westbourne grove london w2 - rib€¦ · westbourne park ladbroke grove notting hill holland park...
TRANSCRIPT
AN EXCITING MIXED USE INVESTMENT OPPORTUNITY WITH FUTURE DEVELOPMENT OPPORTUNITIES
WESTBOURNE GROVE LONDON W2
4642 44a
MARYLEBONEREGENTS PARK
HYDEPARK
WHITELEYS MAYFAIR
MARBLE ARCH
Held Freehold over 3 addresses.
12,746 sq ft including elements of retail, office and warehouse.
Four tenancies providing a total income of £260,550 pa.
Asset Management opportunities on existing reversionary leases.
76% of the income let to Planet Organic.
Rear Access from Newton Road.
Potential development opportunities at lease expiry (Subject To Planning).
We are instructed to seek offers in excess of £5,750,000 which reflects a Net Initial Yield of 4.20% and a Low Capital Value of £451 per sq. ft. Subject to Contract.
PADDINGTONSTATION
INVESTMENT
SUMMARY
4642 44a
LOCATIONWestbourne Grove is at the heart of an iconic area of West London, linking Queensway with Portobello and Notting Hill. Westbourne Grove itself forms the northern boundary of Bayswater.
As a location it is popular with an eclectic range of retailers and restaurateurs, appealing to the affluent local population such as Franco Manca, Byron Burger, Carluccio’s, Cote Brasserie, Farmacy, Tinseltown and BoConcept not to mention the recently refurbished and world famous Whiteleys department store which is nearby, at the northern end of Queensway.
Aldridge V
illas
Talbot Road
Tavistock R
oad
Moscow Road
Here
ford
Roa
d
Dawson Place
Chilwor
th St
Porchester Terrace
Bourne Terrace
Westbourne Park Road
Quee
nsboro
ugh Terra
ce
Newton Rd
Kilda
re Rd
Bayswater Road Bayswater Road
Ladbroke G
rove
Ladbroke Grove
Pem
brid
ge R
oa
d
Westbourne Grove
Bishop’s Bridge Road
Harrow Road
Inverne
ss Terra
ceQue
ensw
ay
Westbourne Park Road
B412
Che
psto
w Ro
ad
Great W
estern Road
Craven Hill
Crave
n Roa
d
Pared
Stree
t
Susse
x Gard
ens
Westbourne Bridge
W C
arria
ge D
r
WES
TWAY
WESTWAY A40
WESTWAY A40
EDGW
ARE ROAD
PORTOBELLO MARKET
WHITELEYS
WAITROSE PADDINGTON STATION
ROYAL OAK STATION
WESTBOURNE PARK
LADBROKE GROVE
NOTTING HILL
HOLLAND PARK
QUEENSWAY
LANCASTER GATE
4642 44a
SITUATIONThe retail units are located in an excellent retail location on the north side of Westbourne Grove, close to the retail centre of Queensway and Whiteleys, with other retailers in the immediate vicinity including Gourmet Burger Kitchen, Nandos, Banana Tree, Rush Hair, Costa Coffee, TSB and BoConcept interiors.
DEVELOPMENT OPPORTUNITIES & ASSET MANAGEMENTAt the reversion of the Planet Organic tenancies there will be an opportunity to either regear the leases or to redevelop the rear warehouse space subject to the necessary planning consents.
42
44a
46
TENURE Freehold
Address Floor Use Tenant Floor Area NIA Sq M
Floor Area NIA Sq Ft
ITZA Sq Ft
Term Start Date
Term End Date
Yrs Remaining
1954 Act
Passing Rent £psf
Passing Rent £psf ITZA
Passing Rent
42 Westbourne Grove 2nd B1 Office 86 Limited 63.54 684 23/07/07 22/07/22 4.47 Yes £14.71 £10,000
42 Westbourne Grove 1st B1 Office Planet Organic Limited 61.78 665 24/06/10 23/06/20 2.39 Yes £30.00 £19,800
42, Westbourne Grove G A1 Retail Planet Organic Limited 99.50 1,071 1,443 24/06/10 23/06/20 2.39 Yes £106.03 £153,000
44a, Westbourne Grove 1st B8 Storage / Distribution
347.92 3,745 Yes
44a, Westbourne Grove G A1 Retail 391.22 4,211 Yes
46 Westbourne Grove 2nd B1 Office Faber Limited 78.04 840 28/02/07 27/02/17 Holding over Yes £17.16 £15,000
46 Westbourne Grove 1st B1 Office Planet Organic Limited 78.32 843 24/06/10 23/06/20 2.39 Yes £30.05 £26,200
46 Westbourne Grove G A1 Retail Alounak (Westbourne Grove) Ltd
63.82 687 446 11/02/09 10/02/19 1.03 Yes £81.95 £36,550
TOTALS 1184,14 12,746 £260,550
DESCRIPTION & ACCOMMODATIONThe premises consist of 3 interconnected Freehold properties.
Overall, the premises consists of 12,746 sq ft of well configured, open and flexible retail/office and warehouse space on Ground, First and Second floors.
Numbers 42 and 46 consist of retail units (A1) with two floors of office (B1) accommodation above. 44a is located to the rear of the retail units with the ground floor used as A1 retail (currently integrated into the retail unit of No. 42, with the first floor currently used as warehousing / food preparation space).
The property benefits from excellent servicing facilities with loading access to a service yard from Westbourne Grove. There is also rear access via a passageway from Newton Road.
TENANCY SCHEDULE
COVENANT76% of the property is let to Planet Organic over 3 separate coterminous leases. This was their first store. Planet Organic have been in occupation for over 20 years and use the premises as their head office and food preparation centre for all London stores.
Planet Organic is rated by CreditSafe as a 50C rating which shows a Low Default Risk. Further details on request.
VATThis property is not elected for VAT.
PROPOSALWe are instructed to seek offers in excess of £5,750,000 which reflects a Net Initial Yield of 4.20% and a Low Capital Value of £451 per sq. ft. Subject to Contract.
Property Consultants
FURTHER INFORMATION
Please note that all floor areas have been recorded by Sterling Temple. Purchasers are advised to verify all floor areas and satisfy themselves in that respect.Misrepresentation Act 1967. These particulars are intended only to give a fair description of the property and do not form the basis of a contract or any part thereof. These descriptions and all other information are believed to be correct but their accuracy is in no way guaranteed (April 2018).
Designed and produced by Oracle Creative | www.oraclecreative.co.uk
LIFT
N
S
44a
FLOOR PLANNot to Scale
N
S
4246
TO N
EW
TON
RO
AD
Nicholas Silver
T | 020 7927 0622