23 / 25 Kensington High Street
Royal Borough of Kensington & Chelsea
London
W8 5NP

Freehold Retail and Residential Investment

  • Tenants include Starbucks Coffee Company (UK) Ltd until 2032 (subject to option)
  • Highly affluent West London suburb
  • Situated opposite Kensington Palace Gardens
  • Approximately 0.2 miles south of Kensington Palace, 0.5 miles from the Royal Albert Hall and 1.7 miles from the Natural History and Science Museums
  • Neighbouring occupiers include Whole Foods Market, Zara, Urban Outfitters, UNIQLO, L'Occitane en Provence, Jigsaw, Wagamama and NatWest
  • Lot
    12
  • Auction
    23/May/2019
  • Rent
    £113,500 per Annum Exclusive
  • Status
    Available
  • Price*
    £1,700,000
  • Sector
    High Street Retail
  • Auction Venue
    The Montcalm Hotel
    2 Wallenberg Place
    London W1H 7TN
Important Auction & Property Update
  • 23 / 25 Kensington High Street<br>Royal Borough of Kensington & Chelsea<br>London<br>W8 5NP
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* More information on the term "price" can be found here

Property Information

Location
Miles
0.2 miles south of Kensington Palace
0.7 miles east of Holland Park
0.75 miles south of Notting Hill
Roads
A315, A4, M4, A40
Rail
High Street Kensington Underground Station (District and Circle Lines)
Air
Heathrow Airport
Situation

Kensington, in the Royal Borough of Kensington and Chelsea, is a highly affluent and desirable West London suburb. The locality is home to infamous London landmarks including the Royal Albert Hall, the Natural History, Science and Victoria & Albert Museums, Kensington Palace and Imperial College London. The property is prominently located opposite Kensington Palace Gardens, on the south side of the fashionable Kensington High Street (A315) some 300 metres from High Street Kensington Underground Station. Neighbouring occupiers include Whole Foods Market, Zara, Urban Outfitters, UNIQLO, L'Occitane en Provence, Jigsaw, Wagamama and NatWest.

Tenure

Freehold.

Description

The property comprises two retail units with ground floor retail accommodation and basement ancillary accommodation and 4 residential flats on the 4 upper floors.

VAT

VAT is applicable to this lot.

Note

The Seller has served notice pursuant to section 5B of the Landlord & Tenant Act 1987. The qualifying tenants of the residential flats had a prescribed period until midnight on 18th March 2019 to accept the notice. The Seller has received no acceptances and therefore the residential tenants cannot exercise their rights of pre-emption in this sale.

Completion Period

Six Week Completion

EPC

Available from the legal pack at acuitus.co.uk

Tenancy & Accommodation

UnitFloorUseFloor Areas (Approx)TenantTermRent p.a.xReviews/
(Reversion)
23Ground
Basement (3)
Retail
Ancillary
58.43 sq m
25.49 sq m
(629 sq ft)
(275 sq ft)
TOLLER
QUALTER LTD (CRN 11804681)
(see addendum)
from 18/04/2019 to
28/09/2025
£60,500(28/09/2020)
25Ground
Basement
Retail
Ancillary
50.35 sq m
34.56 sq m
(542 sq ft)
(372 sq ft)
STARBUCKS
COFFEE
COMPANY (UK)
LIMITED (1)
20 years from
05/03/2012 (2)
£53,00005/03/2022
and
05/03/2027
(4/03/2032)
23-25Upper floors4 x
Residential
flats
INDIVIDUALS4 separate leases for a term of 125 years from 25/12/1998 until 2123Peppercorn 
Total Commercial Area
168.83 sq m
(1,818 sq ft)
  £113,500 

(1) For the year ending 1st October 2017, Starbucks Coffee Company (UK) Limited reported a turnover of £372,290,050, a pre-tax profit of £4,549,995 and a total net worth of £23,142,695 (Source: Experian Group 22/02/2019).
(2) As to 25 Kensington High Street, the lease to Starbucks Coffee Company (UK) Limited. The lease is for a term of 10 years from 5th March 2012 until 4th march 2022. There is also a reversionary lease for a term of 10 years from 5th March 2022 until 2023 subject to a tenant option to determine the lease on 3rd march 2027. The lease also provides for a landlords option to determine the lease at any time if the tenant of the lease is not the same entity as the tenant of the original lease i.e. Starbucks Coffee Company (UK) Limited.
(3) As to unit 23, 10.10 sq m (109 sq ft) of the basement has a height of 1.5m.

Property Documents

  • Solicitors Legal Pack
    Updated Date
    07.05.19
    File Size
    38 MB
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  • Catalogue Page
    Updated Date
    01.05.19
    File Size
    1 MB
    View PDF
  • Site Plan
    Updated Date
    01.05.19
    File Size
    3 MB
    View PDF
  • Common Auction conditions
    Updated Date
    10.01.19
    File Size
    143 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
John MehtabJohn Mehtab +44 (0)20 7034 4855 +44 (0)7899 060519john.mehtab@acuitus.co.uk
Billy StruthBilly Struth +44(0)20 7034 4854billy.struth@acuitus.co.uk
Seller's Solicitors
Knights Plc Midland House West Way Botley
Oxford
OX2 0PH
Richard Goodlad 01865 811 770richard.goodlad@knightsplc.com

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