Retail Property - High Street For Sale
The property is situated on the western side of White Hart Lane close to its junction with Archway Street and The River Thames. It occupies a mid-terrace position in a parade of local retail shops comprising predominantly of independent boutiques and restaurant businesses. White Hart Lane links Mortlake High Street (A3003) and The South Circular Road (A205) which provides a direct route crossing through South London linking the M4 and A4 at Gunnersbury in the west. The property is 0.3 miles southwest of Barnes Bridge Station (Southwest Trains), offering regular access to and from Greater London, including Waterloo. The locality also benefits from regular bus services to Richmond, Putney and Hammersmith.
Barnes is an affluent residential suburb in southwest London, just 9 miles southwest of Central London, and comprises the Barnes Village conservation area. It benefits from a village-like feel, and nearby attractions include the Barnes Pond, WWT London Wetland Centre, Richmond Park and the Barn Elms playing fields. Nearby occupiers include The Crossing Pub, Sainsbury’s Local, Rick Stein at Tideway Yard and Camille Thai.
The property comprises a mixed-use three-storey brick built building under a pitched roof. The ground floor commercial unit fronting White Hart Lane comprises a retail unit which is let to a local florist and provides glazed frontage. The vacant rear split-level two bedroom maisonette arranged over ground and first floors includes a good-sized garden. In addition, there is a reasonable size loft area to the rear edition which subject to planning could lend itself for additional space for this maisonette. Access is provided from White Hart Lane through a communal staircase, and from Limes Field Road via a rear pedestrian road. The front first and second floor flat is sold off on a long lease.
Accommodation & Tenancy Schedule
|Tenant||Sq. ft.||Sq. m.||Rent||Start Date||Rent Review||End Date||Comments|
|Christopher Molloy||323||30.30||£19,000 pax.||27/05/2022||Upward-only, 5 yearly||26/05/2037||No breaks|
Vacant Residential Accommodation:
|Floor||Gross Internal Floor Area (approx.)|
|Ground||585 sq. ft. (54.33 sq. m.)|
|First||214 sq. ft. (19.84 sq. m.)|
|Total||799 sq. ft. (75.2 sq. m.)|
The ground floor commercial premises are let to Christopher Molloy at a passing rent of £19,000 per annum exclusive which commences on 22nd July 2022. The lease is effectively full repairing and insuring for a term of 15 years from 27th May 2022, expiring on and including 26th May 2037. There is an upward-only rent review pattern to open market value every five years. There is a deposit 3 equivalent to 3 months of the headline rent (£4,750) that is protected and is held by the landlord for the duration of the term.
The rear split-level two bed maisonette is vacant and has a minimum estimated rental value of £1,850 pcm.
The front split-level maisonette has been sold off on a long lease of 125 years commencing 25th March 2012 with 115 years remaining at a ground rent of £200 per annum.
Total income currently received is £19,200 per annum.
We believe the premises fall under Class E and C3 Residential Dwellings of The Town & Country Planning (Use Classes) (Amendment) (England) Regulations 2020.
London Borough of Richmond Upon Thames.
The commercial premises has an EPC rating of C (68), and the residential flat has an EPC rating of C (76). A copy of the EPCs are available upon request.
Each party to bear its own legal costs.
Freehold, subject to the existing tenancies.
Offers invited in excess of £850,000 (nine hundred and fifty thousand pounds). A sale at this level shows a Net Initial Yield of 6.21% on the commercial income and £814 psf capital value on the residential accommodation, assuming standard purchaser’s costs.
In accordance with Anti-Money Laundering Regulations, two forms of identification and confirmation of the source of funding will be required from any successful Purchaser.
By appointment only via landlord’s sole agent: Willmotts Chartered Surveyors.