend the lease of the underground parking area, and whilst this will be sold as part of the sale, it will return to the freeholder once the term has expired in 2020.
Stourcliffe Close is located on Stourcliffe Street which runs between Edgware Road and George Street in the London Borough of Westminster. The building is located a short walking distance from Marble Arch and Hyde Park Corner, as well as Oxford Street and Mayfair. Due to its excellent transport links the area is highly sought after for residential accommodation by professionals.
Hyde Park Corner Tube (Central Line) is located 4 minutes walk to the south, whilst Edgware Road Tube (Circle, District, Hammersmith & City, Bakerloo Lines) is located 8 minutes walk north along Edgware Road. Paddington Station is 10 minutes walk away providing regular over ground train services to Heathrow and across much of West and South West England & Wales.