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Clapham Junction | London 24/26 ST JOHN’S ROAD | CLAPHAM JUNCTION | LONDON PRIME LONDON FREEHOLD OPPORTUNITY WITH MEDIUM TERM DEVELOPMENT POTENTIAL 24/26 ST JOHN'S ROAD | CLAPHAM JUNCTION INVESTMENT SUMMARY • Located in the affluent London Borough of Wandsworth, close to excellent transport links including Clapham Junction Station. • Opportunity to acquire a 100% prime, mixed use investment. • Freehold. • Approximately 9,951 sq ft of retail/residential accommodation. • Rebased/reversionary rents agreed on a recent letting and lease renewal. • 59% of the income is let to the undoubted covenant of Santander, who have recently renewed on a 5-year lease. • Ability to increase the residential massing, subject to planning and vacant possession. FORMER • Leases contracted out of the security of tenure DEBENHAMS provisions of the Landlord and Tenant Act 1954. • Offers are invited in excess of £5,400,000 (Five Million Four Hundred Thousand Pounds), subject to contract. A purchase at this level would reflect an attractive net initial yield of 5.02%, reversionary yield of 5.38% and an CLAPHAM overall capital value of £543 per sq ft, assuming JUNCTION standard purchasers’ costs. For indicative purposes only 24/26 ST JOHN'S ROAD | CLAPHAM JUNCTION LOCATION Clapham Junction sits within the highly affluent This will link Clapham junction to Surrey in the south neighbourhood of Battersea, in the London west and Hertfordshire in the North. Construction Borough of Wandsworth. The district is situated is expected to start later in the 2020’s with the new approximately 4 miles (6.4 km) south west of Central line opening in the early 2030’s. London, with nearby suburbs including Westminster, Chelsea and Earlsfield. Clapham Junction is The new railway will connect Clapham Junction extremely well connected and sits at the centre of to key locations throughout London including an excellent transport infrastructure. Tottenham Court Road, Euston, St. Pancras International, Victoria and Wimbledon. Crossrail 2 is Clapham Junction is one of Europe’s busiest railway projected to increase London’s rail capacity by 10% stations with approximately 500,000 passengers and provide up to 30 Crossrail 2 trains per hour to and 2,000 trains per day. It serves as an intersection destinations including London, Hertfordshire and for regular trains to London Waterloo, London Surrey. It will connect with existing National Rail and Victoria and Vauxhall, providing easy access London Overground services. There are numerous across London as well as the south east and bus routes passing through St John’s Hill, St John’s south west of England. Road and Lavender Hill providing regular services into Central London. Clapham Junction benefits from The location is ideally situated to benefit from a regular train service to London Gatwick Airport the proposed Crossrail 2 Network, with Clapham approximately every 5-10 minutes (peak time) with Junction sitting at the heart of the new railway. a fastest journey time of 25 minutes. 8 8 3 3 LATCH 7 LATCH 7 7 7 1 2 A3207 1 2 A414 4 A3207 A10 A41 22 22 A10 Amersham20 20 LAVENDER HILL Amersham 24 M25 25 26 MERE RD LAVENDER HILL 19 5 24 M25 25 26 MERE RD 19 5 18 M1 Enfield 5 CLAPHAM A3036 18 Enfield 5 CLAPHAM A3036 17 WatfordM1 4 Barnet Chigwell JUNCTION 4 M11Chigwell 28 17 Watford Barnet A12 JUNCTION 2 M11 28 3 Beaconsfield A406 2 ELSPETH RD 4 A1 ST JOHN’S 2 2 29 3 Beaconsfield A406 ELSPETH RD Harrow 4 ST JOHN’S 1 A41 P 2 A40 29 L Harrow1 O 1 A41 M25 3 P U A40 Uxbridge A406 LONDON L GH Slough1 CITY A1 O R A13 M25 3 U O Uxbridge A406 LONDON GH AD Slough CLAPHAM CITY 30 A1 R 7 A13 O ROAD 6 Woolwich AD CLAPHAM4 3 2 1 31 A3036 7 30 6 ROAD 4 1 A4 Woolwich A3036 A3 Windsor 143 2 Richmond A205 Dartford 31 13 HEAA4THROW A20 A2 2 BATTERSEA RISE A3 14 A205 A2 Dartford NORTHCOTE ROAD Windsor Staines 1 Richmond A3 13 HEATHROW Kingston SwanleyA20 A2 2 upon Thames A232 A2 BATTERSEA RISE 1 NORTHCOTE ROAD A3 A205 Staines 11 Kingston Sutton CroydoSwanleyn M20 3 upon Thames A232 4 WE 11 M25 Epsom M25 A205 A2 2 10 Sutton 4 M20 3 9 Croydon 4 B Woking A23 2 3 A2 M26 ’ 5 S 9 WE M25 Leatherhead Epsom 7 M25 RD 3 A2 M25 Sevenoaks2 RD 10A 4 3 RST 9 6 S B EHU Woking A23 8 2 A2 W A2 M26 ’ AK Oxted 5 6 S W 9 1 B229 LeatherheadDorking 7 Redhill A2 RD 3 M25 Sevenoaks RD A Reigate RST Guildford Tonbridge S HU 6 A2 E 8 A2 W AK A2 M23 Oxted 6 W 2 1 B229 Dorking 4 Redhill A2 Godalming Guildford Reigate 9 Tonbridge A2 A2 GATWICM2K3 A2 Tunbridge 102 64 A 4 Wells 2 Crawley East 1 Godalming 64 6 A2 9 Grinstead Haslemere 11 A2 GATWICHorshaK m A2 Tunbridge 10 64 CrowboroughA Wells 2 Crawley East 1 64 6 A2 Grinstead Haslemere 11 A2 Horsham Crowborough 24/26 ST JOHN'S ROAD | CLAPHAM JUNCTION CATCHMENT RETAILING IN CLAPHAM Clapham Junction is a wealthy Retailing in Clapham Junction extends to c. 580,000 sq ft and comprises a wide range commuter area with a core catchment of retailers, bars and restaurants. Clapham is a strong local London shopping and population of 423,343 and a total leisure hub, with a retail provision comprising of ShopStop around Clapham Junction catchment population of 1,774,671 rail station, Lavender Hill to the east, St. John’s Road to the south and extending onto (CACI 2017). Northcote Road. Clapham Junction has a high Clapham Junction’s young and affluent catchment population, which proportion of young residents, 46% traditionally benefit from an increased disposable income, have a higher per are within the 25-44 age group. The capita in store comparison expenditure when compared to other trading high working population has resulted locations within south west London. in approximately 48% of households having a mean gross family income Occupiers in the immediate area include Waitrose, TK Maxx, McDonald’s, above £60,000 pa, significantly Boots, Marks & Spencer and JD Sports. above the National (12%) and London average (17%). WB Real Estate acquired the Debenhams from British Land in 2018 and have proposals for a mixed-use development, incorporating retail at ground floor and basement, with contemporary office space on the upper floors. The main office entrance will front onto St. John’s Road. 24/26 ST JOHN'S ROAD | CLAPHAM JUNCTION DESCRIPTION The subject property comprises two retail units, arranged over basement, ground and two upper floors, with self- contained residential accommodation (laid out as two 1 bed flats) arranged over first floor level, accessed from a self-contained entrance on St. John’s Road. The property is situated in the Clapham Junction conservation area. CLAPHAM JUNCTION RESIDENTIAL The London Borough of Wandsworth has seen significant house price growth. The area is dominated by flats which are particularly popular with young professionals looking for proximity to transport, bars and restaurants. Further towards Northcote Road, there is a higher concentration of houses which build on the family scene, focused on proximity to schools and the green space. According to data provided by Foxtons, the average property price in Clapham is £824,838, some 32.9% above the London average of £620,776. The average capital values achieved are between £800 - £1,000 per sq ft. 24/26 ST JOHN'S ROAD | CLAPHAM JUNCTION SITUATION The property is situated in a prime trading location on St. John’s Road close to its junction with Lavender Hill. Nearby retailers include TK Maxx, Waitrose and Marks & Spencer. T CANT LE TO VA A ST EL AV TR NORTH 24/26 ST JOHN'S ROAD | CLAPHAM JUNCTION TENURE Freehold. TENANCIES The property is let in accordance with the tenancy schedule attached and produces a current rent of £289,400 pa. The current Wault to expiry is 4.84 years and 3.30 years to break (assuming the 04/01/2022 break on 26 St John’s Road). Both commercial leases are excluded from the Landlord & Tenant Act 1954 and both leases do not have the negative of a rent cesser in the event of closure of the business stemming from a pandemic. Current Rent Rental Value Unit Name Tenant Name Lease Start Expiry Date Break Date Use Sq Ft Sq M pa pa Comments 24 St Johns Road, Santander UK Plc 25/12/2020 24/12/2025 Ground Sales 3,335 309.8 £170,000 £190,000 Tenant renewed 12/2020. Lease excluded Clapham (Co No. 02294747) Ground ITZA 859 (£161 ZA) (£180 ZA) from Landlord and Tenant Act. Ground Ancillary 320 29.7 Ground Floor Total 3,655 339.5 First 3,231 300.2 Second 756 70.2 Total 7,642 709.9 24 St Johns Road, Location Live 01/01/2021 03/01/2025 04/01/2022 Ground 582 54.1 £90,000 £90,000 Mutual break clause at 04/01/2022, Clapham Limited (t/a Ploom) Basement 601 55.8 (£196 ZA) (£196 ZA) 04/01/2023 and 04/01/2024 on (Co No. 08307715) Ground ITZA 428.5 6 weeks notice. Lease excluded from Total 1,183 109.9 Landlord & Tenant Act. Flat 24a Private individual 1 Bedroom flat 546 50.7 £14,440 £15,000 AST expired 16/07/2020. Tenant holding over 1 bedroom flat. Flat 24b Private individual 1 Bedroom flat 580 53.9 £15,000 £15,000 AST expired 29/06/2020. Tenant holding over 1 bedroom flat.
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