Retail Property - High Street Sold
Location:
The property is situated just south of the A4, Cromwell Road midway between Hammersmith and Earls Court, approximately five miles West of Central London. The A4 is one of the main arterial routes connecting Central London to the M4, Heathrow Airport, and the M25. The surrounding area is largely residential with North End Road itself comprising an extended retail parade with residential upper parts. Local business include Tesco Express, Little Waitrose, Costa, William Hill, and other local traders. This pitch of North End Road is well served by public transport lying within close proximity to West Kensington underground station and close to Barons Court, West Brompton, and Olympia underground stations.
Description:
This block comprises a single retail unit at ground floor with offices and flats above. The retail unit has an extensive return frontage alongside Beaumont Avenue. The retail unit has the main entrance off North End Road and the secondary entrance off Beaumont Avenue. To the rear of the shop unit close to its secondary entrance is a staircase that provides access to the basement. The ground floor is open plan and is used as an estate agency whilst the basement is used for staff meeting rooms, break out areas, with kitchen and W/C. The two upper floors were originally laid out as four two bed apartments although Flat 2 has for many years been leased and occupied as a suite of offices. The property is constructed of concrete frame with brick infill and a flat roof. The property is extensively double glazed with uPVC windows throughout
User:
We believe the premises fall under Class E and C3 use of The Town &Country Planning (Use Classes) (Amendment) (England) Regulations.
Tenure:
Freehold subject to the existing leases and tenancies.
Terms:
Offers are invited in excess of £700,000 subject to the existing tenancies. A purchase at this level will provide a NIY of 7.22% after allowing for purchasers standard costs of 5.00%. At lease renewal we are of the opinion that the reversionary yield would be 8.01%.
VAT:
Is not applicable.
Local Authority:
London Borough of Hammersmith & Fulham.
Legal:
Each party to bear its own legal costs.
AML:
In accordance with Anti-Money Laundering Regulations, we shall require additional information from the purchaser/tenants so that an online verification can be undertaken.
Tenancy & Accommodation Schedule:
| Location | Sq M | Sq Ft. | EPC Rating | |
| Ground Floor | 174 | 1,871 | C | |
| Basement | 83.6 | 900 | ||
| Retail Total | 257.5 | 2,771 | ||
| 1 Martin House | 68 | 730 | E | |
| 2 Martin House | 68 | 730 | Not Available | |
| 3 Martin House | 68 | 730 | D | |
| 4 Martin House | 68 | 730 | D | |
| Total | 529.5 | 5,691 |
Tenancies:
Ground floor and basement - Let to Dexters The lease is for a term of 10 years commencing on 23rd December 2015 and set to expire on 22nd December 2025. The passing rent is £52,900 pa. Whilst the rents vary quite widely along North End Road the general tone lies between £60 - £70psf Zone A. Applying the higher range to the subject property would provide a rent of £58,660 at lease renewal and a reversionary yield of 8.01% Martin House, 179-181 North End Road The upper floors are sold on a lease expiring 8th July 2086 at a ground rent of £200 per annum to Pineapple Corporation. This headlease is subject to the following underleases, three of which have been extended in accordance with the provisions of the Leasehold Reform Housing and Urban Development Act 1993. 1 Martin House is subject to an underlease extended under the 1993 to have a term expiring 7th July 2176 at a peppercorn round rent. 2 Martin House is held on an underlease for a term of 99 year =s expiring 7th July 2086. The premises are used as offices and consent was recently refused for the change of use to residential.. They do not therefore fall within the1993 Act and the lessee has not right to extend on statutory terms. 3 Martin House Martin House is subject to an underlease extended under the 1993 to have a term expiring 7th July 2176 at a peppercorn round rent. 4 Martin House Martin House is subject to an underlease extended under the 1993 to have a term expiring 7th July 2176 at a peppercorn round rent. Total income £53,100 per annum
Tenure: Freehold
No EPC available for this property
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Broadband & mobile data availability at North End Road, London, W14
Address shown above is the closest found to the postcode, that has Ofcom data available
Mobile Coverage
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Voice | Indoor |
Outdoor |
| Data | Indoor |
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| Data | Indoor |
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| Data | Indoor |
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Voice | Indoor |
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| Data | Indoor |
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Utilities
| Electricity | Ask Agent |
| Water | Ask Agent |
| Heating | Ask Agent |
| Broadband | Ask Agent |
| Sewerage | Ask Agent |
Rights and Restrictions
| Private rights of way | No |
| Public rights of way | No |
| Restrictions | Ask Agent |
| Parking | Ask Agent |
Risks
| Flooded in last 5 years | No |
| Flood Defenses | No |
| Source of Flood | Ask Agent |