Freehold Retail Investment For Sale, Kensington, W8
3 Holland Street, Kensington, London W8
Situation & Location
The property is situated on the the southern side of Holland Street close to the junction with Kensington Church Street and therefore just to the north of Kensington High Street. Kensington High Street underground is nearby. Holland Street is an attractive and upmarket retail enclave serving the wealthy resident population and businesses represented include Richard Young Gallery, Willer, Cool Cuts and Platters Café. View location map.
Description & Accommodation
The property comprises a self-contained ground and basement floor retail unit, with a residential maisonette above sold on a long lease. The retail unit provides the following approximate floor areas:-
| Ground floor sales | 612 sq ft | 56.9 sq m |
| Basement ancillary | 280 sq ft | 26 sq m |
| Basement vault | 47 sq ft | 4.4 sq m |
| Total | 939 sq ft | 87.3 sq m |
Tenure
Freehold.
Tenacy
Shop & Basement let to J.B.L. & R. Leberne t/a Pickwicks (gifts and stationary) for a term expiring 30/10/33 subject to tenant’s break option in Oct 23 and Oct 28 on six month’s notice; effectively full repairing and insuring terms.
Rent
£41,880 per annum, however by side letter dated 1.05.19 a concession was made, to the current tenants only, for the rent to be £38,000 per annum, payable monthly by standing order, rising to £40,000 per annum on 30th Oct 2021. A purchaser will not be legally bound by this concession (subject to purchaser’s independent legal advice).
Tenant Profile
Pickwick is a well established local business and has been trading from the shop since 2003.
Upper Maisonette
The upper maisonette is sold on a 125 year lease from Jan 1991 (97 years unexpired) at a ground rent of £100 rising to £150 in 2040; £200 in 2066; £250 from Jan 2091 for remainder of term.
Price
£725,000 to reflect an yield of 5.04% on intial concessionary rent; 5.31% of reversionary concessionary rent; 5.56% on contractural rent, after deducting normal purchase costs.*
Legal Costs
Each party to bear their own.
Energy Performance Certificate
In preparation.
VAT
The property is not VAT opted.
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.
