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London Retail & Residential Investment
429 Upper Richmond Road WestEast Sheen, London SW14 7PJ
AccommodationWe are advised the property provides the following floor area;
TenureFreehold
TenancyThe ground floor is let to Ray Munn Kitchens Limited (Co. No.03034606) for a period of 10 years from 12th August 2011 expiring 11thAugust 2021 at a current passing rent of £22,000 per annum The leasebenefits from a rent review on the 12th August 2016.
In addition, there is a tenant break option on the 11th August 2016subject to 6 months prior notice and a payment of £5,500. There is alsoa 6 month rent deposit held by the landlord which will be inherited by apurchaser.
The first floor flat is let on an Assured Shorthold Tenancy for 12 monthsfrom 24th July 2012 at £900 per calendar month (£10,800 perannum) hence the tenant is currently holding over. The flat has been letcontinuously to the same individual since 2009.
The second floor flat has been sold off on a 125 year lease from 24thFebruary 2012 at a ground rent of £125 per annum doubling every 25years. The loft space within the second floor flat was converted intoliving accommodation and the lease of the second floor flat wassubsequently transferred to the current owner in November 2012.
The total income from the property is therefore £32,925 per annum.
LocationEast Sheen is an affluent London suburb located in the London Boroughof Richmond upon Thames. East Sheen has good road communicationswith the Upper Richmond Road (A205) being the direct link betweenPutney and Richmond which both have direct access to the M3, M4 andM25 Motorways.
East Sheen is located 2.4 km (1.5 miles) to the south west of Barnes, 3 km(1.9 miles) east of Richmond, 5.7 km (3.6 miles) south west ofHammersmith and 13 km (8.4 miles) north east of Central London.
Rail services run every 15 minutes from London Waterloo with a fastestjourney time of 20 minutes to the nearby Mortlake Station located to thenorth of the subject property as well as numerous bus routes servicing thelocality.
SituationThe subject property is situated on the south side of the Upper RichmondRoad West within a parade of shops with residential accommodationabove. The property benefits from good pedestrian flow with on streetparking immediately outside.
East Sheen provides a blend of national and independent local occupiersthat serve the immediate population anchored by a large modern Waitrosesupermarket. Other occupiers within the vicinity include Boots, CostaCoffee, Superdrug, Feather & Black, Oliver Bonas and WH Smith.
DescriptionThe property comprises an attractive mid-terraced building providing wellconfigured ground floor retail accommodation which has been fitted out toa high standard and visually stands out within the parade.
The first and second floor is residential with its own self contained entrancefrom Colston Road which runs parallel to Upper Richmond Road. The firstfloor comprises a lateral one bedroom flat of a high standard benefittingfrom double glazing, modern fixtures and fittings and outside space.
The second floor flat was extended last year; this has been sold off on along lease and is therefore excluded from the sale.
CovenantRay Munn Kitchens Limited (Co. No. 7590114) has reported the followingfigures;
30th September 2012
Ray Munn Kitchens design and manufacture high end bespoke kitchenswith two London showrooms, the subject property and also in Fulhamat 861-863 Fulham Road, London SW6. For further information pleasevisit http://www.raymunnkitchens.co.uk/
Value Added TaxThe seller has not elected for VAT. Therefore, no VAT will be payable onthe purchase.
ProposalWe are instructed to seek offers in excess of £475,000 (Four Hundredand Seventy Five Thousand Pounds), subject to contract, for the freeholdinterest reflecting a net initial yield of 6.5%.
Contact
Singer Vielle94-96 Wigmore Street [email protected] W1U 3RFTel: 020 7935 7200 [email protected]: 020 7486 8511www.singerviellesales.com [email protected]
Vendors Solicitor
Rokeby Johnson Baars22 Gilbert Street [email protected] W1K 5HDTel: 020 7499 4990
Investment Considerations1. An opportunity to acquire a freehold retail and residential investment in an
affluent South London Suburb
2. The seller has not elected for VAT
3. Attractive lot size to a private investor
4. A purchase at the asking price reflects an attractive net initial yield
Subject to Contract & Exclusive of VAT
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 contract2. 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.
Under no circumstances shall Singer Vielle be liable to you for any direct, indirect, consequential, incidental or special damages arising out of your purchase or lease of any Property.
Unless otherwise stated, all prices and rents are quoted exclusive of VAT.
These details are believed to be correct at the time of compilation, but may be subject to subsequent amendment.
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