Leisure/hospitality for sale

Victoria Aesthetics, 10 Rochester Row, London SW1P

Description

10a Rochester Row is a ground floor lock-up retail unit of approximately 958 sq ft (89.05 sq m) within a residential-led building in Victoria. The upper floors are in separate ownership and are not included in the sale. The unit is fitted out to a high specification as an aesthetics clinic, and the tenant has recently invested significantly in the premises. It is let in its entirety to Victoria Beauty Boutique Limited, trading as Victoria Aesthetics, on a 10-year lease from 17 April 2023 expiring 16 April 2033, with no breaks. The passing rent is £42,500 per annum, with the vendor topping up the income to £45,000 per annum (£46.97 per sq ft) until the April 2028 upward-only rent review. The property is held on a long leasehold expiring in 2157 (c.131 years unexpired) at a peppercorn rent. We are instructed to seek offers in excess of £510,000, subject to contract and exclusive of VAT, reflecting a Net Initial Yield of 8.42%.

Location

The property is on the west side of Rochester Row in Victoria, in the City of Westminster, towards its northern end and a short walk from Victoria Street. It sits alongside Sainsbury’s Local and close to Coffee Republic, in a parade of independent cafés, restaurants and local services. Victoria is one of central London’s main office districts, with a strong government presence and a large, affluent residential population, which gives strong demand throughout the week. The area continues to attract major investment, including the c.445,000 sq ft redevelopment of 105 Victoria Street, where Evercore has pre-let c.135,000 sq ft for its new London headquarters. Victoria Station, served by the District, Circle and Victoria lines, Gatwick Express, Southern and Southeastern, is about a 12-minute walk away, and St James’s Park Underground Station is about 6 minutes.