18 WATER LANE RICHMOND UPON THAMES TW9 1TJ
Highly Reversionary Mixed Use Greater London Investment
ON THE INSTRUCTIONS OF THE JOINT FIXED CHARGE RECEIVERS 1 | Brockham House, Dorking Office Park EXECUTIVE SUMMARY
. Located in the affluent London Borough of Richmond Upon Thames, only 8 miles South West of Central London.
. Excellent transport communications with 8 trains running per hour to London Waterloo in a fastest journey time of 19 minutes.
. Prime location in the heart of Richmond Upon Thames town centre, moments walk from an extensive and diverse range of retail and leisure offerings.
. The property comprises 1,604 sq ft of residential accommodation on the ground floor and 2,560 sq ft office accommodation on the first floor.
. The office accommodation is multi-let to two tenants passing off an average rent of £41.21 per sq ft, totalling £105,500 per annum.
. The office accommodation has a WAULT to expiries of 7.2 years and 1.1 years to breaks.
. Prime office rents in Richmond Upon Thames for c.1,000 sq ft suites are now in excess of £54.00 per sq ft.
. Limited Grade A availability.
. Future redevelopment potential subject to planning.
. Freehold.
2 | Brockham House, Dorking Office Park 18 WATER LANE, RICHMOND #2 LOCATION
Richmond is one of London’s most affluent and attractive Boroughs, lying just 8 miles South West of Central London. Benefitting from excellent connectivity to Central London and a strong diverse office and retail offering, the Borough is considered one of the most attractive places to live and work in London.
Serviced by South Western Railway, Richmond train station provides regular direct services to London Waterloo (8 trains per hour), with a fastest journey time of 19 minutes. The Borough also benefits from direct access to both the London Overground and Underground via the District Line.
Heathrow International Airport and London City Airport are approximately 12 miles West and 10 miles East respectively, with easy access to Junction 10 of the M25, via the A307 and the A3. To the North the A316 also provides access to Junction 1 of the M3.
SITUATION
The property is prominently situated at the end of Water Lane, a charming cobbled street that runs from the junction of Hill Street and George Street down to the river front. Boasting a mixture of high-end independent and multi-national retailers, the area is home to a plethora of impressive eating and drinking establishments. The River Thames, Richmond Park and Kew Gardens, as well as theatres, museums and galleries provide extensive leisure facilities all within close proximity.
3 | Brockham House, Dorking Office Park 18 WATER LANE, RICHMOND #3 DESCRIPTION
18 Water Lane comprises a Victorian brick built building consisting of a large 1,604 sq ft two bedroom flat on the ground floor and commercial office accommodation totalling 2,560 sq ft arranged over 1st and mezzanine floors.
The flat comprises a converted warehouse style apartment with 2 bedrooms, 2 bathrooms and 2 reception rooms. Subject to planning, the residential unit would suit being split.
Recently comprehensively refurbished by the tenants, the office accommodation has been fit out to provide a modern specification benefitting from exposed surfaces, air conditioning, perimeter and underfloor trunking, high quality kitchenettes and separate male and female WC’s.
4 | Brockham House, Dorking Office Park 18 WATER LANE, RICHMOND #4 TENANCY SCHEDULE
Use Tenant Size Rent PA Rent PSF Lease Comments (Sq Ft)
Office 1 B1 Grohe Limited 1,660 £65,000 £39.15 10 years from 01/11/2018. The lease is contracted outside the Tenant only break options end of Landlord & Tenant Act. years 2, 3 & 5 with 6 months written notice. The annual rent is subject to review at expiry of the 5th year. Office 2 B1 Galloway Hughes LLP 900 £40,500 £45.00 5 years from 02/11/2018. The lease is contracted outside the Mutual break on 9 months’ Landlord & Tenant Act. notice any time on/after 02/11/2020. Residential C3 1,604 £48,000 AST with 2 month rolling notice.
Total 4,164 £153,500
TENURE COVENANT
The property is held Freehold under Title Number . TGL278174.
EPC Grohe Limited Galloway Hughes LLP The property has the following Energy Performance Certificate (EPC) ratings: Grohe Limited is a German sanitary fittings Galloway Hughes is a growing independent Commercial: D - 76 manufacturer with its registered office in Hemer law firm, established in 2008. Specialising in and headquarters in Düsseldorf. Since 2014, Property Law, the company operates from two Residential: D - 64 Grohe has been part of the Lixil Group. Grohe offices located in Richmond and Esher. EPC’s are available upon request. Limited generated sales revenues of over £34 million in 2018, with profits in excess of £1 Galloway Hughes LLP is rated H2 by Dun & million and up on 2017 figures of £415,000. Bradstreet representing a lower than average Grohe Limited is rated 2A1 by Dun & Bradstreet risk of business failure. representing a minimum risk of business failure.
5 | Brockham House, Dorking Office Park 18 WATER LANE, RICHMOND #5 RICHMOND Transaction Property Tenant Size Rent PSF OFFICE MARKET Date (Sq Ft) Feb 2019 Onslow Hall Philips and Southern 968 £48.00 Richmond’s occupational market continues to Richmond go from strength to strength, with favourable supply and demand dynamics driving rental Jan 2019 1 Printworks Enterprise Commodity Services 940 £54.25 growth. Richmond
Vacancy rates are at their lowest on record Jan 2019 Westminster House Because Experimental 4,176 £47.50 and a sparse development pipeline, coupled Richmond Marketing with strong levels of take up, have pushed prime quoting rents to £52.50 per sq ft for Dec 2018 Shearwater House PeopleCheck 2,010 £50.00 Grade A stock. Consequently, Richmond and Richmond the Greater London investment market continues to attract both domestic and Dec 2018 63 Kew Road Verve Search 5,000 £45.00 overseas capital due to these excellent rental Richmond growth prospects currently being witnessed.
Opportunities to acquire either assets offering secure income or redevelopment potential are a rarity and consequently, competitive investor demand has seen prime yields compress.
VAT
The property is elected for VAT. It is anticipated the sale will be treated as a Transfer of a Going Concern (TOGC).
6 | Brockham House, Dorking Office Park 18 WATER LANE, RICHMOND #6 PROPOSAL Unconditional offers are sought for the freehold interest.
DATA ROOM Access to the data room is available upon request.
CONTACT
JACK STACEY T: 020 3214 1967 M: 07718 046 033 E: [email protected]
HENRY KILMISTER T: 020 3257 6189 M: 07920 070 929 E: [email protected]
DANIEL MATTEY Henrietta House T: 020 3257 6753 Henrietta Place London W1G 0NB M: 07557 977 355 E: [email protected] CBRE Limited on its behalf and for the Vendors or Lessors of this property whose Agents they are, give notice that: 1. These particulars are set out as a general outline only for guidance to intending Purchasers or Lessees, and do not constitute any part of an offer or contract. 2. Whilst CBRE Limited uses reasonable endeavours to ensure that the information in these particulars is materially correct, any intending Purchasers, Lessees or Third Parties should not rely on them as statements or representations of fact, but must satisfy themselves by inspection, searches, enquiries, surveys or otherwise as to their accuracy. CBRE Limited as such cannot be held responsible for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss of profits resulting from direct or indirect actions based upon the content of these particulars. 3. No person in the employment of CBRE Limited has any authority to make any representation or warranty whatsoever in relation to this property. 4. Unless otherwise stated, all purchase prices and rents are correct at the date of publication and, unless otherwise stated, are quoted exclusive of VAT. Lease details and service ground rent (where applicable) are given as a guide only and should be checked and confirmed by your solicitor prior to exchange of contracts. CBRE: September 2019