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Q OFFICE INVESTMENT SET WITHIN AN IMMACULATE PRIVATE GATED DEVELOPMENT IN A VIBRANT WEST LONDON LOCATION RIXO, UNITS 1 & 2, BARREL YARD, VINERY WAY, LONDON W6 0L LONDON WAY, VINERY YARD, BARREL UNITS 1 & 2, RIXO,

RIXO, UNITS 1 & 2, BARREL YARD, VINERY WAY, LONDON W6 0LQ 2 Q RIXO, UNITS 1 & 2, BARREL YARD, VINERY WAY, LONDON W6 0L LONDON WAY, VINERY YARD, BARREL UNITS 1 & 2, RIXO, 3

Q EXECUTIVE SUMMARY

• Office investment set within an • A new 999-year lease at a peppercorn. • There will be an upward only RPI rent immaculate private gated development. review in 2025. • A self-contained high specification • Located in West London within the office comprising 4,060 sq ft. • We are instructed to seek offers in vibrant Brackenbury Village between excess of (Two million, • Let to Rixo Limited. £2,225,000 Chiswick, Hammersmith and Shepherd’s two hundred and twenty five thousand Bush. • Providing an income of £142,100 per pounds), subject to contract. annum (£35.00 per sq ft). • Barrel Yard provides circa 16,500 sq ft of • This reflects aNet Initial Yield of 6.0% new contemporary office space centred • A new 10 year lease from September and a low Capital Value of £548 per sq around a private courtyard. 2020 (4.5 years unexpired term certain). ft based on purchasers’ costs of 6.3%. RIXO, UNITS 1 & 2, BARREL YARD, VINERY WAY, LONDON W6 0L LONDON WAY, VINERY YARD, BARREL UNITS 1 & 2, RIXO, 4 LOCAL RETAIL LEISURE • The Ginger Pig, Butcher, Askew Road • O2 Shepherd’s Bush Empire, Shepherd’s Bush Green Q LOCATION • Co-op, Seven Stars • Eventim Apollo, Hammersmith Located within the London • Shepherd’s Bush Market, Goldhawk Road • Bush Theatre, Uxbridge Road Borough of Hammersmith & • Sainsbury’s, Goldhawk Road • Lyric Theatre, Lyric Square Fulham in an area bounded • Westfield London, Shepherd’s Bush • Ravenswall, Ravenscourt Park tube by Chiswick to the west, • Fitness First, Hammersmith Grove • Boom Cycle, Hammersmith WGroveESTFIELD LONDON Hammersmith to south and PUBS / CAFES / DELIS • Gymbox, Westfield Shepherd’s Bush to the east, • Laveli Bakery, Askew Road • The Hogarth Club, Airedale Avenue Brackenbury Village is an • Swallow Coffee Shop, Goldhawk Road • Roger Gracie Academy, Glenthorne Road affluent and vibrant pocket • The Oak W12, Gastro pub, Seven Stars • F45 Ravenscourt Park, King Street of West London nestled • Fait Maison Café, Seven Stars • Vue Cinema, Shepherd’s Bush and Westfield between Goldhawk Road, King • Brackenbury Wine Rooms, Hammersmith, Hammersmith & City/Circle Grove • The Andover Arms, Aldensley, Hammersmith Road & City/Circle S HEPHERD’S BUSH SHEPHERDS BUSH Street, Ravenscourt Road and MARKET • The Angelsea Arms, Wingate Road Hammersmith Grove. , District U X B R I D G E R O A D A 4 0 2 0 RIXO, UNITS 1 & 2, BARREL YARD, VINERY WAY, LONDON W6 0L LONDON WAY, VINERY YARD, BARREL UNITS 1 & 2, RIXO, • Brackebury Deli, Brackenbury Road , Picadilly/Hammersmith & City/Circle The amenities of Chiswick, , Central Hammersmith and Shepherd’s TRANSPORT Bush are within close proximity. , District • Goldhawk Road, Hammersmith & City / Circle , District Transport connections are • Shepherd’s Bush Market, Hammersmith & City / Circle first class; Goldhawk Road • Ravenscourt Park, District Underground Station is • Hammersmith, Picadilly/Hammersmith & City / Circle within a 5 minute walk and • Shepherd’s Bush, Central both Shepherds Bush and • Stamford Brook, District

Hammersmith Underground • Turnham Green, District 912A Stations are within a 12 minute THE PROPERTY walk. Central London is Lyric Theatre , Lyric Square GOLD HAW K ROAD accessible withinRavenswall 20 minutes, Ravenscourt Park tube and Heathrow AirportFitness First within, Hammersmith 30 Gr ove Boom Cycle , Hammersmith Grove A 4 0 9 minutes. Gymbox , Westfield V I N E R Y W A Y

The Hogarth Club , Airedale Avenue E V O R G H T I M S R E M M A H

B Roger Gracie Academy , Glenthorne Road AR

R U B N E K C F45 Ravenscourt Park , King Street Vue Cinema

Y

GOLDHAWK ROAD R O

1 9 4 B

A D

912A

STAMFORD BROOK A 3 1 5 TURNHAM GREEN RAVENSCOURT A 3 1 5 PARK

CHISWICK HIGH ROAD K I N G S T R E E T HAMMERSMITH RD A 3 1 5 HAMMERSMITH 5 Q RIXO, UNITS 1 & 2, BARREL YARD, VINERY WAY, LONDON W6 0L LONDON WAY, VINERY YARD, BARREL UNITS 1 & 2, RIXO, 6

Q SITUATION One of the most desirable neighbourhoods in West London, Brackenbury Village takes its name from Brackenbury Road where there are a number of cafés, shops, restaurants and pubs as well as highly regarded schools and parks. The area is dominated by charming cottages and rows of well-maintained Victorian terraced houses. RIXO, UNITS 1 & 2, BARREL YARD, VINERY WAY, LONDON W6 0L LONDON WAY, VINERY YARD, BARREL UNITS 1 & 2, RIXO, 7 Q RIXO, UNITS 1 & 2, BARREL YARD, VINERY WAY, LONDON W6 0L LONDON WAY, VINERY YARD, BARREL UNITS 1 & 2, RIXO, 8 .

Q DESCRIPTION Developed on the site of a former industrial estate which included the headquarters of Innocent Drinks, Vinery Way has set the standard for contemporary living and working for the area. It has been transformed into a private gated development complex of 64 mews houses, townhouses and luxury apartments.

Barrel Yard is a new private gated collection of studio office accommodation built around a courtyard, providing a total of 16,500 sq ft over two levels providing 8 self-contained units. The RIXO, UNITS 1 & 2, BARREL YARD, VINERY WAY, LONDON W6 0L LONDON WAY, VINERY YARD, BARREL UNITS 1 & 2, RIXO, scheme benefits from the following specification;

• Exposed ceilings and services. • 3.2 metre floor to ceiling height. • Full access metal raised floors. • LED lighting. • Air-conditioning. • Landscaped courtyard. • Security control and concierge. • CCTV. • Video access control system. • DDA lift access. • Secure cycle store. • Ability to link units.

Units 1 & 2 Barrel Yard serve as the tenants’ headquarters and have been fitted out to a high standard. 9

Q FLOOR PLAN RIXO, UNITS 1 & 2, BARREL YARD, VINERY WAY, LONDON W6 0L LONDON WAY, VINERY YARD, BARREL UNITS 1 & 2, RIXO, 10

a Q TENURE ACCOMMODATION A new 999 year lease at a peppercorn from The property provides the following floor areas (GIA); completion.

UNIT SQ M SQ FT SERVICE CHARGE UNIT 1 204.0 2,195 The occupational lease provides for a service UNIT 2 173.2 1,865 charge to recover external repairs and maintenance of common parts. Further information is available TOTAL 377.2 4,060 upon request. RIXO, UNITS 1 & 2, BARREL YARD, VINERY WAY, LONDON W6 0L LONDON WAY, VINERY YARD, BARREL UNITS 1 & 2, RIXO, TENANCY The property is let to RIXO Limited on a single Full Repairing and Insuring lease for a term of 10 years from 1st September 2020 expiring on 31st August 2030. The current passing rent is £142,100 per annum which equates to £35.00 per sq ft.

The lease benefits from a rent review on the 1st September 2025 which is to be based upon the Retail Price Index (RPI) subject to a collar of 1% and a cap of 4%.

In addition, there is a tenant only break option on the 5th and 7th anniversary of the lease subject to not less than 3 months prior written notice.

The tenant has provided a 3 month rent deposit plus VAT. 11

Q COVENANT RIXO Limited (Co. No. 09424938) has reported the following figures;

CURRENT CASH AT BANK & TOTAL YEAR END ASSETS IN HAND EQUITY

30-Jun-19 £8,217,033 £4,319,678 £6,675,339

30-Jun-18 4,936,347 £3,906,060 £3,182,058 RIXO, UNITS 1 & 2, BARREL YARD, VINERY WAY, LONDON W6 0L LONDON WAY, VINERY YARD, BARREL UNITS 1 & 2, RIXO,

RIXO’s story began in September 2015 in the London living room of best friends Henrietta Rix & Orlagh McCloskey, born from their passion for vintage. RIXO fills a gap in the contemporary market with limited and unique designs and easy-to-wear and flattering clothes that fit into women’s lifestyles. Founders, Henrietta & Orlagh, aim to empower women to feel the best version of themselves in their garments.

Stocked by internationally renowned boutiques, iconic department stores and global online retailers, as well as their own e-commerce site and retail store, RIXO has gained recognition as a brand-to-watch. RIXO was awarded;

• The DHL Award for International Growth Potential by DHL and the British Fashion Council in October 2017; • Premium Brand of the Year at Drapers Awards in November 2018; • Sunday Times Fast Track 2020 ‘Ones to Watch’ in December 2019; • Forbes 30 Under 30 in March 2020.

For further information please visit www.rixo.co.uk. 12

Q MARKET COMMENTARY Whilst Covid-19 had a significant impact on the real estate Hammersmith is a well-known office centre and Barrel Yard market in 2020, West London and suburban London in general is a 10 minute walk from Hammersmith Broadway and its saw take up from occupiers looking to relocate from the West numerous shops, restaurants and bars. In addition, many End and other central locations. A number of businesses have Company Directors live in the residential streets that surround chosen to relocate their place of work out of central London to Hammersmith including Brackenbury Village where Barrel Yard both save costs and maintain a work life balance for their staff. is located. Employers focusing on the well-being of their employees have increasingly looked to reduce the time it takes to commute, Set out below is a range of transactional evidence to further particularly as more people prefer to cycle and walk rather than underwrite this opportunity; drive.

RIXO, UNITS 1 & 2, BARREL YARD, VINERY WAY, LONDON W6 0L LONDON WAY, VINERY YARD, BARREL UNITS 1 & 2, RIXO, LEASING COMPARABLES

PROPERTY SIZE (SQ FT) RENT (£/PSF) DATE COMMENT

2C Macfarlane Road, London W12 7JZ 3,560 £38.35 Jan-21 NEW LEASE

20 Hammersmith Broadway, London W6 7AF 1,391 £43.00 Dec-20 NEW 5 YEAR LEASE

22-24 Glenthorne Road, London W6 0PP 5,600 £40.00 Oct-20 NEW 3 YEAR LEASE

22-24 Glenthorne Road, London W6 0PP 8,300 £42.00 Sep-20 NEW LEASE

The Aircraft Factory, London W6 0LE 4,627 £55.00 Jun-20 LEASE RENEWAL

OWNER OCCUPIER COMPARABLES

PROPERTY SIZE (SQ FT) PRICE CAPITAL VALUE (PSF) DATE COMMENT

32 Galena Road, London W6 0LT 4,278 £2,746,476 £642 Feb-21 CURRENTLY AVAILABLE

7 Galena Road, London W6 0LT 1,568 £901,600 £575 Jul-20 OFFICE BUILDING ON 3 FLOORS THE PRICE PAID WAS £937,000 + Unit 8, Barrel Yard, Vinery Way, London W6 0L 2,075 £1,035,000 £498 Dec-19 Q £98,000 FOR REFURBISHMENT COSTS 13

Q EPC CONTACT The energy efficiency rating of the property is C 66. For further information or to arrange a viewing, please contact us The certificate is available HERE. Richard Wolfryd +44 (0)207 266 8500 +44 (0)711 822 588 VAT [email protected] Barry Marshall The property has been elected for VAT. We envisage the +44 (0)207 266 8500 transaction being treated as a Transfer of a Going Concern +44 (0)7968 037 643 (TOGC). [email protected] RIXO, UNITS 1 & 2, BARREL YARD, VINERY WAY, LONDON W6 0L LONDON WAY, VINERY YARD, BARREL UNITS 1 & 2, RIXO, PROPOSAL

We are instructed to seek offers in excess of £2,225,000 (Two million, two hundred and twenty five thousand pounds), subject to contract.

This reflects aNet Initial Yield of 6.0% and a low Capital Value of £548 per sq ft based on purchasers’ costs of 6.3%.. VIRTUAL WALKTHROUGH CLICK HERE to view a virtual walkthrough of the property.

DISCLAIMER: The particulars are set out as a general outline only for the guidance of intended purchasers or lessees and do not constitute or constitute part of an offer or contract. All descriptions, dimensions, reference to condition and necessary permissions for use and other details are given without responsibility and any intending purchasers or tenants should not rely on them as statements or representations of fact, but must themselves by inspection or otherwise as to the correctness of each of them. No person in the employment of Estate Office has an authority to make or give any representation or warranty whatsoever in relation to this property. February 2021.