PRIME FREEHOLD RETAIL AND RESIDENTIAL INVESTMENT OPPORTUNITY - 260-262 Chiswick High Road London W4
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PRIME FREEHOLD RETAIL AND RESIDENTIAL INVESTMENT OPPORTUNITY 260-262 Chiswick High Road London W4
Investment Summary
• Chiswick is an affluent retailing centre in West London
• Prominent freehold property in 100% prime pitch
• Well configured retail accommodation of 183.57 sq m (1,976 sq ft)
net internal area
• Ground floor retail unit to be leased to GPS (Great Britain) Limited,
trading as Baby GAP, for a term expiring on 28th September 2026,
subject to a tenant break option on 28th September 2021, at the
current rent of £136,000 per annum exclusive (£140.00 per sq ft
Zone A)
• Includes six residential flats, arranged across the upper parts, which
are let on ASTs, currently generating £96,517.92 per annum
• Total current rent of £232,517.92 per annum exclusive
• The property is not elected for VAT, therefore VAT will not be
payable on the sale price
• Seeking offers in excess of £5,300,000 (Five Million, Three
Hundred Thousand Pounds), subject to contract and exclusive of
VAT
• A purchase at this level would reflect a Net Initial Yield of 4.15%,
allowing for purchaser’s costs of 5.80%
260-262 Chiswick High Road, London W4 1PD
Location
M40 16 1 Wembley
Chiswick is an affluent West London suburb, located approximately 10 km (6 Uxbridge
miles) west of Central London, on the north side of the River Thames. Chiswick A40
benefits from excellent road communications with easy access to the M4, M25 A40
Hayes
M3, A4, A406 North Circular, and the wider national motorway network. Slough
15 4b CHISWICK CENTRAL
Chiswick is also well served by public transport. The area benefits from London M4 4 3 M4 2 A4 LONDON
5
Underground stations on the Piccadilly and District lines, providing direct access 14 A4 Brentford
Heathrow
to Central London, to the east, and Heathrow International Airport, to the west. A206
Chiswick and Gunnersbury stations also provide access to London Overground Richmond
Twickenham
rail services and Chiswick is well served by numerous London bus routes. M25 13 A30
Heathrow International Airport is located 16 km (10 miles) to the west of Chiswick, 1
Kingston upon
providing an unrivalled range of international and domestic flights. M3 Thames A3
A23
12 Mitcham
Retailing in Chiswick M3
M25
A24
Croydon
Weybridge
Chessington
Chiswick High Road provides a vibrant shopping experience, with a combination
of High Street brands, local boutiques and numerous dining establishments. The
prime retailing pitch runs between Turnham Green Terrace and Chiswick Green to Turnham Green
the west. Retailers represented on the north side of Chiswick High Road include
Waitrose, Boots, M&S Foodhall, GAP Kids, Phase Eight, N and Willow, Waterstones
and WH Smith. The south side of Chiswick High Road has a strong food and Chiswick Common
beverage offering, including Zizzi, Byron, Nando’s and GBK. Turnham Green Terrace
(leading to Turnham Green Underground Station) provides a range of independent
Turnham Green Terrace
and multiple boutiques including Fat Face, White Stuff, Sweaty Betty and Oliver
Mayfield Ave
Bonas.
Elliott Road
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Fisher’s La
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Dolman Road 260-262 Chiswick High Road
Situation Chiswick High Roa
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Chiswick High Road
Brackle
The property occupies a 100% prime position on the north side of Chiswick High
Anna
y Road
Road, between Fishers Lane and Windmill Road, in an exceptionally prominent Terra
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situation. Nearby occupiers include GAP Kids, M&S Foodhall, Hatley, Mint Velvet,
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Tesco Express and Waterstones, as well as numerous restaurants and coffee shops ns
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including Starbucks, Byron, Bill’s, Pizza Express and Costa.
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260-262 Chiswick High Road, London W4 1PD
Demographics Accommodation
Chiswick is considered one of the most affluent London suburbs. According to PMA The retail unit has been measured in accordance with the RICS Code of Measuring
PROMIS, the local population’s per capita retail spending levels are significantly Practice (6th Edition) and we understand the net internal areas stated below, were
above average and Chiswick also contains a significantly above average proportion agreed at a previous rent review.
of adults categorised within the most affluent AB social group. The service sector
accounts for 88% of total employment in the local area and within this, ‘financial Gross Frontage 10.05 m 33 ft
& business services,’ accounts for 40%; both of these being significantly above Net Frontage 8.53 m 28 ft
average. A considerable number of local residents commute into Central London
Internal Width 9.25 m 30 ft 4 in
to work, underlining the importance of the financial and business services sector.
Shop Depth 22.40 m 73 ft 6 in
Chiswick is also an important office location, providing proximity to both Central
London and Heathrow International Airport. Chiswick Park is a notable business Ground Floor Sales 172.89 sq m 1,861 sq ft
park, comprising some 1.5 million sq ft of commercial accommodation. Over 40 Ground Floor ITZA* 89.28 sq m 961 sq ft
companies occupy the development, including Halliburton, IMG, PepsiCo, Foxtons, Ground Floor Storage 10.68 sq m 115 sq ft
Starbucks, Swarovski, The Walt Disney Company and Tullow Oil. Chiswick is also
home to the Griffin Brewery, where Fuller, Smith & Turner brew their award winning Total 183.57 sq m 1,976 sq ft
ales. * Incorporates an allowance for ‘masked’ sales accommodation to the rear of the staircase
entrance to the upper parts.
Description
The residential accommodation has not been measured.
The property comprises a ground floor retail unit, offering modern and well
configured sales and ancillary accommodation, fitted out to the current tenant’s Tenure
attractive corporate style, with three upper floors, providing separate, attractive
Freehold. The extent of the Title is outlined in red, for indicative purposes only, on
residential accommodation, currently arranged with two flats per floor. Access to
the enclosed Ordnance Survey extract.
the residential element is via a secure passageway leading from Chiswick High Road.
Tenancies
The ground floor retail unit is let to GPS (Great Britain) Limited, trading as Baby
GAP, for a term commencing on 24th June 2011 and expiring on 28th September
2021. The lease is drawn on effectively full repairing and insuring terms, providing
a tenant’s break option on 28th September 2016 and an upward only rent review on
29th September 2016. The current rent is £136,000 per annum exclusive, reflecting
£140.00 per sq ft Zone A.
Terms have been agreed with the tenant to remove the September 2016 tenant
260-262 Chiswick High Road, London W4 1PD
break option, settle the September 2016 review at the current rental level, with an failure. The published accounts for the year ended 1st February 2014, reported a
agreement for a reversionary lease expiring on 28th September 2026, subject to a Sales Turnover of £332.94 million and a Tangible Net Worth of £131.24 million.
tenant break option on 28th September 2021 and an upward only rent review on
29th September 2021. Further information is available upon request. Planning
The residential accommodation on the upper floors is let under six Assured The property is Locally Listed and lies within the Chiswick High Road Conservation
Shorthold Tenancies (ASTs). We have been informed the current aggregate rent Area.
from the ASTs is £96,517.92 per annum, as set out below.
VAT
The property is not elected for VAT, therefore VAT will not be payable on the sale
Premises Tenant Name(s) Start Date Expiry Date Rent pcm
price.
260A - 2 Bed C Mullaney, 19/06/2015 18/06/2016 £1,550.00 EPC
A Derbyshire &
U E Yilmaz The property has the following EPC ratings:
260B - 2 Bed S E A Roberts, 14/06/2015 13/06/2016 £1,566.16 Ground Floor Retail Unit D (95)
G Warren–Thomas Flat A D (66)
& B E Morgan
Flat B D (64)
260C -1 Bed S Q Vazquez 01/08/2015 31/07/2016 £1,300.00
Flat C C (74)
260D - 1 Bed M Catchpol & 01/10/2015 30/09/2016 £1,330.00
Flat D C (74)
N Bech-Neilsen
Flat E D (68)
260E - 1 Bed I Miksa 13/01/2015 12/01/2016 £997.00
Flat F D (61)
260F -1 Bed L Ramjit 01/09/2014 31/10/2015 £1,300.00
Gross Rent £96,517.92 p.a.
Therefore, the total current rent is £232,517.92 per annum exclusive.
Investment Rationale
• Affluent West London suburb
Covenant Information • Strong demographic profile of local population
GAP is a USA based multinational clothing and accessories retailer, established in • Freehold
1969. The business is headquartered in San Francisco, employs some 140,000 staff • 100% prime retail unit let to a D&B 5A1 rated covenant
worldwide and trades from over 2,200 locations.
• Residential element let on ASTs
GPS (Great Britain) Limited is the UK subsidiary of The GAP Inc, and has the • Total income of £232,517.92 per annum
strongest Dun & Bradstreet rating of 5A1, indicating a minimum risk of business
260-262 Chiswick High Road, London W4 1PD
DANIEL
FOOTWEAR
FOODHA
260-262 Chiswick High Road
UNDER
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London W4 1PD
FEROF
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Sub Sta DM
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19
UNDERATION
ALTE
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Swan Business
11
Centre Car Park
3
Copyright and confidentiality Experian, 2015. © Crown copyright and database rights 2015. Ordnance Survey 100017316
Copyright and confidentiality Experian, 2015. © Crown copyright and database rights 2015. Ordnance Survey 100017316
helter
24
232 to 240
244 242
256a 246
260 250
264 258a 254
262
266
268
282
280 5.4m
286 284
LB
5.7m 2015. All rights reserved. Licence number 100022432
Ordnance Survey © Crown Copyright
Extent of Title shown for indicative purposes only. The land has the benefit of a right of way over the passageway shown hatched brown.
TCB Car Park
260-262 Chiswick High Road, London W4 1PD
213
TCBs 225
212 217
a 219
225 223
229a 203 201
235 227 to 229
229b
229c
worth Lodge a ge Police
229
n Pa s s
229
Proposal
We are instructed to seek offers in excess of £5,300,000 (Five Million, Three
Hundred Thousand Pounds), subject to contract and exclusive of VAT, for the
freehold interest in this property.
A purchase at this level would reflect a Net Initial Yield of 4.15%, allowing for
purchaser’s costs of 5.80%.
260-262 Chiswick High Road, London W4 1PD
Website Further information
A copy of this brochure and additional supporting John Burnside John Shaw
information is available to view at: +44 (0)20 7544 2041 +44 (0)20 7544 2038
+44 (0)7730 817 046 +44 (0)7808 479 289
www.thinkcapitarealestate.uk/260-262chiswickHR john.burnside@capita.co.uk john.shaw2@capita.co.uk
Capita, 65 Gresham Street, London EC2V 7NQ Subject to Contract
Capita Property & infrastructure Ltd (“CPI”), trading as Capita, for itself and as agent for the vendors or lessors (the “Seller”) of this property, gives notice that (1) These particulars do not constitute any part of an offer or a contract (2) Whilst every attempt has been made to ensure
accuracy, this cannot be guaranteed and, therefore (save as set out at (6) below), (a) all statements and descriptions in these particulars as to this property are made without responsibility or liability on the part of CPI or the Seller, (b) no such statements or descriptions are to be
relied on as statements or representations of fact (c) all measurements are approximate and no responsibility is taken for any error, omission or misstatement and (d) any intending purchasers or lessees must satisfy themselves by inspection or otherwise as to the correctness of
each of the statements, particulars (3) The Seller does not make or give, and neither CPI nor any of its employees or agents makes or gives nor has any authority to make or give, any representation or warranty whatsoever in relation to this property. (4) Unless otherwise stated,
all prices and rents are quoted exclusive of VAT and no statement is made as to the incidence of VAT. (5) No liability is accepted and no representation is made by either CPI or the Seller in respect of the presence, condition, adequacy or usability of any telecommunications or
computer systems or equipment at the property, any software loaded thereon, or any related cabling or infrastructure. (6) Nothing herein shall exclude any liability which either the Seller or CPI would otherwise have for any fraudulent concealment or for any statements made
fraudulently by it, its employees or agents. Capita: October 2015.
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