Rarely Available Freehold Shop & Maisonette For Sale, Portobello Market, W11
Currently fully let and income producing, with possession of flat available March 2020
77 Portobello Road, Portobello Market, London, W11
Situation & Location
The property is situated on the the western side of Portobello Road, just to the south of the junction with Westbourne Grove. This busy section of Portobello Road forms the world famous antique market which attracts a high volume of visitor footfall, originally on Saturdays but now throughout the week. The property is surrounded by the antique galleries for which the streeet is famous and occupiers such as Stumper & Fielding; Judy Fox Antiques; Barham Antiques: Chloe Alberry & many others. Notting Hill Gate Underground (Central, Circle, Disrict Lines) is within easy reach as are the restaurant and fashion amenties of Westbourne Grove. View location map.
Description & Accommodation
The property forms part of an attractive terrace of Victorian shops with residential upper parts and comprises a self-contained ground floor and basement retail unit with a two bedroomed maisonette above, which has the benefit of a superb west facing roof terrace:-
The ground floor retail shop has a gross internal area of 73 sq m (782 sq ft) with an internal width of 12’9 (3.7m) narrowing to 10’7”( 3.2m) and is self contained with its own WC.
The upper maisonette has a gross internal area of some 986 sq ft (92 sq m), including 10sq m storage, and is reached via a private street entrance with stairs leading up to a front reception room, rear dining room and conservatory kitchen first floor level, leading out to the roof terrace. At half landing level there is a bathroom/WC and, at second floor above, a double and a single bedroom.
Tenure
The freehold interest is for sale; together with long lease for the upper maisonette (125 years from Jan 07), apportionment of sale price to be agreed.
Tenancies
The ground floor shop is let for a term expiring July 2022, with a tenant option to break in July 2020 upon payment of a £15,000 penalty (the tenant has indicated that at this stage they do not intend to break): current rent £78,375 per annum exclusive.
The upper maisonette is let for on an AST expring Sept 2020 with a mutual break option in March 2020 at a current rent of £795 per week.
Thus producing the equivalent of £119,715 per annum gross income.
Price
An offer of £3,500,000 is sought for this valuable interest.
Legal Costs
Each party to bear their own.
Energy Performance Certificate
EPC ratings: Maisonette 70 (Band C); Shop 77 (Band D) - copy reports and recommendations available on request.
Business Rates
The local authority has verbally informed us that the rateable value for the ground floor shop is £ 46,400 and the rates payable for the current year ending 31/03/19 are £22,586. Interested parties should make their own enquiries and confirm: - Royal Borough of Kensington and Chelsea business rates department 0208-315-2082.
VAT
Will not apply.
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.
