The Four Corners Portfolio
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THE FOUR CORNERS PORTFOLIO FOUR PUBLIC HOUSE INVESTMENTS IN AG&G EXCELLENT LONDON LOCATIONS INVESTMENT SUMMARY • Four public house investments in excellent London locations. • All are highly prominent corner buildings with substantial residential upper parts. • Freehold interest. • Total combined gross internal area of 24,786 sq ft GIA. • Future potential to increase the floor area by approximately 20% subject to obtaining planning consents. The Good Mixer, 30 Inverness Street, CAMDEN NW1 7HJ Metropolitan, 60 Great Western Road, NOTTING HILL W11 1AB • Combined passing rent of £661,500 per annum. • All benefit from future redevelopment potential subject to obtaining necessary consents. • Seeking offers of £12,450,000 reflecting an attractive 4.98% NIY assuming standard purchasers’ costs and very low blended capital value of £502 per sq ft. • Underpinned by vacant possession value. The Former Salt House, 63 Abbey Road, ST JOHNS WOOD NW8 0AE Thomas a Beckett, 320 Old Kent Road, PECKHAM SE1 5UE PUBLIC HOUSE PORTFOLIO 02 THE GOOD MIXER 30 Inverness Street Camden NW1 7HJ PUBLIC HOUSE PORTFOLIO | THE GOOD MIXER, CAMDEN. 03 SUMMARY • Prominent landmark corner property in Camden Town. • Short walk from Camden Town Underground Station. • 6,096 sq ft GIA • 19.25 years unexpired term. • Single let to The Mixer NW1 Limited. • Significant residential upper parts. • Planning consent granted for part conversion to offices use to include a single storey extension. • Permission granted to increase the floor area by 26%. • Current rent of £210,000 per annum. • Guiding offers of £3,950,000 reflecting an attractive 4.99% NIY and a very low capital value of £648 per sq ft. PUBLIC HOUSE PORTFOLIO | THE GOOD MIXER, CAMDEN. 04 LOCATION The property is situated moments from Camden High Street in the vibrant borough of Camden. It fronts the pedestrianised Inverness Street at its corner junction with Arlington Road. Camden Town lies approximately two miles north of central London. The surrounding main roads comprise a mixture of commercial and residential uses. Camden has a reputation for its mix of retail, tourism and entertainment and is renowned for its internationally known markets and music venues. The pub is a short walking distance from Camden Town Underground Station (Northern Line). CHALK F ARM RO N AD CAMDEN LOCK T CRESEN WLEY HA D OA JAMESTOWN ROAD TOWN R AMDEN THE GOOD C AD MARKET C MIXER AMDEN S Camden KENTISH Town CAMDEN RO TREET STREET OV INVERNESS C AL R AMDEN HIGH OAD ARLING S TREET TON RO AY GLOUCE ARKW P AD STER PRINCE AVENUE ALB ERT REET RO Y ST AD ANC LONDON ZOO DEL PUBLIC HOUSE PORTFOLIO | THE GOOD MIXER, CAMDEN. 05 DESCRIPTION EXISTING FLOOR PLANS The attractive three storey pub benefits from the following accommodation: Ground floor: Trading area sub divided into three sections Bathroom and customer WC’s. 2 Bathroom 1st Floor Residential: Bathroom 1 Three bedrooms, lounge, kitchen, bathroom Dumb Waiter facilities and a terrace. Commercial Kitchen Landlords Landlords Accommodation 2nd Floor Residential: Accommodation Four bedrooms and bathroom facilities. Basement: Terrace Storage including a chilled beer store. There is pavement seating located at the front of the premises. First floor Second floor Yard ACCOMMODATION We have been advised that the Property Hall Store/Prep comprises the following gross internal floor Store 2 Hall Store 3 Room areas (GIA). WC WC Store 1 DESCRIPTION GIA (SQ M) GIA (SQ FT) Store 4 Dumb Waiter Basement 170.5 1,835 Pub GF (trading area) 172.4 1,856 Store 5 Barrel Store 5 Store 1st (residential) 111.3 1,198 2nd (residential) 112.1 1,206 WC Total 566.3 6,096 Basement Ground floor PUBLIC HOUSE PORTFOLIO | THE GOOD MIXER, CAMDEN. 06 TENANCY The property is let in its entirety to The Mixer NW1 Ltd until 5th January 2040 providing 19.25 years unexpired. The passing rent is £210,000 per annum, subject to 5 yearly open market rent reviews. The next rent review is 6th January 2025. The Good Mixer is an iconic and highly popular traditional British pub. Historically it has benefitted from strong links with the music industry. www.thegoodmixer.co.uk TENURE Freehold interest. VAT The property is elected for VAT. PLANNING From informal enquiry of the London Borough of Camden we have been advised that the property is neither listed or in a conservation area. PUBLIC HOUSE PORTFOLIO | THE GOOD MIXER, CAMDEN. 07 FUTURE DEVELOPMENT OPPORTUNITIES CONSENTED Part Office Conversion and Extension FLOOR PLANS Room 2 The property currently benefits from planning permission dated 16th WC/Shower WC/Shower Room Room Hall Hall Lift June 2018 (Ref: 2018/1209/P) for the following: Erection of single storey Lift roof extension and two storey rear and front infill extensions plus various external alterations in association with the refurbishment of public house Room 3 (Class A4) and change of use of upper floors and part of lower floors from Room 1 ancillary functions of public house (Class A4) to office (Class B1). Room 1 Terrace Room 4 Residential Reconfiguration Third floor (new) The Property has significant redevelopment and reconfiguration potential Second floor subject to obtaining necessary planning permissions. A precedent has been set for an additional storey and self-contained access to the uppers. Pub Refuse/ Recycle Store * Skylight Residential Market Office Disabled Lobby WC Room 2 WC/Shower Room Hall Camden is an extremely popular residential area. Surrounded by an Lift Lift abundance of retail and leisure, the area attracts a mixture of students, young professionals and families. Residential capital values in the Room 3 immediate vicinity exceed £1,000 psf Pub Room 1 Postcode Price (£) Size (sq ft) Date £ per sq ft Room 4 Under 5 Inverness Street NW1 7HB 450,000 500 900 Offer 3 Gloucester NW1 7DS 725,000 681 On Market 1,065 CONSENTED Ground floor First floor Crescent Under ACCOMMODATION 177 Arlington Road NW1 7EY 749,950 705 1,063 Offer WC WC DESCRIPTION GIA (SQ M ) GIA (SQ FT) Commercial Kitchen Hall Basement (Part Pub & Office use) 169.5 1,825 WC WC Lift Office GF 172.1 1,853 * Refuse/ Recycle Bike Store Store PROPOSAL 1st (Office use) 164.2 1,768 2nd (Office use) 164.2 1,768 Pub Barrel Guiding offers of £3,950,000 reflecting an attractive 4.99% NIY and Store a very low capital value of £648 per sq ft and £480 per sq ft on the New 3rd (Office use) 94.7 1,019 consented accommodation. TOTAL 764.7 8.233 Basement PUBLIC HOUSE PORTFOLIO | THE GOOD MIXER, CAMDEN. 08 METROPOLITAN 60 Great Western Road, Notting Hill W11 1AB PUBLIC HOUSE PORTFOLIO | METROPOLITAN, NOTTING HILL. 09 SUMMARY • Prominent corner property in Notting Hill. • Next door to Westbourne Park Underground Station. • 5,476 sq ft GIA • Single let to The Metropolitan Pub Limited until 19th February 2022. • The tenant has an option to renew the lease in February 2022 for a 20 year term at a rent of £125,000. • Low passing rent of £100,000 per annum. • Significant redevelopment potential to include adding an additional storey and creating self-contained access to the residential uppers subject to obtaining planning consent. • Potential to increase the floor area by approximately 27% subject to obtaining planning consent. • Seeking offers of £2,250,000 reflecting 4.18% NIY and a very low capital value of £409 per sq ft. PUBLIC HOUSE PORTFOLIO | METROPOLITAN, NOTTING HILL. 10 LOCATION The Property is situated in the Westbourne Park area of Notting Hill, a highly affluent West London suburb within the borough of Westminster. The pub is situated on Great Western Road at its junction with Tavistock Road. Westbourne Park Tube Station (Circle/ Hammersmith & City) is directly adjacent to subject property. The surrounding area comprises mainly residential properties, with a high footfall from the tube station and a short walk from Portobello Road. CHALK F ARM R OA D GREA CAMDEN N LOCK T H ARRO WES W RD TERN RD CRESENT WLEY HA WORNIN D OA GT ON RD Welbourne JAMESTOWN ROAD TOWN R Park Station AMDEN C AD GREA W MARKET C EST AMDEN S METROPOLITAN WA PORTOBELLO RD RD T Y Camden K WESTERN RD KENTISH Town CAMDEN RO TOC ALDRIDGE RD VIS TREET LA Y TA STREET DBROKE GRO WA ST ST OV WE L U VILL INVERNESS C KE’S RD WES Royal Oak AL R TB AMDEN HIGH OURNE P ARK V AS ILLAS OAD CHEPST VE ARLING BA SING WESTBOU OW RNE PARK S RD TREET TON RO ST RD RD TER RD ARK RD OT AY AS RD TALB LANC OT GLOUCES BOURNE P TALB ARKW P AD WEST TER PRINCE AVENUE LA ALB ERT REET DBROKE GRO CE RO Y ST VE AD ANC COLVILLE TERRA LONDON ZOO DEL WESTBOURNE GRO VE PUBLIC HOUSE PORTFOLIO | METROPOLITAN, NOTTING HILL. 11 DESCRIPTION EXISTING FLOOR PLANS This highly prominent three storey building benefits from the following accommodation: Ground floor: Trading area with a traditional bar and Kitchen Kitchen customer WC’s. Bathroom Living Room No 1st Floor Residential: Access Function Private function room, roof terrace, trade WC Hall Room Hall kitchen, customer WC’s Function 2nd Floor Residential: Room Bedroom 1 Bedroom 2 External Two bedrooms, living room, kitchen and Roof Terrace bathroom. Basement: Beer cellar, wines and spirits store, cold room, office, storage vaults. First floor Second floor There is also an outside area to the rear and a roof terrace on the first floor. ACCOMMODATION Room 8 Room 7 Room 6Room 5 Room 4 WC Pub We have been advised that the Property comprises the following GIA floor areas. Room 9 WC Room 1 WC Room 10 Hall DESCRIPTION GIA (SQ M) GIA (SQ FT) Room 1Room 2 Room 3 Pub Pub Basement 164.3 1,769 GF 140.6 1,513 1st 115.1 1,239 Room 1 2nd 88.7 955 Basement Ground floor Total 509 5,476 PUBLIC HOUSE PORTFOLIO | METROPOLITAN, NOTTING HILL.