AN EXCITING MIXED USE INVESTMENT OPPORTUNITY WITH FUTURE DEVELOPMENT OPPORTUNITIES

WESTBOURNE GROVE LONDON W2

4642 44a

MARYLEBONEREGENTS PARK

HYDEPARK

WHITELEYS MAYFAIR

MARBLE ARCH

Held Freehold over 3 addresses.

12,746 sq ft including elements of retail, office and warehouse.

Four tenancies providing a total income of £260,550 pa.

Asset Management opportunities on existing reversionary leases.

76% of the income let to Planet Organic.

Rear Access from Newton Road.

Potential development opportunities at lease expiry (Subject To Planning).

We are instructed to seek offers in excess of £5,750,000 which reflects a Net Initial Yield of 4.20% and a Low Capital Value of £451 per sq. ft. Subject to Contract.

PADDINGTONSTATION

INVESTMENT

SUMMARY

4642 44a

LOCATIONWestbourne Grove is at the heart of an iconic area of West London, linking Queensway with Portobello and Notting Hill. Westbourne Grove itself forms the northern boundary of Bayswater.

As a location it is popular with an eclectic range of retailers and restaurateurs, appealing to the affluent local population such as Franco Manca, Byron Burger, Carluccio’s, Cote Brasserie, Farmacy, Tinseltown and BoConcept not to mention the recently refurbished and world famous Whiteleys department store which is nearby, at the northern end of Queensway.

Aldridge V

illas

Talbot Road

Tavistock R

oad

Moscow Road

Here

ford

Roa

d

Dawson Place

Chilwor

th St

Porchester Terrace

Bourne Terrace

Westbourne Park Road

Quee

nsboro

ugh Terra

ce

Newton Rd

Kilda

re Rd

Bayswater Road Bayswater Road

Ladbroke G

rove

Ladbroke Grove

Pem

brid

ge R

oa

d

Westbourne Grove

Bishop’s Bridge Road

Harrow Road

Inverne

ss Terra

ceQue

ensw

ay

Westbourne Park Road

B412

Che

psto

w Ro

ad

Great W

estern Road

Craven Hill

Crave

n Roa

d

Pared

Stree

t

Susse

x Gard

ens

Westbourne Bridge

W C

arria

ge D

r

WES

TWAY

WESTWAY A40

WESTWAY A40

EDGW

ARE ROAD

PORTOBELLO MARKET

WHITELEYS

WAITROSE PADDINGTON STATION

ROYAL OAK STATION

WESTBOURNE PARK

LADBROKE GROVE

NOTTING HILL

HOLLAND PARK

QUEENSWAY

LANCASTER GATE

4642 44a

SITUATIONThe retail units are located in an excellent retail location on the north side of Westbourne Grove, close to the retail centre of Queensway and Whiteleys, with other retailers in the immediate vicinity including Gourmet Burger Kitchen, Nandos, Banana Tree, Rush Hair, Costa Coffee, TSB and BoConcept interiors.

DEVELOPMENT OPPORTUNITIES & ASSET MANAGEMENTAt the reversion of the Planet Organic tenancies there will be an opportunity to either regear the leases or to redevelop the rear warehouse space subject to the necessary planning consents.

42

44a

46

TENURE Freehold

Address Floor Use Tenant Floor Area NIA Sq M

Floor Area NIA Sq Ft

ITZA Sq Ft

Term Start Date

Term End Date

Yrs Remaining

1954 Act

Passing Rent £psf

Passing Rent £psf ITZA

Passing Rent

42 Westbourne Grove 2nd B1 Office 86 Limited 63.54 684 23/07/07 22/07/22 4.47 Yes £14.71 £10,000

42 Westbourne Grove 1st B1 Office Planet Organic Limited 61.78 665 24/06/10 23/06/20 2.39 Yes £30.00 £19,800

42, Westbourne Grove G A1 Retail Planet Organic Limited 99.50 1,071 1,443 24/06/10 23/06/20 2.39 Yes £106.03 £153,000

44a, Westbourne Grove 1st B8 Storage / Distribution

347.92 3,745 Yes

44a, Westbourne Grove G A1 Retail 391.22 4,211 Yes

46 Westbourne Grove 2nd B1 Office Faber Limited 78.04 840 28/02/07 27/02/17 Holding over Yes £17.16 £15,000

46 Westbourne Grove 1st B1 Office Planet Organic Limited 78.32 843 24/06/10 23/06/20 2.39 Yes £30.05 £26,200

46 Westbourne Grove G A1 Retail Alounak (Westbourne Grove) Ltd

63.82 687 446 11/02/09 10/02/19 1.03 Yes £81.95 £36,550

TOTALS 1184,14 12,746 £260,550

DESCRIPTION & ACCOMMODATIONThe premises consist of 3 interconnected Freehold properties.

Overall, the premises consists of 12,746 sq ft of well configured, open and flexible retail/office and warehouse space on Ground, First and Second floors.

Numbers 42 and 46 consist of retail units (A1) with two floors of office (B1) accommodation above. 44a is located to the rear of the retail units with the ground floor used as A1 retail (currently integrated into the retail unit of No. 42, with the first floor currently used as warehousing / food preparation space).

The property benefits from excellent servicing facilities with loading access to a service yard from Westbourne Grove. There is also rear access via a passageway from Newton Road.

TENANCY SCHEDULE

COVENANT76% of the property is let to Planet Organic over 3 separate coterminous leases. This was their first store. Planet Organic have been in occupation for over 20 years and use the premises as their head office and food preparation centre for all London stores.

Planet Organic is rated by CreditSafe as a 50C rating which shows a Low Default Risk. Further details on request.

VATThis property is not elected for VAT.

PROPOSALWe are instructed to seek offers in excess of £5,750,000 which reflects a Net Initial Yield of 4.20% and a Low Capital Value of £451 per sq. ft. Subject to Contract.

Property Consultants

FURTHER INFORMATION

Please note that all floor areas have been recorded by Sterling Temple. Purchasers are advised to verify all floor areas and satisfy themselves in that respect.Misrepresentation Act 1967. These particulars are intended only to give a fair description of the property and do not form the basis of a contract or any part thereof. These descriptions and all other information are believed to be correct but their accuracy is in no way guaranteed (April 2018).

Designed and produced by Oracle Creative | www.oraclecreative.co.uk

LIFT

N

S

44a

FLOOR PLANNot to Scale

N

S

4246

TO N

EW

TON

RO

AD

Nicholas Silver

T | 020 7927 0622

E | nicholas@rib.co.uk