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Prime West London Retail Investment with Residential
Planning Consent
Increasingly Affluent London Borough
Key Crossrail Beneficiary
Open Market Letting in 2014
8 years unexpired lease term to an established multiple
tenant
No VAT
£1,100,000, subject to contract
www.singerviellesales.com
Ealing is situated in West London within the London Borough of Ealing, approximately 14.5 km (9 miles) west of Central London, benefitting from first class communications
with the M4 Motorway at Junction 2 and Western Avenue (A40). In addition, The North Circular (A406) provides access to the M1 Motorway to the north and Richmond
and Chiswick to the south.
Ealing is extremely well served by public transport. Ealing Broadway Rail & Underground Station provides easy access to and from Central London via the Central and
District Lines together with the main line railway services to London Paddington and major bus routes, making it a particularly popular commuter base. Heathrow Airport
is located approximately 13.6 km (8.5 miles) to the south west.
Ealing is set to be a major beneficiary from the arrival of Crossrail at the start of 2019. Ealing Broadway is to become a major Crossrail Station projected to bring considerable
extra passengers given it is going to be a key interchange between Crossrail, First Great Western and The London Underground. Journey times will be halved for many
commuters, with a train to Paddington taking just 7 minutes, Bond Street taking 11 minutes, Heathrow Airport in 15 minutes, Liverpool Street in 18 minutes and Canary
Wharf in only 25 minutes.
Ealing is one of the largest retail centres in West London with The Broadway and the Ealing Broadway Shopping Centre forming the prime retail pitch. The property is
situated in a prime trading position on The Broadway close to the junction with Oak Road amongst multiple retailers, convenience stores and banks including Rush Hair,
Sainsbury’s Local, Caffe Nero, HSBC, Barclays, WH Smith, Maplin, Office and Carphone Warehouse.
The property also benefits from being within 100 metres of Ealing Broadway Shopping Centre, owned by British Land and one of the top 80 ranked shopping centres in
the country comprising 42,271 sq m (455,000 sq ft) of retail and leisure uses anchored by River Island, New Look, Primark and Marks & Spencer. The leisure offer is
anchored by a Virgin Active Health Club, a library as well as various restaurants, cafés and coffee shops including Wagamama, Turtle Bay and Limeyard. In addition, the
centre is complemented by 12,077 sq m (130,000 sq ft) of accommodation with proposals underway to carry out a number of projects to modernise the centre. These
include the refurbishment of 54 The Broadway, known as Crystal House, to provide new double height shop fronts, 55 homes for rent and a modern appearance to the
Broadway frontage. In addition, work has already begun on improvement works to the Town Square. For further information please visit
http://plans.ealingbroadwayshopping.co.uk.
The Arcadia Shopping Centre which is almost diagonally opposite the property was redeveloped in 2014 and accommodates a 5,016 sq m (54,000 sq ft) Morrisons
supermarket, a 4,087 sq m (44,000 sq ft) TK Maxx and a 557 sq m (6,000 sq ft) McDonald’s.
The Dickens Yard is a mixed use development by St George Plc located at the junction of New Broadway and Springbridge Road which comprises almost 700 new
apartments as well as 9,290 sq m (100,000 sq ft) of retail, restaurant and leisure space. We understand that the residential apartments at Dickens Yard are achieving in
the region of £10,765 per sq m (£1,000 per sq ft) to £12,917 per sq m (£1,200 per sq ft) capital value.
Ealing Broadway Rail & Underground Station is within a 1 minute walk of the property and provides a service into Central London. The station is currently being substantially
remodelled as part of the introduction of Crossrail which will bring significant benefits to Ealing Broadway.
A set of floor plans is available to download and the measured survey report is
available for assignment to a purchaser.
In addition, planning permission exists for the construction of a 61 sq m / 656 sq
ft one bedroom maisonette at the rear which would extend the property to a total
floor area of 238.53 sq m / 2,567 sq ft.
The property comprises a mid-terrace building providing a rectangular ground floor
retail unit, which has been fitted out by the tenant to a high standard in their corporate
style.
The first and second floors provide residential accommodation with their own self-
contained entrance at the rear of the property, which have been sold off.
The rear of the property is accessed through a gated mews via the pedestrianised
Oak Road to the left of the property in between HSBC and Lloyds Bank. Oak Road
also provides access to Ealing Broadway Shopping Centre as well as other multiple
and independent shops including Starbucks and Patisserie Valerie.
The property has been measured by BKR Floor Plans and provides the following
floor areas:
Consent was approved and granted by Ealing Council on 6th January 2016 for a two-storey rear extension to facilitate an additional 1 bedroom 2 storey maisonette
comprising 61 sq m / 656 sq ft. A copy of the Decision Notice and proposed plans are available to download.
Freehold
The ground floor is let to The Headmaster Partnership Limited t/a Headmasters on a Full Repairing and Insuring lease for a term of 10 years from 16th January 2014,
expiring 15th January 2024. Therefore, there are approximately 8 years unexpired.
The current passing rent is £50,000 per annum and the lease benefits from an upward only rent review on 16th January 2019.
The first and second floor residential flats are let on long leases for 125 years from 24th January 2014 respectively at a ground rent of £150 per annum each, doubling
every 25 years. The long leaseholder’s pay a fair proportion of the building insurance and building maintenance.
The total current income therefore is £50,300 per annum.
The Headmasters Partnership Limited (Co. No. 3107060) has
reported the following figures:
The first Headmasters’ salon opened in Wimbledon Village in 1982
since which the company has grown and evolved into an award
winning industry leader with approximately 50 salons in the London
and the South East. For further information please visit
www.headmasters.com.
The property for sale provides an interesting opportunity to acquire a prime retail investment with planning permission for an additional residential flat in an increasingly
affluent London suburb and a burgeoning residential market.
Based on our analysis the current rent of £50,000 per annum reflects a Zone A rate of approximately £95 on the ground floor retail unit. Interestingly, on inspection there
is extremely limited vacancy along the Broadway demonstrating the strength of the pitch.
We have been advised that the residential market in Ealing is seeing increasingly high demand.
We understand a refurbished second floor one bedroom flat at 3 The Green comprising 53 sq m / 571 sq ft sold for £425,000 equating to £8,108 per sq m / £744 per
sq ft capital value in February 2016. In the same property a refurbished first floor flat of 58 sq m / 624 sq ft sold in December 2015 for approximately £450,000 equating
to £7,758 per sq m / £721 per sq ft. In addition, we are advised that a 33.3 sq m / 360 sq ft one bedroom flat above commercial in Oak Road is under offer at £350,000
equating to £10,462 per sq m / £972 per sq ft capital value.
According to the local residential estate agents we have spoken to a one bedroom maisonette of the size for which there is planning consent would achieve in the region
of £550,000 to £600,000 or £8,611 per sq m / £800 per sq ft to £9,687 per sq m / £900 per sq ft capital value depending upon the specification and quality of the
finished product.
With transport connections often the deciding factor for many property buyers and occupiers, areas benefitting from new transport links and the associated infrastructure
often experience above average demand and subsequently higher values. Therefore, the arrival of Crossrail in 2019 could further enhance Ealing’s already strong appeal
for investors and residents.
1. An opportunity to acquire an attractive retail investment in an increasingly
affluent London Borough;
2. The property is in a prime trading location in the heart of Ealing’s retail pitch
within a minute’s walk of Ealing Broadway Station and under 100 metres from
Ealing Broadway Shopping Centre;
3. Ealing is set to benefit significantly from Crossrail opening in 2019;
4. Open market letting in 2014;
5. Let to an established multiple tenant with 8 years unexpired lease term;
6. The property benefits from planning consent for a new residential flat at the
rear in a location experiencing high demand;
7. No VAT payable;
8. This an opportunity for a purchaser to acquire a London investment at an
attractive lot size with opportunities to enhance value.
SUBJECT TO CONTRACT & EXCLUSIVE OF VAT Misrepresentation Act 1967 Singer Vielle for themselves and for the Vendors or Lessors of this property whose Agents they are give notice that: 1. The particulars are set out as a general outline only for the guidance of intending purchasers or lessees, and do not constitute, nor constitute part of, an offer or contract
2. All descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given in good faith and are believed to be correct but any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them. 3. No person in the employment of Singer Vielle has any authority to make or give any representation or warranty whatever in relation to this property. 4. All maps are for identification purposes only and should not be relied upon for accuracy. 5. Unless otherwise stated, all prices and rentals quoted are exclusive of Value Added Tax to which they may be subject. Finance Act 1989 Unless otherwise stated, all prices and rents are quoted exclusive of VAT. Property Misdescriptions Act 1991 These details are believed to be correct at the time of compilation, but may be subject to subsequent amendment. Concerning the Properties listed and/or appearing on the Site: 1. Under no circumstances shall we be liable to you for any direct, indirect, consequential, incidental or special damages arising out of your purchase or lease of any Properties on the Site. 2. Under no circumstances shall we be liable for any errors or incompleteness of the information relating to any Property listed on this Site or if any Property has been withdrawn from sale or lease nor shall we be responsible for any inaccurate dimensions of any Properties or price listed. 3. Our website service permits you to enquire about and to purchase or lease Properties appearing on or listed on this Site. Such enquiries, purchase or leasing can only be made and permitted strictly subject to the terms and conditions set out below. 4. We do not accept responsibility or liability for the completeness or accuracy of information appearing on this Site which is provided by the Vendors or Lessors of the Property concerned who are solely responsible for such information. 5. Whilst we believe that the Properties listed are available for purchase or lease we make no guarantee that this is the case or that they have not been withdrawn by the Vendor or Lessor of the same. All Properties appearing or listed on the Site are subject to changes, errors or omissions. We have not verified the accuracy of the information relating to the Properties or any dimensions which have been given by the Vendors or Lessors. 6. All Properties are listed subject to contract and the prices shown are exclusive of VAT if applicable.
Our client is seeking offers of £1,100,000 (One million, one
hundred thousand pounds), subject to contract, reflecting
a net initial yield of 5.5% on the commercial unit and
£3,934 per sq m / £365 per sq ft for the residential
planning consent.
Singer Vielle Vendors’ Solicitor
94-96 Wigmore Street Axiom Stone Solicitors
London W1U 3RF 1 Spring Villa Road,
Tel: +44 (0) 207 935 7200 Edgware, Middlesex HA8 7EB
Neil Singer neil@singervielle.co.uk Tel: 020 8422 1181
Dale Henry dale@singervielle.co.uk Jaymini Ghelani JG@axiomstone.co.uk
Richard Wolfryd richard@singervielle.co.uk
VAT will not be payable on the purchase price.
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