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

Offers over £750,000 (£651.04/sq. ft)
Retail premises for sale 1,152 sq. ft*
Investment

Property description

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.

Property info

* Sizes listed are approximate. Please contact the agent to confirm actual size.

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

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Property descriptions and related information displayed on this page, with the exclusion of Running Costs data, are marketing materials provided by Michael Rogers, and do not constitute property particulars. Please contact Michael Rogers for full details and further information. The Running Costs data displayed on this page are provided by PrimeLocation to give an indication of potential running costs based on various data sources. PrimeLocation does not warrant or accept any responsibility for the accuracy or completeness of the property descriptions, related information or Running Costs data provided here.

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