65-75 KING STREET + HAMMERSMITH, LONDON W6 Prime Retail and Office Investment with Significant Development Potential 65-75 KING STREET HAMMERSMITH, LONDON W6 INVESTMENT SUMMARY • Prominent reversionary retail and • The passing rent reflects only £134 office opportunity. Zone A overall on the retail and REVERSIONARY RETAIL AND OFFICE £42.07 psf on the offices. • 200 metres from Hammersmith Underground Station. • Prime office rents in Hammersmith have achieved £59.00 psf and prime retail rents INVESTMENT IN PRIME HAMMERSMITH • Opposite the refurbished entrance to have achieved £175 ZA on King Street. Kings Mall Shopping Centre currently undergoing a major transformation. • Long leasehold (147 years unexpired) WITH DEVELOPMENT POTENTIAL with a gearing of 7.5% of rents receivable. • Comprising five retail units let to three tenants with well specified offices on the • Significantly under-developed site with upper floors. potential to substantially increase • Total area 25,121 sq ft (2,333.9 sq m). massing and opportunities for change of use, subject to necessary consents. • 97% of accommodation is ground floor or above, only 755 sq ft (70.1 sq m) is • Leasehold specifically structured to located in the basement. promote a wholescale redevelopment of the site. • Total net income of £970,563 per annum. Offers in excess of £17,650,000 reflecting a net initial yield of 5.15% and a reversionary yield of 6.11%, assuming purchaser’s costs of 6.75%. 2 3 65-75 KING STREET HAMMERSMITH, LONDON W6 HYDE PARK KNIGHTSBRIDGE CHELSEA KENSINGTON EARLS COURT OLYMPIA QUEENS CLUB HAMMERSMITH T GREAT WEST ROAD OU DAB ROUN RSMITH HAMMERSMITH HAMME A4 KING STREET HAMMERSMITH IS THE PRINCIPAL 65-75 KING STREET GATEWAY INTO CENTRAL LONDON KINGS MALL SHOPPING CENTRE 4 5 65-75 KING STREET HAMMERSMITH, LONDON W6 LOCATION Hammersmith is an internationally renowned occupiers including Western Union, L’Oréal, • Western gateway to Central London commercial district seen as the principal Walt Disney, UKTV, Fox International, Virgin gateway into Central London. Strategically and TOGC in Lyric Square. • Catchment size (177k Shoppers / located in West London and providing quick 375k Residents) access to the West End, it also benefits The affluent local population and significant from direct links to the A4 which directly workforce are serviced by an extensive • Household income 64% above Greater leads to the M25 and Heathrow Airport. retail offering, principally on King Street. In London average conjunction with King’s Mall, it provides the Over recent years, Hammersmith has been core retail offering with annual footfall in excess • Major regeneration area subject to a significant transformation through of 20 million and seven day a week trade. comprehensive investment undertaken • Low vacancy rate by a number of high-profile developers. In addition to its wide selection of restaurants • Blue chip occupiers These projects have considerably enhanced including La Trompette, The River Café, Foxlow the public realm and local amenity which, and High Road House, the area continues to • Exceptional local amenities combined with a first-class provision of attract high MARYLEBONEvisitor numbers and increasing high-quality office stock, has attracted office consumer dwell time. EDGWARE ROAD A LADBROKE GROVE 5 PADDINGTON EAST ACTON AY OXFORD STREET TW ES W BOND STREET KINGS MALL WESTWAY WHITE CITY MARBLE ARCH Located opposite the subject property BAYSWATER WHITE CITY LANCASTER GATE is the King’s Mall which is undergoing MAYFAIR £15m of improvements including a QUEENSWAY A 4 refurbishment of the atrium, common 2 0 parts and frontages to create double NOTTING HILL GATE 2 ACTON ACTON CENTRAL height units to King Street. HOLLAND PARK GREEN PARK The works have attracted retail SHEPHERD’S and leisure occupiers such as New Look, KIKO Milano, Frame and Feast BUSH SHEPERD’S BUSH Canteen. In addition, H&M spent £5.5m 3 miles HYDE PARK CORNER refurbishing their unit which is their first future concept store outside KNIGHTSBRIDGE Stockholm showing their confidence A 3 KENSINGTON 2 in the Hammersmith retail market. 20 D A SOUTH ACTON O R 2 miles These improvements and new lettings N O T P BELGRAVIA have vastly increased the pull to M 65-75 KING STREET O WESTMINSTER R the west end of King Street and the B subject property. 1 mile VICTORIA STAMFORD BROOKE CHISWICK PARK A SOUTH KENSINGTON 3 HAMMERSMITH 2 2 GLOUCESTER ROAD 0 KING’S QUARTER V A 4 U X HAMMERSMITH A H EARLS COURT A EST ROAD L The council, other major property T W EA 4 L GR A B WEST KENSINGTON R PIMLICO owners and the wider retailing ID G E community are embracing a ‘Kings R O A CHISWICK A D Quarter’. The aim is to cohesively 3 HO 2 GART A promote retailing in Hammersmith, H L 2 AN 3 0 E 2 2 improve the entrance experience and 0 G urban environment from the station RO SV D EN OA OR R to King Street with the specific aim 12 of continually improving footfall. 32 A D A O R Y E S T R E H FULHAM C T A E 6 7 R G 65-75 KING STREET HAMMERSMITH, LONDON W6 SITUATION 65-75 King Street 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, TK Maxx, Primark and Boots. BHAVI BEAUTYBHAVI FRAME OKIDO CARD FACTORY MADE IN H&F THE ENTERTAINER SPECSAVERS TO BE ABOKADO CREAMS UNDER ALTERATION CELTIC HOUSE BROWN RICE NORTH 8 9 65-75 KING STREET HAMMERSMITH, LONDON W6 HAMMERSMITH BRIDGE PRIME POSITION ON KING STREET OPPOSITE KING’S MALL AND 200M FROM HAMMERSMITH STATION A4 HAMMERSMITH FLYOVER A4 HAMMERSMITH 65-75 KING STREET BROADWAY SHOPPING CENTRE HAMMERSMITH ROUNDABOUT KING STREET THE LYRIC THEATRE HAMMERSMITH KINGS MALL SHOPPING CENTRE 12 HAMMERSMITH GROVE 10 11 Baker Street 17 minutes Paddington 12 minutes White City 11 minutes Heathrow M4 Junction 1 Terminal 1-5 (via the A4) Piccadilly Circus 30 minutes 2 miles 16 minutes Heathrow M25 Junction 14 Green Park Kings Cross Terminal 1-5 13 minutes 14 minutes St. Pancras (M4 junction 4) 24 minutes 10 miles Earl’s Court 65-75 KING STREET 4 minutes HAMMERSMITH, LONDON W6 COMMUNICATIONS Westminster Hammersmith benefits from excellent communications and is one 18 minutes of only eight stations in London that offer access to four or more underground lines. It is a major interchange affording quick and Baker Street direct access to Heathrow and the West End. 17 minutes The underground station is located at Hammersmith Broadway, 200 metresPiccadilly east of the HammeProperty.rsmith & City District Circle Baker Street Not to scale Paddington Hammersmith’s road network converges into a gyratory system 17 minutes which is a key element of West London’s road infrastructure. 12 minutes The subject property lies 200m west of this system which feeds directly into the M4/A4, providing access to the national Paddington motorway network and Heathrow Airport. Whi12 tminue Cittyes 11 minutes Heathrow M4 Junction 1 White City Terminal 1-5 (via the A4) 11 minutes Piccadilly Circus 30 minutes 2 miles 16 minutes Heathrow M4 Junction 1 Terminal 1-5 (via the A4) Piccadilly Circus Heathrow M25 Junction 14 Green Park Kings Cross 30 minutes 2 miles 16 minutes Terminal 1-5 13 minutes 14 minutes St. Pancras (M4 junction 4) 24 minutes 10Heath milesrow M25 Junction 14 Green Park Kings Cross 14 minutes St. Pancras Terminal 1-5 13 minutes Earl’s Court (M4 junction 4) 4 minutes 24 minutes 10 miles Earl’s Court Westminster4 minutes 18 minutes Westminster 18 minutes Piccadilly Hammersmith & City District Circle Not to scale Piccadilly Hammersmith & City District Circle Not to scale A MAJOR TRANSPORT INTERCHANGE PROVIDING QUICK ACCESS TO HEATHROW AND THE WEST END 12 13 65-75 KING STREET HAMMERSMITH, LONDON W6 DESCRIPTION EXTENSIVE FRONTAGE ON Constructed in the mid-1970’s of concrete frame construction under TO PRIME KING STREET a number of flat roofs, the property comprises five retail units fronting the prime section of King Street in addition to two upper floors of office accommodation accessed from a self-contained entrance. Extensive servicing is provided via Blacks Road to the rear which is directly accessible from the Hammersmith Roundabout. The property also benefits from three parking spaces. Superdrug and Bakehaus trade from the ground floor with ancillary accommodation to the rear of each unit. Barclays is the largest unit and trade from ground and first floors with the latter comprising their main Central London office for commercial mortgages. The tenant has staff offices on the second floor in addition to ancillary basement storage. Totalling 755 sq ft (70.1 sq m), this is the only accommodation below ground level in the entire property. The second and third floors comprise office accommodation with self-contained access from Angel Walk. The floor plates are rectangular in shape offering excellent natural light and good floor to ceiling heights. The office specification includes air conditioning, raised floors and an 8 person passenger lift. 14 15 65-75 KING STREET HAMMERSMITH, LONDON W6 ACCOMODATION The property has been professionally measured and a fully assignable measured survey is available which provides 97% OF ACCOMMODATION the following areas: IS GROUND FLOOR OR DEMISE FLOOR USE AREA (sq m) AREA (sq ft) Ground Retail 496.3 5,342 Superdrug ABOVE, ONLY 755 SQ FT IS (ITZA) 221.0 2,379 Ground Retail 149.1 1,605 Backhaus LOCATED IN THE BASEMENT (ITZA) 69.8 751 Second Office 32.8 353 First Office 747.8 8,049 Barclays Bank Plc Ground Retail 242.7 2,612 (ITZA) 125.9