Flagship Retail Opportunity King Street London W6
FLAGSHIP RETAIL OPPORTUNITY KING STREET LONDON W6 INVESTMENT SUMMARY Rare flagship retail opportunity The Property occupies a highly prominent position on the south side of King Street, 200 metres from Hammersmith London Underground station and opposite H&M Unrivalled local transport infrastructure Long Leasehold (106.75 years unexpired) at a fixed rent of £2,000 per annum The Property comprises two retail units over basement, ground and three upper floors extending to 61,931 sq ft NIA Let to two investment grade covenants in Poundland Limited and TK Maxx with a rare WAULT of 13.6 years to expiry Total rental income of £1,160,000 per annum which reflects a low overall rent of £18.73 per sq ft The Property is one of TK Maxx’s best performing stores. They are responsible for 78% of the income Several asset management initiatives to consider including re-gearing the Poundland lease, negotiating a new head lease with the freeholder, and undertaking a redevelopment of the Property to increase the existing massing and extend the building upwards to create office, residential or hotel use, subject to planning The freeholder has provided a statement outlining their support for redevelopment and their willingness to negotiate a new head lease We are instructed to seek offers in excess of £24,150,000, subject to contract and exclusive of VAT, reflecting a Net Initial Yield of 4.50%, assuming purchasers cost of 6.76% 02 FLAGSHIP RETAIL 03 KING STREET LONDON W6 THE WEST END HYDE PARK CHELSEA KENSINGTON HOLLAND PARK EARL’S COURT OLYMPIA THE QUEEN’S CLUB HAMMERSMITH HAMMERSMITH LYRIC THEATRE A4 49-63 KINGS MALL KING STREET 04 FLAGSHIP RETAIL LOCATION The Property is located in Hammersmith town centre, only four miles west of the Hammersmith is characterised by a mix of quality office and residential West End.
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