PRIME RETIL D RESIDETIL FREEHOLD For Sale
Investment SUMMRY Prime Westbourne Grove location; ew retail lease at rebased rent; Reversionary potential: vacant rear B1 office studio; Rare intact freehold; Shop, stunning residential maisonette, rear yard and studio; Valuable long term development potential to extend to the rear; Retail rent reflecting only 211psf ITZ; Total current income from retail and residential lettings 175,000 per annum. OUR CLIET IS SEEKIG OFFERS I EXCESS OF: 5,310,000 (Five Million Three Hundred and Ten Thousand Pounds) exclusive of VT and subject to contract. purchase at this level would reflect a net initial yield of 4.00% on the commercial income and 1,450 per sq ft on the residential maisonette and vacant rear studio.
Westbourne Grove is a sleek and serene shopping row in otting Hill, known for its bounty of stylish boutiques and chic cafes LUXURY LODO (UGUST 2017) Westbourne Westbourne Grove is otting Hill s prime fashion and lifestyle retailing street. It is home to an eclectic mix of international brands sitting alongside small boutiques, galleries and restaurants. Some of the former include: Zadig & Voltaire, Jigsaw, Maje, 202, The Kooples, Smythson and Granger & Co. t its west end, the street crosses Portobello Road, home to the internationally renowned Portobello Market, which attracts some 100,000 visitors per week. t its east end, Westbourne Grove leads into Paddington and Bayswater; an area that is the subject of ongoing massive scale urban regeneration centred around the 5bn regeneration of the Paddington Basin. There are additional proposals for major public realm improvements in Queensway, including plans to rejuvenate Whiteley s Shopping Centre. Crossrail will come to Paddington in 2018. The surrounding Royal Borough of Kensington and Chelsea is one of the most desirable and exclusive places to live and work in London. The subject property is situated in one of London s best-known areas, otting Hill. Westbourne Grove forms otting Hill s prime fashion retailing pitch and benefits from one of the most affluent local shopper catchments in the capital. This is further enhanced by large numbers of national and international shoppers and tourists attracted by the area s excellent retail and cultural offering. otting Hill s international reputation drives high numbers of visitors to the Portobello Road Market and the otting Hill Carnival annually. GROVE
WE S T BO U R E G ROVE L O D O W 11 PDDIGTO WESTBOURE GROVE 18 OXFORD CIRCUS BK SOUTH KESIGTO OTTIG HILL GTE 17 26 otting Hill Gate underground station is approximately a 9 minute walk away from the property which permits quick and easy access to London s West End and the City via the Central Line. < HETHROW I 37 Paddington Train Station (11 minute journey by bus) provides access to the west of the country with direct services to the commuter belts of the Home Counties. The Heathrow Express provides a direct train link to Heathrow irport departing every 15 minutes with an approximate journey time of 15 to 19 minutes to Terminals 1, 2 & 3 and Terminals 4 & 5, respectively. Crossrail, the highly anticipated new high speed underground rail system running from Reading to Shenfield through the heart of London, is due to be phased into operation in May 2018 and is forecast to be fully operational by December 2019. It will vastly improve connectivity to and from Paddington, with journey times to Tottenham Court Road shortening to 4 minutes, Liverpool Street to 10 minutes and Canary Wharf to 17 minutes.
THE PROPERTY SITS O THE SOUTH SIDE OF THE WEST (PRIME) ED OF WESTBOURE GROVE O THE PRT WHERE THE STREET SPLITS ER TO ITS JUCTIO WITH COLVILLE ROD D DEBIGH ROD. Situation Retailers located nearby include Smythson, esop, LK Bennett, 7 for ll Mankind, Max Studio, Club Monaco, The Kooples, Jigsaw and Maje. The property sits between Baywood Chemist and Bonton.
THE PROPERTY COMPRISES FIE, 3 STOREY, MID VICTORI, ED OF TERRCE STUCCO-FROTED VILL. Retail premises occupy the ground and basement levels. The ground floor is fitted out for a high class ustralian lifestyle brand and has a fully glazed timber shopfront, spotlighting and a mix of laminate and carpeted flooring. The basement has good head height, some natural daylight from rear windows and is used as part retail, part storage and staff accommodation by the tenant. The first and second floors are arranged as a 2 bedroom, 2 bathroom, spacious and well presented maisonette with separate access from the street. The bedrooms are on the first floor, one being en-suite. The entire second floor is arranged as an impressive, open plan kitchen and living area with an exposed timber floor. Double aspect windows and a rooflight flood the space with natural daylight. There is a single storey studio building to the rear of the property which shares access off the street with the residential property. This is understood to have a B1 (office) use. Description
Current rent of 175,000 per annum ccommodation THE PREMISES RE UDERSTOOD TO PROVIDE THE FOLLOWIG PPROXIMTE FLOOR RES: RETIL FLOOR RES SQ. FT. SQ. M. GROUD FLOOR SLES 727 67.48 GROUD FLOOR ITZ 617 57.3 BSEMET SLES/STORGE 684 63.54 Tenancies TOTL RETIL RE 1,411 131.02 FIRST D SECOD FLOOR 1,241 115.3 TWO-BED MISOETTE RER STUDIO 322 29.91 TOTL RE 2,974 276.23 THE RETIL PREMISES RE LET TO LODO USSIE RETIL TRDIG S THE DOOMS O 10 YER EFFECTIVELY FULL REPIRIG D ISURIG LESE FOR TERM OF 10 YERS FROM 30//2016 EXPIRIG O 29//2026 (PPROXIMTELY 9 YERS UEXPIRED) T CURRET RET OF 130,000 PER UM EXCLUSIVE. THERE IS UPWRD OLY RET REVIEW O 30//2021 TO OPE MRKET RETL VLUE D SIMULTEOUS TET OLY OPTIO TO BREK UPO THE SERVICE OF 6 MOTHS OTICE. 6 MOTH RET DEPOSIT IS HELD. The residential upper parts are let to Parvin Mammadov (understood to be associated with the Dayrooms business) on an ST for a term of 5 years from 26th May 2017 (approximately 4.5 years unexpired) at a current rent of 3,750 per calendar month ( 45,000 per annum). 6 months rent deposit is held. The rear studio is currently vacant. Until recently it was let on an informal tenancy agreement at a rent of 500 per week ( 27,600 per annum).
PROJECT DDRESS: TYPE OF WORK: DRWIG LOCTIO: 4.17 Sq m 44.93 Sq ft PROJECT UMBER: 5.17 Sq m 163.37 Sq ft 4.21 Sq m 45.39 Sq ft DRW BY: GRPHIC 314.38 Sq ft 0.94 Sq m 10.14 Sq ft 2.50 1.78 Sq m 19.25 Sq ft LL CRITICL DIMESIOS OULD BE COFIRMED O SITE PRIOR TO THE 6.73 Sq m 72.49 Sq ft 2.53 Sq m 27.48 Sq ft info@modellingarchitecture.co.uk modellingarchitecture.co.uk DRWIG KEY REVISIO HISTORY - Original 2.85 Sq m 30.78 Sq ft 18.34 Sq m 197.74 Sq ft 1.53 Sq m 16.50 Sq ft 52.03 Sq ft 16.20 Sq m 174.40 Sq ft 10.30 Sq m 110.93 Sq ft 40.02 Sq m 430.85 Sq ft - Original PROJECT DDRESS: TYPE OF WORK: DRWIG LOCTIO: 4.17 Sq m 44.93 Sq ft 5.17 Sq m 163.37 Sq ft PROJECT UMBER: 4.21 Sq m 45.39 Sq ft DRW BY: 29.20 Sq m 314.38 Sq ft GRPHIC 0.94 Sq m 10.14 Sq ft 1.78 Sq m 19.25 Sq ft 2.50 6.73 Sq m 72.49 Sq ft LL CRITICL DIMESIOS OULD BE COFIRMED O SITE PRIOR TO THE 11.60 Sq m 124.89 Sq ft 2.53 Sq m 27.48 Sq ft info@modellingarchitecture.co.uk modellingarchitecture.co.uk REVISIO HISTORY - Original PROJECT DDRESS: TYPE OF WORK: DRWIG LOCTIO: DRWIG KEY 30.78 Sq ft 197.74 Sq ft PROJECT UMBER: 1.53 Sq m 16.50 Sq ft 4.83 Sq m 52.03 Sq ft 174.40 Sq ft DRW BY: 110.93 Sq ft GRPHIC 3.75 66.10 Sq m 711.50 Sq ft LL CRITICL DIMESIOS OULD BE COFIRMED O SITE PRIOR TO THE - Original 17/10/17 mendments to Proposed Plans 40.02 Sq m 430.85 Sq ft 10.61 Sq m 114 Sq ft WESTBOURE GROVE THIS IS OE OF THE FEW PROPERTIES I THIS PRT OF THE TERRCE THT HS OT BEE Future Development POTETIL EXTEDED BCK TO THE RER, HECE THE RER YRD D STUDIO BUILDIG. Subject to obtaining planning permission and vacant possession, there will be the potential in the future to extend the retail premises to the rear. Such a development would potentially double the size of the retail accommodation and provide a large external terrace for the maisonette. rights to light study has been carried out and architects plans prepared indicating the potential to double the size of the ground floor shop, create a large exterior terrace for the maisonette and create a further bathroom/bedroom DRWIG KEY at second floor level. Plans and rights to light survey can be provided upon request. RER YRD D STUDIO BUILDIG EXISTIG PROPOSED EXTESIO REVISIO HISTORY - Original Rev. - Origin men WESTBOURE GROVE Retail 45.94 Sq m 494.95 Sq ft RETIL 3.70 Sq m STORGE 39.89 Sq ft 1.80 Sq m 19.43 Sq ft Retail 8.89 Sq m RETIL 95.71 Sq ft PTIO Patio STUDIO OE 3.19 Sq m 34.35 Sq ft Living 14.90 Sq m 160.47 Sq ft 1.45 Sq m 15.64 Sq ft Bedroom STUDIO 7.57 Sq m 81.53 Sq ft TWO 2.08 Sq m 22.44 Sq ft WESTBOURE GROVE Front Entrance 3.70 sq m 40 sq ft External Passage Retail 133.03 Sq m 1432 Sq ft Fire Exit RETIL GROUD FLOOR DRWIG KEY GROUD FLOOR DRWIG KEY REVISIO HISTORY REVISIO HISTORY CT DDRESS: WESTBOURE GROVE, LODO, W11 F WORK: L MESURED SURVEY IG LOCTIO: TIG GROUD FLOOR 237 WESTBOURE GROVE, LODO, W11 FULL MESURED SURVEY EXISTIG BSEMET FLOOR 02OF 29.20 Sq m PROJECT UMBER: 03OF BSEMET 1:50@3 DRW BY: GRPHIC 1:75@3 4.83 Sq m 1ST FLOOR 3.75 LL CRITICL DIMESIOS OULD BE COFIRMED O SITE PRIOR TO THE 2D FLOOR PROJECT DDRESS: TYPE OF WORK: FULL MESURED SURVEY DRWIG LOCTIO: info@modellingarchitecture.co.uk modellingarchitecture.co.uk 237 WESTBOURE GROVE, LODO, W11 PROPOSED GROUD FLOOR 237 WESTBOURE GROVE, LODO, W11 FULL MESURED SURVEY PROPOSED BSEMET FLOOR 06OF 1:50@3 BSEMET PROJECT UMBER: 07OF Extension 237 WESTBOURE GROVE, LODO, W11 FULL MESURED SURVEY PROPOSED FIRST FLOOR 2.85 Sq m 08OF 18.34 Sq m 16.20 Sq m DRW BY: 1:75@3 10.30 Sq m GRPHIC 1ST FLOOR 1:75@3 EXTERL External Terrace TERRCE info@modellingarchitecture.co.uk modellingarchitecture.co.uk 3.75 LL CRITICL DIMESIOS OULD BE COFIRMED O SITE PRIOR TO THE 2D FLOOR MODELLIG RCHITEC info@modellingarchitec modellingarchitecture.co PROJECT DDRESS: GRPHIC 237 WESTBOURE GROVE, LODO, W11 1:75@3
Covenant The Dayrooms is a well-established multi-brand online retailer Tenure Freehold VT The property has been elected created by ytan Mehdiyeva and Zumrud Mammadova. They for VT and it is assumed the sale are stockists of premium ustralian womenswear brands such will be conducted via a Transfer as Thurley, Finders Keepers, Seafolly, lice McCall, Donna Ida, Salt and Bec & Bridge. The Westbourne Grove boutique is a Planning of a Going Concern (TOGC). complementary bricks and mortar presence to the online business giving London customers access to the brands without the heavy shipping costs from ustralia. n associated, popular restaurant, Dayrooms Café, operates on nearby Kensington Park Road. The company behind the Dayrooms, London ussie Fashion Limited, is The premises are not Listed although sit within the Pembridge Conservation rea. Interested Parties are advised to make their own enquiries of the Local EPC EPCs are available upon Proposal recently incorporated and has yet to post results. uthority Tel: 020 7361 3012. request. OUR CLIET IS SEEKIG OFFERS I EXCESS OF: 5,310,000 (Five Million Three Hundred and Ten Thousand Pounds Only) exclusive of VT and subject to contract. purchase at this level would reflect a net initial yield of 4.00% on the commercial income and 1,450 per sq ft on the residential maisonette and rear vacant studio. Viewing rrangements STRICTLY BY PPOITMET VI SOLE SELLIG GETS Misrepresentation ct: CWM & Partners LLP for themselves and for the vendors/lessors of the property whose agents they are, give notice that: 1. These particulars are set out as a general outline for the guidance of the intended purchasers or lessees, and do not constitute part of, an offer or contract; 2. ll descriptions, dimensions, reference to condition and necessary permissions for the use and occupation, and other details are given without responsibility and any intending purchaser or tenant should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them; 3. o person in the employment of CWM & Partners LLP has any authority to make or give any representations or warranty in relation to this property. OVEMBER 2017 JOH MILES 020 7494 6922 JHM@CWM.CO.UK JMIE WHITELW 020 7494 6946 JW@CWM.CO.UK