Ground and first floors let to Pret a Manger (Europe) Ltd until 2028 (no breaks)
Prime pedestrianised retail position in the heart of the town centre
2023 Rent review
Neighbouring occupiers include HSBC, Starbucks, Greggs, Halifax, Lloyds Bank, McDonald's and The North Face
Lot 10
Auction 21st July 2021
Rent £181,500 per Annum Exclusive
Status Sold Prior
Price
Sector High Street Retail
Auction Venue Live Streamed Auction
On behalf of a major fund
Property Information
Location
Miles
11 miles south-west of Central London, 4 miles south of Richmond, 7 miles south-west of Clapham
Roads
A3, A307
Rail
Kingston Railway Station,
Hampton Wick Railway Station
Air
London Heathrow Airport, London Gatwick Airport, London City Airport
Situation
Royal Kingston upon Thames is an affluent South West London suburb some four miles south of Richmond. The town benefits from being a major regional shopping destination and a university town. The property is located in the heart of the town centre on a prominent corner position at the busy junction of the pedestrianised Clarence Street and the pedestrianised Castle Street, approximately 300 metres from Kingston Railway Station. Neighbouring occupiers include HSBC, Starbucks, Greggs, Halifax, Lloyds Bank, McDonald's and The North Face.
Tenure
Freehold. Majority Freehold. Small part leasehold on the third floor at 1 Castle Street. Held for a term of 99 years from 20/12/1979 at a peppercorn rent.
Location
Miles
11 miles south-west of Central London, 4 miles south of Richmond, 7 miles south-west of Clapham
Roads
A3, A307
Rail
Kingston Railway Station,
Hampton Wick Railway Station
Air
London Heathrow Airport, London Gatwick Airport, London City Airport
Situation
Royal Kingston upon Thames is an affluent South West London suburb some four miles south of Richmond. The town benefits from being a major regional shopping destination and a university town. The property is located in the heart of the town centre on a prominent corner position at the busy junction of the pedestrianised Clarence Street and the pedestrianised Castle Street, approximately 300 metres from Kingston Railway Station. Neighbouring occupiers include HSBC, Starbucks, Greggs, Halifax, Lloyds Bank, McDonald's and The North Face.
Tenure
Freehold. Majority Freehold. Small part leasehold on the third floor at 1 Castle Street. Held for a term of 99 years from 20/12/1979 at a peppercorn rent.
Description
The property comprises a substantial double fronted corner property with retail accommodation on the ground and first floor with residential accommodation on the second and third floors, which has been sold off on a long lease. The property also includes a small part leasehold of the third floor at 1 Castle Street.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
See legal pack.
Description
The property comprises a substantial double fronted corner property with retail accommodation on the ground and first floor with residential accommodation on the second and third floors, which has been sold off on a long lease. The property also includes a small part leasehold of the third floor at 1 Castle Street.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
See legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review/ (Reversion)
Ground First
Retail Retail
153.15 sq m 154.37 sq m
(1,648 sq ft) (1,662 sq ft) (1)
PRET A MANGER (EUROPE) LTD (2)
15 years from 13/05/2013
£181,500
13/05/2023 (12/05/2028)
Second and Third
Residential
Four flats
BAYTI PROPERTIES LIMITED
999 years from 27/03/2015
Peppercorn
(26/03/3014)
1 Castle Street - Part Third
Storage
not measured
VACANT POSSESSION
Total Commercial Area
307.52 sq m
(3,310 sq ft)
£181,500
(1) The above floor areas have been published by the Valuation Office Agency at https://www.tax.service.gov.uk/business-rates-find/valuations/22321050000 (2) For the year ending 2nd January 2020, Pret A Manger (Europe) Ltd reported a turnover of £708,359,000 a pre-tax profit of negative £26,014,000 and shareholder funds of £364,731,000 (Source: NorthRow 22/06/2021).
If you are the successful bidder, Acuitus requires a separate payment of £1,250+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
