WHARF HOUSE, 1 BREWERY LANE TWICKENHAM TW1 1AA
VIRTUAL FREEHOLD RESTAURANT INVESTMENT
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INVESTMENT CONSIDERATIONS ■ Prime location in the affluent suburban town of
Twickenham.
■ Prominently situated opposite Twickenham Railway Station.
■ Excellent transport links to Central London and London Airports.
■ Property comprises a well-configured ground floor restaurant unit, totalling 3,147 sq ft.
■ Let to MW Restaurants Limited with a further 22.5 years to expiry
■ Passing rent of £94,000 per annum, equating to £29.87 per sq ft.
■ 5 yearly RPI rent reviews compounded (2%-5% collar and cap per annum)
■ No breaks.
■ Virtual Freehold : 999 year lease
■ We are seeking offers in excess of £1,365,000 (One Million Three Hundred and Sixty Five Thousand Pounds) subject to contract and exclusive of VAT. This shows a net initial yield of 6.5% after allowing for purchaser’s cost of 6.03%.
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Gatwick AirportGatwick Airport
M4M
23
M3
M25
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25 TWICKENHAMHeathrow
AirportHeathrow
Airport
CanaryWharfLondon BridgeClapham Junction
Morden
WimbledonRichmond
Ealing Broadway Earls Court
Heathrow
Blackfriars
Victoria
Whitechapel
Epsom
WestCroydon
Croydon
To Dorking
To Brighton
To Maidstone
Wimbledon
King’s Cross / St. Pancras International
Waterloo
Piccadilly Line
Rail
Northern Line
Railway Station
Underground Station
Tram Station
Overground StationVictoria Line
District Line
Twickenham
EEL PIE ISLAND
Ham Lands
Craneford Way
Playing Fields
RIVE
R TH
AMES
Whitton Road
Craneford Way Craneford Way
Egerton Roa
d
Court Way
Court Way Heathfield S
Heathfield S
Cole Park Road
Rad
nor Ro
ad
Gra
nge
Ave
Upper Grotto Road Grotto Road
Ten
ny
son
Ave
nue
Edwin Road
Ha
milto
n Roa
d
Station Road
Laure
l Ave
nue
Clifd
en Ro
ad
Clifd
en Ro
ad
Copthall G
ardens
Holly Road
Grosven
or Road
Queens Road
Sharla
nd Road
Church St
Arragon RoadBell LnW
ater Ln
Riverside
Lebanon Park
Sion Rd
Ferry Roa
d
Mary’s Terra
ce
Am
yand
Park
Road
Victoria Rs
Strafford Rd
Haggard Road
Orleans Road
Saville
Roa
d
He
ath G
ard
ens
Lion Ro
ad
Heath Road Heath Road K
ing Stre
et
A
305
Richmond Road
Richm
ond Road
Chertsey Road
London Road
A31
0
A31
0
Whitton Road
Lond
on
Ro
ad
RIVER CRANE
Twickenham
St Margarets
LOCATIONTwickenham is an affluent suburban town located in the southwestern quadrant of Greater London, popular with City workers and families. This densely populated residential area is the largest town within the London Borough of Richmond, which as a borough, boasts a population of 195,680 residents. The area contains a significantly above average proportion of adults within the most affluent AB social group (PROMIS). Twickenham continues to benefit from significant residential regeneration, especially near the Railway Station due to the excellent transport links.
The town is approximately 16.2 km (10 miles) south west of Central London, 4.3 km (2.6 miles) north east of Kingston-upon-Thames and 9.0 km (5.6 miles) east of Heathrow Airport. Twickenham benefits from excellent communication links to Central London and London Airports from Twickenham Station, located approximately 100 yards to the east of the property.
Twickenham is world renowned for Twickenham Stadium, home of English Rugby with a capacity of 82,500. As well as the venue for home internationals, the stadium hosts other sporting events, concerts and conferences attracting tens of thousands to the town on a regular basis.
TRAVEL TIMES
By Train
Clapham Junction 12 mins
Kingston 12 mins
London Waterloo 20 mins
Reading 58 mins
By Car:
Kingston-upon-Thames 11 mins
London West End 45 mins
London City 55 mins
Reading 55 mins
Airports:
London Heathrow 15 mins
London Gatwick 50 mins
London Luton 60 mins
London City 70 mins
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A310 London Road
S Crane Road
Brewery Lane
Brewery Lane
TwickenhamStation
River Crane
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BREWERY WHARF The restaurant is part of the recently completed Brewery Wharf development by Berkeley Group, which, to the rear of the restaurant, provides twenty-eight, luxurious four and five bedroom houses in an exclusively gated mews location. Adjacent to the subject property is a piazza overlooking the River Crane, on the doorstep of the restaurant.
TWICKENHAM GATEWAY Twickenham Gateway is the ongoing redevelopment of Twickenham Station, a project between Network Rail and Kier. Once completed, the development will provide a brand new station building with shops and a café and ground floor level and 1,2 and 3 bedroom contemporary apartments above. The development will boost the aesthetics of the station and certainly increase the resultant footfall.
The developers and Sainsbury’s have agreed a pre-let for the retail unit adjacent to the new station entrance. It is estimated that the development will be completed and functioning from November 2020 onwards.
THE EXCHANGE The Exchange, a community building managed by St Mary’s University, includes a 320 seat theatre in the building adjacent to the subject property with daily music events, comedy nights, cinema and theatre production.
SITUATION The property is situated on the western side of London Road (A310), with a piazza to the entrance of the restaurant overlooking the River Crane. The property is directly opposite the popular Twickenham Railway Station (Southwestern Railway, Zone 5), therefore attracting high footfall rates throughout the day. It fronts onto London Road (A310), which has access to A316 to the north, which leads to the M25 to the south west and Richmond/ Chiswick to the north west.
The property is located in a densely populated residential area with various developments under construction in the vicinity. The area provides a mix of local and multiple retailers / restaurants and the immediate area is of mixed use with retail, offices and residential occupiers.
Travelodge Twickenham is located less than 200 yards away from the property, on the opposite side of the railway bridge. The 10-storey Travelodge consists of 111 bedrooms and is in a prime location for visitors of Rugby games.
Adjacent to the subject property, the Haymarket Media Group occupy the five-storey office building as their headquarters, housing hundreds of their employees.
LOCAL HIGH STREET
TWICKENHAM STADIUM
Site outline for identification purposes only.
DESCRIPTIONThe property comprises the ground floor of a newly built 4 storey brick building, part of a wider executive development by Berkeley Group. The ground floor unit provides a modern, high-end restaurant unit, totalling 3,147 sq ft (292.45 sq m). The upper parts of the building comprise executive residential flats, not included in the sale.
The tenant has installed a comprehensive commercial kitchen, fitted out a high specification restaurant area as well as a quirky, modern bar area with pool table. High ceilings, stripped back to bare minimum creates a spacious atmosphere for the visitors. Overlooking the fountain on the piazza and the River Crane, there is an outdoor seating area to the front of the restaurant.
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TENANCYThe property is let to MW Restaurants on an effectively full repairing and insuring lease(1) for a term of 25 years from 22 March 2017 expiring in March 2042. The current passing rent is £94,000 p.a. exclusive of VAT and the lease is subject to 5 yearly rent reviews to the higher of Open Market Value or RPI on a compound basis.
The RPI uplift is subject to a collar of 2% and a cap of 5% per annum. (1) The tenant is directly responsible for all internal repairs and responsible under the service charge for a fair and reasonable proportion of all other repairs and estate maintenance enjoyed by the tenant including the building structure.
TENUREVirtual Freehold – 999 year lease.
COVENANTMW Restaurants, incorporated on 20th March 2014, was set up by Martin Williams. Previously to his role at MW Restaurants, Martin was the Managing Director of Gaucho until 2014 when he sold the business. Gaucho’s recent struggles have seen Martin return to Gaucho as CEO in an attempt to save the company from entering into administration.
M Restaurant has become an award winning restaurant and bar establishment offering an inspired dining experience; offering private members’ area, wine tasting rooms, secret dens and flexible event space.
The ‘M’ brand currently has 3 restaurants in London: Threadneedle Street, Twickenham and Victoria Street, with an additional M Wine Store.
MW Restaurants Limited reported the following results in 2016/2017:
Dec 2016 Dec 2017
Turnover £5,595,501 £6,611,172
Pre Tax Profit £-598,480 £-547,372
Total Net Worth £4,619,912 £3,956,376
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Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design CommandD www.commandHQ.co.uk 10.19
For further information or to make arrangements for viewing please contact:
Ronnie Morgan0207 7543 [email protected]
Gergo Petrovics0207 7543 [email protected] allsop.co.uk
PROPOSALWe are seeking offers in excess of £1,365,000 (One Million, Three Hundred and Sixty Five Thousand Pounds) subject to contract and exclusive of VAT. This shows a net initial yield of 6.5% after allowing for purchaser’s cost of 6.03%.
VATThe property is elected for VAT and we would expect the transaction to be treated as a Transfer of a Going Concern (TOGC).
EPCAvailable in the dataroom.
DATAROOMFor access to the Allsop dataroom please use the following link:
https://datarooms.allsop.co.uk/register/mrestauranttwickenham
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