A Unique Opportunity to Invest in a Slice of Paddington History
The Porchester Building, 66 Porchester Road, a commercial building with residential planning consent is brought to market.
The Porchester Building, which has been a London landmark since it was first built in 1903 as a Stationery, Office and Ticket printing department for Great Western Railway, is on the market through Hamptons International & Edward Charles & Partners for offers in excess of £28m for the freehold interest.
The property is an imposing six storey Victorian Warehouse building arranged over lower, ground and three upper floors and offers some 41,500 square footage of office space. Situated between the fashionable enclaves of Marylebone and Notting Hill, the Porchester Building is located just half a mile from Paddington station. In 2008, the building underwent extensive refurbishment, incorporating inter-alia, raised floors and air conditioning.
The Porchester Building is currently let to an architectural firm until 2022, which occupies and leases three lower floors. Planning consent has also been obtained to create two new residential floors, offering the opportunity to build four large duplex penthouses as well as individual sky gardens. There is a further opportunity to convert other floors in the building to residential use, subject to planning permission.
Simon Grier-Jones, Head of Land at Hamptons International, commented: “The Porchester Building offers a unique opportunity to a developer or investor to purchase a standalone historical building in Central London as an income-producing investment with further development opportunities. Unlike any other property in London on the market at the moment, the building has planning permission and airspace rights to develop state of the art duplex penthouses with roof gardens offering stunning views over the Capital – this is a genuinely unique proposition and could give an interested party the chance to literally sit on top of their commercial investment.”
More information: Hamptons International hamptons.co.uk