OFFICE & RETAIL INVESTMENT 15 Kensington FOR SALE High Street Of interest to investors, SIPPs and owner occupiers Kensington W8 5NP Pembroke Road 15 Kensington High Street Kensington London W8 5NP
DESCRIPTION:
15 Kensington High Street is a period building arranged over four floors, basement, ground, first, second and third floors. The building provides an opportunity to acquire a mixed use investment in one of London’s most well-known High Streets and more affluent Boroughs. The property has been in the same family ownership since 1936. Future potential exists for improving the accommodation and layout with active management.
The ground floor retail unit is trading as a convenience store. The basement is let to the adjoining property owner as part of the Fouberts restaurant, used as a restaurant kitchen. The upper floors are small office suites let on short term leases. The commercial units have independent entrances via Kensington High Street. The properties may also be of interest to potential owner occupiers who are willing to wait until the existing office leases expire. The upper floors are accessed by a separate entrance at the front of the building. The office suites are of a traditional specification with their own electric heating and shared WC’s on the 1st and 2nd floors. Potential may exist to extend the floor area within the lightwell area (see floor plan). The building is of a solid brickwork construction with stone faced elevations to the front. The roof is an asphalted flat roof design.
COMMUNICATIONS Communications are excellent with High Street Kensington Underground Station (District and Circle Lines) a short walk from the property. Kensington High Street is extremely well connected with numerous bus routes running along the street providing convenient access to Knightsbridge, Notting Hill and the rest of Central London.
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15 Kensington High Street Kensington London W8 5NP
ACCOMODATION & TENANCIES:
Floor/Demise Size (sq ft) Tenant Lease Terms Lease Expiry Rent Review Rent (£ pa) Rent (£ per sq ft) Lodico Basement 1,266 10 yrs from 16/11/2010 15/11/2020 15/11/2015 £27,500 £21.72 (Restaurant at 17 KHS) Shop -Ground 1,100 Portland 10 yrs from 16/11/2010 15/11/2020 15/11/2015 £63,000 £57.27 Tim Day 1st Floor front 375 Holding over 03/09/2012 - £10,000 £26.66 Offices Macfarlane 1st floor rear 200 3 yrs from 1/11/2011 31/10/2014 - £8,250 £41.25 Chiropodist Adlink 2nd floor front 333 12 yrs from 17/9/2004 16/9/2016 - £7,772 £23.33
0 2nd floor rear 78 Vacant - - - -
2 years from Jan 2014.
3rd floor 353 Obelisk Collection T break Jan 2015 6 mths Jan 2016 - £12,500 £35.41 notice Basement Baron Bars & Clubs Licence fire escape n/a (Archangel Club 30/9/2011 RPI annual £8,193 9/10/2006 n/a staircase 11-13 KHS) NIA 3,705 £137,215
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15 Kensington High Street Kensington London W8 5NP
Basement FLOOR PLANS: Ground First Second Third
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15 Kensington High Street Kensington London W8 5NP
Royal Garden Hotel
LOCATION: 15 Kensington High Street is located within the Royal Borough of Kensington and Chelsea, an affluent and densely populated borough containing some of London’s most exclusive and expensive residential addresses. The building is located on the south side of Kensington High Street at its eastern end directly opposite the Royal Garden Hotel, with views of Kensington Gardens and only a short walk from the underground station at High Street Kensington on the District and Circle Lines. Kensington High Street is a renowned retail destination. The street is anchored by Whole Foods and Marks and Spencer as well as containing a rich variety of international retailers such as American Apparel, Cos, Diesel, Jigsaw, The Kooples, Topshop, Urban Outfitters and Zara. The eastern end of Kensington High Street is a very strong hotel and restaurant location, with the Royal Garden Hotel directly opposite the property. There is a strong A3 offering within close proximity including Wagamama, Strada, Prezzo, Cote and Aubaine.
The High Street is to be further enhanced by the 48,000 sq ft (GIA) development of Barker’s Arcade, just to the west of the property. Kensington is also an internationally renowned tourist destination with attractions including Kensington Palace, Natural History Museum, Royal Albert Hall, Science Museum and the Victoria and Albert Museum.
CONNECTIONS:
Victoria 5 Mins Waterloo 20 Mins Green Park 15 Mins King’s Cross 20 Mins Westminster 12 Mins Covent Garden 18 Mins
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15 Kensington High Street Kensington London W8 5NP
PROPOSAL: The property is being offered for sale at a guide price of £2.15m which reflects an attractive net initial yield of 6% after allowing for standard purchasers costs, and a capital value of £580 per sq ft.
TENURE: The freehold of the property is offered subject to the respective leases. Full details on application.
EPC RATING:
FOR FURTHER INFORMATION PLEASE CONTACT SOLE AGENTS
Simon Kibble [email protected] Alex Thomas [email protected] www.frostmeadowcroft.com
6 Misrepresentation Act 1967: These particulars are believed to be correct but their accuracy is not guaranteed and they do not form part of any contract. Unless otherwise stated, all prices and rents are quoted exclusive of VAT