Retail premises for sale in 7A Petersham Road, Richmond TW9

Investment Summary:
• Located in the highly affluent London Borough of Richmond upon Thames.
• Lower ground and ground floor cocktail bar close to Richmond Riverside.
• Fully let to Be At One Richmond Limited for nearly 15 years.
• Total income of £42,450 per annum.
• Freehold.
• Offers sought in excess of £750,000 (Seven Hundred and Fifty Thousand Pounds), subject to contract and exclusive of VAT.

Location:
Richmond is one of the most desirable locations in London to live, work and shop. This highly affluent London Borough is located approximately 8 miles to the east of Central London.

Transport links are excellent, Richmond station provides London Underground (District Line), Overground, and National Rail services (fastest journey time to London Waterloo – 19 mins). Both the M3 and M4 motorways are easily accessible and Heathrow Airport is only 12 miles to the west.

Richmond is an established commercial centre, with a host of national and international retailers, numerous bars and restaurants as well as an excellent leisure offering.

Situation:
The property is situated on the south west side of Petersham Road close to its junction with
Bridge Street and Hill Street, being a secondary retail pitch within Richmond town centre. This
part of Petersham Road is part of an established restaurant area for Richmond. The property is
within a conservation area CA5.

Description:
The subject property is of brick construction and is probably Victorian in origin and arranged
over lower ground, ground and three upper floors to provide a bar on the ground floor, kitchen, storage with WC, s on the lower ground floor and three residential flats above. The upper
floors have been converted into three flats and sold on long leases.

Accommodation:
The property provides the following approximate floor areas;

Floor Description Sq. Ft Sq. M
Lower Ground Ancillary 590 54.81
Ground Sales 562 52.2
Total 1,152 107.01

Tenancy:
The ground floor and basement are let to Be At One (Richmond) Limited who hold an effective
full repairing and insuring 15-year lease from 1st August 2018 at £42,450 per annum exclusive. The
tenancy is protected by The Landlord and Tenant Act 1954.

The three upper floor flats have been sold on 125-year leases from July 2012 at a ground rent of £450
per annum. We have not been advised of any increase in the rental during the duration of the lease.

Tenure: Freehold.

Investment Comparables:
Date Property Tenant Net Initial Yield Price
May 2018 55-56 George Street Courlanders Jewellers 3.7% £2.4m
Feb 2018 53 George Street Carphone Warehouse 4.25% £4.4m
Feb 2018 8 Red Lion Street Franco Manca 4.05% £3.25m

VAT: The property is elected for VAT.

Proposal:
We are instructed to seek offers in excess of £750,000 (Seven Hundred and Fifty Thousand Pounds), subject to contract and exclusive of VAT.

A purchase at this level would reflect a net initial yield of 5.48%, after allowing for purchaser’s costs of 5.4%.

Legal Costs:
Each party to bear their own legal costs.