The subject property was built c. 1783 and provides access to both Church Street (10) and Union Street (23a). The property consists of a basement, ground floor and first floor retail shop (A1) with ancillary office space and storage in accordance with the Town & Country Planning (Use Classes) Order 1987, as amended 2005.
Location
The subject property occupies a prominent position on the popular Church Street, located in the Kingston Old Town conservation area. Church Street links to Clarence Street, approximately 160 metres north of the subject property. The nearby occupiers include but are not limited to Accessorize, scribbler, L’OCCITANE, Karen Millen, Rituals, Links of London and LUSH. The area has benefited from recent local authority investment who last year undertook refurbishment including new paving and street furniture.
Accommodation
Gross Frontage - 12 ft 3.52 (m)
Sales Floor Depth - 39ft 12 (m)
Ground Floor Sales - 442 sq ft 41.1 (sq m)
First Floor - 425 sq ft 39.48 (sq m)
Basement - 157 sq ft 14.6 (sq m)
Total Area (NIA) - 1,025 sq ft 95.18 (sq m)
Terms
Tenure: Freehold.
Tenancy: An overriding FRI lease for the building is held by Boots Opticians Professional Services Limited. Hotel Chocolat Limited currently occupy the premises as the subtenant with a passing rent of £XXX per annum expiring 31st May 2019.
Covenant information: Hotel Chocolat is an upmarket chocolate chain with 103 shops, cafes and restaurants. Their first shop opened in North London in 2004. With roots in the Caribbean and Ghana, Hotel Chocolat prides itself on originality, authenticity and Ethics leading to them winning the Mid-Market Business of the Year award at the Lloyds Bank National business awards in 2016.
EPC: The property has an EPC rating of E and is available on request.
VAT: We are informed that the property is elected for VAT.
Proposal: We have been instructed to seek offers in excess of £XXX subject to contract and exclusive of VAT, for the freehold interest. The price reflects a net Initial yield of 3.85% (allowing for purchasers costs of 5.92%), whilst also providing significant reversionary yield uplift potential.
Summary of account information & Rental analysis can be viewed within attached brochure.
Specification
- Investment Considerations:
- Kingston-Upon-Thames is a leading retail centre in South West London, ranked third in the UK.
- Freehold.
- Rare opportunity to purchase a prime retail investment close to Bentall Centre.
- Under-rented at £XXX Zone A, scope to increase with the general tone in the region of £XXX Zone A.
- Our clients are seeking offers in excess of £XXX (One Million Eight Hundred Thousand Pounds), subject to contract and exclusive of VAT.