Flagship Retail Opportunity King Street London W6
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FLAGSHIP RETAIL OPPORTUNITY KING STREET LONDON W6 INVESTMENT SUMMARY Rare flagship retail opportunity The Property occupies a highly prominent position on the south side of King Street, 200 metres from Hammersmith London Underground station and opposite H&M Unrivalled local transport infrastructure Long Leasehold (106.75 years unexpired) at a fixed rent of £2,000 per annum The Property comprises two retail units over basement, ground and three upper floors extending to 61,931 sq ft NIA Let to two investment grade covenants in Poundland Limited and TK Maxx with a rare WAULT of 13.6 years to expiry Total rental income of £1,160,000 per annum which reflects a low overall rent of £18.73 per sq ft The Property is one of TK Maxx’s best performing stores. They are responsible for 78% of the income Several asset management initiatives to consider including re-gearing the Poundland lease, negotiating a new head lease with the freeholder, and undertaking a redevelopment of the Property to increase the existing massing and extend the building upwards to create office, residential or hotel use, subject to planning The freeholder has provided a statement outlining their support for redevelopment and their willingness to negotiate a new head lease We are instructed to seek offers in excess of £24,150,000, subject to contract and exclusive of VAT, reflecting a Net Initial Yield of 4.50%, assuming purchasers cost of 6.76% 02 FLAGSHIP RETAIL 03 KING STREET LONDON W6 THE WEST END HYDE PARK CHELSEA KENSINGTON HOLLAND PARK EARL’S COURT OLYMPIA THE QUEEN’S CLUB HAMMERSMITH HAMMERSMITH LYRIC THEATRE A4 49-63 KINGS MALL KING STREET 04 FLAGSHIP RETAIL LOCATION The Property is located in Hammersmith town centre, only four miles west of the Hammersmith is characterised by a mix of quality office and residential West End. accommodation served by an extensive retail offering. The area also benefits from a wide selection of high-end restaurants including La Trompette, The River Café, Hammersmith is undergoing a major regeneration through significant investment Foxlow and High Road House. King Street is considered the primary retail street in from internationally renowned developers, considerably improving the local amenity Hammersmith, with an annual footfall in excess of 20 million, and provides a major provision and public realm. arterial road connecting Chiswick in the west with Hammersmith in the east. Euston N Westway Marylebone Road Westway A404 A404 P o r E t l Paddington d a g n w d a r P e l WHITE CITY R a BAYSWATER o c a e d Ux Oxford Circus bridg e Ro Notting Hill Gate ad Bayswater Road Oxford Street Shepherd’s Bush e. R rk Av Bond Street e nd Pa g olla e H P n a t r k S t H L . Road o Hyde Park a wk l n ldha la e MAYFAIR Go Goldhawk Road n d KENSINGTON R illy o Green Park cad a Pic d ad Ro Kensington Road ith sm er all Kensington Olympia mm M a Hyde Park Corner Green Park he H T 49-63 HAMMERSMITH W St James’s Park KNIGHTSBRIDGE CHISWICK King Street a r Earl’s Court ad w Ro ic t Hammersmith k South Kensington es Westminster W A4 t A4 R ea o r a M4 G d BELGRAVIA 1 mile 2 miles 3 miles 4 miles Rd. on F t Sloane Square p u m ro Victoria B l ld h O a d V a m o a R u FULHAM d x P am a h a o a lh R l l d u ’s l u a oa F B e R g a c i in r Lill K i n e F d l g in e R e t b R s d o d a . ro . Heathrow Airport C u CHELSEA g h t nkmen 20 minutes by car R Emba o helsea C 30 minutes by tube a Vauxhall d River Thames Not to scale e an s L ad lm Ro e E 05 m d in a oa N ulh R F g’s Kin w Ne KING STREET LONDON W6 Baker Street 17 minutes COMMUNICATION Paddington 12 minutes Underground Hammersmith Underground station is located White City at Hammersmith Broadway, 200 metres east 11 minutes of the Property. It is one of the major underground interchange Heathrow M4 Junction 1 stations in London and one of only eight Terminal 1-5 (via the A4) stations that offer access to four or more (M4 junction 4) Green Park 2 miles Underground lines. The station is served by the 10 miles 14 minutes Circle, District, Piccadilly and Hammersmith & City lines providing fast and direct services to Central London. A4 Air HAMMERSMITH Hammersmith is located only 10 miles east of Heathrow International Airport, easily Heathrow Piccadilly Circus Kings Cross St. Pancras accessed via road (M4 Motorway) or directly 16 minutes 24 minutes via the Piccadilly Underground line with Terminal 1–5 regular services taking roughly 30 minutes. 30 minutes Heathrow is the busiest airport in the World with over 75 million passengers annually. M25 Junction 14 Earl’s Court 13 minutes 4 minutes Bus The Hammersmith bus station is located very close to the Property and is one of the busiest bus terminals in London with 23 bus routes, providing regular access to Central London and the wider London suburbs. Westminster 18 minutes Piccadilly Hammersmith & City District Circle Not to scale 06 FLAGSHIP RETAIL 07 KING STREET LONDON W6 Hammersmith - King Street SITUATION The Property is situated on the south side of King Street, approximately 200 metres west of Hammersmith station and opposite one of the entrances to Kings Mall Shopping Centre. Nearby occupiers include H&M, Marks & Spencer, Primark and Boots. 49-63 Not to scale 08 Experian Goad Plan Created: 18/10/2017 Created By: Cushman and Wakefield 50 metres Copyright and confidentiality Experian, 2015. © Crown copyright and database rights For more information on our products and services: 2015. Ordnance Survey 100017316 www.experian.co.uk/goad | [email protected] | 0845 601 6011 FLAGSHIP RETAIL DESCRIPTION 49-63 King Street was built is the mid-1970s and is of concrete frame construction under several flat roofs. Originally constructed as a single unit, it has subsequently been split into two units with a fire corridor between them. Unit 1, let to Poundland, is arranged over basement and ground floors, and Unit 2, let to TK Maxx, is arranged over basement, ground and two upper floors. Both retailers use the ground floor for trading with storage space in the basement. TK Maxx also trade from the first and second floors, which are accessed internally by escalators and lifts. The third floor, located on the roof, houses plant and machinery. There is also a single loading area to the rear serving both units. 09 KING STREET LONDON W6 ACCOMMODATION SCHEDULE The Property has been measured on a net internal area basis and provides the following areas. Area Area Demise Floor Use (sq m) (sq ft) Unit 1 Ground Retail 438.8 4,723 (Poundland) (ITZA) 121.7 1,310 Basement Storage 389.4 4,191 Total 828.2 8,914 Unit 2 Second Floor Retail 1,230.9 13,249 (TJX UK trading as TK Maxx) First Floor Retail 1,471.5 15,839 Ground Retail 1,090.7 11,740 Basement Storage 1,132.4 12,189 Total 4,925.4 53,017 Total 5,753.6 61,931 10 FLAGSHIP RETAIL TK MAXX FLOOR PLANS N W E S Unit 2 - Ground Floor Unit 2 - Second FloorN W E S F ro nt E n t Up ran ce Down Fire Exit Up Up Up Down Down Up Fire Exit Dow n Down Up Up Do wn BLACK'S ROAD Down Up Up Up Location Plan Fire Fir E e Ex xit it Scale 1:1250 BLACK'S ROAD BLACK'S ROAD Location Plan E Scale 1:1250 Scale 1:300 @ A4 N S Front Entrance BLACK'S ROAD E KING STREET KING STREET 0m 15.00m W Scale 1:300 @ A4 KING STREET N S PROJECT Down 0m 15.00m TA TK Maxx W Unit 2-3 46-63 King Street KING STREET Hammersmith Up PROJECT Down Down W6 9HW TA TK Maxx Down Up Up Unit 2-3 46-63 King Street Up DRAWING TITLE Up Up Hammersmith Down Second floor Plan W6 9HW SCALE 1:300 @ A4 DRAWING TITLE Ground floor Plan Land Registry Compliant Lease Plan N SCALE DRAWN BY DATE OF INSPECTION 1:300 @ A4 RC_04/07/17 W23/06/17 E QA ASSESSOR DRAWING NO. S Land Registry Compliant Lease Plan PJ 10115650_A4 N DRAWN BY DATE OF INSPECTION Pure Real Estate RC_04/07/17 23/06/17W E Services Limited QA ASSESSOR DRAWING NO. PJ 10115650_A2S C h a r t e r e d S u r v e y o r s Down Dow The information provided within this drawing is Down n E: [email protected] Do Unit 2 - Basement Unit 2 - First Floor wn CONTACT T: +44 (0) 20 7233 6688 Up Pure Real Estate Up to be used for Land Registry purposes only. W: www.pureres.co.uk Services Limited Up C h a r t e r e d S u r v e y o r s Down The information provided within this drawing is CONTACT E: [email protected] T: +44 (0) 20 7233 6688 Down to be used for Land Registry purposes only.