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Store House London exchange on latest project in West London

08th September 2022

Store House London exchange on latest project in West London

Store House London has exchanged on its latest project in Richmond, West London. The Richmond Park Hotel is ideally located close to the River Thames in this most sought-after area of the capital. The current owners operations have been dropping off for a number of years, to the point where the hotel is no longer viable, but the building is prime for redevelopment and presents an excellent opportunity for Store House.

We have agreed planning to convert the hotel into luxury serviced apartments. A market which is booming in London, thanks to the huge numbers of businesses needing accommodation for their executives and staff.

The existing building has 20 rooms, this will be reduced to 15 to provide additional space for each new apartment. We have already signed a 15-year lease agreement with one of London’s leading serviced apartment providers, this will generate revenue of £235,000 per annum. However, the beauty of this scheme is that there are also two further revenue streams. Consent has already been given to convert the ground floor into a café which will have an income of £30,000 pa minimum, plus there is a rooftop mobile mast whose owner, Vodafone pays £14,000 per year. Total revenue of £279,000 per year.

The development, capitalised at 5% offers a GDV of £5.6Million, which on completion will be refinanced and rolled into the existing Store House London portfolio.

There’s still time for a small number of investors can partner with Store House London to create this high-value asset, located in opulent West London.

Store House is offering returns of between 10% – 14%, over a 12-month term with an exit via re-finance into the developer’s own existing portfolio. We are highly experienced property developers with an enviable track record of delivering high-value projects in London and the South East of England.

For more details of the opportunity presented via investment partnerships with Store House London, and to request a copy of the prospectus, please visit this Richmond Park Hotel page and complete the form or CEO Jamie Chapman on 01622 805 222 or email webinvest@storehouselondon.com.

To view our track record of previous development please visit the performance page on our website – https://www.storehouselondon.com/performance/