Workshop & retail space for sale

Description

The property comprises an extensive retail showroom forming part of riverside west development, constructed in 2002 by St George Plc.

The upper parts are sold off separately and consist of two dissimilar buildings. The glazed, three storey section of the property is occupied by office tenants on the first and second floors.

The adjoining building extends to 8 storeys in total and contains residential apartments which do not form part of the sale.

The property lends itself to a wide variety of alternative uses (subject to planning). Office rents in the local area reflect c. £40-45 per sq ft, providing a significant reversion.

Location

Wandsworth is an affluent area of South West London, approximately 4.5 miles from London’s West End and a short distance from the Thames riverfront. The area, which has a population of over 350,000, has one of the most affluent demographics in London, with 75% of the population categorised as ‘ABC1.’

Wandsworth sits on the border of Zones 2 and 3, and benefits from quick access to Greater London. A number of green spaces nearby including Bramford Gardens, Wandsworth Park, Wandsworth Common and a short walk to South Park across the River Thames.

Wandsworth Town is typified by its paved streets, historic pubs and weekly farmer’s market. The area has been significantly gentrified in recent years and provides a wide range of restaurants, pubs/bars, boutique shops and florists, catering for the affluent local population.

Road communications are excellent with the A3 arterial route providing access into Central London, 6 miles to the north east, and direct access to the south passing close to Kingston upon Thames and Guildford.

By Rail, regular trains run from Wandsworth Town station (Zone 2) to Clapham Junction in 3 minutes.

Omega House is located on the north-eastern side of Smugglers Way, at its junction with Marl Road. The property is just 250 meters from Wandsworth Roundabout, 0.3 miles from the South Circular Road (A205) and 1 mile east of the A3.

Wandsworth Town Station is a very short, 3 minute walk away providing direct connection to Central London. The wider area is populated with a range of independent and national retail and leisure operators serving the local population.

Terms

TENANCY - The unit is let to Serenity Interiors Ltd, trading as Roche Bobois, with a guarantee from Coxbury Ltd.

The property is let on an effective FR&I lease for a term of 5 years from 11th March 2022, expiring 10th March 2027, at £210,000 per annum. The tenant has an option to break on the expiry of the third year of the term.

PROPOSAL - The vendor is seeking offers in excess of £3,250,000 (Three Million Two Hundred and Fifty Thousand Pounds) exclusive of VAT and subject to contract.

Net Initial Yield: 6.07%

Capital Value: £322 per sq ft

Assuming Graduated Purchaser’s Costs of: 6.48%

TENURE - The property is held by way of Virtual Freehold for a term of 999 years from 17/12/2002 under Land Registry Title Number TGL221996.

PLANNING - The property is not listed, but is situated within the Chelsea Conservation Area. The permitted user clause allows for a range of alternative uses (subject to planning) which offers a purchaser long term flexibility.

EPC - Available upon request.

VAT - The property has been elected for VAT and it is assumed the sale will be conducted via a Transfer of a Going Concern (TOGC).

AML - In accordance with Anti-Money Laundering Regulations, two forms of identification and confirmation of the source of funding will be required from the successful purchaser.

UK SPV - The virtual freehold interest is held in a clean UK SPV. Further information can be provided upon request.

Specification

Single let to Serenity Interiors Limited, trading as Roche Bobois, with guarantee from Coxbury Limited

Recently regeared lease providing 4.1 years to expiry

Total income of £210,000 per annum reflecting a low rent of £21 per sq ft

Adjacent to £500m BTR development by Legal & General to provide around 1,000 homes and 85,000 sq ft of commercial space

Substantial ground floor showroom providing 10,101 sq ft with an extensive glass frontage of over 50 metres

350 car parking spaces within a 5 min walk

International furniture brand trading from subject premises for over 18 years