Heaton House 216-224 Fulham Road LONDON, SW10 Heaton House 216-224 Fulham Road LONDON, SW10
Total Page:16
File Type:pdf, Size:1020Kb
Reversionary Freehold Investment Opportunity Heaton House 216-224 Fulham Road LONDON, SW10 Heaton House 216-224 Fulham Road LONDON, SW10 INVESTMENT SUMMARY n Reversionary investment in one of London’s most affluent areas, the London Borough of Kensington and Chelsea n Freehold n Property comprises of a prominent retail parade with residential ground rents above n 5,658 sq ft (525.7 sq m) of retail, restaurant and leisure accommodation n Multi-let producing £237,250 per annum exclusive n WAULT of 12.1 years to lease expiries and 9.5 years to breaks n Residential uppers (sold off) comprises of 12 flats, of which 4 have under 58 years remaining n Significant reversion on Zone A retail rents of an average £97 psf compared with Zone A rents in the area over £125 psf n Opportunity to realise lease extension premiums on a number of residential units n Offers are sought in excess of £4,450,000. A purchase at this level would reflect a Net Initial Yield of 5.00% (allowing for adjusted purchaser’s costs of 6.57%) Reversionary Freehold Mixed Use Investment Opportunity HARRODS SLOANE SQUARE SOUTH KENSINGTON BROMPTON ROAD GLOUCESTER ROAD RIVER THAMES OLD BROMPTON ROAD 216-224 FULHAM ROAD CHELSEA & WESTMINSTER HOSPITAL KING’S ROAD REDCLIFFE GARDENS EARL’S COURT FULHAM ROAD WEST BROMPTON STAMFORD BRIDGE FULHAM BROADWAY For indicative purposes only. Fulham Road Heaton House 216-224 Fulham Road LONDON, SW10 A 8 3 21 3 2 A 2 T 0 H E D L R I T A T Y A L T E O 3 2 B N O 2 C O L G 0 O L D A L T C E O R H N D H E S E U R N 8 R N H S 0 C E A 3 H R R A S D C O T U R R D 8 T R E 1 R E 2 T E 3 T T A E N R U R G A E A C R D 3 E T R A 2 THE PROPERTYE O 2 D C R D 0 L A D IF M RO A F A K O E B R A R R H E PA T D L A WEST 3 R U U LM 2 A H F F E 2 C O O BROMPTON 0 H L R T L P T A Y A S C W R K T O R O W E D A E R L T D K N S BROMPTON IG E IL A H F T G CEMETARY I CHELSEA AND E WESTMINSTERIN R L G A D A V R HOSPITAL L E O E R A P D L L O I B A M E D E A R U S F 8 S T O 0 T O R 3 DE R N T A U E S S F R E E T T T M T R R R E E I N L E D G L E S I M T H T A H D A W A N T N A G O ’S E R M LE PAIN QUOTIDIEN R R K 3 O S AN H 2 O ’S T B 2 A EM O D VE G A R 0 IN LSE T K E E CH E STAMFORD N 7 12 N S 21 32 A I 3 A L BRIDGE A A M R R A O F A D 4 0 3 A FULHAM A 08 3 BROADWAY 3 2 A 20 F AD 20 ULHAM RO A32 RD K AR RIVER THAMES E P OR MO BAGEL BAKERY BAR HOSPITAL CHELSEA & WESTMINSTER Experian Goad Plan Created: 17/05/2016 50 metres LOCATION & SITUATION TRANSPORT Created By: Allsop The property is located within the prestigious London Borough of a number of exclusive fashion brands and restaurants. The property benefits from excellent communications being and Piccadilly lines). A number of bus routes also run along Copyright and confidentiality Experian, 2016. © Crown copyright and database For more information on our products and services: Kensington and Chelsea. It is situated on the north side of Fulham According to the 2011 census Kensington and within walking distance of a number of London Underground Fulham Road providing onwards access to Central and rights 2016. OS 100019885 Road, opposite the Chelsea and Westminster Hospital. The Chelsea has a population of approximately 159,000. stations including Fulhamwww.experian.co.uk/goad Broadway (District line), Earl’s | [email protected] London. | 0845 601 6011 surrounding area offers a wide variety of shops, bars, restaurants The Borough is one of the most affluent in London Court (District and Piccadilly lines), Gloucester Road (Circle, The proposed Crossrail 2 includes a station on King’s Road, and leisure facilities. Nearby occupiers include Rossopomdoro, Le with average household incomes of over £150,000 per District and Piccadilly lines), West Brompton (District and which will only enhance the area’s connectivity and is Pain Quotidien, Pret A Manger, Boots, Tesco and Starbucks. annum according to a 2013-2014 UK Government poll. London Overground) and South Kensington (Circle, District planned to be operational by 2030. Fulham Road itself runs parallel to the internationally renowned King’s Road, which is famed for being home to Reversionary Freehold Mixed Use Investment Opportunity Heaton House, 216-224 Fulham Road, London, SW10 DESCRIPTION The property comprises a mid-terraced five storey building with an extensive frontage onto Fulham Road and is arranged as four commercial units over lower ground and ground floors. The three upper floors comprise 12 self-contained residential units which have been sold off on long leases. The four commercial units are currently arranged as two retail units, a restaurant and a 24-hour gym. TENURE Freehold. TENANCIES & ACCOMMODATION Address Tenant Lease Start Lease Expiry Next Accommodation Floor Area Floor Area Floor Area Rent Rent Rent ITZA (Break Date) Review (sq ft) NIA (sq m) ITZA (sq ft) (p.a.) (£psf) (£psf) 216 JF Stone Investments Ltd (t/a 16/03/2010 15/03/2020 - Ground 350 32.6 290 £30,000 £85.71 £103.45 Fulham Road American Dry Cleaning Company) 216/218 Feng Sushi Ltd 28/06/2010 27/06/2025 28/06/2020 Ground 721 67.0 447 £41,250 £58.95 £95.08 Fulham Road 220 Holland & Barrett Retail Ltd 02/09/2009 01/09/2019 - Ground 598 55.5 426 £40,000 £66.89 £93.90 Fulham Road 222-224 EFSO Ltd (t/a Anytime Fitness)* 20/11/2014 19/11/2034 20/11/2019 Ground 1,295 120.3 -** £125,000 £27.12 - Fulham Road (20/11/2029) (RPI Linked) Basement 3,314 307.9 (GIA) (GIA) (GIA) Flat 1 Mr MR Watts & Mrs GJH Watts 25/12/1999 24/12/2124 25/12/2040 - - - £75*** - - Flat 2 Mr N Sturgess 25/12/1999 24/12/2124 25/12/2099 - - - £75 - - Flat 3 Mrs IA Buchan 12/09/2014 25/12/2163 - - - - Peppercorn - - Flat 4 Mr N Parker 25/12/1974 24/12/2073 25/12/2040 - - - £75 - - Flat 5 Mr M Conroy 25/12/1974 24/12/2163 25/12/2040 - - - £75 - - Flat 6 Mr Mcgrath 25/12/1974 24/12/2073 25/12/2040 - - - £75 - - Flat 7 Mr J Speed 25/12/1974 24/12/2163 25/12/2040 - - - £75 - - Flat 8 Mrs B Peschaud 25/12/1974 24/12/2073 25/12/2040 - - - £75 - - Flat 9 Mr Picetti 25/12/1974 24/12/2073 25/12/2040 - - - £75 - - Flat 10 Heritage Land Ltd 20/12/2010 24/12/2163 - - - - Peppercorn - - Flat 11 Mr H Scrope 24/12/1987 23/06/2112 24/06/2037 - - - £200 - - Flat 12 MR CRA Steel 24/06/1987 23/06/2112 24/06/2037 - - - £200 - - Total £237,250 *RPI linked rent reviews capped and collared between 3% and 5%. £75,028 rental deposit held. **On an ITZA unit 224-226 reflects circa 990 sq ft. ***Rent being demanded and paid is £75 pa however rent provision is £50 pa. Reversionary Freehold Mixed Use Investment Opportunity Heaton House 216-224 Fulham Road LONDON, SW10 Heaton House, 216-224 Fulham Road, London, SW10 COVENANTS ANYTIME FITNESS HOLLAND & BARRETT FENG SUSHI AMERICAN DRY Anytime Fitness gym franchise concept is a 24-hour gym that has over Holland & Barrett is Europe’s largest Established in 1999, Feng CLEANING COMPANY 50 clubs in the UK, with 20 of them situated within the M25. The Anytime retailer of vitamins, minerals and herbal Sushi now operates eight Founded in 1990, American Dry Cleaning Fitness franchise is also an international operation with over 3,000 fitness supplements, operating over 620 stores restaurants across London. Company now operates 35 stores across clubs in 23 countries. across the UK and Ireland. Feng Sushi’s Fulham branch London and the South East. Having Moreover, the franchise, established 10 years ago, was recently named the Holland & Barrett offer a D&B 5A 1 covenant is the original and has opened its first store in the American Number One Top Global Franchise by Entrepreneur Magazine, surpassing and for the year ending 2014 reported been trading since 1999. Embassy the business has continued to well-known brands such as McDonalds, Pizza Hut and Subway. a turnover of £368.82M, a pre-tax profit Additional branches include grow, focusing on high quality clothing of £89.46M and a net worth of £260.47M. Borough Market, Notting care, tailoring and alterations. A rent deposit of £75,028 is held.