3-33 KING STREET, TW1 3SD TWICKENHAM PROMINENT FREEHOLD MIXED USE PARADE INVESTMENT & DEVELOPMENT OPPORTUNITY
3-33 KING STREET, TW1 3SD
TWICKENHAMPROMINENT FREEHOLD MIXED USE PARADE INVESTMENT & DEVELOPMENT OPPORTUNITY
INVESTMENT CONSIDERATIONS
• Rare opportunity to acquire the freehold of a prominent parade with extensive development potential. STP.
• Extremely affluent London suburb.
• Prime trading location.
• The property comprises 4,229.6 sq m (45,426 sq ft) of retail, office and residential accommodation arranged over basement, ground and two upper floors.
• Freehold.
• Strong tenant line up including Natwest, Boots, Boots Opticians, Iceland, Waterstones and Patisserie Valerie.
• Total rent passing of £1,030,754 per annum.
• Offers sought in excess of £23,500,000 (Twenty Three Million Five Hundred Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level would reflect an attractive net initial yield of 4.11% with a potential reversion of 4.83% after costs of 6.76%.
DEVELOPMENT POTENTIAL
The property provides a number of potential residential led development opportunities (STP) including:
• A residential development within the rear service area.
• Potential to create an attractive new frontage facing towards the Diamond Jubilee Gardens and River Thames, which could also complement the London Borough of Richmond upon Thames’ emerging proposal for the development of adjacent land.
• Immediate conversion from office to residential use through the application of ‘permitted development rights’ at the first floor of 23-25 King Street.
3-33 KING STREET, TWICKENHAM TW1 3SD
PROMINENT FREEHOLD MIXED USE PARADE INVESTMENT & DEVELOPMENT OPPORTUNITY
3-33 KING STREET, TWICKENHAM TW1 3SD
EEL PIE ISLAND
RIVE
R TH
AMES
RIVER THAMES
Craneford Way Craneford Way
Egerton Road
Court Way
Court Way Heathfield S
Heathfield S
Cole Park Road
Rad
nor Ro
ad
Gra
nge
Ave
Upper Grotto Road Grotto Road
Tennyso
n Avenue
Edwin Road
Ham
ilton Road
Station Road
Laurel Avenue
Clifd
en Road
Clifd
en Road
Copthall G
ardens
Holly Road
Grosveno
r Road
Queens Road
Sharland Road
Church St
Arragon Road
Bell LnWater Ln
Riverside
Lebanon Park
Sion Rd
Ferry Road
Mary’s Terrace
Amya
nd Pa
rk Ro
ad
Victoria Rs
Strafford Rd
Haggard Road
Orleans Road
Saville Roa
d
He
ath G
ard
ens
Lion Road
Heath Road Heath Road
King St
reet
A
305
Richmond Road
Richmond Ro
ad
London Road
A31
0
A31
0
Twickenham
LOCATION
Twickenham is located within the affluent south western quadrant of Greater London within the London Borough of Richmond-upon-Thames.
Twickenham has excellent transport links being located on the A316. The town is located 16.2 km (10.0 Miles) south west of Central London, 4.3 km (2.6 Miles) north east of Kingston upon Thames and 9.0 km (5.6 miles) east of Heathrow Airport.
Twickenham is world renowned for Twickenham Stadium, the home of English Rugby with a capacity of 82,500. As well as the venue for home internationals, the stadium hosts other sporting events, concerts and conferences attracting tens of thousands to the town on a regular basis.
DEMOGRAPHICS
Twickenham is an affluent London suburb in the borough of Richmond with a population of around 97,000. 85% of total employment in Richmond is within the service sector which is significantly above the national average. The borough has an affluent catchment with over 80% of the population categorised in the AB and C1 group.
For indicative purposes only.
3-33 KING STREET, TWICKENHAM TW1 3SD
Gatwick AirportGatwick Airport
M4
M23
M3
M25
M
25 TWICKENHAMHeathrow
AirportHeathrow
Airport
CanaryWharfLondon BridgeClapham Junction
Morden
WimbledonRichmond
Ealing Broadway Earls Court
Heathrow
Blackfriars
Victoria
Whitechapel
FinchleyHigh Barnet
Edgware
Epsom
WestCroydon
Croydon
To Dorking
To Brighton
To Maidstone
Wimbledon
King’s Cross / St. Pancras International
Waterloo
Piccadilly Line
Rail
Northern Line
Railway Station
Underground Station
Tram Station
Overground Station
Victoria Line
District Line
Twickenham
TWICKENHAM TRAVEL TIMES
Twickenham is well served by road, rail, bus and air transport links.
BY TRAIN
CLAPHAM JUNCTION 12 MINS
KINGSTON 14 MINS
LONDON WATERLOO 26 MINS
READING 58 MINS
BY CAR
KINGSTON UPON THAMES 11 MINS
LONDON WEST END 45 MINS
LONDON CITY 57 MINS
READING 58 MINS
AIRPORT DRIVE TIMES
LONDON HEATHROW 27 MINS
LONDON GATWICK 53 MINS
LONDON LUTON 63 MINS
LONDON CITY 73 MINS
3-33 KING STREET, TWICKENHAM TW1 3SD
ADJACENT SITE – TWICKENHAM REDISCOVERED
The London Borough of Richmond-upon-Thames is progressing a proposal to redevelop the adjoining and adjacent properties and land within its ownership at 1, 1A, 1B King Street and 2/4 Water Lane. The proposals form part of the borough’s “Twickenham Rediscovered” regeneration initiative which has a vision to deliver a new centre for the town which would serve to draw people to the river and to the Diamond Jubilee Gardens. Consultation on early concept designs for the proposal can be summarised as follows:
• Redevelopment of 1, 1A, 1B King Street and 2/4 Water Lane to provide new ground retail/restaurants/café units with residential above, leading through to an amphitheatre building facing the Thames and the river walkway to Eel Pie Island.
• Improved connectivity from King Street and Water Lane to Jubilee Gardens.
• A new underground car park is proposed to go under the new buildings to provide additional parking for the area.
• Extension of the service road running behind the existing King Street properties up to the existing car park through to Water Lane.
At the current time the borough’s appointed architects are considering feedback received to this consultation to further develop the designs, and that it is anticipated an application for the development will be submitted in Autumn 2016. More information can be found on the council website at www.richmond.gov.uk/twickenham_rediscovered
Emerging Redevelopment by the Local AuthoritySUBJECT PROPERTY
Illustrations courtesy of Quinlan & Francis Terry Architects.
3-33 KING STREET, TWICKENHAM TW1 3SD
SITUATION
The subject property is situated in a prime position on the south side of King Street within close proximity to Twickenham mainline station. The rear of the site is separated from the River Thames by Diamond Jubilee Gardens. Nearby traders include WH Smith, Poundland, Santander, Superdrug, Barclays and Marks and Spencer.
RETAILING IN TWICKENHAM
Twickenham is a popular retail location to the west of London due to the breadth of its retail offering and the attractive character of the town centre. The prime retail offer is focussed around King Street with the subject property being located at the prime pitch. Major UK multiples in the pitch include WH Smith, Iceland, Boots, Starbucks, Natwest, Superdrug, Santander, Poundland and Waterstones. The town also attracts an abundance of independent cafes and retailers providing a variety of choice for both residents and visitors.
50 metres
Twickenham
For more information on our products and services:www.experian.co.uk/goad | [email protected] | 0845 601 6011
Experian Goad Plan Created: 15/07/2016Created By: Allsop
Copyright and confidentiality Experian, 2016. © Crown copyright anddatabase rights 2016. OS 100019885
VACANT
THIA THERAPY
© Crown Copyright, ES 100004106. For identification purposes only.
3-33 KING STREET, TWICKENHAM TW1 3SD
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1132
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33
47
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28
1-8
Tham
es
Recreation Site
Eyot L
odge
House
Bath
Kingslee
34
36
2
40-42
35
18-22
37
4
Wharf Lane
Queens R
oad
Kin
g S
tree
t
Water Lane
Church Stre
et38
Park
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27
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34 9
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1
Retail
0m 10m 20m 30m
© UKMap Copyright The GeoInformation Group 2016
Licence No. LANDMLON100003121118. Plotted Scale - 1:1250
© Crown Copyright, ES 100004106. For identification purposes only.
DESCRIPTION
The building comprises a multi-let retail parade arranged over basement, ground and two upper floors. The property comprises 13 retail units on the ground floor, with 17 residential apartments (two of which have been sold off) and an office use (at 23-25 King Street) above. The building to the rear of 9 King Street is used as a karate club. Courtyards and service areas are located to the rear of the site fronting onto a service road, which runs along the entire south eastern boundary of the Site and is accessed off Wharf Lane. Service access to the retail units and access to a number of the residential apartments is provided off the service road.
TOTAL SITE AREA
The property has a total site area of 0.92 acres (0.37 ha).
TENURE
Freehold.
AWULT
3.41 years to expiry and 2.49 years to break on commercial tenancies.
ESTIMATED RENTAL VALUE
We believe the estimated rental value of the property to be £1,139,940.
3-33 KING STREET, TWICKENHAM TW1 3SD
TENANCY SCHEDULE
Unit Tenant Use Area (sq m)
Area (Sq ft)
Area(ITZA sq ft)
Lease Start Rent Review Lease Expiry (Lease Break)
Rent £ P.A. Zone A £
ERV £ Comments
3 - 5 Boots UK Limited Retail 320.1 3,446 2,264 25/12/2004 25/12/2014 £115,550 £39.55 £93,000 A new 10 year lease with a TBO after year 5 has been agreed at £93,000 pa. The new lease will not include the residential element.
Residential 136.8 1,473 £27,000 4 bed
7 Hillcrest Catering Co t/a KFC (Kentucky Fried Chicken) Retail 146.8 1,580 780 24/06/1991 23/06/2016 £67,500 £61.54 £51,500 Currently negotiating a new 20 year lease at £51,500 pa. The new lease will not include the residential element.
Residential 130.1 1,400 £27,000 4 bed
SUB TOTAL 733.8 7,899 £183,050 £198,500
9 Rapec Perry t/a Thai Therapy Retail 38.1 410 393 06/05/2015 05/05/2020 (06/05/2017)
£17,000 £43.26 £20,000 Mutual break option
9a S E Keighron-Grim/VC Davis/IFAF Orford/ KES Burrows
Residential 118.5 1,275 25/08/2015 24/08/2016 £25,200 £27,000 4 bed maisonette.
Hall to rear of 9 F T Perry Gym 193.0 2077 01/12/2010 30/11/2015 £25,000 £25,000 Used as a Karate club Rolling LL break Potential for residential conversion.
11 Vacant Retail 106.2 1,143 986 £47,500 £47,500 1 year rent and rates guarantee offered by the vendor.
11a T Rahilly/C Rahilly/I Bishop/E Clegg Residential 134.8 1,451 07/06/2015 06/06/2016 £23,100 £27,000 4 bed maisonette.
SUB TOTAL 590.59 6,356 £114,700 £146,500
13 Holland & Barrett Retail 81.0 872 706 25/12/2011 25/12/2016 24/12/2021 £49,450 £70.04 £49,000
13a Mrs J Matthews Residential 112.9 1,215 27/01/1976 04/02/2018 26/01/1975 £11,004 £11,004 4 bed - Regulated tenancy.
13b Mr O E Kaloudis Residential 19.8 213 14/06/2015 13/01/2016 £9,000 £9,000 Studio flat.
SUB TOTAL 213.7 2,300 £69,454 £69,004
15 Stonebench Limited - t/a Patisserie Valerie Retail 93.7 1,009 722 12/11/2010 12/11/2015 11/11/2025(12/11/2020)
£46,000 £45.59 £46,000 Mutual break.
15a DP Falvey/MJDavis/HN Sheridan/LA Gallagher Residential 151.1 1,626 18/08/2015 17/08/2016 £27,600 £27,000 4 bed maisonette.
SUB TOTAL 244.8 2,635 £73,600 £73,000
17 Boots Opticians Professional Services Ltd Retail 107.9 1,161 1,045 16/07/2014 16/07/2019 15/07/2024(16/07/2019)
£45,000 £43.06 £50,000 Tenant only break option (personal only to Boots and its group companies).
17a Vacant Residential 144.0 1,550 £27,000 4 bed maisonette.
SUB TOTAL 251.90 2,711 £45,000 £77,000
19 Waterstone's Booksellers Limited Retail 160.4 1,727 1,410 03/09/2004 04/09/2014 02/09/2019 £50,000 £35.46 £60,000
19a CJ Greene/SR Gilham/TJR Rogers/JW Mackay Residential 140.7 1,514 26/05/2015 25/05/2017 £24,000 £27,000 4 bed maisonette.
SUB TOTAL 301.1 3,241.0 £74,000 £87,000
21 Starbucks Coffee Company (UK) Ltd Retail 119.4 1,285 937 24/11/2003 23/11/2018 £52,500 £56.03 £52,500 Lease is being assigned to a franchisee Soul Coffee House (London) Ltd with an AGA.
21a Al Garnett/CND Burrows/HJ Childs/KL Cowie Residential 136.0 1,464 01/08/2015 31/07/2016 £25,200 £27,000 4 bed maisonette.
SUB TOTAL 255.4 2,749 £77,700 £79,500
23 - 25 National Westminster Bank Plc Retail 279.4 3,008 1,546 24/06/2011 24/06/2016 23/06/2021 £95,000 £61.45 £95,000 Tenant only break 24 June 2016 Rent Review Outstanding.
1st Floor Vacant Offices 83.2 896 £18,000 Potential to convert to Resi. Areas provided by vendor.
23 - 25a SOLD OFF 2 X Flats 25/12/1994 24/12/2093
SUB TOTAL 362.6 3,904 £95,000 £113,000
27 British Heart Foundation Retail 133.8 1,440 817 21/06/2013 21/06/2018 20/06/2023(21/06/2018)
£46,350 £56.73 £46,350 Tenant only break option.
1F/2F JO Lincoln/JV Stone/JH Buckingham/CW Ralph Residential 133.2 1,434 15/06/2015 14/06/2016 £25,200 £27,000 4 bed maisonette.
SUB TOTAL 267.0 2,874 £71,550 £73,350
29 - 31 Iceland Foods Limited Retail 482.0 5,188 3,068 04/11/2013 04/11/2018 03/11/2023 £97,000 £31.62 £107,000
29a CE Rodden/AD Noakes/RJ Hill/GPH Rennie Residential 140.5 1,512 06/08/2015 05/08/2016 £27,600 £27,600 4 bedroom maisonette.
31a Mr A R Whitby Residential 125.1 1,347 02/02/2013 31/12/2999 £8,886 4 bedroom maisonette - Regulated tenancy.
SUB TOTAL 747.6 8,047 £124,600 £143,486
33 ABC Drugstores Ltd Retail 111.7 1,202 867 01/04/2003 31/03/2018 £43,000 £49.60 £43,000 Sublease to Furniture Interior Ltd.
33a Ms M Kreim Residential 128.1 1,279 06/07/2015 05/07/2017 £9,600 £9,600 Studio flat.
33b CT Bamber-Blake/MJ Hoffman/J Long/H Robinson Residential 21.3 229 15/01/2015 14/08/2016 £26,400 £27,000 4 bed maisonette.
SUB TOTAL 261.1 2,710 £79,000 £79,600
TOTAL 4229.6 45,426 £1,030,754 £1,139,940
3-33 KING STREET, TWICKENHAM TW1 3SD
COVENANT
Covenant Name Year End Turnover Pre-Tax Profit Total Net Worth Company Profile
Boots UK Ltd 31-Aug-15 £9,198,000,000 £542,000,000 £367,000,000 Formed in 1849, operates over 2,500 stores across the United Kingdom and Ireland.
Holland & Barrett Retail Ltd 30-Sep-15 £424,662,000 £129,456,000 £326,224,000 Formed in 1870, Holland & Barrett is Europe’s leading retailer of Vitamins, minerals and herbal supplements, with over 620 outlets in the UK and Ireland.
Boots Opticians Professional Services Ltd 31-Aug-15 £391,067,000 £39,176,000 £82,691,000 Boots Opticians trade from over 600 branches across the UK following its merger with Dolland & Aitchison in 2009.
Hillcrest Catering Co Ltd 31-Mar-15 N/A N/A £67,234
Stonebeach Limited t/a Pattiserie Valerie 30-Sep-15 £79,744,000 £13,219,000 £40,431,000 Formed in 1926 by Belgian born Madam Valerie, they now operate over 124 shops in the UK.
Waterstones Booksellers Ltd 25-Apr-15 £378,017,000 -£1,890,000 -£34,547,000 Formed in 1982 they are the last remaining chain of specialist bookshops on the high street, trading form 275 stores.
Starbucks Coffee Company (UK) Ltd 27-Sep-15 £405,641,634 £34,216,739 £57,705,649 Founded in 1971 in Seattle Starbucks has grown to be a leading global coffee retailer with more than 24,000 stores in 70 countries.
British Heart Foundation 31-Mar-15 £288,200,000 £900,000 -£7,100,000 Formed in 1961 by a group of medical professionals, the British Heart Foundation has become a leading UK charity organisation that funds research into improving treatment, diagnosis and prevention of cardiovascular disease.
Iceland Foods Ltd 25-Mar-16 £2,658,332,000 £58,172,000 £740,354,000 Formed in 1969, the company has an approximate 1.8% share of the UK food market. Iceland trades from over 850 stores in the UK.
National Westminster Bank Plc 31-Dec-15 N/A -£914,000,000 £14,304,000,000 National Westminster Bank Plc is part of the Royal Bank of Scotland Group and is the largest retailing commercial bank in the United Kingdom.
ABC Drugstores Ltd 31-Mar-15 £22,761,569 £255,382 -£13,007,948
3-33 KING STREET, TWICKENHAM TW1 3SD
DEVELOPMENT POTENTIAL (subject to necessary consents)
The property provides a number of potential development opportunities including:
• A residential development within the rear service area.
• Potential to create an attractive new frontage facing towards the Diamond Jubilee Gardens and River Thames, which could also complement the London Borough of Richmond upon Thames’ emerging proposal for the development of adjacent land.
• Immediate conversion from office to residential use through the application of ‘permitted development rights’ at the first floor of 23-25 King Street.
In order to establish the development potential, the Vendor has commissioned a planning report which provides a comprehensive review of the development potential of the existing building and redevelopment of the rear service area.
The report concludes that in planning terms there is the potential to progress additional development at the site. This could include an increase in density and height within the service area to the rear of the site, in order to create a new residential frontage facing towards the Diamond Jubilee Gardens and River Thames. A full copy of the planning report is available in the dataroom.
Further information regarding the planning and development potential for the subject property is available through the London Borough of Richmond website at www.richmond.gov.uk
ThamesKing Str
eet
King Street
Roof Extensions
Townhouses
Access Podium
Access Podium
Service Road Upgrade
Service Road Upgrade
River View Townhouses
Flats (Double-loaded Wings)
OPTION 1
OPTION 2
Thames
3-33 KING STREET, TWICKENHAM TW1 3SD
VAT
The property is elected for VAT and we would expect the transaction to be treated as a Transfer of a Going Concern (TOGC).
EPC
EPCs are available upon request.
DATAROOM
Further information is provided in the dataroom. For access please register on the following website: www.kingstreettwickenham.com
3-33 KING STREET, TWICKENHAM TW1 3SD
Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design: CommandD www.commandHQ.co.uk 09.16
Receiver Caveat:This property is being marketed for sale on behalf of Insolvency Practitioners and therefore no representations, warranties or guarantees
in any respect can be given. The information in these particulars has been provided to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Insolvency Practitioners are acting without personal liability.
Alex Butler020 7543 6722
Liam Stray020 7543 6769
Jeremy Hodgson020 7543 6709
Jonathan Butcher020 7543 6755
www.allsop.co.uk
PROPOSAL
Offers sought in excess of £23,500,000 (Twenty Three Million Five Hundred Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level would reflect an attractive net initial yield of 4.11%
with a potential reversion of 4.83% after costs of 6.76%.
3-33 KING STREET, TW1 3SD
TWICKENHAM