LOCATION
The property is prominently located on the corner of New Kings Road and Parsons Green Lane in the heart of Fulham by Parsons Green. The unit benefits from good communications and is a few minutes walk from Parsons Green Tube Station.
SITUATION
The property is situated on the North side of the road adjacent to Parsons Green. Other occupiers nearby include The White Horse, Waitrose, Sainsburys, The Green and a full range of local independent businesses serving the local affluent population.
DESCRIPTION
The property was newly built in 1996 and forms part of a terrace of shops with residential accommodation above. The building is of brick construction with a pitched slate roof. There are three ground floor retail units, basement and four two bed-roomed flat on two floors above.
ACCOMMODATION
The property comprises the following approximate areas and dimensions:
1. Accuvision Ltd
Kiosk Entrance 42 New Kings Road
Ground Floor 252 sq ft
Basement 42-48 New Kings Road
Basement 2401 sq ft
48 New Kings Road
Frontage 14’3”
Ground Floor Sales 306 sq ft
2. Starbucks 44/46 New Kings Road
Ground Floor 700 sq ft
TENURE
1 Accuvision Ltd
Let to Accuvision Ltd for a term of 10 years from 1st June 2021 at a rent of £75000 pa exclusive on FRI terms. There is an RPI rent review due June 2026.
Accuvision have 3 UK laser eye clinics and net assets of £2.4m.
2 Starbucks Coffee Company UK Ltd
Sold off on 999 Year lease from 1997 at a Peppercorn ground rent and sublet to Starbucks.
3. Residential
4 Flats sold on 125 year leases from 1996 at a ground rent of £150 each rising to £300
After 25 years and £600 for the remainder of the term.
Total rental income £75600 pa.
VIRTUAL TOUR
https://mls.ricoh360.com/488c2459-b0bc-46f9-be32-11d688154b03
PRICE
We are instructed to seek offers of £1,200,000 (One million Two hundred Thousand Pounds) subject to contract, which equates to a net initial yield of 5.97% after deducting purchaser’s costs of 5.51%.
VAT
We understand that VAT will not apply on the sale of this property.
Viewing
Richard Vause – Vause Cribb & Co
