Retail Property - High Street For Sale
The property is situated on Upper Richmond Road West (A205), commonly known as the South Circular Road which provides a direct route crossing through South London linking the M4 and A4 at Gunnersbury in the west. It is close to its junction with Palewell Park and is within 0.7 miles of Sheen Gate which leads into the world-famous Richmond Park. It occupies a mid-terrace position in a parade of local retail shops comprising predominantly of independent boutiques and restaurant businesses. The A306/A219 is within a short drive and provides access to key centres in West and South London. The property is also 0.3 miles southwest of Mortlake Station (Southwestern Railway), offering regular access to and from Greater London, including Waterloo and Kingston. The locality also benefits from regular bus services through Richmond, Putney and Hammersmith.
Richmond is an affluent residential suburb in southwest London, just 8.2 miles southwest of Charing Cross. It benefits from a village-like feel, and nearby national operators to the premises include Pizza Express, Pure Gym, Marsh & Parsons and the Hare & Hounds public house (a Youngs pub).
The property forms part of a mixed-use three-storey brick-built building under a pitched roof. The ground floor commercial unit fronting Upper Richmond Road West comprises a retail unit which is operating as a ladies clothing and fashion retail store. The tenancy schedule and accommodation are described below.
|Tenant||Sq. ft.||Sq. m.||Passing rent||Start Date||Rent Review||End Date|
|Sheen Uncovered Limited||1,450||134.64||£35,000 pax.||26/08/2015||Upward-only, 5 yearly||22/09/2025|
We understand there is an underlease vested to Sheen Uncovered Limited for the ground floor commercial unit at a passing rent of £35,000 per annum exclusive. The underlease is effectively full repairing and insuring, commencing 26th August 2015 and expiring on and including 22nd September 2025. There is a guarantee provided by Jackie Upton.
We are advised by the VOA website that the commercial parts have a Rateable Value of £32,500; however, interested parties should make their own enquiries of the rates payable.
The property has an EPC rating of D (78); a copy of the EPC is available upon request.
Each party to bear its own legal costs incurred in the transaction.
The premises are held on a 125-year head lease, beginning on 26th August 2015 and expiring on and including 25th August 2140.
The ground rent payable is £400 for the first 25 years, rising to £800 for the years 26 to 50, £1,600 for the years 51 to 75, £3,200 for the years 76 to 100 and £6,400 for the residual of the demised term.
Offers are invited in the region of £565,000 (five hundred and sixty-five thousand pounds), reflecting a GIY of 6.19% on the commercial investment.
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 prior to heads of terms being issued.
Strictly via prior agreed appointment by sole agents Willmotts.
| Huseyin Zafer|
D: 020 8222 9901
D: 020 8222 9947
M: 07920 769395
D: 020 8222 9946
M: 07900 224967