London SW19 (WIMBLEDON VILLAGE) 21 High Street 010714
PRIME FREEHOLD RETAIL INVESTMENT and DEVELOPMENT OPPORTUNITY
21 HIGH STREET, WIMBLEDON VILLAGE
smith price
020 7409 2100
RETAIL INVESTMENT WITH DEVELOPMENT OPPORTUNITY LONDON SW19, WIMBLEDON VILLAGE – 21 HIGH STREET SUMMARY
A rare opportunity to acquire a 100% prime A3 unit located in the highly affluent and desirable suburb of Wimbledon Village.
The property is located in a prime position adjacent to Crew Clothing with nearby retailers including Jack Wills, Paul, Costa Coffee, Jigsaw, Farrow & Ball, Caffé Nero and The Kooples.
Ground floor and basement floor levels let to Wimbledon High St Ltd trading as Brew for lease expiring February 2021 there is therefore, an unexpired term of 6.5 years.
Fantastic opportunity to develop the upper parts which currently comprise a vacant self contained three bedroom flat.
Offers sought in excess of £2,300,000 subject to contract for the freehold of the entire property with vacant possession of the upper parts and with the benefit of the income from the commercial tenant.
LOCATION Wimbledon is an exclusive and attractive commercial and residential centre situated in the London Borough of Merton about 9 miles south-west of Central London. The area is a highly attractive and affluent suburb and is an established upmarket and retail office location situated in an area of highly desirable residential property. Wimbledon is internationally renowned as the home of the All England Lawn Tennis club. Wimbledon benefits from excellent communications being 3 miles east of the A3 with Junction 10 of the M25 being approximately 14 miles away. Wimbledon mainline station provides frequent services to both Waterloo and Victoria together with further connections via the District Line. Wimbledon Village is home to a huge variety of upmarket and eclectic shops, restaurants and highly fashionable boutiques close to Wimbledon Common. The property is situated in a 100% prime location on the High Street. The location is indicated on the Goad plan extract.
RETAIL INVESTMENT WITH DEVELOPMENT OPPORTUNITY LONDON SW19, WIMBLEDON VILLAGE – 21 HIGH STREET TENURE Freehold.
TENANCY The ground floor and basement is let to Wimbledon High St Limited t/a Brew for a term of 25 years from 2nd February 1996 and thus is due to expire 1st February 2021 leaving approximately 6.5 years unexpired. The current rental is £72,500 per annum and is subject to one further rent review due in February 2016. The lease is on full repairing and insuring terms.
TENANT COVENANT The tenant took an assignment of the lease which was previously held by Giraffe Concepts Limited t/a Giraffe. The current tenant company is privately held and operates restaurants both within the UK and USA. The company operates three units in America in New York, Los Angeles and San Francisco together with Brew Café in 45 Northcote Road, Clapham with a further branch due to open in Battersea. The company website for the tenant is www.brew-cafe.com
DESCRIPTION The property is arranged on ground and basement floor levels which are operated by the fashionable restaurant chain Brew. The upper parts have previously been occupied by a residential tenant under a protected tenancy. However the residential section of the property is now fully vacant and offers an unparalleled opportunity for extension and refurbishment.
DIMENSIONS The restaurant has the following approximate floor areas:Ground Floor Sales
117.00 m²
ITZA Basement
1,260 sq.ft. 586 units
33.50 m²
361 sq.ft.
A rental deposit of £36,000 has been provided by the tenant which is to be held by the landlord’s for the duration of the term.
PLANNING PERMISSION The property received planning permission on 31st March 2014 to erect a roof extension and to extend the first and second floors at the rear. There is planning permission to incorporate two 2 bedroom flats and a one bedroom studio flat. Further information is available on request. This planning permission would be exceptionally difficult to secure on an alternative property due to changed criteria by Merton Council and is therefore exceptionally valuable. The planning permission decision notice number is 13/P2177. Interested parties are recommended to make their own investigations with the London Borough of Merton. (www.merton.gov.uk/environment/planning)
RETAIL INVESTMENT WITH DEVELOPMENT OPPORTUNITY LONDON SW19, WIMBLEDON VILLAGE – 21 HIGH STREET VAT We are advised that the property is not elected for VAT and therefore VAT will not be payable on the purchase price.
COSTS Each party are to bear their own legal and other costs incurred in the transaction.
PROPOSAL We are seeking offers in excess of £2,300,000 subject to contract for our clients valuable freehold interest.
FURTHER INFORMATION For further information please contact James Cartmell, Michael Sofaer or Jim Moloney at Smith Price, First Floor, 5/7 John Princes Street, London W1G 0JN Tel: 020 7409 2100 Fax: 020 7318 5757 Email: [email protected]
[email protected] [email protected] SUBJECT TO CONTRACT MISREPRESENTATION ACT These particulars are intended only as a guide to prospective purchasers to enable them to decide whether to make further inquiries with a view to taking up negotiations but they are otherwise not intended to be relied upon in any way or for any purpose whatever and accordingly neither their accuracy nor the continued availability of the property is in any way guaranteed and they are furnished on the express understanding that neither the agent nor the vendor is to be, or come, under any liability or claim in respect of their contents. The vendor does not hereby make or give nor does any Partner or employee of Smith Price LLP have any authority to make or give any representation or warranty whatsoever as regards the property or otherwise. Any prospective purchaser or lessee or other person in any way interested in the property should satisfy himself by inspection or otherwise as to the correctness of each statement contained in these particulars. In the event of the agents supplying any further information or expressing any opinions to a prospective purchaser, whether oral or in writing, such information or expression of opinion must be treated as given on the same basis as these particulars. These particulars do not form part of any contract and, except where expressly otherwise stated, offers will be considered only subject to contract. Smith Price LLP is a limited liability partnership registered in England and Wales. Registered number: OC318959. Registered office: 5/7 John princes Street, London, W1G 0JN
Wimbledon Village
Experian Goad Plan Created: 30/06/2014 Created By: Smith Price
75 metres Copyright and confidentiality Experian, 2013. © Crown copyright and database rights 2013. Ordnance Survey 100017316 PoweredbyTCPDF(wwwct.pdo .frg)
For more information on our products and services: www.experian.co.uk/goad | [email protected] | 0845 601 6011
21 HIGH STREET, WIMBLEDON VILLAGE
smith price
020 7409 2100
RETAIL INVESTMENT WITH DEVELOPMENT OPPORTUNITY LONDON SW19, WIMBLEDON VILLAGE – 21 HIGH STREET SUMMARY
A rare opportunity to acquire a 100% prime A3 unit located in the highly affluent and desirable suburb of Wimbledon Village.
The property is located in a prime position adjacent to Crew Clothing with nearby retailers including Jack Wills, Paul, Costa Coffee, Jigsaw, Farrow & Ball, Caffé Nero and The Kooples.
Ground floor and basement floor levels let to Wimbledon High St Ltd trading as Brew for lease expiring February 2021 there is therefore, an unexpired term of 6.5 years.
Fantastic opportunity to develop the upper parts which currently comprise a vacant self contained three bedroom flat.
Offers sought in excess of £2,300,000 subject to contract for the freehold of the entire property with vacant possession of the upper parts and with the benefit of the income from the commercial tenant.
LOCATION Wimbledon is an exclusive and attractive commercial and residential centre situated in the London Borough of Merton about 9 miles south-west of Central London. The area is a highly attractive and affluent suburb and is an established upmarket and retail office location situated in an area of highly desirable residential property. Wimbledon is internationally renowned as the home of the All England Lawn Tennis club. Wimbledon benefits from excellent communications being 3 miles east of the A3 with Junction 10 of the M25 being approximately 14 miles away. Wimbledon mainline station provides frequent services to both Waterloo and Victoria together with further connections via the District Line. Wimbledon Village is home to a huge variety of upmarket and eclectic shops, restaurants and highly fashionable boutiques close to Wimbledon Common. The property is situated in a 100% prime location on the High Street. The location is indicated on the Goad plan extract.
RETAIL INVESTMENT WITH DEVELOPMENT OPPORTUNITY LONDON SW19, WIMBLEDON VILLAGE – 21 HIGH STREET TENURE Freehold.
TENANCY The ground floor and basement is let to Wimbledon High St Limited t/a Brew for a term of 25 years from 2nd February 1996 and thus is due to expire 1st February 2021 leaving approximately 6.5 years unexpired. The current rental is £72,500 per annum and is subject to one further rent review due in February 2016. The lease is on full repairing and insuring terms.
TENANT COVENANT The tenant took an assignment of the lease which was previously held by Giraffe Concepts Limited t/a Giraffe. The current tenant company is privately held and operates restaurants both within the UK and USA. The company operates three units in America in New York, Los Angeles and San Francisco together with Brew Café in 45 Northcote Road, Clapham with a further branch due to open in Battersea. The company website for the tenant is www.brew-cafe.com
DESCRIPTION The property is arranged on ground and basement floor levels which are operated by the fashionable restaurant chain Brew. The upper parts have previously been occupied by a residential tenant under a protected tenancy. However the residential section of the property is now fully vacant and offers an unparalleled opportunity for extension and refurbishment.
DIMENSIONS The restaurant has the following approximate floor areas:Ground Floor Sales
117.00 m²
ITZA Basement
1,260 sq.ft. 586 units
33.50 m²
361 sq.ft.
A rental deposit of £36,000 has been provided by the tenant which is to be held by the landlord’s for the duration of the term.
PLANNING PERMISSION The property received planning permission on 31st March 2014 to erect a roof extension and to extend the first and second floors at the rear. There is planning permission to incorporate two 2 bedroom flats and a one bedroom studio flat. Further information is available on request. This planning permission would be exceptionally difficult to secure on an alternative property due to changed criteria by Merton Council and is therefore exceptionally valuable. The planning permission decision notice number is 13/P2177. Interested parties are recommended to make their own investigations with the London Borough of Merton. (www.merton.gov.uk/environment/planning)
RETAIL INVESTMENT WITH DEVELOPMENT OPPORTUNITY LONDON SW19, WIMBLEDON VILLAGE – 21 HIGH STREET VAT We are advised that the property is not elected for VAT and therefore VAT will not be payable on the purchase price.
COSTS Each party are to bear their own legal and other costs incurred in the transaction.
PROPOSAL We are seeking offers in excess of £2,300,000 subject to contract for our clients valuable freehold interest.
FURTHER INFORMATION For further information please contact James Cartmell, Michael Sofaer or Jim Moloney at Smith Price, First Floor, 5/7 John Princes Street, London W1G 0JN Tel: 020 7409 2100 Fax: 020 7318 5757 Email: [email protected]
[email protected] [email protected] SUBJECT TO CONTRACT MISREPRESENTATION ACT These particulars are intended only as a guide to prospective purchasers to enable them to decide whether to make further inquiries with a view to taking up negotiations but they are otherwise not intended to be relied upon in any way or for any purpose whatever and accordingly neither their accuracy nor the continued availability of the property is in any way guaranteed and they are furnished on the express understanding that neither the agent nor the vendor is to be, or come, under any liability or claim in respect of their contents. The vendor does not hereby make or give nor does any Partner or employee of Smith Price LLP have any authority to make or give any representation or warranty whatsoever as regards the property or otherwise. Any prospective purchaser or lessee or other person in any way interested in the property should satisfy himself by inspection or otherwise as to the correctness of each statement contained in these particulars. In the event of the agents supplying any further information or expressing any opinions to a prospective purchaser, whether oral or in writing, such information or expression of opinion must be treated as given on the same basis as these particulars. These particulars do not form part of any contract and, except where expressly otherwise stated, offers will be considered only subject to contract. Smith Price LLP is a limited liability partnership registered in England and Wales. Registered number: OC318959. Registered office: 5/7 John princes Street, London, W1G 0JN
Wimbledon Village
Experian Goad Plan Created: 30/06/2014 Created By: Smith Price
75 metres Copyright and confidentiality Experian, 2013. © Crown copyright and database rights 2013. Ordnance Survey 100017316 PoweredbyTCPDF(wwwct.pdo .frg)
For more information on our products and services: www.experian.co.uk/goad | [email protected] | 0845 601 6011
