CHISWICK HIGH ROAD, LONDON, W4 4PY

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1 INVESTMENT FOR SALE CHISWICK HIGH ROAD, LONDON, W4 4PY FREEHOLD PRICE 1.45M

2 INVESTMENT SUMMARY Prime location in the affluent suburb of Chiswick Freehold Retail unit let to multiple estate agent Offices let to established accountant Office/Showroom let to reputable interior design contractor Ground rents on 3 residential units (TO BE SOLD SEPERATELY) Offices refurbished in last 5 years Passing rent 84,000 pax Outstanding rent review ERV 92,000+ pax Development potential Offers invited circa 1,450,000. There is no election to charge VAT Net initial yield 5.5% gross Reversionary yield 6.0% LOCATION Chiswick is an affluent London suburb situation about 5 miles to the West of Central London, on the north side of the River Thames. The area benefits from its excellent road communications with the M4, M3 and A4 being readily accessible, as are both the North and South Circular. Chiswick is also well served by public transport, with District and Piccadilly lines available, main line Chiswick Station (grove park) and numerous bus routes along the main Chiswick High Road. Heathrow Airport is located approximately 9 miles to the West.

3 SITUATION The property is in a prime corner location on the south side of the High Road where it meets Heathfield Terrace opposite Turnham Green and its Church. The Post Office is within a few yards as are a plethora of other estate agencies, restaurants like Carluccio,s and Zizzi s; and substantial shops such as Vodafone, Clark s and Waitrose. DESCRIPTION The property comprises four self-contained units: a ground floor retail unit (A2)let to a national agency, Haarts; a first floor office let to a well established accountant, Flinthams; an office/showroom let to an established Interior Design contractor, Concept Bespoke Interiors Limited; and a three-storey residential block converted into three flats, two x 1 bed and one x 2 bed. The ground floor unit comprises a unit of some 550 sq ft leading to offices and storage of a further 378 sq ft. In addition there is a garage adjoin measuring 14 1 x 21 3 providing just under 300 sq ft. The first floor offices have an imposing entrance with foyer and stairs leading to a large front office, separate office/store, fully fitted kitchen, main open plan office, separate meeting room, male and female toilets. The whole is fully carpeted with suspended ceilings and spotlights throughout, with full air-cooling /heating units. It comprises about 1,415 sq ft/131.5 sq.m The ground floor office/showroom(b1) has been completely refurbished to a very high standard by the current tenants to provide a front office 15 6 x 18 7, stairs to a lower ground floor with office 2,12 3 x 9 2 ; office/kitchen 6 2 x 7 3 ; office x Separate fully tiled WC. The offices provide a mixture of oak flooring/carpets/porcelain tiling, suspended ceilings with spotlights, air-cooling/heating. In total about 746 sq ft/69.4sq.m(gross) The flats will be sold off on long leases. TENACIES Haart Limited, who are a wholly owned subsidiary of Spicerhaart Group Limited, hold a 10 year lease from 25/6/2004 at a passing rent of 42,000. The permitted use is A1 or A2. There are service charge provisions for the tenant. Insurance is a landlord responsibility but refunded by the tenant. The rent review 25/6/2009 was not instigated.

4 Alan McCartney trading as Flinthams acquired the residue of a 5 year lease from 24/7/2006 at a rent of 35,000 pax with a 3 year review and tenant only break clause. Neither was instigated. B1a office use. Service charge applicable.the tenant has indicated he wishes to agree a new lease. There is a quarters deposit of 8,750 and the tenant pays a contribution for insurance. Concept Bespoke Interiors Limited have a 10 year lease from 29/11/2007 at a current rent of 7,500 pax. There is a rent review provision after 5 years. Service charge applicable. Insurance by Landlord is recoverable. Permitted use B1a. Licence for alterations disregards the tenant improvements. A quarters deposit of 1875 is held by the landlord. The three flats are to be sold separately on 150 year leases paying peppercorn rents of 100 per annum and a service charge to the landlord to cover the common costs. RENT/ERV Haarts Limited occupy the ground floor A2 unit comprising about 928 sq ft/86.2 sq.m, which translates into an ITZA of about 499 plus the offices of 378 sq ft and the covered garage. Zone A values of circa 100 have been achieved in this location on the south side of the High Road. There may also be an added value for an A2 use Flinthams is accessed between Haarts and the adjoining unit occupied by Barnard Marcus (estate agents). The existing lease created in 2006 was let at 35,000 pax on the basis that the improvements carried out by the tenant, were in lieu of rent. On the basis that the net floor area is 1415 sq ft, this represents a rent of psf. Offices rents opposite Turnham Green of between psf have been achieved. The office/showroom occupied by Concept was converted by them in November 2007 from a very basic workshop/storage unit representing 10 psf approximately, a low level industrial rent for the area as found on a number of the industrial estates in the vicinity. There maybe some growth in the future, prior to the improvements reverting to the landlord. VAT This property is not registered for VAT

5 PROPOSAL Our clients are seeking an unconditional offer of 1,450,000, subject to contract. A purchase at this level would reflect a net initial yield of 5.5% and a reversionary yield of 6% after deducting purchase costs of %

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