857/859 Fulham road, London sw6
857/859 Fulham road, London sw6
857/859 Fulham Road, London SW6 Investment Summary
Freehold mixed use retail & residential opportunity situated in a prominent trading pitch at the junction of Fulham Road and Munster Road.
Retail element let to The Carphone Warehouse on a lease expiring 9th January 2017 at a passing rent of £70,000 pa reflecting £70.00 ITZA.
The subtenant of 857 Fulham Road, Roundhouse Design has agreed a new 5 year lease direct from the Landlord commencing on expiry of the current sub-lease.
Residential apartment comprising 1,124 sq ft arranged over 1st and 2nd floors available with vacant possession. Additional apartment has been sold off on a LLH expiring 2120 at a ground rent of £50 pa increasing to £100 pa in 2020.
Potential for redevelopment and additional space gain to the rear of the property on the upper floors subject to the necessary consents.
Offers are invited in excess of £2,110,000, subject to contract and exclusive of VAT, reflecting a net initial yield of 5.25% on the retail element and £800 per sq ft on the residential assuming acquisition costs of 5.8%.
857/859 Fulham Road, London SW6 Location Situated in Fulham, South West London, the subject property lies on the south side of Fulham Road towards its western end at the junction with Munster Road, a short walk from Parsons Green and New Kings Road. The area is typified by a mixture of retail and residential accommodation with the majority of properties along the road comprising ground floor retail and residential/ancillary on the upper floors. The western section of Fulham Road is characterised by independent retailers serving the affluent local population. To the north east of the property is Fulham Broadway Shopping Centre which attracts 12 million visitors a year and is surrounded by a number of upmarket restaurants and bars.
Communications The property is served by good public transport connecting the area with Central London. It is situated on a major bus route and is located approximately 0.3 miles to the west of Parsons Green Underground Station and approximately 0.7 miles to the south of Fulham Broadway Underground Station. Both stations are on the Wimbledon branch of the District Line. In addition West Brompton Station is approximately 1.2 miles to the north west which provides an overground service.
857/859 Fulham Road, London SW6 Property Description The property occupies a prominent corner site and is arranged over basement, ground and two/three upper floors. The basement and ground floors comprise two retail units at numbers 857 and 859 Fulham Road with the basement of number 857 extending beneath the adjacent unit of number 859. The upper floors comprise 2 / 3 bedroom 2 bathroom maisonettes. 857a will be offered with vacant possession and 857b has been sold on a LLH interest expiring in 2120.
Accommodation Schedule We understand the property provides the following approximate net internal floor areas. 857 Fulham Road– Roundhouse Design Floor Ground Floor Basement Total
Tenure Freehold.
Area (sq ft) 628 1,041 1,669
ITZA1 483
Area (sq ft) 708 2,377
ITZA1 520
859 Fulham Road– Carphone Warehouse Floor Ground Floor Total Retail
Redevelopment Potential The rear of the property comprises an underutilised yard area and subject to the necessary consents there would be the ability to reconfigure the existing property to create additional accommodation arranged over a number of levels.
Use Retail Sales Retail Ancillary
1The
Use Retail Sales
ground floor area has been expressed in terms of 20ft zones.
857a Fulham Road – Residential Floor 1st Floor 2nd Floor Sub Total
Use Residential Residential
Area (sq ft) 552 572 1,124
Use Residential Residential Residential
Area (sq ft) Not measured Not measured Not measured c.1,300 c.4,801
859a Fulham Road – Residential Floor 1st Floor 2nd Floor 3rd Floor Sub Total Total
857/859 Fulham Road, London SW6 Tenancy Schedule Tenant
Floor
Use
Area (sq ft)
Lease Start
The Carphone Warehouse Limited
Ground and Basement 857859 Fulham Road
Retail
2,377 (occupy 708)
11/01/2002
Roundhouse Design1
Ground of 857 and Basement of 857-859 Fulham Road
Retail
1,669
Residential
1,124
Residential
c. 1,300
Vacant Possession Robert Smith Total 1Roundhouse Design
857a 1st & 2nd Floor 859a 1st, 2nd & 3rd Floor
3,501
Lease End
Rent (ITZA)
Passing Rent pa
09/01/2017
£70.00
£70,000
01/06/2013
06/01/2017
£74.00
£38,500 (payable to the Carphone Warehouse)
29/09/1995
29/09/2120
(Break)
£50.00 (increasing to £100 pa in 2020) £70,050
is a sub-tenant of The Carphone Warehouse and occupy the ground floor of number 857 and the basement of 857-859 Fulham Road.
A counterpart lease dated 16 June 2013 has been agreed between the Landlord and Roundhouse Design for a term of 5 years commencing 7 January 2017 and expiring 6 January 2022. The initial rent agreed of £30,000 per annum is to be reviewed on 7 January 2017.
857/859 Fulham Road, London SW6 Covenants The Carphone Warehouse 100% of the income is currently secured to The Carphone Warehouse. The company is an independent mobile phone retailer with over 1,700 stores across Europe. In August 2014 the company merged with Dixons Retail to form Dixons Carphone. The Carphone Warehouse has a D&B rating of 5A1 which represents a minimum risk of business failure. Roundhouse Design Limited
None of the current income to the Landlord is secured to Roundhouse Design however as of 7th January 2017 the tenant will pay rent direct to the Landlord. Roundhouse Design specialise in the design and manufacturing of bespoke kitchens and other furniture. In addition to the Fulham showroom they are located in the West End, Notting Hill, Islington, Richmond, Guildford and Cheltenham with a factory in Malvern, Worcestershire. Roundhouse Design Limited has a D&B rating of A1 which represents a minimal risk of business failure.
Planning The property is located within the London Borough of Hammersmith and Fulham. The building is neither listed nor within a Conservation Area. The retail units are used for the sale of products under class A1 of the use classes order 1987. *For illustrative purposes only.
VAT The property has been elected for VAT purposes and VAT will therefore be payable on the purchase price unless the transaction is completed as a transfer of a going concern (TOGC).
857/859 Fulham Road, London SW6 Proposal We are instructed to request offers in excess of £2,110,000, reflecting a net initial yield of 5.25% on the retail element, and £800 per sq ft on the residential, assuming acquisition costs of 5.8%.
Further Information For further information or to arrange an inspection, please contact the following: James McCluskey Tel: 020 7861 1522 Email: [email protected] Niall Scott-Underdown Tel: 020 7861 1231 Email: [email protected] Lara Samworth Tel: 020 7861 1676 Email: [email protected]
Subject to Contract and Exclusive of VAT Important notice Knight Frank LLP is not authorised to and cannot advise in relation to any sale of shares and will act as agents in respect of the sale of the property interest only. We would recommend that you seek your own independent advice in relation to any sale of shares or other corporate structure and we are not responsible for any information or opinions provided in respect of any such sale. Particulars: These particulars are not an offer or contract, nor part of one. You should not rely on statements by Knight Frank LLP in the particulars or by word of mouth or in writing (“information”) as being factually accurate about the property, its condition or its value. Neither Knight Frank LLP has any authority to make any representations about the property, and accordingly any information given is entirely without responsibility on the part of the agents, seller(s) or lessor(s). Photos etc: The photographs show only certain parts of the property as they appeared at the time they were taken. Areas, measurements and distances given are approximate only. Regulations etc: Any reference to alterations to, or use of, any part of the property does not mean that any necessary planning, building regulations or other consent has been obtained. A buyer or lessee must find out by inspection or in other ways that these matters have been properly dealt with and that all information is correct. VAT: The VAT position relating to the property may change without notice. Knight Frank LLP is a limited liability partnership registered in England with registered number OC305934. Our registered office is 55 Baker Street, London W1U 8AN, where you may look at a list of members’ names. November 2014
857/859 Fulham Road, London SW6 Investment Summary
Freehold mixed use retail & residential opportunity situated in a prominent trading pitch at the junction of Fulham Road and Munster Road.
Retail element let to The Carphone Warehouse on a lease expiring 9th January 2017 at a passing rent of £70,000 pa reflecting £70.00 ITZA.
The subtenant of 857 Fulham Road, Roundhouse Design has agreed a new 5 year lease direct from the Landlord commencing on expiry of the current sub-lease.
Residential apartment comprising 1,124 sq ft arranged over 1st and 2nd floors available with vacant possession. Additional apartment has been sold off on a LLH expiring 2120 at a ground rent of £50 pa increasing to £100 pa in 2020.
Potential for redevelopment and additional space gain to the rear of the property on the upper floors subject to the necessary consents.
Offers are invited in excess of £2,110,000, subject to contract and exclusive of VAT, reflecting a net initial yield of 5.25% on the retail element and £800 per sq ft on the residential assuming acquisition costs of 5.8%.
857/859 Fulham Road, London SW6 Location Situated in Fulham, South West London, the subject property lies on the south side of Fulham Road towards its western end at the junction with Munster Road, a short walk from Parsons Green and New Kings Road. The area is typified by a mixture of retail and residential accommodation with the majority of properties along the road comprising ground floor retail and residential/ancillary on the upper floors. The western section of Fulham Road is characterised by independent retailers serving the affluent local population. To the north east of the property is Fulham Broadway Shopping Centre which attracts 12 million visitors a year and is surrounded by a number of upmarket restaurants and bars.
Communications The property is served by good public transport connecting the area with Central London. It is situated on a major bus route and is located approximately 0.3 miles to the west of Parsons Green Underground Station and approximately 0.7 miles to the south of Fulham Broadway Underground Station. Both stations are on the Wimbledon branch of the District Line. In addition West Brompton Station is approximately 1.2 miles to the north west which provides an overground service.
857/859 Fulham Road, London SW6 Property Description The property occupies a prominent corner site and is arranged over basement, ground and two/three upper floors. The basement and ground floors comprise two retail units at numbers 857 and 859 Fulham Road with the basement of number 857 extending beneath the adjacent unit of number 859. The upper floors comprise 2 / 3 bedroom 2 bathroom maisonettes. 857a will be offered with vacant possession and 857b has been sold on a LLH interest expiring in 2120.
Accommodation Schedule We understand the property provides the following approximate net internal floor areas. 857 Fulham Road– Roundhouse Design Floor Ground Floor Basement Total
Tenure Freehold.
Area (sq ft) 628 1,041 1,669
ITZA1 483
Area (sq ft) 708 2,377
ITZA1 520
859 Fulham Road– Carphone Warehouse Floor Ground Floor Total Retail
Redevelopment Potential The rear of the property comprises an underutilised yard area and subject to the necessary consents there would be the ability to reconfigure the existing property to create additional accommodation arranged over a number of levels.
Use Retail Sales Retail Ancillary
1The
Use Retail Sales
ground floor area has been expressed in terms of 20ft zones.
857a Fulham Road – Residential Floor 1st Floor 2nd Floor Sub Total
Use Residential Residential
Area (sq ft) 552 572 1,124
Use Residential Residential Residential
Area (sq ft) Not measured Not measured Not measured c.1,300 c.4,801
859a Fulham Road – Residential Floor 1st Floor 2nd Floor 3rd Floor Sub Total Total
857/859 Fulham Road, London SW6 Tenancy Schedule Tenant
Floor
Use
Area (sq ft)
Lease Start
The Carphone Warehouse Limited
Ground and Basement 857859 Fulham Road
Retail
2,377 (occupy 708)
11/01/2002
Roundhouse Design1
Ground of 857 and Basement of 857-859 Fulham Road
Retail
1,669
Residential
1,124
Residential
c. 1,300
Vacant Possession Robert Smith Total 1Roundhouse Design
857a 1st & 2nd Floor 859a 1st, 2nd & 3rd Floor
3,501
Lease End
Rent (ITZA)
Passing Rent pa
09/01/2017
£70.00
£70,000
01/06/2013
06/01/2017
£74.00
£38,500 (payable to the Carphone Warehouse)
29/09/1995
29/09/2120
(Break)
£50.00 (increasing to £100 pa in 2020) £70,050
is a sub-tenant of The Carphone Warehouse and occupy the ground floor of number 857 and the basement of 857-859 Fulham Road.
A counterpart lease dated 16 June 2013 has been agreed between the Landlord and Roundhouse Design for a term of 5 years commencing 7 January 2017 and expiring 6 January 2022. The initial rent agreed of £30,000 per annum is to be reviewed on 7 January 2017.
857/859 Fulham Road, London SW6 Covenants The Carphone Warehouse 100% of the income is currently secured to The Carphone Warehouse. The company is an independent mobile phone retailer with over 1,700 stores across Europe. In August 2014 the company merged with Dixons Retail to form Dixons Carphone. The Carphone Warehouse has a D&B rating of 5A1 which represents a minimum risk of business failure. Roundhouse Design Limited
None of the current income to the Landlord is secured to Roundhouse Design however as of 7th January 2017 the tenant will pay rent direct to the Landlord. Roundhouse Design specialise in the design and manufacturing of bespoke kitchens and other furniture. In addition to the Fulham showroom they are located in the West End, Notting Hill, Islington, Richmond, Guildford and Cheltenham with a factory in Malvern, Worcestershire. Roundhouse Design Limited has a D&B rating of A1 which represents a minimal risk of business failure.
Planning The property is located within the London Borough of Hammersmith and Fulham. The building is neither listed nor within a Conservation Area. The retail units are used for the sale of products under class A1 of the use classes order 1987. *For illustrative purposes only.
VAT The property has been elected for VAT purposes and VAT will therefore be payable on the purchase price unless the transaction is completed as a transfer of a going concern (TOGC).
857/859 Fulham Road, London SW6 Proposal We are instructed to request offers in excess of £2,110,000, reflecting a net initial yield of 5.25% on the retail element, and £800 per sq ft on the residential, assuming acquisition costs of 5.8%.
Further Information For further information or to arrange an inspection, please contact the following: James McCluskey Tel: 020 7861 1522 Email: [email protected] Niall Scott-Underdown Tel: 020 7861 1231 Email: [email protected] Lara Samworth Tel: 020 7861 1676 Email: [email protected]
Subject to Contract and Exclusive of VAT Important notice Knight Frank LLP is not authorised to and cannot advise in relation to any sale of shares and will act as agents in respect of the sale of the property interest only. We would recommend that you seek your own independent advice in relation to any sale of shares or other corporate structure and we are not responsible for any information or opinions provided in respect of any such sale. Particulars: These particulars are not an offer or contract, nor part of one. You should not rely on statements by Knight Frank LLP in the particulars or by word of mouth or in writing (“information”) as being factually accurate about the property, its condition or its value. Neither Knight Frank LLP has any authority to make any representations about the property, and accordingly any information given is entirely without responsibility on the part of the agents, seller(s) or lessor(s). Photos etc: The photographs show only certain parts of the property as they appeared at the time they were taken. Areas, measurements and distances given are approximate only. Regulations etc: Any reference to alterations to, or use of, any part of the property does not mean that any necessary planning, building regulations or other consent has been obtained. A buyer or lessee must find out by inspection or in other ways that these matters have been properly dealt with and that all information is correct. VAT: The VAT position relating to the property may change without notice. Knight Frank LLP is a limited liability partnership registered in England with registered number OC305934. Our registered office is 55 Baker Street, London W1U 8AN, where you may look at a list of members’ names. November 2014
