Clapham Junction, SW11

A Prime Reversionary A3 Bar/Restaurant 276-288 Investment and Redevelopment Opportunity Lavender Hill Lavender Hill | Clapham Junction 276 - 288 Investment Summary Lavender Hill 276-288 - Rare opportunity to acquire a substantial corner 1 freehold investment in a prime London location Clapham ‘Clapham Junction remains the UKs busiest station interchange with Junction (Source: Ofﬁce for Rail and Road 2015-2016) - Opposite the UK’s busiest station interchange with over 30 Million passengers annually.‘

over 30 Million passengers annually 2

- Single Let A3 Tenant, subject to an underletting outside ’54 Act 3 Location - Freehold Clapham Junction is located in The train station is the busiest in the - Rent: £315,000 pax based on a 2013 Rent Review 4 Battersea, approximately 5.8km south UK with in excess of 2,000 trains and west of Central London. The affluent 430,000 passengers passing through - Reversionary A3 evidence area benefits from excellent transport each day. Regular train services links, a strong demographic profile provide links with the underground - Strong occupier demand from national multiples and one of the highest concentrations network at Waterloo, Vauxhall and of affluent households in Europe. 5 Victoria, as well as a regular service to - Potential for redevelopment on expiry for multiple Gatwick Airport (every 5 – 10 minutes restaurants with residential/offices above, subject to at peak times) with a fastest journey appropriate consents Clapham Junction is strategically time of 25 minutes. The main station located in close proximity to the A3 entrance is from St John’s Hill via a 6 - Offers in excess of £7,380,000 (Seven Million Three and The South Circular (A3205) roads small shopping centre. Hundred and Eighty Thousand Pounds) that link into the M25 London Orbital and the national motorway networks.

- A purchase at this level would reﬂect the following 7 The station is served by numerous yield proﬁle, assuming purchasers costs of 6.6% bus routes including night services.

Net Initial Yield 4% 8

The above reﬂects a low price per sq ft of £267 on an overall basis (GIA).

2 Chelsea

RIVER THAMES Nine Elms

8 Battersea Park 6 Fulham 1

4 Subject Property Putney Clapham Junction Clapham Common

Wandsworth 3 276 - 288 Lavender Hill | Clapham Junction Lavender Hill | Clapham Junction 276 - 288

‘1st Place - Best area ‘One of the best ‘The favourite place of London to live.‘ places to live in the to live in England and (Time Out: City living Survey 2015) UK for Families.‘ Wales for aspiring (Sunday Times Best Places To Live Guide, 2013) young professionals.‘ Situation (Lloyds TSB study, 2013) The subject property is approximately 100m from both entrances to Clapham Junction Station and occupies an extremely prominent position at the corner of Lavender Hill, Falcon Road and opposite the junction with St Johns Road and St John’s Hill. DEMOGRAPHICS The Clapham Junction area benefits from A seperate point of entry from Mossbury Road provides an a significantly above average proportion of additional route of access to the upper floors, via an existing the most affluent AB and C1 social groups. stairwell, curently used as a fire exit. The building is not The area benefits from a particularly high listed but is located in the local conservation area. population of young professionals and families aged 25-44 who traditionally have DIMENSIONS a higher disposable income and spending M Ft power. Gross Frontage 32.14 105 DESCRIPTION Net Frontage 25.64 84 The property consists of a five storey over basement building of traditional masonry Maximum Depth 19.83 65 and structural frame construction. The ground and basement floors are currently ACCOMODATION AND AREAS arranged as a bar/restaurant, with office, storage and toilets at basement. The Floor Description Area (SqM) Area (SqFt) premises also benefits from external seating for approximately 30 covers and a valuable Basement Bar Ancillary 533.2 5739 278 - 288 Lavender Hill premises license permitting trading from Ground Bar/Restaurant 509.9 5489 Clapham Junction 08:00 to 00:30 Sunday to Thursday and 08:00 to 02:30 Friday and Saturday. Ground Gym Entrance 44.9 483

First Gym 460.4 4956 The upper floors are used as a health and fitness club with seperate access at ground Second Gym 485.5 5226 floor from Falcon Road. The club has recently been refurbished to the standard Third Gym 480.2 5169 of Fitness First Platinum level corporate Fourth Gym (Offices) 52.5 565 styling. The gym is currently fitted out with full facilities including, cardio room, gym, Total GIA: 2566.6 27,627 spin studios, steam and sauna. The property has been measured in accordance with RICS Code of Measuring Practice 6th Edition (September 2007) by Plowman Floors 1-3 could be made self contained off Craven Associates.* a wide stair core to the left elevation with *Full plans and the measured survey by PMA are available on lift access from the ground floor lobby. request, showing NIA, ITZA and ceiling heights. Travelodge Dwellings 276 - 288 Lavender Hill | Clapham Junction Junction ApproachLavender Hill | Clapham Junction Hotel 276 - 288 & Cafe Ole

Ofce Falcon Road Mossbury Road

Dwellings

Ofce

Household Goods Dwellings Ofce Fitness First Retailing and Leisure in Clapham Junction Health Club Vodka

The Tanning

Clapham Junction

Sweet Sensation Hairdressing Headmaster

Superstore Revolution Sandwich Bar

Jack’s Convenience Ladbrokes

Cafe

Minicab@ Clapham Junction has become one of the most established retail Boxes wtc Shop Betting Subway

Bus Serv

Ofce Store Party Betting Ofce and leisure destinations in South London due to the excellent Clapham William Hill Mail transport links and positive spending habits. Junction

Public House St Johns Road is the Café, Cote, All Bar One, Bank meeting point for commuters Shop Stop @ Clapham Junction Station The Falcon

Vacant established retail pitch with and Franco Manca. and visitors to the area. Bank/Financial

Good News Steers a strong mix of national The above restaurant Restaurant occupiers we Takeaway multiple retailers represented operators are all out of have liaised with recognise Superdrug Health & Beauty including Waitrose, M&S and sight of the station and over the potential to beneﬁt from Mexican Restaurant Entance Debenhams. There is an 400m from its entrance, those people immediately Paperchase Tortilla eclectic mix of restaurants arguably serving more of a exiting the station who do Stationer Menswear Cofee Shop Monsoon Cafe Nero Moss and bars in the area primarily local population. There is not want to walk nearly half a Ladies Wear Ladies & Mens WearAccessorize located on Battersea Rise and little quality offering in the kilometre to Battersea Rise/ Ladies Accessories Northcote Road such as Bills, immediacy of the Station, Northcote Rd for a quality

Sainsbury’s Local Entrance Byron Burger, Nandos, Pho the obvious entry and restaurant offer. Kebab Feast Take away

Quicksilver Convenience Store Amusements Ilminster Gardens

Junction News OCCUPIER REQUIREMENTS*

Entrance Games Shop Mobile & Laptop Repair Snappy Snaps Film Develping Tran’s Operator Size Requirement SqFt (GF + B) Stated Term (Years) Beauty Salon Good Morning Vietnam Restaurant Paddy Power Betting Ofce 2500-4000 GF Wagamama 20 1000-1500 B STA Travel Agent St Johns Road 2500 GF Chain ReactionJeweller Carluccios 25 1000 B

Dwellings Santander 2000 GF Bank Wahaca 20 2000 B Traid Severus Road Charity Shop 300-500 GF Meat Liquor 20 Dwellings

2000 B (Buses Only)

1250-2500 GF Five Guys 15/20 Shoppers Pride 1250 B Amusements Dwelling 2500 - 3000 GF CEX Fullers 25 2000 B F Hinds Jeweller 2000/2500 GF Busaba 25 North 2000/2500 B

*Information available on request. Areas and terms are a guide only following occupier dialogue. Northcote Road Beauchamp Road Lavender Hill | Clapham Junction Lavender Hill | Clapham Junction

RENTAL EVIDENCE Tenancy Covenant Rent We are aware of the following relevant transactions; The entire property is let to Information £315,000 per annum exclusive. The Revolution Bars Limited, a rent was last reviewed in 2013. Revolution Bars Limited is a company registered in January LEISURE private Limited Company based 2014, on assignment with an in Ashton-Under-Lyne, Greater Address Operator Type Effective Rent Rate Per Comments Authorised Guarantee Agreement Manchester. Their immediate (AGA) from Inventive Leisure Date Headline SqFt parent company is Inventive Limited. A further AGA exists from Guaranteeco Limited, with the Inventive Leisure Services Ltd who 94 Northcote The Draft House Rent Review March 2014 £62,000 £45 Historic domestic and global parent took the original assignment from Road, SW11 company being Inventive Service Yates Brothers Wine Lodges Plc, Company Limited. There are 8 who are no longer in existence. 230-236 Lavender Pizza Express Rent Review July 2014 £76,500 £43.90 Historic and lesser pitch member companies in the global Hill The lease is on a Full Repairing family tree, including Revolution and Insuring basis with five yearly Bars Group Plc, who floated on the 50/52 Battersea Pho Vietnamese Rent Review October 2014 £80,000 £50.75 Historic upward only rent reviews, the next London Stock Exchange in 2015 review being in 2018 prior to expiry and now operate 60 bars under Rise, SW11 in 2023. The upper floors, together the Revolution and Revolution De with a dedicated ground floor Cuba brands. 35-37 Battersea Cote Rent Review September £138,250 £53.90 Settled 2016 entrance lobby are sublet, outside Rise, SW11 2015 of the Landlord and Tenant Act 1954 with regard to security of 82/84 Battersea Lupita New Letting Q1 2016 £175,000 £63 Subject to competitive tenure, to Fitness First Clubs Rise, SW11 bids from Busaba and Reys Limited guaranteed by Fitness first (Pizza Express) Plc, this lease expires just prior to the head lease in 2023. The open market transaction shows both the pent-up demand from restaurant occupiers and the potential for rental growth in the area. In our view 82-84 is the weaker side of Battersea Rise and we would expect a stronger pitch to achieve Revolution Bars Limited has a Dunn and Bradstreet rating of 4A4. A financial summary of the company is shown below: better terms for similar space.

OFFICES Year Ending 30th June 2015 30th June 2014 Should a conversion of the upper ﬂoors be considered we are aware of a number of transactions locally where rents have achieved £38-50 psf in less strategically placed buildings. Sales/Turnover £97,231,000 £33,190,000

Proﬁt/(Loss) before taxes £(2,779,000) £1,266,000 TENURE Freehold. Tangible Net Worth £34,631,000 £37,786,000 276 - 288 Lavender Hill | Clapham Junction Lavender Hill | Clapham Junction 276 - 288

Asset Management & Development We believe a number of strategies, subject to the relevant consents, could be implemented to improve the asset;

ࡄ Separate and re-gear the existing occupier leases for long dated income on reversionary rents. ࡄ Negotiate a surrender of part/all and implement redevelopment in the short term. ࡄ Implement the 2018 review and secure a planning consent for redevelopment in advance of expiry. ࡄ On vacant possession create 2 or 3 restaurant units over ground and basement. ࡄ Extend the building to add additional floors in line with the Travelodge precedent. ࡄ Convert the upper floors to residential use. ࡄ Refurbish and convert the upper floors to offices to let as a whole or on a floor by floor basis.

VAT The property is elected for VAT. The purchase will be structured as a transfer of a going concern (TOGC).

EPC EPC reports commissioned and to be included in legal pack.

Rateable Value The combined rateable value for the property is £378,000. Interested parties are advised to make their own enquiries to the Local Authority.

Measured and Building Surveys Full Measured Survey and Building Surveys have been carried out by Plowman and Craven and Watts respectively and are available on request. 276 - 288 Lavender Hill | Clapham Junction

Proposal

We are instructed to seek offers in excess of £7,380,000 (Seven Million Three Hundred and Eighty Thousand Pounds). A purchase at this level would reﬂect a Net Initial Yield of 4% and a capital value on the GIA of £267 per sq ft overall, assuming standard purchaser costs of 6.6%.

Further Information

For further information including access to an extranet site for the full legal pack please contact:

Cormac McNabb MRICS Ryan Gordon MRICS

T: 020 7112 7570 T: 020 7112 9001 M: 077 2076 3657 M: 077 6968 4777 E: [email protected] E: [email protected]

Address: 4th Floor, 3-5 Barratt Street, St Christophers Place, London, W1U 1AY

Disclaimer: Stripe Street Ltd for themselves and for the vendors of this property, whose agents they are, give notice that: i) These particulars are only for the guidance of prospective purchasers and do not form part of any contract or offer. ii) Whilst the information contained herein is issued in good faith, neither the ﬁrm nor their clients guarantee its accuracy and it is not to be relied upon as statement or representation of fact. iii)Any intending purchasers must satisfy themselves as to the correctness of each of the statements made herein. iv)The vendor does not make or give, and neither do Stripe Street Ltd nor any of their employees have any authority to make or give, any representation or warranty whatever in relation to this property. v) Nothing in these particulars constitutes a statement that the property and/or any services or facilities are in good condition or working order. vi) These particulars were completed in June 2017. vii) Stripe Street Ltd will not be liable, in negligence or otherwise, for any loss deriving from these particulars.