Property Auctions 21/Jul/2021 | 84-86 Kensington High Street, Kensington, London, W8 4SG

Freehold Retail and Office Investment with Asset Management Opportunities and Planning to Convert Upper Floors to Residential

Two shops with three floors of offices above, separately accessed from Kensington Church Court and from Kensington High Street
Planning permission granted in November 2020 to convert second/third floors from offices to residential (2 x 1 bed and 2 x 2 bed flats) and to extend offices at first floor
Various asset management opportunities including change of use & extension of upper floors, lease renewal negotiations, and possible amalgamation of the two shops (subject to leases and consents)
Highly prestigious Central London location approximately 100 metres from High Street Kensington Underground and close to The Ivy Brasserie, Ole & Steen as well as Marks & Spencer, H&M, Zara, Uniqlo and Whole Foods Market

Lot 9
Auction 21st July 2021
Rent £228,420 per Annum Exclusive
Status Withdrawn Post
Price
Sector
High Street Retail
Auction Venue
Live Streamed Auction

Property Information

Location

Miles: 0.2 miles from Kensington Gardens and Kensington Palace
Rail: High Street Kensington Underground; (Circle & District Lines, 100m)
Air: London Heathrow

Situation

Kensington is a highly affluent and well-known district in the Royal Borough of Kensington and Chelsea. The property is located in the heart of the commercial centre of Kensington, on the north side of Kensington High Street, close to its junction with Kensington Church Street, Kensington Gardens and Hyde Park, and approximately 100m east of High Street Kensington Underground Station (Circle & District Lines). Nearby occupiers on Kensington High Street include The Ivy, Ole & Steen, Hobbs, H&M, Marks & Spencer and Whole Foods Market.

Tenure

Freehold.

Location

Miles: 0.2 miles from Kensington Gardens and Kensington Palace
Rail: High Street Kensington Underground; (Circle & District Lines, 100m)
Air: London Heathrow

Situation

Kensington is a highly affluent and well-known district in the Royal Borough of Kensington and Chelsea. The property is located in the heart of the commercial centre of Kensington, on the north side of Kensington High Street, close to its junction with Kensington Church Street, Kensington Gardens and Hyde Park, and approximately 100m east of High Street Kensington Underground Station (Circle & District Lines). Nearby occupiers on Kensington High Street include The Ivy, Ole & Steen, Hobbs, H&M, Marks & Spencer and Whole Foods Market.

Tenure

Freehold.

Description

The property comprises two shops arranged on the ground floor and basement with separately accessed offices above on the first, second and third floors accessed from Kensington Church Walk, a charming mainly residential street between Kensington High Street and Holland Street. The upper parts of No. 84 are currently accessed from Kensington High Street.

VAT

VAT is not applicable to this lot.

Planning

Planning Permission was granted on 24/11/2020 for change of use of the second and third floors to residential (2 x 1 bed and 2 x 2 bed flats), as well as rear extensions and alterations to the first floor offices. Ref: PP/20/04500 on the Royal Borough of Kensington and Chelsea planning portal at www.rbkc.gov.uk.

Completion Period

Six Week Completion

EPC

Available from the legal pack at www.acuitus.co.uk.

Description

The property comprises two shops arranged on the ground floor and basement with separately accessed offices above on the first, second and third floors accessed from Kensington Church Walk, a charming mainly residential street between Kensington High Street and Holland Street. The upper parts of No. 84 are currently accessed from Kensington High Street.

VAT

VAT is not applicable to this lot.

Planning

Planning Permission was granted on 24/11/2020 for change of use of the second and third floors to residential (2 x 1 bed and 2 x 2 bed flats), as well as rear extensions and alterations to the first floor offices. Ref: PP/20/04500 on the Royal Borough of Kensington and Chelsea planning portal at www.rbkc.gov.uk.

Completion Period

Six Week Completion

EPC

Available from the legal pack at www.acuitus.co.uk.

Tenancy & Accommodation

	Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Review
84	Ground Basement	Retail Ancillary	49.50 sq m 22.90 sq m	(533 sq ft) (246 sq ft)	OM ERIN LIMITED t/a Bromptons Opticians	10 years from 18/08/2010 until 17/08/2020 (1)	£85,000
	First Second	Office Office	38.37 sq m 36.42 sq m	(413 sq ft) (392 sq ft)	VACANT	-	-
	Third	Office	34.47 sq m	(371 sq ft)	MOSS PROPERTY LETTINGS LIMITED	10 years from 14/12/2012 until 13/12/2022	£14,000	12/12/2022
86	Ground Basement	Retail Ancillary	62.80 sq m 26.00 sq m	(676 sq ft) (280 sq ft)	SUCKERS LIMITED t/a Ranoush Juice	10 years from 13/04/2013 until 12/04/2023	£105,000	13/03/2023
	First	Office	25.92 sq m	(279 sq ft)	VACANT	-	-
	Second Third	Office Office	29.54 sq m 30.84 sq m	(318 sq ft) (332 sq ft)	MARVEN LIMITED	6 months from 01/06/2021 until 30/11/2021 (2) (held on two co-terminus licences)	£24,420 (2)
Total			356.76 sq m	(3,840 sq ft)(3)			228,420

(1) The tenant has served a S26 notice notice for a new lease at £70,000 pa. Please see legal pack.
(2) Annual Equivalent Rent.
(3) The approximate floor areas stated above are existing floor areas. The planning permission granted in November 2020 will allow for the first floor of 84/86 to be extended to approximately 1,292 sq ft; the second floor of 84/86 to approximately 1,198 sq ft and the third floor of 84/86 to approximately 1,223 sq ft. There is potential to combine the two shops by removing the staircase at 84 Kensington High Street, resulting in a larger ground floor/basement area.

If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.