Prime Freehold RetailInvestmentOpportunity 190–192 Westbourne Grove

londo Notting W11 Hill 01 Executive Summary

– Prime retail investment opportunity

– Freehold

– Highly desirable location in the 100% prime pitch of Notting Hill, one of London’s most affluent suburbs

– two inter-connecting retail units over ground and basement totalling 4,330 sq ft (402.26 sq m)

– let to Jigsaw with an unexpired term of approximately 14 years

– total passing rent of £320,053 per annum

– offers in excess of £6,290,000 (Six Million, two Hundred and Ninety Thousand Pounds) 02 are invited for the freehold interest, reflecting a net initial yield of 5.00% after acquisition costs of 1.75% Notting Hill

Immortalised in the 1999 Richard Curtis film, Notting Hill has a rich, illustrious history spanning several centuries. Once known for its pig farmers and brick kilns, the area was largely developed by the majority landowner, the Ladbroke Family, in the mid 1800’s, in association with the architect Thomas Allason.

Allason, famous for his work at Connaught Square, developed the layout of the estate and particularly the large private garden squares which today remain a major attraction for the wealthy resident population. The large, spacious houses developed throughout the 19th Century became popular with the affluent middle classes as Notting Hill became a prominent suburb of London.

The demographics altered somewhat during the mid 20th Century as the area became a key destination for the West Indian community, a heritage that is still seen annually during the Notting Hill Carnival. Attracting over 1 million people every year, the Notting Hill Carnival is now established as the largest open air event of its kind in Europe.

The mid 1980’s saw many of the grand 19th Century houses return to single occupation and today Notting Hill provides one of the most coveted residential addresses in London. The local population are amongst London’s wealthiest and houses prices are comparable with the very best Central London locations. Location

Westbourne Grove is one of London’s most exciting and popular retail, restaurant and residential locations situated within the heart of the fashionable and exclusive Notting Hill. The immediate area, centred around Westbourne Grove is renowned for its diverse shopping facilities, attractive art galleries and designer boutiques together with a cosmopolitan restaurant and bar scene being only moments from the world famous Portobello Road to the west. Surrounding the main retail pitch are a number of high value residential squares whilst a short distance to the east is the mixed use Paddington Basin and Bishop’s Bridge schemes which have brought increased activity to the area resulting in a consistently high performing retail pitch and a highly sought after housing stock.

Communications A219 A5 Regents Euston Park Warren Street Warwick Avenue T O T T A40 E NHAMCOURT RO The area has excellent PO Great Wormwood AD RT Portland Scrubs Park RYLEBONE RO MA LAND PLAC Street A40 HARROW ROAD BA communications to the rest Edgware Road W Royal Oak KE ESTB EDGW . Westbourne R S Goodge AD of London with several Park Paddington TREE Street Ladbroke Grove RK RD OU ARE ROAD East LADBROKE NE PA RNE TERRAC E Y BOUR Acton T WA nearby. Underground stations WEST NE GROVE C A40 WEST BOUR HA WEST PREADLancaster STREET Gate GRO ET To ttenham R E STRE R I Latimer N including Notting Hill Gate WEST CROS VE Bayswater OXFORD EGENT Court Road G White Road Oxford CR

City WO Queensway A40 Bond Street

OSS Marble Street ST. (District, Circle and Central OD LAN AD Arch TER RO Wood YSWA PA R BA O S ROUTE RK LANE Lane A lines), Westbourne Park

D E Holland Park Notting Hill Hyde Park VENUE Gate LY (Hammersmith City line), IL A4020 UXBRIDGE ROAD PA RK A ALL CCAD M HOLLAND PI LL PA Charing and Bayswater (District and Cross Green Sheperd’s Bush Park 04 Holland Park St James’s Circle line). HOLLAND ROAD Park S KENSINGTON ROAD KNIGHTSBRIDGE

HEPHERDS BUSH RD. Knightsbridge Buckingham St James’s AD SLOANE ST Palace Park TH RO MI RS A4 ET RE Paddington mainline railway ME RE AM ST H IA OR

VICT Ravenscourt NK Turnham Stamford D station lines only a short Park Kensington A ET

Green Brook B Ravenscourt Park (Olympia) L CROMWELL ROAD Victoria L

PTON ROA Sloane Square V MI distance away providing A315 AU Earls XH BROM South ALL Hammersmith WA Court D OL Kensington GE ROBR direct access to national RWI HAMMERSMITH FLYOVER ID CK RO AD overground train lines and AD Pimlico AD A4 the Heathrow Express.

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GROS VENO AD GROS A316 R RO VENOR RIVER THAMES R OAD SEA EMBANKMENT CHEAL ES RIVER THAM Situation

Situated in the Royal Borough of Kensington and Chelsea, Notting Hill is bordered by Bayswater to the east, Kensington and Hyde Park to the south, Holland Park to the west and Maida Vale to the north. Westbourne Grove lies at the centre of Notting Hill and is the focus of daily life in this bustling location. 190-192 lies on the prime northern side of Westbourne Grove on the most desirable pitch in the area and only moments away from Portobello Road, where the world famous Portobello Market continues to attract thousands of tourists throughout the year.

Local occupiers are an eclectic mix of luxury boutiques and international brands with some of London’s most popular restaurants.

Major retailers and restauranteurs in the immediate area include:

Polo Ralph Lauren Diane von Furstenberg Daylesford Organic Burberry Children Agent Provocateur Tom’s Delicatessen Paul Smith Anya Hindmarch Beach Blanket Babylon Symthson Whistles Julies Nicole Farhi Bamford & Sons Notting Hill Brasserie Ted Baker LOFT Design by... Electric House Members Club & Cinema All Saints Comptoirs Des Cotonniers Joseph

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BABYLON 5 RESTAURANT Description

The property comprises two adjacent and interlinked retail units lying mid terrace within a parade of Victorian buildings. Arranged over ground and basement levels, the units total 4,330 sq ft (402.26 sq m).

08 Accommodation

The property has been measured in accordance with the RICS Code of Measuring Practice (6th edition) and provides the following areas. The areas below for No. 192 were those adopted for the January 2009 rent review. The areas and provisions for discounting the rent, for No. 190, are explicitly set out in the lease.

190 Westbourne Grove 192 Westbourne Grove

use sq ft sq m use sq ft sq m

Ground Ground

Zone A retail 230 21.37 Zone A retail 265 24.58 Zone B retail 159 14.77 Zone B retail 263 24.46 Zone C retail 296 22.50 Zone C retail 304 28.23 Zone D retail 144 13.38 Zone D retail 302 28.01

Total ground floor 829 72.02 Remainder retail 107 9.90

Total ITZA 401.5 Total ground floor 1,240 115.19 Total ITZA 518.82 Basement Basement 09 Retail retail 658 61.13 Ancillary ancillary 371 34.47 Ancillary ancillary 1,232 114.46

Total basement 1029 95.6 Total basement 1,232 114.46 Tenure

Freehold. (Title Numbers: LN162425 & NGL273941)

Tenancies

The property is let on two leases to Robinson Webster (Holdings) Limited, t/a Jigsaw, for a term of 25 years from 12 January 1999, expiring 11 January 2024, providing an unexpired term certain of nearly 14 years.

The leases are subject to 5 yearly upwards only rent reviews. The January 2009 rent reviews were settled at rents of £146,053 per annum (No. 190) and £174,000 per annum (No. 192), reflecting Zone A rates of £300 per sq ft.

The properties provide a combined passing rent of £320,053 per annum.

The upper parts comprise two residential maisonettes let with unexpired terms of 978 and 114 years at nil rent.

The Tenant

In 1972, the first Jigsaw store was established in Hampstead and 10 the brand has expanded steadily over the years to become one of the UK’s most recognised retailers with over 40 stores across the country, in addition, Jigsaw has also expanded to several locations on the West Coast of America.

Still in the ownership of the original founders, Jigsaw is the trading name of Robinson Webster (Holdings) Limited. In addition to Jigsaw, the group includes womens fashion brand Kew, The Shop at Bluebird on Chelsea’s Kings Road, and the classic Cabbages and Roses brand.

11 The Market

Occupational Westbourne Grove is an exceptionally strong retail location attracting a broad range of domestic and international brands. Having only 24 units on the prime pitch, retailers compete aggressively to get representation here and this is reinforced by the fact that there is only one vacant unit openly available and this is currently being refurbished.

As well as being the preferred location for boutiques such as Nanette Lepore and Diane Von Fustenberg, this location continues to attract an increasing number of global luxury brands.

2008 saw Polo Ralph Lauren and Aubin Wills open stores, whilst Daylesford Organic chose this location for their third London delicatessen and food outlet.

More recently Burberry have opened their first “London Village” store for their Burberry Children brand and All Saints have opened a flagship store over 11,000 sq ft on the junction with Portobello Road.

This depth of demand from an increasingly international audience has meant that rents have continued to grow and the limited availability means this location will benefit from continuing rental growth going forwards.

Investment 12 Opportunities for investors to buy into Westbourne Grove are few and far between. Properties are rarely traded as owners appreciate the long term capital growth prospects this particular location provides.

As such 190-192 Westbourne Grove offers the investor a rare opportunity to buy into Notting Hill’s 100% prime retailing pitch. Vat Further Information

The properties are elected for VAT which will be payable on the purchase price. To discuss this opportunity in more detail or to arrange an inspection please contact the vendor’s retained agents;

Jersey Property Unit Trust Ashley Marrison [email protected] The property is held within a single asset JPUT. The preference would be for a ddi 020 7152 5218 sale of 100% of the units in the JPUT, however offers will also be considered on a straightforward property basis. Richard Alsop [email protected] Further details can be provided on request. ddi 020 7152 5835

Proposal

Our client has instructed us to seek offers in excess of £6,290,000 IMPORTANT NOTICE Cushman & Wakefield LLP (and their joint agents if appointed) for themselves and for vendors or lessors of this property whose agents they are, give notice that : 1) The particulars are produced in good faith, are set out (Six Million, Two Hundred and Ninety Thousand Pounds) for the freehold as a general guide only and do not constitute any part of a contract. 2) No person in the employment of the agent(s) has any interest, subject to contract and exclusive of VAT. authority to make or give any representation or warranty whatever in relation to this property. 3) This property is offered subject to contract and, unless otherwise stated, all rents are quoted exclusive of VAT. 4) Nothing in these particulars should be deemed to be a statement that the property is in good condition or that any services or facilities are in working order. 5) A purchase at this level equates to a net initial yield of 5.00% assuming Unless otherwise stated, no investigations have been made regarding pollution or potential land, air or water contamination. Interested parties are advised to carry out their own investigations if required. 6) The photographs contained within this purchase of the units in the JPUT and acquisition costs of 1.75%. brochure were taken in March 2010.