No. 32 is a mid-terrace property comprising a single retail unit on ground and basement floors and two residential apartments on the 1st, 2nd and mezzanine floors, which are accessed via their own independent entrance.
The apartments each comprise 2-bedrooms, kitchen/dining area and bathroom. The 2nd floor apartment has access to a large roof terrace at roof level.
Location
Pimlico is a highly affluent Central London predominantly residential area, situated adjacent to Victoria, Westminster and Belgravia. The property is conveniently located close to Victoria Mainline, Underground and Bus Stations and Pimlico Tube Station. Warwick Way is one of Pimlico's main retail parades with occupiers including Tesco Express, Little Waitrose, Holland & Barrett and Cafe Nero.
Accommodation
The premises are arranged as follows:
Ground (Shop & Premises) - Retail - 364 sq ft (34 sq m)
Basement (Shop & Premises) - Retail - 577 sq ft (54 sq m)
Total - 941 sq ft (87 sq m)
Terms
Tenancy Schedule - See attached brochure for information
Tenure - The property is held long leasehold for a term of 150 years (less 10 days) from 25th December 1951 expiring 14th December 2101 (approx. 75 years unexpired) at a ground rent of £50.00 per annum.
Title - The property is held long leasehold Title No: NGL69193.
Planning - The premises are used as a betting office (sui generis). The premises form part of a major retail parade and would suit change of use to retail (E Class).
EPC:
Ground & Basement: 114 'E'
1st (Residential): 71 'C'
2nd (Residential): 56 'D'
Rates - The ground and basement floors are rated as shop and premises and have a rateable value of £23,500.00. the 1st and 2nd floor apartments are located within Council Tax Band D.
VAT - The premises are not elected for VAT.
Proposal - The Vendors are seeking offers of £420,000 for the long leasehold interest, reflecting a cap value of £445 and a net initial yield of 7.21%.
Legal Costs - Each party to bear their own legal costs.
Anti-Money Laundering - If applicable, a successful purchaser/tenant will be required to provide the usual information to satisfy AML requirements when Heads of Terms are agreed.
Specification
- Long leasehold mid terraced retail and residential property for sale.
- Situated in one of London's most affluent Boroughs.
- Located in the heart of Pimlico on one of its main retail thoroughfares.
- Nearby occupiers include Little Waitrose, Tesco Express, Holland & Barrett and Cafe Nero.
- Retail single let to William Hill Organisation Limited (Company No: 00278208) at a passing rent of £31,000 per annum (£32.94 per sq ft overall) until 6th October 2030.
- Residential comprising two 2 bed apartments sold off on long leases.
- There is the opportunity to regear the residential leases.
- The premises are not VAT elected.
- The Vendors are seeking offers of £420,000 for the long leasehold interest, reflecting a cap value of £445 per sq ft and a net initial yield of 7.21%.