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Prime London Suburb Freehold Property with A1/A3 planning consentFor sale with full vacant possession
PRIME TRADING LOCATION ON GEORGE STREET OPPOSITE THE SOON TO BE DEVELOPED HOUSE OF FRASER DEPARTMENT STORE
INVESTMENTSUMMARY
Richmond lies just 9 miles south west of Central London and is one of London’s most popular and prosperous boroughs offering a blend of urban and rural qualities in a major capital city.
Affluent borough population of approximately 196,000 people.
Thriving residential and tourist location served by National Rail and London Underground.
4.5m visitors to Richmond every year.
Freehold.
Benefit of a current A1/A3 planning consent.
Prime trading location on George Street adjacent to Marks & Spencer, whilst in close proximity to Anthropologie, Jo Malone, Molton Brown and the House of Fraser department store which will be redeveloped into 22,000 sq ft of prime retail and 42,000 sq ft of grade A office accommodation.
Potential to convert upper floor to residential and increase massing, subject to planning.
Our clients are seeking offers in excess of £2,000,000 (Two Million Pounds) subject to contract and exclusive of VAT, which reflects a capital value of £321 per sq ft.
GEORGE STREET, RICHMOND, TW9 1JY
RICHMONDGREEN
KING STREET
HILL STREET A307
RED LION STREET A307
GEORGE STREET A305
LOCATIONRichmond sits within the London Borough of Richmond upon Thames, located approximately 9 miles (14.5 km) to the south west of Central London. Richmond has excellent communication links, positioned within close proximity of Junction 1 of both the M4 to the north east and the M3 to the south west. These readily accessible motorways provide access to the M25 to the west. The town is served by a mainline railway station, with a fastest journey time to London (Waterloo) station of approximately 20 minutes. Richmond station is also serviced by the London Underground District Line. Heathrow Airport is within 11 miles of Richmond, serving a wide variety of both domestic and international destinations.
A205
Upper Richmond Rd A205
A3
A3
Kingst
onRd
RobinHoo
dWay
A3 A24
A24
Chertsey
RdA316
Twickenham Rd
A316
A316
A4
A4A214
A4
M4
A4
RIVER
TH
AMES
RichmondPark
HamptonCourt Park
Bushy Park
Royal Botanic Gardens
Kew
GunnerburyPark
WWT London Wetland
Centre
Wimbledon & Putney Commons
RoyalWimbledon
Golf Club
Wimbledon Park
RICHMOND
FULHAM
WIMBLEDONKINGSTON
UPON THAMES
GEORGE STREET, RICHMOND, TW9 1JY
DEMOGRAPHICSThe London Borough of Richmond has a population of 196,000 persons (GLA 2015) and a compact primary catchment population of circa 106,000 which is supplemented by a thriving tourist industry, attracted by the shopping and bars, Richmond Park and the River Thames.
Experian categorise 46.25% of the population (within the 15-minute drive-time) as being within the City Prosperity Mosaic grouping suggesting ‘high status city dwellers living in central location pursuing high reward careers’.
The Richmond office sector is focused on media, technology and financial services. Ebay, Paypal, Gumtree and Graze are represented, earning the town the nickname, ‘Silicon on Thames’. RBS, British American Tobacco, Philip Morris & Company, Serco and GSA Capital are also major employers in the borough, while GlaxoSmithKline, BskyB and Samsung amongst others all have significant UK headquarters nearby.
Richmond was voted London’s happiest place to live for the fifth year running by the Evening Standard Homes & Property 2019.
GEORGE STREET, RICHMOND, TW9 1JY
RETAILING IN RICHMONDRichmond is a busy and affluent commercial business centre with a unique national and independent retail offering.
The prime retailing thoroughfare is located along the length of George Street and part of lower George Street, where major occupiers include Whole Foods, Marks & Spencer, Waterstone’s, H&M, Anthropologie, Zara Home, Ole & Steen and Tesco. The House of Fraser department store will close in September and will be remodelled by Canadian & Portland into a mixed use development with 22,000 sq ft of prime retail/leisure on the ground floor and basement and 42,000 sq ft of office accommodation on the upper floors.
The town also has a particularly good range of quality fashion retailers including Joseph, The Kooples, Whistles, Gant, Jigsaw and Max Mara. Richmond has no managed retail floor space. The other main shopping streets in Richmond are The Quadrant and Hill Street, with the latter being primarily occupied by upmarket fashion retailers, restaurants and cafes. Richmond also benefits from a strong food and beverage provision, with representation including The Ivy, Gaucho, Franco Manca and Petersham Nurseries.
GEORGE STREET, RICHMOND, TW9 1JY
IN GOOD COMPANY.RICHMOND HAS
A SIGNIFICANTLY ABOVE AVERAGE
VOLUME AND QUALITY OF RETAIL
PROVISION.
RICHMONDGREEN
PAVED
COUR
T
GOLDEN COURT
RED LION STREET
KING STREET
GEORGE STREETHALFORD ROAD
PARADISE ROAD
WAKEFIELD ROAD
CHURCH TERRACELEWIS ROAD
ETON STREET
CASTLE YARD
WHITTAKER AVENUEOFFICE
SO BA
RVACA
NT
JEWEL
LERBR
ITANNIA
GELA
TERIA
JEWEL
LER
CHOCOLATIER
SALON
OFFICE
JEWEL
LER
DANIEL
I
HAIR-
DRES
SER
TOAST
CHOCOLATIER
ORGA
NICMIND
OFFICE
VENCHI
DWELLINGS
DWELLINGS
ST MARY MAGDALENE
CORAL
RUSSELL & BROMLEYPRET A MANGER
LEON
SANTANDER
HAIRDRESSER
THE ANGEL & CROWN
CAFE ALAMBRA
BEAUTY SALON
BOOKSHOP
GIFTSHOP
NEWBIE
BUREAU DE CHANGE
JEWELLER
CREW
KISSTHE
HIPPO COFFEE
AVED
A
NATIONWIDE
CAFE
FLORIST
JOE &THE JUICE
TRAILFINDERS
EE
BOWLEYS
BOLONGARO
TREVOR
MOOCA
COFFEE
HEROES
SURVEYORSOLICITOR
THE CRICKETERSDWELLINGS
OFFICE
OFFICE
OFFICE
OFFICE
OFFICE
OFFICE
OFFICE
OFFICE
HEALTH CENTRE
SOLICITOR
GANDYS
DAVID CLULOW
MOLTON BROWNJO MALONE
JEWELLER
GALLERY
DWELLINGS
DWELLINGS
HAIRDRESSER
CAFE
OFFICE
INTERIORS
THEPRINCE’S
HEAD
WHITE
STUFF
WATER
LILY
ITSU
OFFICE
OFFICEOFFICE
OFFICE
HAYS
OFFICE
DWELLINGS
HALL &
LA BUVETTE
DWELLINGS
DWELLINGS
KILLIK
& CO
ARTSTUDIOCHANGO
COBBLERSCAFE
JEWELLER
LULUGREYJEWELLER
AESOP
TIT FER TAT
HAIR-DRESSERSCOFFEE &
TEA SHOP
JEWELLER
CAFE
MARY’SLIVING
CAFE
NEW
STITCHES
VACANT
BEAUTY
SALON
RINCON
THAI ELEPHANT
BARBERS
HAIRDRESSERS
MAIL BOX
DRY CLEANING
RAYGUN
ESTATE AGENT
VACANT
BRIDAL SHOP
HILLTREE
BARBERS
AL BOCCONDI VINO
TASTE OF GUJARAT
MATSUBA
HEALTHCLINIC
FIRED EARTH
ESTATE AGENT
ESTATE AGENT
PATISSERIE VALERIEOFFICE
GENCOTIMPSONCARA
BEAUTY
SALON
CARDS GALORE
OFFICEESTATEAGENTS
KOOKS
TOYSTATION
ESTATE
AGENT
BEAUTY
SALON
RICHMOND SPORTS
KALL KWIK
PRT & PHCPY
OFFICE
BEAUCHAMP
VAPE SHOP
DRY CLEANING
OFFICE
HAIRDRESSER
DELI
HAIR-
DRESSER
TECHISM
FOOTSOLUTIONS
SWEATY BETTY
TANNERS
LIZARD MENSWEAR
DIVERSO MENSWEAR
VACANT
JEWELLER
ART GALLERY
URBAN DINER
ZADIG & VOLTAIRE
COTE
OFFICE
RICHMOND HILL
HEALTH CLUB
MATCHES
CURZON
OFFICE/ PIG’S EAR
NOBLE JONES
WAGAMAMA
CANCER
RESEARCH
L.K.BENNETT
DWELLINGS
WATERMAN’S
ARMS
THE OLD SHIP
ZIZZINAILED IT
IRIS
OFFICE
SPORTIN
G FEE
T
BOOK
SHOP
FISH RE
STAUR
ANTTR
ATTO
RIA
OFFIC
ENEAL
’S YARD
FEAT
HER & ST
ITCH
(To be redeveloped)
SITUATIONThe subject property is located in a prime trading location, in the central section of George Street adjacent to Marks & Spencer and opposite the proposed House of Fraser department store redevelopment.
DESCRIPTIONThe property currently comprises a retail unit arranged on ground and first floor and benefits from rear access from Red Lion Street.
GEORGE STREET, RICHMOND, TW9 1JY
ACCOMMODATIONThe property is currently arranged on ground and first floor and comprises the following approximate net internal floor areas:
Internal Width 40ft 5 inches 12.38 m
Ground Floor Sales 3,239 sq ft 300.91 sq m
Ground Floor ITZA 1,521.4 units
First Floor Ancillary 2,986 sq ft 277.40 sq m
Total 6,225 sq ft 578.31 sq m
PLANNING USEPlanning permission was granted in April 2018 for a change of use from Class A1 to flexible use within Class A1 and/or Class A3. Further details are available on request. New proposed legislation will make it easier to change land use in town centres, allowing empty shops to be converted into residential or alternative uses.
The property is situated within the Central Richmond Conservation Area.
EPCThe property has an EPC rating of D79 and further information is available from this office.
GEORGE STREET, RICHMOND, TW9 1JY
TENUREFreehold.
For further information please do not hesitate to contact:
Philip Hay BSc (Hons) MRICS020 7637 [email protected]
VATThe property is elected for VAT and VAT will be payable on the purchase price.
PROPOSALWe are instructed to seek offers in excess of £2,000,000 (Two Million Pounds) subject to contract and exclusive of VAT for the benefit of our client’s freehold interest. A purchase at this level reflects a capital value of £321 per sq ft.
Recent sales include 54 George Street which was sold in May 2019 to Dalesford Estates at a price of £5m reflecting a capital value of £623 per sq ft.
Messrs. Jackson Criss for themselves and for the vendors or lessors of this property whose agents they are to give notice that: (i) 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; (ii) 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 of representations of fact but satisfy themselves by inspection or otherwise as to the correctness of each of them; (iii) no person in the employment of Messrs. Jackson Criss has any authority to make or give any representation or warranty whatever in relation to this property. 102463. Designed by TCC 07/20.