Commercial
The property comprises an attractive end of terrace building forming part of a wider Victorian Parade, located on the east side of Ledbury Road.
The accommodation is arranged over lower ground, ground, first and second floors.
Residential
The residential accommodation is arranged over first and second floors and configured as a large two-bedroom maisonette with open plan kitchen / living areas.
There is the added benefit of a roof terrace accessed from the kitchen to the rear. The flat entrance is to the side of the property via Wellington Mews.
Location
To the west of the property, Westbourne Grove crosses Portobello Road, which is home to the internationally renowned Portobello Market and attracts some 100,000 visitors per week. To the east is the ongoing urban regeneration areas of Paddington and Bayswater centred around the £5bn repositioning of the Paddington Basin. There are additional proposals for major public realm improvements in Queensway, including the ongoing mixed-use transformation of Whiteley’s Shopping Centre.
Elsewhere in Notting Hill, Frogmore have undertaken an extensive refurbishment and recladding of their Notting Hill Gate Estate, delivering 62,000 sq ft of new Grade A office accommodation and a new 173-bed Hotel.
Notting Hill is renowned for it’s prime fashion retailing offering and benefits from one of the most affluent local shopper catchments in the Capital. This is further enhanced by large numbers of national and international shoppers and tourists attracted by the area’s excellent retail and cultural offering.
Notting Hill’s international reputation drives high numbers of visitors to the Portobello Road Market and the Notting Hill Carnival annually.
Ledbury Road is easily accessed by bus and Underground, with Notting Hill Gate (District, Central & Circle Lines), Royal Oak (Hammersmith & City Line) and Bayswater (District & Circle Lines) stations within easy walking distance.
Paddington Train Station (1.3 miles away) provides access to the west of the country with direct services to the commuter belts of the Home Counties. The Elizabeth Line also provides short travel times to Bond Street, Tottenham Court Road, Liverpool Street and Canary Wharf.
The Heathrow Express provides a direct train link to Heathrow Airport from Paddington departing every 15 minutes with an approximate journey time of 15 to 19 minutes to Terminals 1, 2 & 3 and Terminals 4 & 5, respectively.
The property sits in a prominent position on Ledbury Road, close to it's kiction with Westbourne Grove with Portobello Road further west.
Neighbouring 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
Commercial
The ground floor provides a well configured retail unit with basement ancillary space.
Ground Floor - 506 sq ft (47.0 sq m)
Ground Floor ITZA 451 sq ft
Lower Ground Floor 490 sq ft (45.5 sq m)
TOTAL - 996 sq ft (92.5 sq m)
Residential
First & Second Floors - 812 sq ft (75.4 sq m)
Terms
Tenancy - The retail is let to Consigned Seald Delivered Ltd (Trading as CSD), on a new, full repairing and insuring lease for a term of 10 years from 6th December 2022, subject to a break option on 6th December 2027.
The current rent is £75,000 per annum and is subject to the following fixed increases with an upwards only open market rent review on 1st November 2027:
Until 31st October 2024:
£75,000 per annum
1st November 2024 – 31st October 2025:
£77,500 per annum
1st November 2025 – 31st October 2026:
£80,000 per annum
1st November 2026 – 31st October 2027:
£82,500 per annum
Vendor to top up retail income upon sale to £77,500 per annum, being the first fixed rental increase due from 1st November 2024.
By way of additional security, the lease includes provision of a personal guarantor.
The residential is let on an Assured Shorthold Tenancy Agreement to a private individual for a term of two years from 31st of March 2023 at £44,200 per annum with a fixed increase to £45,000 pa in 31st March 2024.
Tenure - The property is held Freehold under Land Registry Title Number LN232456.
Proposal - The vendor is seeking a price of £2,750,000 (Two Million Seven Hundred and Fifty Thousand Pounds), exclusive of VAT and subject to contract.
A purchase at this level reflects the following yield and capital value profile:
COMMERCIAL NIY: 5.04% (assuming graduated purchaser’s costs of 6.08%)
RESIDENTIAL CAPITAL VALUE: £1,601 per sq ft
Planning - The property is not listed but is located within the Westbourne Conservation Area.
EPCs - Available upon request.
VAT - The property has been elected for VAT and is assumed the sale will be conducted via a Transfer of a Going Concern (TOGC).
AML - The successful purchaser will be required to fulfil anti-money laundering requirements in accordance with the Money Laundering Regulations.
Specification
- One of London’s most affluent neighbourhoods
- Attractive mixed-use period building
- Held Freehold
- Buoyant Ledbury Road micro-location
- Well configured retail & residential accommodation
- 1,808 sq ft arranged over lower ground, ground, first and second floors
- Retail let to CSD on a 10 year lease from Dec-22 (TBO Dec-27)
- Fully refurbished two bed maisonette (812 sq ft) with benefit of outside terrace let on an AST
- Fixed rental growth on both leases
- Total income of £121,700 per annum.