Presentation to developers for dryades

COMPUTER GENERATED ELEVATION OF THE EXISTING PLANNING CONSENT DRYADES, 48 THE BISHOPS AVENUE, LONDON N2 0BA

SUBJECT TO CONTRACT

TEMPORARY PARTICULARS

BY ORDER OF THE RECEIVERS - DRYADES, 48 THE BISHOPS AVENUE, LONDON N2 0BA ‘A VERY RARE DEVELOPMENT OPPORTUNITY!’ A rare opportunity to buy a freehold 1.46 acre site (.592 hectares) for the development of luxury apartments in the most prime part of The Bishops Avenue (borders Hampstead) which ranks as one of the finest addresses in the world.

INTRODUCTION We are pleased to be able to offer you this important Freehold site (subject to planning consent). It is located in the best part of this internationally recognised tree-lined avenue. The frontage of this site is 65m wide (213ft wide) and 120m deep (393ft on average) and extends to the rear boundary of the gardens of the residences in Winnington Road.

PLANNING A unique and current planning consent exists for the development of an extremely large mansion of 46,000 sq ft which was originally obtained by a delegated authority planning application without needing to resort to an appeal. As there is a desire amongst residential developers to build a speculative development jof luxury apartmemts, the Receivers have very recently agreed to appoint Messrs Charlton Brown Partnership, (Architects) together with Michael Burroughs Associates (Planning Consultants), in order to obtrain a planning consent for the development of 8 luxury apartments which is below the threshold for affordable housing and may even avoid any form of commuted payment in lieu of.

The Planning Consultant’s view is that there should be approximately a 65% or more chance of success by submitting an application within the same external envelope as the existing planning consent (for a single, detached house) except that the internal arrangements will be divided into 8 apartments. The view here is, that even if the Planning Officers of Barnet reject the application, an Appeal Inspector may find it difficult to turn the application down simply upon sub-division and would not be distracted by external elevations which have already been approved in the current planning consent. Once the principle of sub-division into apartments has been accepted, then apparently there is 80%+ probability of success with a second application which could involve use of mezzanine floors, extended footprint and balconies and terraces.

It is self-evident that this has two quite distinct processes for judicious reasons. The Planning Consultant’s view is that to try and combine both of these applications (to save a procedure) the chances of success drop to around 50% since the Inspector from the Department of the Environment who will adjudicate an appeal process may then be distracted by the external architectural details which may be relevant to consider in the Conservation Area. Although the former method is somewhat cumbersome, it should be more successful in the end.

The present planning application (which will be submitted shortly) provides for 8 apartments within the same envelope as the existing planning consent and would represent a development scheme of approximately 33,856 sq ft. If there is a second application, this could include the use of mezzanine floors, a larger footprint and balconies and terraces for an apartment scheme of approximately 40,000 sq ft.

Floor Area GEA (Proposed building envelope apartments): Plan SK08a attached Unit G1: Unit G2: Unit G3: Unit G4:

5,992 sq ft Duplex 4,340 sq ft Duplex 4,398 sq ft Duplex 4,398 sq ft Duplex

Unit 1.1: Unit 1.2: Unit 1.3: Unit 1.4:

3,512 sq ft Duplex 3,468 sq ft Dupex 3,874 sq ft Duplex 3,874 sq ft Duplex 33,856 sq ft

TOTAL:

(w/o Mezzanine)

4,521 sq ft with Mezzanine 4,477 sq ft with Mezzanine 5,053 sq ft with Mezzanine 5,053 sq ft with Mezzanine 38,232 sq ft

TOTAL: (with Mezzanine)

Net Saleable (indicative) – Plan SK08 attached The reason for the mezzanine option is that the ceiling height of the existing planning consent is much higher than usual, as follows:Lower Ground : 9720 sq ft Ceiling Height: 4.0m Ground : 9408 sq ft Ceiling Height: 4.0m First : 7852 sq ft Ceiling Height: 3.2m Second : 6876 sq ft Ceiling Height: 2.75m Mezzanine : (4376 sq ft Ceiling Height: 2.4m TOTAL:

38,232 sq ft and with mezzanine areas included (33,856 sq ft without mezzanine)

Sales of Properties in the Kenwood Area

MARKETING We are instructed with our Joint Sole Agents, by the Receivers, to dispose of this property and this could be by way of a conditional exchange of contracts with completion to take place either after a successful planning consent or an appeal has been achieved.

PRICE A guide price of £ 25M (REDUCED FROM £ 29,950,000) subject to contract for the Freehold interest.

CONCLUSION There have been three successful luxury apartment schemes developed and sold in The Bishops Avenue ie Bishops Place, Allingham Court and 49 The Bishops Avenue and there is a current super luxury development which is being marketed at the moment in the road, namely Buxmead, The Bishops Avenue (which is about 18 months away from completion). We have been intrinsically involved with all of these schemes and have very current data on recent sales from which to draw some conclusions as to future value of an apartment scheme built at Dryades.

The developers of Allingham Court ie Barratt Homes were extremely pleased with this scheme and we guided them carefully through design, specification and subsequent marketing. Although Barratts have tackled a number of audacious developments across the UK, Allingham Court was far and beyond the usual quality and value that they had experienced but despite their initial apprehension, this development was indeed a great success and a 'feather in their cap’.

For further information, please contact:

Shahzad Khan DD Office: Mobile: Email:

+44 (0) 207 692 8333 +44 (0) 7866 111114 kahn@mayfaircapital.com

IMPORTANT NOTE: Whilst we takes every care in the preparation of these particulars, they do not constitute the whole or any part of an offer or contract. We are not authorised by the vendor to make any representation or warranties of any nature, nor does their servants, agents or employees accept responsibility for the accuracy of which these particulars upon which any intending purchaser must satisfy himself by inspection or otherwise.

DRYADES, 48 THE BISHOPS AVENUE, LONDON N2

2009 Planning Consents: +F/02064/09 – Demolition of existing house. Renewal of C02457Q/06 +F/02063/00 – Erection of a two-storey dwelling house with rooms in basement and roof space following demolition of existing house. Renewal of planning permission C02457N/06

DRYADES, 48 THE BISHOPS AVENUE, LONDON N2

2012 Planning Consents: +F/01233/12 – Extension of time limit for implementing planning permission F/02064/09 granted 04/08/2009 for demolition of existing House. +F/01397/12 – Extension of time limit for implementing planning permission F/02063/09 granted 04/08/2009 for the erection of a two-storey dwelling house with rooms in basement and roof space following demolition of existing house.

DRYADES, 48 THE BISHOPS AVENUE, LONDON N2

Alternative Internal Layout for Planning Consents: +F/01397/12, F/02063/09 and C02457N/06

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SITE PLAN OF EXISTING PLANNING CONSENT