FREEHOLD PUBLIC HOUSE INVESTMENT - PRELIMINARY DETAILS - THE EDWARD RAYNE PUBLIC HOUSE, 8-12 COOMBE LANE, RAYNES PARK, LONDON SW20 8ND
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PRELIMINARY DETAILS
FREEHOLD PUBLIC HOUSE INVESTMENT
THE EDWARD RAYNE PUBLIC HOUSE, 8-12 COOMBE LANE, RAYNES PARK, LONDON SW20 8ND
INVESTMENT SUMMARY
Affluent South West London suburb
Prominent location adjoining town centre
Public House investment let to JD Wetherspoon Plc
Floor area approx 8,396 sq ft
Let on a FR&I 35 year lease from 27th March 2006
5 yearly rent reviews with an outstanding rent review still to be
actioned
Current rental income from Public House at £75,000 per annum
12 upper floor residential flats sold on 125 year leases producing
£1,800 per annum
Freehold
Total current rental income £76,800 per annum
Offers in excess of £1,400,000 (One Million Four Hundred
Thousand Pounds), subject to contract and exclusive of VAT,
reflecting a net initial yield of 5.2% assuming purchasers costs at
5.8%
Property is elected for VAT
2 THE EDWARD RAYNE PUBLIC HOUSE, 8-12 COOMBE LANE, RAYNES PARK, LONDON SW20 8ND
LOCATION Raynes Park is an affluent London suburb situated approximately 9 miles south west of Central London. Wimbledon is approximately 1 mile away. The town benefits from excellent road and rail communications with the A3 Kingston by-pass which links central London and Guildford being only 3/4 miles away, whilst Raynes Park main line railway station is situated close to opposite the property, provides a regular commuter rail service to London’s Waterloo and Clapham Junction. SITUATION The property is well located with a substantial frontage to the west side of Coombe Lane and is strategically positioned adjacent to the main The Edward Rayne retailing pitch in the town centre. COMMUNICATIONS Road Central London 10 miles 16 Km Richmond 7 miles 11.2 Km Kingston upon Thames 3.8 miles 6.1 Km M3 (Junction 1) 9.3 miles 14.6 Km M4 (Junction 1 ) 10 Miles 16 km Rail Kingston upon Thames 9 minutes London Waterloo 21 minutes Clapham Junction 11 minutes Air Heathrow Airport 11.8 miles 11 km Gatwick Airport 24 miles 45 km 3 THE EDWARD RAYNE PUBLIC HOUSE, 8-12 COOMBE LANE, RAYNES PARK, LONDON SW20 8ND
DESCRIPTION TENANT COVENANT
A four storey building and basement constructed in 2005/6 comprising the
J D Wetherspoon Plc is a British pub chain based in Watford with 835 outlets.
ground floor, part first floor and basement occupied as a Public House, bar and
The company is listed on the London Stock Exchange and is a constituent of the
restaurant whilst the remainder of the first, second and third floors provide 12
FTSE 250 Index with a D&B rating of 5A1.
residential flats which have all been sold on long leaseholds.
Year to Year to Year to
July 2014 July 2013 July 2012
TENANCY
Revenue 1,409,333 1,280,929 1,197,129
The ground floor, basement and part first floor is let to JD Wetherspoon PLC who £000
hold effectively a full repairing and insuring lease for a term of 35 years from the
Profit 58,863 65,212 57,325
27th March 2006, subject to five yearly upward only rent reviews. The March £000
2011 rent review has not been activate.
There is a tenant’s option to determine the lease on the 26th March 2021, NAV 227,168 214,915 169,644
£000
subject to 6 months prior written notice.
The lease is granted inside the provisions of the Landlord and Tenant Act with a
passing rent of £75,000 per annum.
The residential upper floor flats are subject to 125 year lease terms from March
2006 at a current total ground rent income of £1,800 per annum which doubles
every 25 years.
FLOOR AREA
Floor SQ FT SQ M
Lower ground 2,732 253.81
Ground floor 4,945 459.4
First floor 719 66.8
Total approx. 8,396 780.01
The above floor areas have been provided by our clients and are subject to verification.
4 THE EDWARD RAYNE PUBLIC HOUSE, 8-12 COOMBE LANE, RAYNES PARK, LONDON SW20 8ND
PLANNING VAT
The property falls within the London Borough of Merton with a Public We are advised that the property is elected for VAT and, therefore, VAT
House A4 use applicable to the basement, ground and part first floor whilst will be chargeable on the purchase price. However we anticipate that
the remainder of the property is on a residential use. Interested parties the sale will be treated as a Transfer of a Going Concern (TOGC).
should make their own enquiries of Merton Borough Council (telephone
020 8543 2222).
EPC
PROPOSAL Rating D (93)
We are instructed to seek offers in excess of £1,400,000 (One Million Four
Hundred Thousand Pounds), subject to contract and exclusive of VAT. A
purchase at this level reflects a net initial yield in the region of 5.2%
assuming purchasers costs of 5.8%.
TENURE
Freehold
CONTACT
View of Coombe Lane from Raynes Park station
For further information or to arrange an inspection please contact:
BOB CATTANEO ADAM SOLIMAN CATTANEO COMMERCIAL
19-23 High Street
DD: 020 8481 4744 DD: 020 8481 4742
Kingston upon Thames
Mobile: 07966 478472 Mobile: 07714 759701 Surrey
Email: bob@cattaneo-commercial.co.uk Email: adam@cattaneo-commercial.co.uk KT1 1LL
MISREPRESENTATION ACT 1967 and DECLARATION
Cattaneo Commercial for themselves and for the vendors of this property whose agents they are give notice that: a) the particulars are set out as general outline only for the guidance of intending purchasers and do not constitute, nor
constitute part of, an offer or contract; b) all descriptions, dimensions, references to condition and necessary permissions for use and occupation and other details are given in good faith and are believed to be correct, but any intending
purchaser should not rely on them as statements or representations of fact but should satisfy themselves by inspection or otherwise as to the correctness of each of them; c) no person in the employment of Cattaneo Commercial has
any authority to make or give any representation or warranty whatever in relation to this property.
5 THE EDWARD RAYNE PUBLIC HOUSE, 8-12 COOMBE LANE, RAYNES PARK, LONDON SW20 8ND
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