76-78 NOTTING HILL GATE 4 | 76 - 78 NOTTING HILL GATE 76-78 76 -78 NOTTING HILL GATE | 5 EXECUTIVE SUMMARY ♦♦Prime retail and residential property ♦♦Retail accommodation let to the Royal situated in an iconic London location Bank of Scotland at a rent of £300,000 per annum, reflecting £210 Zone A ♦♦Principal Notting Hill Gate location directly opposite the northern entrance ♦♦The residential flat is offered freehold to the underground station and has been newly developed ♦♦Freehold totalling 7,459 sq ft (692.96 sq m) ♦♦Further development potential ♦♦Attractive retail unit with a stunning high ♦♦Strong rental and capital growth location specification triplex flat benefiting from its own private entrance from Pembridge Gardens WE ARE INSTRUCTED TO SEEK OFFERS IN EXCESS OF £15,000,000 (FIFTEEN MILLION POUNDS) SUBJECT TO CONTRACT FOR OUR CLIENt’S FREEHOLD INTEREST IN THE PROPERTY 6 | 76 - 78 NOTTING HILL GATE LOCation The property is located on Notting Hill Gate in Notting Hill Gate benefits from proximity to the Royal Borough of Kensington and Chelsea both Hyde Park and Holland Park as well as an (RBKC), London W11. Notting Hill Gate forms extensive range of cultural destinations including; a main strategic link and sits on an axis between the new home of London’s Design Museum Notting Hill/Portbello/Westbourne Terrace to the in Holland Park, the Serpentine Gallery in north, Holland Park Avenue to the west, Marble Kensington Gardens, and the Museum Quarter in Arch/Oxford Street to the east and Kensington/ South Kensington. Hillgate Village to the south. Notting Hill, along with the surrounding areas of Notting HILL, ALONG WITH THE SUrroUNDING AREAS OF Holland Park and Kensington, is internationally HOLLAND PARK AND Kensington, IS internationally recognised as some of London’s most traditional, RECOGNISED AS SOME OF LONDON’S MOST TRADITIONAL, affluent and fashionable addresses. All three areas provide an eclectic mix of shops, restaurants and AFFLUENT AND FASHIONABLE ADDRESSES bars, making the area a popular lifestyle choice for local residents as well as attracting visitors from wider London and beyond. 76 -78 NOTTING HILL GATE | 7 8 | 76 - 78 NOTTING HILL GATE COMMUNICations Notting Hill Gate Underground provides excellent access to the The property is also situated less than a 10 minute walk from Notting HILL Gate UNDergroUND rest of London via the tube network. The station which caters to 17 Holland Park Tube station (Central line). PROVIDES EXCELLENT ACCESS to million users a year has two entrance and exit points, the north of The station is within ten minutes from the new Crossrail station which lies directly opposite the property. THE REST OF LONDON VIA THE TUBE currently under construction at Bond Street (Jubilee and Central NETWORK. THE station WHICH Caters Notting Hill Gate underground station (Central, District and Circle lines) and Paddington. This exciting new project, due to open in lines) provides convenient and direct access to Bond Street (7 2018, will provide access to Heathrow Airport in 33 minutes and TO 17 MILLION USERS A YEAR HAS minutes), Victoria (10 minutes) and Liverpool Street (19 minutes). Canary Wharf in just 12 minutes. TWO ENTRANCE AND EXIT POINTS, The closest main line station is London Paddington (1.1 miles) In addition, numerous bus routes pass along Notting Hill Gate. THE north OF WHICH LIES DIRECtly which provides national train links as well as the Heathrow Express. OPPOSITE THE PROPERTY W O O D L N Y A WESTW A 2 LADBROKE GROVE 1 9 WESTWAY W ES TW B412 AY A 404 WES ROYAL OAK TW P AY O LADBROK R 76 -78 KEN T NOTTING HILL GATE O W CROSS RT CROSS W BE PADDINGTON S I L N LO | 9 E GT WE STBO GROV URNE E O R AD GROV N O O R I N AD E Q P G AR V ID U E E R E K B R R E CRAWFORD ST N M NS E O E E AD P S WA S S EDG E LADBROKE T YM Y NOTTING HILL E BAYSWATER R SQUARE R W O A S U CE EN A SHEPHERDS BUSH R RD RE GA P L 76-78 EX SS RD SU GEORGE ST QUEENSWAY NOTTING HILL GATE A N AUDLEY AUDLEY N BAYSWATER RD 41 K AVE R AND PA HOLL HOLLAND PARK SEYMOUR ST A5204 LANCASTER GATE S K T KE MARBLE ARCH ENSING KENSINGTON N S GARDENS I N GT PA OXFORD STREET TO O N C N A RK RK P C R ALACE H HOLLAND PARK R H KENSINGTON ST I U OLLA A R KENSINGTON GE C GA H S PALACE D T R ND I RDE V E R N O S HYDE A D PARK P A R K KENSINGTON IGH STREET L N H A GTO SERPENTINE NSIN HIGH STREET KENSINGTON N KE E GALLERY THE SERPENTINE P A3 A 15 R K EN K SINGT ROYAL ALBERT ON RD L A N HALL A315 E HYDE PARK CORNER KNIGHTSBRIDGE KNIGHTSBRIDGE D OA N R TO MP RO B Not to scale - for identification purposes only 10 | 76 - 78 NOTTING HILL GATE 76 -78 NOTTING HILL GATE | 11 PEMBRIDGE ROAD PEMBRIDGE HOUSE UNITED ENTRANCE TO CORBYN AND KING AND CORBYN TO PRE-LET RESTAURANT PRE-LET REDEVELOPMENT SITE REDEVELOPMENT SWEAT SHOP SWEAT CANBURG 76-78 TAIZE CATERING TEQUILA TEX-MEX MEXICAN RESTAURANT NARUREHOUSE FRANCHISING CZECH EMBASSY 81 S ITUATION The property is arguably the most prominent unit on Notting Hill Gate, occupying a highly visible location to the north side that experiences very high footfall due to one of the two Notting Hill Underground Station entrances being directly in front of the property. The property benefits from a dual frontage to both Notting Hill Gate and Pembridge Gardens. Pembridge Gardens is characterised by attractive 3 storey terraced town houses with Portland stone frontages. The remaining elevations which bound the property consist of a mixture of period buildings and more contemporary properties. 12 | 76 - 78 NOTTING HILL GATE DESCRIPTION Built in the late 1950’s, 76-78 Notting Hill Gate is a highly prominent mixed use retail and residential property arranged over basement, ground and four upper floors comprising a total area of 7,459 sq ft (692.96 sq m). Retail The retail accommodation is arranged over basement, ground and first floors and is accessed directly from Notting Hill Gate. The ground floor mainly comprises a banking hall with two interview rooms while the first floor and basement are used as offices and ancillary space respectively. The retail benefits from the following: ♦♦ Well configured banking hall ♦♦ Excellent frontage to Notting Hill Gate ♦♦ Suspended ceiling with mineral fibre tiles in the banking hall ♦♦ Comfort cooling THE property BENEFITS From A DUAL Frontage TO Both Notting HILL Gate AND THE RESIDENTIAL LINED PEMBRIDGE GARDENS 76 -78 NOTTING HILL GATE | 13 RESIDENTIAL The residential accommodation is arranged over the three upper floors of the property. These have been converted to form a self contained triplex residential apartment which has its own secure private entrance from Pembridge Gardens. The newly converted accommodation boasts almost 3,800 sq ft and has floor to ceiling glass which creates an abundance of natural light. The flat also has a 1,000 sq ft roof terrace with stunning views across Notting Hill presenting the ideal space for entertaining. The residential flat benefits from the following: ♦♦ Private entrance and lift ♦♦ 4 bedrooms/4 bathrooms ♦♦ Contemporary interior designed apartment ♦♦ 1,000 sq ft roof terrace 14 | 76 - 78 NOTTING HILL GATE ACCOMMODATION FLOOR USE AREA (SQ FT) AREA (SQ M) Roof Terrace 1,000 92.90 Second to Fourth Residential 3,796 352.66 First Office 1,052 97.73 Ground Zone A 1,017 94.48 Zone B 667 61.97 ITZA 1,350.5 125.47 Basement Ancillary 927 86.12 TOTAL 7,459* 692.96* * The total area excludes the roof terrace. THE RESIDENTIAL ACCOMMODATION Boasts ALMOST 3,800 SQ FT AND HAS FLOOR TO CEILING GLASS WHICH Creates AN ABUNDANCE OF natURAL LIGHT 76 -78 NOTTING HILL GATE | 15 Larder RESIDENTIAL FLOOR PLANS Third Floor TheFourth residential Floor totals 3796 sq ft with an additional 1000 sq ft dual aspect south and west facing roof terrace 92 sq m - 1,000 sq ft Terrace (Approx.) 353 sq m - 3,796 sq ft Gross Internal Area (Approx.) Larder Larder Ground Floor First Floor SSecondECOND FLOOR Floor TThHIRirDd FLOOR FloorThir d Floor Fourth FOFloorFourthUrth FLOOR Floor 92 sq m92 - 1, sq00 m0 sq- 1, ft00 Terrace0 sq ft Terrace(Approx.) (Approx.) 353 sq m353 - 3,796 sq m sq- 3,796 ft Gross sq ft Internal Gross InternalArea (Approx.) Area (Approx.) Ground GroundFloor Floor First FloorFirst FloorSecondSecond Floor Floor 16 | 76 - 78 NOTTING HILL GATE TENURE Freehold TENANCIES The basement, ground and first floors are let to The Royal Bank of Scotland on a 25 year lease from July 2009, expiring June 2034. The lease is subject to tenant only break options in 2019, 2024 and 2029 in addition to 5 yearly upward only rent reviews, the latest of which was settled at a passing rent of £300,000 per annum, equating to £210 ITZA. The lease is drawn inside the Landlord & Tenant Act 1954 and the tenant will therefore have the right to renew the lease upon expiry. A specific contractual right to renew is included in the lease. The residential flat is offered freehold and has been newly developed. 76 -78 NOTTING HILL GATE | 17 TENANT’S COVENANT R OYAL BANK OF SCotlanD PLC The current retail tenant under the lease is Royal Bank of Scotland plc, which is a wholly owned subsidiary of the Royal Bank of Scotland Group plc.