The property comprises an attractive ground and lower ground floor retail unit.
The residential uppers have been sold off on a long lease and do not form part of this sale. The residential has separate access at ground floor level on Westbourne Grove.
Location
The property sits in a prominent south facing position on the favoured north side of Westbourne Grove close to the junction with Colville Road. This is considered to be the 100% prime pitch for Westbourne Grove with
Portobello Road only 150m further west.
Westbourne Grove benefits from some of the most well-known upmarket designer boutiques including: Smythson, Orlebar Brown, Sandro, Derek Rose, Free People, Reformation, Ba&Sh, Diptyque, Bonpoint and Soho Home Studio.
The retail experience is further enhanced with nearby upmarket food and beverage operators including Daylesford Organic, Granger & Co., Ottolenghi and Beach Blanket Babylon.
Accommodation
Ground Floor - 1,027 sq ft
Lower Ground Floor - 1.224 sq ft
TOTAL - 2,251 sq ft
Terms
Proposal
THE VENDOR IS SEEKING A PRICE OF £XXX (Three Million Six Hundred and Twenty Five Thousand Pounds) exclusive of VAT and subject to contract.A purchase at this level reflects a Net Initial Yield of 4.93% (assuming graduated purchasers’ costs of 6.51%).
Tenure
The property is held Freehold under Land Registry Title Number 404685.
Tenancy
The property is let to Young LDN Ltd, on a full repairing and insuring lease, for a term of 9 years and 6 months from 17th July 2018 (4.3 years unexpired). The current rent is £XXX per annum. The tenant did not serve their July 2023 break option.
By way of additional security, the lease includes a provision of a personal guarantor and a £XXX rent deposit is held.
The upper parts, which do not form part of the sale, are sold off by way of a long leasehold to a private individual for a term of 125 years from 25th March 2003 and produce a ground rent of £XXX per annum.
The total income for the property is £XXX per annum.
Covenant
Young LDN Ltd (Company Number 11149105) is a London based beauty and skincare treatment clinic, offering a range services, critically acclaimed from the likes of Vogue, Elle and Forbes.
Young LDN operates two clinics across the world with the second located in Caesars Palace, Dubai.
Planning
The property is not listed but is located within the Pembridge Conservation Area.
EPC
Available upon request.
VAT
The property has been elected for VAT and is assumed the sale will be conducted via Transfer of a Going Concern (TOGC).
Specification
- One of London’s most affluent neighbourhoods;
- Freehold;
- Located in prime section of Westbourne Grove;
- Adjacent to new Soho Home Studio flagship store;
- Buoyant retail pitch;
- Well configured retail unit providing 2,251 sq ft over ground and lower ground;
- Let to Young LDN Ltd on a 9.5 year lease from Jul-18;
- Tenant has heavily invested in their shop fit;
- Young LDN is an attractive beauty brand with UK & UAE presence;
- Total income of £XXX per annum.