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KensingtonChurch StreetLondon W8 4LF13
ATTRACTIVE LONDON FREEHOLD RETAIL AND RESIDENTIAL INVESTMENT OPPORTUNITY
13 Kensington Church Street & 6a Gregory Place 2
Investment Considerations• ProminentpropertysituatedintheheartofKensington,within
oneofLondon’smostaffluentboroughs,theRoyalBoroughofKensingtonandChelsea.
• StrategicpositiononthemainthoroughfareandpopularshoppingdistrictbetweenKensingtonHighStreetandNottingHill.
• 2,708sqft(251.5sqm)mixedusepropertycomprisingretailaccommodationovergroundfloorandbasementwithresidentialaccommodationonthefirst,secondandthirdfloors.
• Totalcurrentincomeof£131,892perannum.
• TheretailunitislettoCavendishClinicLimiteduntil25thJuly2029withtheinitialrentof£80,000perannumincreasingto£85,000perannumon26thJuly2023.
• Theresidentialaccommodationcomprisesfourself-containedflats;twoletonASTsandtwoonregulatedtenancies,generatingacurrentrentalincomeof£51,892perannum.
• Freehold.
ProposalWeareinstructedtoseek offers in excess of £2,800,000(subjecttocontractandexclusiveofVAT)reflectinganet initial yield of 4.50% on the commercial elementandanaveragecapital value of £814 psf on the residential element.
Yieldsarenetofpurchasercostsof6.43%
13 Kensington Church Street & 6a Gregory Place 3
LocationKensingtonChurchStreetisintheheartoftheRoyalBoroughofKensingtonandChelseaandactsasthemainthoroughfarebetweenKensingtonHighStreetandNottingHill–drivingfootfallfromthesurroundingaffluentresidentialneighbourhoods.
ThestreetisjustmomentsawayfrompopulartouristdestinationssuchasKensingtonPalaceandtheRoyalAlbertHall.Thesurroundingareaisavibranthubforrestaurants,barsandiswidelyconsideredakeycentralLondonRetailsub-marketwhichstillremainsaworld-renownedfashiondestination.TheRoyalBoroughofKensingtonandChelseaalsoboastsextensivegreenspaces,withbothHollandParkandHydePark.
“Moments away from Kensington Palace and the Royal Albert Hall”
River Thames
River Thames
River Thames
Earl’s Court
Hammersmith
Shepherd’sBush
Kensington
High StreetKensington
Notting HillGate
Hyde ParkCorner
Victoria
CharingCross
PiccadillyCircus
Oxford Circus
SouthKensington
FulhamBroadway
LondonPaddington
Sloane Square
Regents Park
King’s Cross St Pancras
ChanceryLane
London
Bridge
Monument
Liverpool Street
Waterloo
Elephant and Castle
Clapham Junction
PUTNEY
MAYFAIR
MARYLEBONE
SOUTH KENSINGTON
KNIGHTSBRIDGE
FULHAM
SHEPHERD’SBUSH
CHELSEA
LAMBETH
BELGRAVIA
FITZROVIA
SOHOLEICESTER SQUARE
THE SOUTHBANK
KING’S CROSS
SOUTHWARK
BRIXTON
CAMBERWELL
SOUTHFIELDS
HOLLOWAY
KENSINGTONCHURCH STREET
Kensington High Street
Earls Court2 min
Sloane Square6 min
Victoria8 min
4 min
Notting HillGate
Bond Street6 min
TottenhamCourt Road
9 min
Bank16 min
11 min
CIRCLE & DISTRICT LINES
CENTRAL LINE
13 Kensington Church Street & 6a Gregory Place 4
SituationThepropertyislocatedinaprominentpositiononthewesternsideofpopularKensingtonChurchStreet,just100metresfromitsjunctionwithKensingtonHighStreet.Itiswithina3-minutewalkfromKensingtonHighStreetStation(CircleandDistrictlines)anda10-minutewalkfromNottingHillGateStation(Central,CircleandDistrictlines).
IntheimmediatevicinitythepropertyissettobenefitfromthedevelopmentofLancerSquare,thehigh-endresidentialleddevelopmentdirectlyoppositethesubjectpropertywhichwillprovide36luxuryapartmentsandnewcommercialunits.
OtherretailersincloseproximitytothesubjectpropertyincludeReiss,BenefitCosmetics,SweatyBetty,SpaceNKandthe3-storeyflagshipWholeFoodsMarket.Anumberofupmarketindependentretailersalsoenrichthevibrancyofthisaffluentshoppingdistrict.
KENSINGTON HIGH STREET
KENSINGTON HIGH STREET
KENSIN
GTON CH
URCH
STREET
13 Kensington Church Street & 6a Gregory Place 5
DescriptionThepropertycomprisesa5-storeyterracebuildingwithretailspaceatbasementandgroundlevelandresidentialaccommodationovertheupper3floors.
RetailCavendishClinichasfittedtheunitouttoaveryhighstandardandoccupiesawellconfiguredsalesareawithtreatmentroomsatgroundflooraswellascustomerWC,staffandancillaryspaceinthebasement.Theunitprovides832sqft(77.3sqm)atgroundfloorand488sqft(45.3sqm)atbasementlevel.
Residential Theupperpartsarearrangedasfourself-containedresidentialflats,whichareaccessedfromaseparateentranceattherearofthepropertyviaGregoryPlace,anattractiveresidentialMews.TwooftheflatsbenefitfromasharedcourtyardterracewithimpressiveviewsoftheStMaryAbbottsChurch.TheterraceoffersfuturepotentialforFlat1tobeextended.
Storage/Dressing
Room
Studio
Kitchen
Bathroom
Bathroom
OpenPlanKitchen/Reception
Bathroom
Bat
hroo
m
Kitchen
LoungeRoom
BedroomBedroomKitchen
Studio
13 Kensington Church Street & 6a Gregory Place 6
Tenancy Schedule
Address Unit Tenant DescriptionArea (sq ft)
Area (sq m)
Lease StartLease Expiry (Break Date)
Rent Passing (pa)
Comments
13 Kensington Church Street
RetailCavendishClinicLimited
GroundFloorITZABasement
832 472 488
77.3
45.326/07/2019
25/07/2029(26/07/2024)
£80,000
Theleaseissubjectto6monthsrentfreeand15monthshalfrent.Thevendorwilltopupthecommercialincometo£80,000pa.Fixedupliftto£85,000paon26/07/2023.Openmarketupwardonlyrentreviewon26/07/2024.Thereisarentaldepositof£48,000.Theleaseisexcludedfromsections24-28oftheLandlordandTenantAct1954.
Total Commercial 1,320 122.6 £80,000
6a Gregory Place Flat1(Studio)ProtectedTenancy
FirstFloor 160 14.9 Protected £6,054Protectedtenancy.Unrefurbished.Lastrentalincreasewasin2016.Sharedterrace.
6a Gregory Place Flat2(1bed) AST FirstFloor 456 42.4 14/09/2018 13/09/2019 £20,540 AST.Sharedterrace.
6a Gregory Place Flat3(Studio) AST SecondFloor 386 35.8 07/10/2019 06/10/2020 £18,980 AST.Recentlyrefurbished.
6a Gregory Place Flat4(1Bed)ProtectedTenancy
ThirdFloor 386 35.8 Protected £6,318Protectedtenancy.Unrefurbished.Lastrentalincreasewasin2016.
Total Residential 1,388 128.9 £51,892
Total £131,892
13 Kensington Church Street & 6a Gregory Place 7
Tenure, Rental Evidence & CovenantTenure
Rental EvidenceWehaveanalysedthepassingrentof£80,000perannumtoreflectaheadlinerentof£161persqftZA.
Therenthasbeensetatasustainablelevelandsitscomfortablyinlinewithsurroundingevidenceonthestreet:
Address Date Tenant TransactionRent pa
(Zone A psf)
7KensingtonChurchStreet Apr2019 Benefit OpenMarketLetting£69,000[£206]
7BKensingtonChurchStreet Aug2018 Iremit OpenMarketLetting£70,000(£206)
3KensingtonChurchStreet Jul2018 EmbassyofBeauty OpenMarketLetting£110,000
(£199)
5KensingtonChurchStreet Feb2017 SweatyBetty LeaseRenewal£73,500(£180)
13KensingtonChurchStreetand6aGregoryPlaceisheldfreeholdundertitlenumberBGL30157.
Covenant Information CavendishClinicLimitedisacosmeticclinicspecialisinginnon-surgicalskincareandbodytreatments.Thepracticewasfoundedin2011byconsultantdoctorsandnowoperatesfromclinicsinfourLondonlocations:Fitzrovia,ParsonsGreen,RichmondandKensington.
ThisinnovativebusinesshasbeenfeaturedinTheSundayTimes,FinancialTimes,TheGuardian,Tatler,MarieClaireandontheBBC.
13 Kensington Church Street & 6a Gregory Place 8
ColliersInternational50GeorgeStreet,London,W1U7GA
Becky [email protected]
Hannah [email protected]
Harry [email protected]
Contact
MISREPRESENTATION ACT DISCLAIMERColliersInternationalgivesnoticethattheseparticularsaresetoutasageneraloutlineonlyfortheguidanceofintendingPurchasersorLesseesanddonotconstituteanypartofanofferorcontract.DetailsaregivenwithoutanyresponsibilityandanyintendingPurchasers,LesseesorThirdPartyshouldnotrelyonthemasstatementsorrepresentationsoffact,butmustsatisfythemselvesbyinspectionorotherwiseastothecorrectnessofeachofthem.NopersonintheemploymentofColliersInternationalhasanyauthoritytomakeanyrepresentationorwarrantywhatsoeverinrelationtothisproperty.October2019.ColliersInternationalisthelicensedtradingnameofColliersInternationalUKPlc.CompanyregisteredinEngland&Walesno.4195561.Registeredoffice:50GeorgeStreet,LondonW1U7GA.DesignedandproducedbyParerCreative.Tel07702123482.
VATThepropertyhasbeenelectedforVATpurposesanditisexpectedthattheinvestmentsalewillbetreatedasaTransferofaGoingConcern,subjecttothepurchaser’sVATstatus.
Identity ChecksInordertocomplywithanti-moneylaunderinglegislation,thesuccessfulpurchaserwillberequiredtoprovidecertainidentificationdocuments.Therequireddocumentswillbeconfirmedtoandrequestedfromthesuccessfulpurchaserattherelevanttime.
EPCsAcopyoftheEPCcertificateisavailableonrequest.
ProposalWeareinstructedtoseek offers in excess of £2,800,000(subjecttocontractandexclusiveofVAT)reflectinganet initial yield of 4.50% on the commercial elementandanaveragecapital value of £814 psf on the residential element.
Yieldsarenetofpurchasercostsof6.43%