PRIME FREEHOLD RETAIL INVESTMENT IN HIGHLY ATTRACTIVE WEST LONDON SUBURB CHISWICK HIGH ROAD LONDON W4

Transcription

1 PRIME FREEHOLD RETAIL INVESTMENT IN HIGHLY ATTRACTIVE WEST LONDON SUBURB CHISWICK HIGH ROAD LONDON W4

2 CHISWICK HIGH ROAD LONDON W4 INVESTMENT CONSIDERATIONS Prominent location on Chiswick High Road. 4,620 sq ft ground floor retail unit. Well secured to a quality retail tenant. Residential above sold off on 999 year lease. Close proximity to Chiswick Park Tube Station.

3 CHISWICK Chiswick is a highly affluent West London suburb in the Borough of Hounslow approximately 6 miles west of Central London. Road communications are excellent with the A406/205 North & South Circulars within 1 mile together with access to the A4/M4. Stations nearby include Chiswick Park and Turnham Green Underground as well as Gunnersbury overground. Chiswick Park provides almost 1.8 million square feet of top quality office space with c 12,000 people employed there including HQ s for companies including Paramount, Pepsico, Starbucks, CBS and Foxtons. There are many residential schemes being built close to the property including Opus Collection by Lendlease, the area remaining a hugely popular destination for young professionals and families. RETAILING IN CHISWICK Chiswick High Road boasts a large number of both multiple and quality independent retailers as well as a wealth of restaurants and cafes. Sainsbury s and Waitrose mix with Mint Velvet, White Stuff, Gap Kids, Waterstones and many others whilst quality restaurants include Michelin starred Hedone and La Trompette as well as numerous chains.

4 CHISWICK LANE LOCATION The property occupies a busy location on Chiswick High Road close to the junction with Acton Lane giving proximity to Chiswick Park Station. Hedone is adjacent whilst Sainsbury s, HSBC, Halfords & Wickes are nearby. SOUTH ACTON KEY 1. Halfords 2. Wickes 3. Kisaku 4. Neptune 5. Hedone 6. HSBC 7. Sainsbury s 8. Caffe Nero 9. Starbucks 10. Waitrose 11. Carluccios 12. Robert Dyas 13. Zizzi 14. Byron 15. Gap 16. Marks & Spencer A406 GUNNERSBURY AVE WELLESLEY RD M4 CHISWICK HIGH ROADCHISWICK HIGH ROAD OXFORD RD N GUNNERSBURY CHISWICK PARK WELLESLEY RD GROSVENOR RD BOLLO LANE 1 2 CHISWICK PARK 3 HEATHFIELD GRDS CUNNINGTON ST SUTTON LN N ACTON LANE HEATHFIELD TERRACE SUTTON COURT RD A4 ELLESMERE ROAD 7 8 BEACONSFIELD RD TURNHAM GREEN BELMONT RD ST ALBANS AVE WAVENDON AVE SOUTH PARADE ACTON GREEN COMMON DOLMAN RD BARROWGATE RD DUKES AVE ESMOND RD CHISWICK COMMON FISHERS LN BEDFORD RD DUKE RD SOUTH PARADE CHISWICK COMMON THE AVENUE CHISWICK HIGH ROAD DALE ST TURNHAM GREEN TERR DEVONSHIRE RD A4 HOGARTH LANE TURNHAM GREEN BATH RD FLANDERS RD AIREDALE AVE STAMFORD BROOK A4 GREAT WEST RD BRITISH GROVE GOLDHAWK RD

5 DESCRIPTION The property is arranged on 3 floors. The ground floor comprises a single large showroom unit, the upper parts consist of 6 self contained flats accessed from the High Road. ACCOMMODATION Ground Floor Retail The showroom has the following approximate dimensions and floor areas: Internal Width (front) Internal Width (rear) Shop Depth Built Depth Ground Floor Sales Rear Store Patio Area ITZA 38 ft 0 ins 48 ft 3 ins 101 ft 9 ins 120 ft 0 ins 4,620 sq ft 112 sq ft 785 sq ft 1,698 sq ft Residential Upper Parts Self contained residential accommodation currently comprising 4x1 bed and 2x2 bed flats CHISWICK HIGH ROAD LONDON W4

6 TENURE The property is held freehold. TENANCIES The retail store is let to Neptune Retail Ltd (name changed from JGE Investments Ltd on 27 February 2015) with a rental guarantee from Neptune (Europe) Ltd on a 10 year full repairing and insuring lease from 13th October 2014 subject to 5 yearly upwards only rent review at a current rent of 140,000 pax. The residential upper parts are let to James Taylor Homes (Chiswick) Ltd on a 999 year lease from 14 February 2013 at a peppercorn rent. COVENANT INFORMATION Neptune (Europe) Ltd 30 September 2014 Turnover 26,436,043 Pre Tax Profit 1,824,809 Total Net Worth 4,014,481 Neptune Retail Ltd 30 September 2014 Total Net Worth 546,721 RETAIL RENTAL VALUE We devalue the passing rent to approximately 30psf. The adjacent property Chiswick High Road has recently (August 2015) been let following a multiple bidding situation to Cotswold Outdoor at 135,000pax which we understand equates to nearly 33psf (interested parties should verify this accordingly). EPC The retail unit has an EPC rating B, full details available on request. PROPOSAL We are seeking offers in excess of 2,200,000 (Two Million Two Hundred Thousand Pounds) subject to contract and exclusive of vat for our client s freehold interest. A purchase at this price would show an attractive net initial yield of c 6.0% assuming normal purchaser s costs of 5.8%. CONTACTS For further details contact either Martin Crossley or Saul Zulman at Metrus. Martin Crossley BSc (Hons) MRICS Head of Retail Agency E martin.crossley@metrus.co.uk DD M Saul Zulman Office, Retail & Investment Agency E sz@metrus.co.uk DD M Subject To Contract VAT The property has been elected for VAT. Important Notice: Metrus Property Advisors Limited for themselves and for the vendors or lessors of this property whose agents they are give notice that: (i) these particulars do not form any part of any offer or contract (ii) the statements contained herein are issued without responsibility on part of this firm, its employees or its clients and are statements of opinion and therefore are not to be taken as or implying a statement or representation of fact (iii) any intending purchaser or lessee must satisfy themselves as to the correctness of each of the statements made herein (iv) the vendors or lessors of this property do not make or give, and neither the firm nor any of its employees have any authority to make or give, any representation or warranty whatever in relation to this property (v) all rents and prices quoted are exclusive of VAT unless stated otherwise. Any intending purchasers or lessees must satisfy themselves independently as to the incidence of VAT in any transactions. Terms quoted are subject to contract. September Designed and produced by Creativeworld. T: