FREEHOLD RETAIL AND RESIDENTIAL INVESTMENT / DEVELOPMENT

292 Westbourne Grove, London W11

   

Location

In the heart of Notting Hill on the north side of Westbourne Grove at its western end between the Portobello Road and Kensington Park Road junctions. Traders in this part of the street include Paul Smith in two branches; Agent Provocateur; Knight Frank; Hamptons and Barnes Cycles
 

Description

The property was virtually rebuilt in 1991. It is a terraced victorian property on basement, ground, first and second floors. There is planning consent to add a third floor.

The ground and basement floors are arranged as retail accommodation. The rear part of the basement is let to Arbras Gallery, silverware dealers. The remainder of the ground and basement floors is offered with vacant possession.

The first and second floors are each arranged as a self-contained flat, in each case comprising two bedrooms, living room with kitchen recess and bathroom.

The Retail Accommodation

The property has a gross frontage of 17ft. The shop has a net internal width of 12ft 1in and a shop and built depth of 59ft 7in. The floor areas are:-

Ground floor sales

850 sq ft

79.0 sq metres

Basement vacant part

420 sq ft

39.0 sq metres

Arbras part

490 sq ft

45.5 sq metres

Total Basement

910 sq ft

84.5 sq metres

The Residential Accommodation

The flats are reached by an entrance door beside the shop front. They are currently arranged as follows:-

First floor flat  
Reception room 15ft 11in x 14ft 9in max
Bedroom One 8ft 2in x 14ft 7in
Bedroom Two 7ft 5in x 9ft
Gross internal area 450 sq ft

 

Second floor flat  
Reception room 15ft 10in x 14ft 9in max
Bedroom One 8ft 7in x 9ft 3in
Bedroom Two 6ft 9in x 9ft 3in
Gross internal area 405 sq ft

The Basement Tenancy

About one half of the basement is let to Arbras Gallery Limited, dealers in silverware and high class glassware. The tenancy includes the right to use one of the display cabinets at the front of the shop, adjoining the shop windows.

Term 15 years expiring 28th September 2016

Rent £19,000 pa

Rent Reviews Upward only on 29th September 2006 and 2011

The tenant contributes towards the cost of repairing and insuring the building by way of a service charge.

Planning Consent

Planning Consent was granted in October 2006 to add a third floor within a mansarded roof, to extend the first floor, and to provide first and second floor roof terraces. The extra storey is conditional upon the proposed mansards at 282-290 Westbourne Grove having first been completed.

On completion of the development at 292 Westbourne Grove the upper floors will provide:-

First floor self-contained flat one or two bedrooms, one reception room, kitchen and bathroom
Gross internal area
540 sq ft plus terrace 240 sq ft
   
Second and Third Floor Maisonette two or three bedrooms, bathroom, shower room, reception room and kitchen
Gross internal area
830 sq ft plus terrace 140 sq ft

 

Terms

We estimate the rental value of the commercial part as follows:-

Ground floor and part basement £47,500
The Arbras basement £19,000
Total estimated and actual income £66,500

As to the residential part, the most recent letting of the first floor was at £1,410 pcm (£16,920 pa). It is now vacant. The second floor is let on an Assured Shorthold Tenancy at a rent of £1,190 pm (£14,820 pa) which is the rent agreed three years ago. We estimate the sale prices of the proposed development as follows:-

Proposed first floor flat 540 sq ft GIA £475,000
Proposed 2nd/3rd floor maisonette 830 sq ft GIA £800,000

We are seeking offers in excess of £1.9m for the building, subject to the Lease to Arbras and the assured shorthold letting on the second floor but otherwise with vacant possession and with the benefit of the Planning Consent described.

Viewing

By appointment only. Contact Tony Taylor for further information T:020 7376 2646

SUBJECT TO CONTRACT