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77 St John's Road, Clapham Junction

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77 St John's Road, Clapham Junction PRIME BANK INVESTMENT NATIONWIDE BUILDING SOCIETY LONDON SW11 – 77 ST JOHN'S ROAD, CLAPHAM JUNCTION INVESTMENT SUMMARY • Prime position in one of London's most vibrant locations. • Secured on the covenant of Nationwide Building Society until September 2044 without break. • One final rent review due March 2023. • Price – offers in excess of £1,340,000. • Low capital value of only £689 psf. DEMOGRAPHIC PROFILE Clapham Junction has a primary catchment area of 102,000 with an estimated shopping population of 41,000. Clapham Junction benefits from a significantly high proportion of adults aged 25-44 with an above average proportion falling within the most affluent AB and C1 social groups. As a result of this younger population, Clapham Junction has an above average number of adults in private rented accommodation. Clapham Junction is strategically located approximately 8km (5 miles) south west of Central London in Battersea close to both the A3 and the South Circular Road (A205). A popular, affluent suburb, the area benefits from a strong demographic profile and the positive spending habits of the catchment population. Clapham Junction also benefits from excellent transports links. Rail Clapham Junction is one of the busiest railway stations in Europe with more than 2,000 trains and 500,000 passengers passing through daily. Within the station concourse, retailers represented include M&S Simply Food, Sainsbury's, Costa, Caffé Nero, Paperchase and Boots. RETAILING IN CLAPHAM JUNCTION The excellent transport links for St John's Road make it a very accessible retail location creating London Underground There are regular overground trains to London Victoria, West a desirable hub for people to live, socialise and shop. A high footfall and positive spending Brompton, Vauxhall and London Waterloo giving direct access to the habits of the catchment population provide retailers with an attractive and varied trading London Underground network. An underground station link has been opportunity. Clapham Junction's young affluent population benefits from an increased planned for Clapham Junction within the Crossrail 2 proposals. disposable income having a higher per-capita in-store comparison expenditure when compared to other trading locations within South-West London. Bus Sixteen bus routes serve Clapham Junction Station along with 2 school routes and 4 night routes. 77 ST JOHN'S ROAD, CLAPHAM JUNCTION, LONDON SW11 1QZ 2 SITUATION The property is situated in a prime trading position at the heart of Clapham's retail thoroughfare towards the southern end of the pedestrianised St John's Road. There is a wide selection of shops, bars and restaurants benefitting from substantial pedestrian footfall and the captive population. The iconic former Arding & Hobbs Department Store (more recently occupied by Debenhams) is situated at the northern end of St John's Road at the junction with Lavender Hill and is shortly to be redeveloped with a combination of retail, office and hotels proposed which will further enhance the already thriving retail environment. National multiple retailers in close proximity to the subject property include Marks & Spencer, Waitrose, Lloyds and NatWest Banks, Clarks, Argos, Waterstones, Holland & Barrett and the recently opened Kokoro 2 doors away. The property is also in close proximity to Northcote Road, which has a higher end niche retail offer as well as an array of eclectic restaurants and bars. DESCRIPTION The subject property comprises the left-hand side only of the Nationwide Building Society who also ACCOMMODATION occupy (and own the freehold of) the adjoining 79 St John's Road. The building forms part of an attractive traditional brick built parade and is arranged as a ground floor banking hall with self- The property provides the following dimensions and floor areas:- contained offices on 1st, 2nd and 3rd floors accessed direct from their own St John's Road entrance. Gross Frontage (inc. lobby / staircase) - 18' 00" Net Frontage - 10' 00" Internal Width (front) - 12' 09" Internal Width (max) - 16' 07" Ground Floor Sales - 730 sq.ft. Ground Floor ITZA - 450 Ground Floor Office / Storage - 66 sq.ft. Ground Floor Storage - 24 sq.ft. First Floor Offices - 462 sq.ft. Second Floor Offices - 455 sq.ft. Third Floor Offices - 297 sq.ft. Total - 2,034 sq.ft. 77 ST JOHN'S ROAD, CLAPHAM JUNCTION, LONDON SW11 1QZ 3 TENURE COVENANT The property is held freehold. Nationwide Building Society is a British Mutual Financial organisation and the largest building society in the World. It was founded in 1846 and currently has its headquarters in Swindon. Today, Nationwide Building TENANCY Society is the second largest provider of savings and mortgages and has 7.1% market share of the current accounts in the UK and has in excess of The entire property is currently let to Nationwide Building Society on FRI terms for 84 600 branches. years from 19th September 1960 expiring 29th September 2044. There are therefore For the year ending 4th April 2020, they reported a Pre-Tax Profit of 23.5 years left unexpired without break. The lease provides for rent reviews every 21 £466,000,000, compared to £833,000,000 in 2019 and £977,000,000 in years, the last is due 1st March 2023. 2018. The current rental income is £31,250 p.a. excl. * The upper floors comprising self-contained offices on the 1st, 2nd & 3rd floors are sub- let (together with most of the 1st, 2nd & 3rd floors over 79 St John's Road) outside the provisions of Sections 24-28 of the Landlord & Tenant Act 1954 to The Tavistock and Portman NHS Foundation Trust. The lease for the whole is for a term of 4 years from 6th June 2019 expiring 25th March 2023 at a rent of £50,000 p.a. excl. There are break clauses on 26th March in both 2021 and 2022 subject to 6 months notice. The space is utilised as therapy rooms and ancillary offices. Further info is available on request. ASSET MANAGEMENT With the last rent review having taken place in 2002, we believe the property to be significantly under-rented in today's market and there is likely to be a substantial uplift in rental value at the rent review due in 2023. We are of the opinion that under the existing lease terms, the property currently commands a rental value of £67,500 p.a. excl., but otherwise would command a rental value of at least £77,000 p.a. excl. We believe there to be various strategies available to a purchaser that have the potential to significantly add value: • Drive the rental income beyond £67,500 p.a. at review in 2023 • Opportunity to re-gear the existing lease with Nationwide • Potential for residential conversion of the upper floors. 77 ST JOHN'S ROAD, CLAPHAM JUNCTION, LONDON SW11 1QZ 5 EPC An EPC can be provided on request. VAT FURTHER INFORMATION We understand the property is not registered for VAT purposes. For further information please contact: PROPOSAL We are instructed to seek offers in excess of £1,340,000 (One Million, Three Hundred and Forty Bill Stephens Thousand Pounds). 020 7318 5628 This reflects a net initial yield of 2.2% after standard purchaser's costs, rising to 4.75% on [email protected] review in 2023, ultimately 5.42%, and an equivalent yield of 4.75%. Simon Gregory 020 7318 5626 [email protected] John Mortimer 020 7318 5764 [email protected] MISREPRESENTATION ACT These particulars are intended only as a guide to prospective purchasers to enable them to decide whether to make further inquiries with a view to taking up negotiations but they are otherwise not intended to be relied upon in any way or for any purpose whatsoever and accordingly neither their accuracy nor the continued availability of the property is in any way guaranteed and they are furnished on the express understanding that neither the agent nor the vendor is to be, or come, under any liability or claim in respect of their contents. The vendor does not hereby make or give nor does any Partner or employee of Smith Price RRG LLP have any authority to make or give any representation or warranty whatsoever as regards the property or otherwise. Any prospective purchaser or lessee or other person in any way interested in the property should satisfy himself by inspection or otherwise as to the correctness of each statement contained in these particulars. In the event of the agents supplying any further information or expressing any opinions to a prospective purchaser, whether oral or in writing, such information or expression of opinion must be treated as given on the same basis as these particulars. These particulars do not form part of any contract and, except where expressly otherwise stated, offers will be considered only subject to contract. Smith Price RRG LLP is a limited liability partnership registered in England and Wales. Registered number: OC318959. Registered office: 5/7 John Princes Street, London W1G 0JN SUBJECT TO CONTRACT.
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