The property was built in the late 1800’s and is of brickwork construction underneath a pitched tiled roof. The building is arranged as commercial on the ground floor, together with residential arranged over the 1st and 2nd floors.
The ground floor provides two separate means of access, one into the commercial element and one leading into a corridor providing access to the upper floors. The ground floor shop is arranged as a sales area to the front together with a display cabinet, whilst the rear of the property provides an ancillary workshop. The workshop at the rear provides access into a small yard area.
The 1st and 2nd floors provide a self-contained two bedroom flat, which provides a reception room and kitchen on the 1st floor together with a utility room on the rear half landing. The 2nd floor provides two double bedrooms and a bathroom on the half landing.
Location
The property is located on the East side of Rochester Row, close to its junction with Walcott Street and Vauxhall Bridge Road. The property lies midway between Victoria and Pimlico in a mixed commercial and residential location. Victoria mainline and underground station is within a few minutes’ walk to the North West and provides a mainline connection to the South East and, via the Victoria Line, easy access to Vauxhall Station (2 stops) and Oxford Circus (2 stops). Victoria Station also provides access to the District and Circle Line.
There are a host of local shops, cafes, bars and hotels within the immediate area and nearby attractions include Westminster Abbey, Tate Britain and Vincent Square.
Accommodation
The premises are arranged as follows:
First / Second Floor - 2 Bed Flat - 860 sq ft (80 sq m)
Ground Floor - Retail Zone A - 149 sq ft (14 sq m)
Ground Floor - Retail Zone B - 54 sq ft (5 sq m)
Ground Floor - Display Cabinet- 14 sq ft (1 sq m)
Ground Floor - Workshop - 216 sq ft (20 sq m)
TOTAL - 1,293 sq ft (120 sq m)
Terms
Tenancy Schedule:
Redwood & Feller Ltd - Ground Floor - 433 sq ft - Rent pa £13,200.00 - Rent psf - £30.48 - Start Date 28/09/2021 - Mutual Break Date - 31/12/2031 - End Date - 27/09/2036
AST - 1st & 2nd Floor - 860 sq ft - Rent pa - £11,520.00 - Rent psf - £13.40 - Start Date - 06/02/2023 - End Date - 04/07/2023
Tenure - The property is held on a virtual freehold from The Church Commissionaires, which commenced on the 25th December 1892 for a term of 999 years and is due to expire on the 25th December 2891. The annual rent payable is £17.
Title - The premises are held under Title No: NGL944927.
Planning - The premises are not listed, however are situated in the Vincent Square Conservation Area. Planning consent was granted on 02/02/1995 to reconfigure the ground floor retail and infill the courtyard. This was not implemented and has now lapsed.
EPC - The commercial has an EPC rating of 87, which falls within Band D. The residential has an EPC rating of 60, which falls within Band D.
Rates - The ground floor is rated as shop & premises and has a rateable value of £9,100. The 1st and 2nd residential floors are within Council Tax Band G.
VAT - The building is not elected for VAT.
Proposal - The Vendors are seeking £1,100,000 for the virtual freehold interest, reflecting a capital value of £850 per sq ft.
Legal Costs - Each party to bear their own legal costs incurred in this transaction.
Specification
- Located in Victoria/Westminster close to Vincent Square.
- Virtual freehold for sale.
- Retail with residential upper parts comprising circa 1,293 NIA/NSA sq ft.
- Retail let to leading bespoke tailor Redwood & Feller Limited (www.redwoodandfeller.co.uk) at a low passing rent of £13,200 per annum (£30.48 per sq ft).
- Residential let on an AST at a rent of £960 pcm. There is the opportunity to obtain vacant possession, refurbish and relet at a market rent or to owner occupy.
- Medium/long term active management opportunity.
- Potential to reconfigure and increase the massing, subject to STPP.
- The Vendors are seeking £1,100,000 for the virtual freehold interest, reflecting a capital value of £850 per sq ft.