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.
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.
For more information about this property, please contact Michael Rogers, TW9 on +44 20 7768 0224 * (local rate)
Contact Michael Rogers about this property
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