Shop & Basement, Offices & Residential Maisonette for Sale, W8
Substantial, Rarely Available, Mixed-Use Freehold
Vacant possession of maisonette; vacant possession of office Jan 2020; shop lease expiry Sept 2025
106 Kensington Church Street & Bedford House, 8b Berkeley Gardens, London, W8
Situation & Location
The property is situated on the eastern side of Kensington Church Street, and forms part of the junction with Berkeley Gardens, in the heart of one of London’s most exclusive residential areas, just to the west of Kensington Gardens. Notting Hill Gate lies just to the north, with its excellent underground connections (Circle, Central, District Lines) and Kensington High Street is easily reached at the southern end of Kensington Church Street. Retailers located nearby include Clarkes Restaurant & Bakery; the famous Churchill Arms; a number of leading antique dealers including Marchant and Patrick Sandberg; leading estate agents. View location map.
Description & Accommodation
Bedford House is a prominent end of terrace corner property, comprising a ground floor and basement shop; offices on basement, lower ground and first floors, and a self-contained residential maisonette on second and third floors above. Externally there is a forecourt used as a parking space.
The three elements provide the following accommodation:-
Retail Unit
| Ground floor sales | 370 sq ft | 34.4sq m |
| Basement Sales | 320 sq ft | 29.7sq m |
| Basement Storage | 210 sq ft | 19.5sq m |
| Total | 900 sq ft | 83.6 sq m |
Externally there is a WC at basement level, reached via a pathway in the lightwell.
Offices
| First Floor office | 377 sq ft | 35.0 sq m |
| First Floor office | 221 sq ft | 20.5 sq m |
| Ground floor office | 265 sq ft | 24.6 sq m |
| Lower ground floor office | 278 sq ft | 25.8 sq m |
| Lower ground floor kitchen | 31 sq ft | 2.9 sq m |
| Total net internal | 1,172 sq ft | 108.8 sq m |
Office Amenities
Fitted Kitchen | Excellent Natural Light | Hardwood Flooring | Shower | Two WC’s | Central Heating
Residential Element | Second and Third Floor Maisonette
A spacious and attractive south west facing maisonette with good natural light. The property provides a good sized Kitchen/Dining Room with a well-proportioned double aspect Reception Room on the second floor. The third floor comprises; Three Double Bedrooms and an En-suite Bathroom, plus a separate Shower Room and access to a large loft space.
Estimated current weekly rent £850 per week.
Tenancies
The retail unit is let on full repairing insuring terms, expiring Sept 2025, to Lea & Sandeman Co Ltd, at a current rent of £45,000 per annum, subject to review in Sept 2020. There is a Schedule of Condition relating the basement vaults and passageway. A three month rent deposit is held.
The forecourt parking is also let to Lea & Sandeman Co Ltd under a separate licence at £2,000 p.a.
Lea & Sandeman are a very well established and respected wine merchants, trading from four shops in Kensington, Chelsea, Barnes & Chiswick. Most recently reported net assets in excess of £1million. www.leaandsandeman.co.uk
The offices are let to Island Trading Ltd, on an internal repairing and insuring lease, outside the security of tenure and compensation provisions of the Landlord & Tenant Act 1954, expiring Jan 2020, at a current rent of £50,000 per annum (with one month from Jan 2019 to be rent free). A six month rent deposit is held.
Thus producing a total current income of £97,000 per annum, with the benefit of vacant possession of the upper maisonette rising to an ERV of some £141,000 per annum on letting of the flat to provide a net yield of some 3.2% after usual costs of purchase.
Legal Costs
EEach party to bear their own.
Energy Performance Certificate
The maisonette has a current EPC rating of 56 (Band D); prior to the current tenant’s fit out the offices were rated 144 (Band F) and the shop 234 (Band E) however these are to be re-assessed to take account of the changed lighting.
Business Rates
The local authority has verbally informed us that the rateable value for the shop is £24,750 and the rates payable for the current year ending 31/03/19 are £11,766. ; and the rateable value for the offices is £43,000 and the rates payable are £20,640 .Interested parties should make their own enquiries and confirm: - Royal Borough of Kensington and Chelsea business rates department 020 8315 2082.
Council Tax For Maisonette Band G - £1871.78p for year commencing 1 April 2018
VAT
Will not apply.
FREEHOLD
Guide Price £4,150,000 (Four Million One Hundred and Fifty Thousand Pounds)
Subject to Contract
Contact
Jeremy Barnard
Tel: 020 7938 3990
Fax: 020 7937 3764
Email: jb@jmwbarnard.com
Important Notice: Measurements are approximate and no responsibility is taken for any error, omission or mis-statement in these particulars which do not constitute an offer or contract. No representation or warranty is given either during negotiations, in particulars, or elsewhere. Unless otherwise stated all rents and prices are exclusive of VAT, where applicable.
