Aston Chase have launched a rare development opportunity to the market. Located on one of London’s most prestigious roads, the current 574.6 sq. m/6,185 sq. ft. house is on sale for £14,500,000 but could be worth up to £40,000,000 once redeveloped.
The freehold plot has planning permission to be developed with two alternative consented designs. The first traditional style was designed by renowned architect David Wolff and the second modern design was conceived by Trace Architects, both have been approved by Camden Council. The house also has planning permission for a double basement and extensive private off-street parking both of which Camden Council no longer consent to. Once complete, the new home will provide 1,454 sq. m/15,643 sq. ft. of space.
The two consented designs are strikingly different. Trace Architects design is a contemporary reinterpretation of the Regency Villa, using simple white forms to articulate the façade and signify the entrance to the building. The use of different materials and textures to different stories further echoes the villa typology, as does the street facing balcony.
The generous glazing allows daylight deep into the plan and the overall appearance of the building, whilst drawing on the Regency Villa, would provide a unique addition to this central London location.
The second design offers a more traditional façade comparable to other recently constructed mansions on the street. Also providing 1,454 sq. m/15,643 sq. ft. of space, the design of the home is grand and benefits from a red brick design and stone pillared entrance.
Aston Chase note that this is potentially one of the last opportunities of its type in the area. Any purchaser will benefit from consented planning permission and design concepts more than doubling the existing gross internal square footage providing an investment opportunity to increase its value from £14.5 million to up to £40 million.
Mark Pollack, Director and Co-Founder of Aston Chase said, “The house on Avenue Road represents a rare opportunity for either an end user (willing to undertake a major project) or an investor/property developer.
“The freehold plot offers prospective purchasers a ‘blank canvas’ to create a 1,454 sq. m/15,643 sq. ft. residents located in one of London’s most prestigious addresses. With planning granted for both schemes, works can begin almost immediately.
“A discerning purchaser could potentially near triple their original investment. The current 574.6 sq. m/6,185 sq. ft home provides expansive family accommodation and offers the versatility of a home ready for immediate occupation or alternatively, the potential to benefit from the existing planning consents with a view to building a magnificent traditional or contemporary residence to one’s own internal specification. ”