Let to Barretoned Ltd on a new 5 year lease (www.barretoned.com)
Affluent and fashionable Central London location
Retail unit approximately 179 sq m (1,929 sq ft)
Fixed rental increases
1.8 miles from London’s West End
Future residential redevelopment potential of the rear (subject to consents)
Six Week Completion
Lot 30
Auction 23rd May 2013
Rent £75,050 per Annum Exclusive
Status Sold Prior
Price
Sector High Street Retail
Auction Venue The Dorchester Hotel Park Lane Entrance Mayfair London W1K 1QA
Property Information
Location
Miles
0.6 miles north of Kensington Gardens
1.8 miles east of London’s West End
1 mile east of Paddington Station
Roads
Edgware Road (A5), Oxford Street (A40), Bayswater Road (A402)
Rail
Paddington National Rail Station, Bayswater Underground Station (Circle and District), Paddington Underground (Bakerloo, Jubilee, Hammersmith & City, Circle and District)
Air
London City Airport, Heathrow Airport
Situation
Chepstow Road is situated in Notting Hill, a highly attractive, fashionable and affluent West London suburb, located 1.8 miles east of Marble Arch and Oxford Street, London’s premier retail location. The property is situated on the east side of Chepstow Road, close to the busy junction with Westbourne Grove. Nearby occupiers include Carluccio’s, Starbucks, Caffè Nero, Monsoon and Sweaty Betty.
Tenure
Freehold.
Location
Miles
0.6 miles north of Kensington Gardens
1.8 miles east of London’s West End
1 mile east of Paddington Station
Roads
Edgware Road (A5), Oxford Street (A40), Bayswater Road (A402)
Rail
Paddington National Rail Station, Bayswater Underground Station (Circle and District), Paddington Underground (Bakerloo, Jubilee, Hammersmith & City, Circle and District)
Air
London City Airport, Heathrow Airport
Situation
Chepstow Road is situated in Notting Hill, a highly attractive, fashionable and affluent West London suburb, located 1.8 miles east of Marble Arch and Oxford Street, London’s premier retail location. The property is situated on the east side of Chepstow Road, close to the busy junction with Westbourne Grove. Nearby occupiers include Carluccio’s, Starbucks, Caffè Nero, Monsoon and Sweaty Betty.
Tenure
Freehold.
Description
The property comprises extensive leisure accommodation on the ground floor and basement, while the first and second floor comprises a residential maisonette.
VAT
VAT is not applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises extensive leisure accommodation on the ground floor and basement, while the first and second floor comprises a residential maisonette.
VAT
VAT is not 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
Reviews
Ground Basement
Leisure and Ancillary Leisure
78.59 sq m 100.67 sq m
(846 sq ft) (1,083 sq ft)
BARRETONED LTD (1) (4)
5 years from 01/03/2013 (3)
£75,000 (2)
01/02/2014 and 01/02/2015
First & Second
Maisonette
Not Measured
INDIVIDUALS
999 years from 25/12/1998
£50
Roof Space
Not currently used
Not Measured
INDIVIDUAL
999 years from 25/12/2011
Peppercorn
Totals
179.26 sq m
(1,929 sq ft)
£75,050
(1) Barretoned Ltd has been incorporated since 2011. (www.barretoned.com 25/04/2013). (2) The current rent reserved under the terms of the lease is £65,000 per annum exclusive. The lease provides for the rent to be increased to £70,000 per annum exclusive on 1st February 2014 and £75,000 p.a.x. on 1st February 2015. The seller will pay the buyer the difference between the current rent reserved of £65,000 per annum exclusive and £75,000 p.a.x. from completion of the sale until 31st January 2014 and the difference between £70,000 p.a.x and £75,000 p.a.x from 1st February 2014 to the 31st January 2015. Therefore the property will produce £75,050 p.a.x. from completion of the sale. (3) The lease is inside the security of the tenure provisions of the Landlord and Tenant Act 1954. (4) The seller is holding a rent deposit of £37,500.
