ACCOMMODATION
The property comprises a well fitted gallery and picture framers trading as Gallery 475, who have been in occupation for many years having also recently taken over the successful framing business, Piers Feetham Framing. The property also benefits from superb natural light, an extensive rear garden and patio, and well fitted basement. We believe that it may be possible in the future, subject to the necessary planning requirements, to substantially increase the size of the retail unit into the rear garden area. The air rights above have been retained by the Freeholder.
LOCATION
Located on the Southern side of Fulham Road, directly opposite Chelsea Football Club, the property provides an excellent and well fitted framing and gallery space in the heart of this busy residential area. The area is known for its charming independent retailers, restaurants, cafes and bars. The location benefits from its proximity to the nearby Fulham Broadway, and Kings Road as well as the obvious draw of the increased footfall brought by Cheslea Football Club. Fulham Broadway Tube station is within a few minutes’ walk and the property is well served by numerous bus services.
FLOOR AREAS
A floorplan of the property is available on application and the roperty currently extends to the following approximate dimensions:
Raised Ground Floor Retail: 340 sq ft
Rear Ground Floor Showroom: 334 sq ft
Lower Ground Floor: 428 sq ft
Garden: unmeasured
TOTAL: 1102 sq ft
TENANCIES:
The commercial element is occupied by way of a twenty year Lease from 4th July 2022, to with five yearly rent reviews, at a passing rent of £24,000 per annum. The Lease contains Tenant only options to determine the Lease at the rent review dates, with six months’ prior written notice. Current evidence would suggest that there is a good chance of securing an uplift at the next review.
The two residential apartments above are sold by way of Long Leaseholds at peppercorn ground rents. Section 5 notices will need to be served, but the occupants have already been notified of the forthcoming sale.
PRICE & ACQUISITION
Offers are invited in excess of £330,000 for our client’s Freehold Interest. A purchase at this level demonstrates a NIY of approximately 7% assuming purchasers’ usual costs and an attractive capital value of approximately £300/sq ft.
EPC FLOORPLAN & LEASES
Available on request
VIEWING ARRANGEMENTS
Viewing is strictly by appointment through the sole agent:
Vause Cribb & Co
Telephone: 020 7731 8001
Email: tom@vausecribb.co.uk
