Hatch Lane, Windsor SL4 3QR
Offers in excess of £7,500,000
Convent Court, originally built in 1881 comprises a 3-storey Grade II Listed former convent building, which was converted to residential use in 2005. The building now comprises 75 self-contained residential apartments, of which 50 are sold off on long leases, with the 25 remaining let on AST’s.
The property also comprises a former gym with planning consent to convert to 2 apartments (works begun but not completed), a small chapel offering residential conversion potential and
substantial communal courtyards and grounds, with 2 separate car parks.
The total site area extends to approximately 7.17 acres with vehicular access taken from either Hatch Lane or Bridgeman Drive.
The Main Chapel, which extends to approx. 6,500 sq.ft. is sold off on a 999 year lease, although is available by separate negotiation if a buyer wished to acquire this element too.
The site is located on Hatch Lane, within the Royal Borough of Windsor and Maidenhead.
Hatch Lane is situated circa 1 mile from Windsor town centre which hosts an extensive range of shopping facilities with local attractions including Windsor Castle, Windsor Great Park and Legoland. There are a number of local amenities situated at the end of Hatch Lane, a 4 minute walk north of the property.
The nearest station is Windsor and Eton Central which is situated approximately 1.3 miles from the site, offering Great Western Railway links to Paddington station in under 40 minutes.
50 apartments are sold on 125 year leases from 1st January 2005 producing at total of £12,500 per annum in ground rent income (£250 per unit). 25 apartments are let on AST’s producing £366,531 per annum.
Planning & Development Potential
The property is Grade II Listed, and is within the Royal Borough of Windsor and Maidenhead.
Planning permission (ref: 16/00873/LBC) was granted on 17th June 2016 for the conversion of the former gym to provide 2 x studio flats. The planning has been implemented and the works part
complete. The property also benefits from a self-contained vacant chapel which extends to approximately 450 sq.ft. offering potential to convert it to a 1 bedroom residential apartment, subject to obtaining the necessary planning consents.
The southern car park may offer potential for future redevelopment by way of a new build scheme, which allows the ground floor to remain as car-parking, subject to obtaining the necessary planning consents.
Windsor is a historic market town home to Windsor Castle, one of the royal residencies. Given the towns strong communication links into London, the local property market is popular for both home owners and renters.
Previously, flats within Convent Court have averaged £527 per sq.ft. when sold in recent years. There are a number of new build developments within Windsor which are currently selling between £580 per sq.ft. – £700 per sq.ft.
Based on comparable units on the market, we expect the flats to rent in the region of £1,250pcm for 1 beds, £1,350pcm – £1,400pcm for 2 beds and £1,750pcm – £1,800pcm for the 3 bed apartments.
The property will be sold freehold with the existing tenants remaining in-situ.
The property is not elected for VAT.
Offers are invited in excess of £7,500,000 for the freehold interest which reflects £367 per sq.ft. / 5% net initial yield on the residential element, when applying a value of £460,000 to the ground rent income and £250 per sq.ft. to the undeveloped gym and small chapel
Further information including technical documents are available in the dataroom using access code ‘Convent’.
Disclaimer - Kingsbury on its own behalf and on behalf of the Owner / Landlord of this property whose agent Kingsbury is, gives notice that this document does not constitute any form of contract for sale or lease. Statements should not be relied upon, and interested parties are advised to satisfy themselves as to the correctness of each statement. Kingsbury is the trading name of Kingsbury Investment & Development Consultants Ltd registered in England No: 06869268.
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- Grade II Listed former convent, now comprising 75 residential apartments, vacant chapel, part converted gym plus car park on a site of 7.2 acres
- 50 apartments and Chapel building sold on long-leases producing £12,500p.a. ground rent income
- 25 apartments extending to 18,450 sq.ft. NIA (3 x studio, 11 x one bed, 8 x 2 bed & 3 x 3 bed) let on ASTs producing £366,531p.a.
- Potential for asset management, break-up and development, subject to planning permission
- Located within a sought-after residential area, circa 1.2 miles from Windsor and Eton Central station and the town centre
- Offers are invited in excess of £7,500,000 for the freehold interest which reflects £367 per sq.ft. / 5% net initial yield on the residential element, when applying a value of £460,000 to the ground rent income and £250 per sq.ft. to the undeveloped gym and small chapel
To discuss this opportunity further, please contact Jordan Oldfield or Joe Cooper on 020 7183 2529