FREEHOLD RETAIL and RESIDENTIAL INVESTMENT
SHOP LET TO FRENCH CONNECTION
191 Westbourne Grove, London W11 2SB
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Location
| In the heart of Notting Hill on the south side of Westbourne Grove close to its junction with Ledbury Road. Traders in this part of the street include Ventilo, Diptyque, Emma Hope, Jigsaw and Pepe Jeans. |
Description
| The
property is a terraced Victorian building on basement, ground and three
upper floors.
The ground and basement floors are arranged as a shop let to French Connection trading as 191. The French Connection occupation extends into the rear mews building not included in this sale. The first, second and third floors are each arranged as a self-contained flat. The Retail Accommodation The building has a gross frontage of about 17ft 6in. The shop has a net internal width of 12ft 9in and a shop and built depth of 42ft 5in. The floor areas are:-
The Residential Accommodation The flats are reached by an entrance door to the side of the shop front. The first floor flat consists of two bedrooms, reception room, kitchen and bathroom, whilst the second and third floors are each arranged as studio flats with separate kitchens and bathrooms. The principal dimensions and areas are:- |
| First floor flat | Reception room | 16ft 7in x 15ft 5in max | |
| Bedroom One | 10ft 5in x 10ft 2in | ||
| Bedroom Two | 6ft 2in x 10ft 1in | ||
| Kitchen | 7ft 4in x 7ft 10in | ||
| Bathroom | 6ft 6in x 5ft 9in max | ||
|
Gross
internal area
|
600
sq ft
|
56
sq metres
|
|
| Second floor flat | Studio Room | 16ft 7in x 19ft 8in max | |
| Kitchen Recess | 7ft 1in x 10ft 8in | ||
| Shower Room | 3ft 3in x 9ft 11in | ||
|
Gross
internal area
|
385
sq ft
|
36
sq metres
|
|
| Third floor flat | Studio Room | 17ft x 15ft 9in | |
| Entrance
Hall with Fitted Cupboards |
17ft x 3ft 1in | ||
| Kitchen | 7ft 6in x 10ft 2in | ||
| Shower Room | 3ft 3in x 9ft 11in | ||
|
Gross
internal area
|
445
sq ft
|
41
sq metres
|
The Shop Lease
The ground and basement
floors are let to French Connection Retail Limited a wholly owned subsidiary
of French Connection Group Plc.
Term - 15 years expiry 31st July 2018
Rent - £65,000 pa
Rent Reviews - Upward
only on 1st August 2008 and 2013
The tenant contributes towards the cost of repairing and insuring the building
by way of a service charge.
The Flat Tenancies
All three flats are let on assured short hold tenancies.
| First Floor | £1,560.00 pcm | £18,720 |
| Second Floor | £1,083.33 pcm | £13,000 |
| Third Floor | £ 996.66 pcm | £11,960 |
| Total | £43,680 pa |
The second floor flat was let on 2nd February 2007. The rents on the first and third floors were established two years ago. The aggregate rental value today is over £45,000.
The French Connection Covenant
French Connection has
about 150 retail outlets in the UK and Europe with a further 130 franchised
stores worldwide. Group turnover for the year ending January 2006 was over
£246m and pre-tax profit over that period £15.7m. The group's
net assets were standing at about £126m.
French Connection Retail Limited is a wholly owned subsidiary of French Connection Group plc. It made a loss last financial year.
Terms
|
Proposal The current income is £108,680 pa. The freehold is available at a price of £2.4m subject to the lease to French Connection Retail and the assured short hold lettings. A purchase at £2.4m will show a yield of 4.28% after allowing for purchasers acquisition costs at 5.75%. |
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Viewing
| By appointment only. Contact Tony Taylor for further information T:020 7376 2646 |
SUBJECT TO CONTRACT
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