Freehold Mixed Use Investment in Paddington
3 Spring Street is a unique and quintessentially British investment opportunity, representing the best of the late Regency and early Victorian periods as a result of both its architecture and numerous period features, which lead to it being Listed as being of Architectural or Historic Importance Grade II.
The residential element of 3 Spring Street is entered via its own entrance on Conduit Mews and the flats look out to the rear over its attractive cobbled street and quaint multi-coloured houses.
The property was subjected to a complete refurbishment and structural upgrade in 2018, delivering the existing 6 units, whilst also optimising the utility and space offered by the commercial area on the ground and lower ground floor. As a result, there is no requirement for further capital expenditure in the near- to mid-term.
The 6 flats represent an ideal rental investment mix for the area with 4 x 1 bed units, 1 x 2 bed unit and 1x 3 bed unit, optimising appeal for the corporate rental market. The close proximity of Paddington Station (0.1 miles) increases the attraction for tenants who travel frequently, or put great importance on access to their place of work. Paddington hosts the Heathrow Express, National rail, Circle, District, Bakerloo, Hammersmith and City lines. The imminent arrival of Crossrail will see journey times to Canary Wharf cut to just 17 minutes.
The W2 postcode where 3 Spring Street is found is frequently picked by top industry experts as the area of Prime Central London with the greatest value upside due to its beautiful architecture, excellent transport links, proximity to Hyde Park and its price-point relative to its neighbouring areas. The multi-billion pound investment being poured into Queensway and the surrounding streets is set to create a new shopping, cultural and culinary destination.
With the A1 (Retail) and A2 (Professional Services) element on the ground and lower ground floors, the building qualifies for non-residential rates of Stamp Duty (max. 5%), saving a purchaser up to £500,000 versus individual unit acquisitions.
- 6 Flats
- 1 Commercial Unit