Prominent Retail Investment in Affluent West London Location
Rent £75,000 per annum exclusive reduced to £41,580 per annum exclusive
Active management potential
Adjacent to Holland Park and opposite proposed redevelopment of Odeon Cinema into 100,000 sq ft of high end residential accommodation
A3 restaurant/café consent
Important rent review March 2010
Nearby occupiers include Waitrose, Blockbuster, Waterstones, Rymans and Carphone Warehouse
Lot 1
Auction 7th April 2011
Rent Gross: £75,000 per Annum Exclusive
Status Sold
Price £125,000
Sector High Street Retail
Auction Venue Millennium Hotel 39-44 Grosvenor Square London W1K 2HP
On the appointment of the Liquidators
Property Information
Location
Miles
Holland Park - 0.2 mile north
Kensington Palace - 0.75 mile east
Notting Hill - 0.75 mile north
Roads
A4, M4, A40
Rail
High Street Kensington Underground Station (District and Circle Lines), Kensington Olympia Underground Station (District and Overground lines) and Earls Court Underground Station (District & Piccadilly lines)
Air
Heathrow Airport
Situation
Kensington is a highly affluent and desirable suburb of West London. The property is located at the junction of fashionable Kensington High Street (A315) and Melbury Court and opposite the junction of Earls Court Road. Nearby occupiers include the Odeon Cinema and Waitrose. Other major occupiers in the area include Topshop, Tesco, Waterstones, Wholefoods and Barclays Bank.
Tenure
Leasehold. Held from Charlton Estates Limited, Vivamat Properties and Southern Properties for a term expiring on 28th September 2016 at a fixed peppercorn rent.
Location
Miles
Holland Park - 0.2 mile north
Kensington Palace - 0.75 mile east
Notting Hill - 0.75 mile north
Roads
A4, M4, A40
Rail
High Street Kensington Underground Station (District and Circle Lines), Kensington Olympia Underground Station (District and Overground lines) and Earls Court Underground Station (District & Piccadilly lines)
Air
Heathrow Airport
Situation
Kensington is a highly affluent and desirable suburb of West London. The property is located at the junction of fashionable Kensington High Street (A315) and Melbury Court and opposite the junction of Earls Court Road. Nearby occupiers include the Odeon Cinema and Waitrose. Other major occupiers in the area include Topshop, Tesco, Waterstones, Wholefoods and Barclays Bank.
Tenure
Leasehold. Held from Charlton Estates Limited, Vivamat Properties and Southern Properties for a term expiring on 28th September 2016 at a fixed peppercorn rent.
Description
The property comprises retail accommodation and a café on the ground floor and ancillary accommodation in the basement.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises retail accommodation and a café on the ground floor and ancillary accommodation in the basement.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review
Ground and Part Basement
Retail
109.84 sq m 65.31 sq m
(1,183 sq ft) (704 sq ft)
CAPRO LTD (t/a Luscious Organic)
Lease from 25/03/2003 until 25/09/2016 (2)
£75,000 (1) reduced to £41,580
24th March 2010 and 24th March 2014
Totals
175.15 sq m
(1,887 sq ft)
(1) Under the terms of the lease, the current rent reserved is £75,000 per annum exclusive. The seller has agreed to reduce the rent to £41,580 per annum exclusive. (2) The lease provides for a tenant’s option to determine the lease on 24th March 2014.
