Summary
This charming, mid-terraced semi-stucco fronted Mixed-Use Freehold (1,257 sq ft/117 sq m) is a truly unique opportunity to acquire a ‘best in class’ mixed use investment The property is partly let, with the Commercial element generating £42,950 per annum and the Residential Estimated Value to be c. £29,000 thereby generating a total combined rent of c. £71,950.
The Commercial element (Use Class E) of the property spans the ground floor with a small mezzanine level to the rear. It is arranged to provide a Ground Floor restaurant area with semi-open kitchen/preparation area, washrooms and further dining space to the upper floor.
To the side of the commercial premises, there is a private entrance leading directly to the residential duplex at first and second floor levels. This is an immaculately presented two bedroom one bathroom property of some 708 sq.ft. (65.8 sq,m.) with a generous and superbly appointed kitchen/breakfast room, separate reception room, impressive wooden flooring and a useful private roof terrace to the rear. This is being sold with full vacant possession.
Key Points
Superbly positioned a moment from the renowned High Road and Turnham Green.The existing property comprises Freehold Tenure incorporating the Commercial with a Long leasehold to the upper floors.The Commercial element enjoys a long-standing and high-income generating tenant.There is a self-contained Two Bedroom Residential Duplex with Roof Terrace on the upper floors.Attractive Gross Initial Yield of 6%.Offers are invited for the Freehold interest by private treaty in accordance with the Guide Price issued.
Transport
Tube: Two Tube stations serve Chiswick. Chiswick Park is in Zone 3 on the District Line and Turnham Green sits on the border of Zones 2 and 3 on both the District and Piccadilly Lines. Journeys from Chiswick Park to Victoria take 22 minutes, and it’s 30 minutes from Turnham Green to King’s Cross.
Rail: Services from Chiswick station to Waterloo take less than half an hour. Trains also run to Victoria in 31 minutes via Clapham Junction.
Bus: Chiswick is well connected by bus with routes serving Camden Town (27), Greenford (E3), Richmond (391) and Hammersmith (190). Both the 27 (to Chalk Farm) and the 94 (to Piccadilly Circus) are 24 hour services, and there are night buses to Heathrow (N9) and Liverpool Street (N11).
The property enjoys an excellent PTAL Rating of 5.
Lease Terms
The existing 15-year lease is within the Landlord & Tenant Act (1954) and commenced on 22nd September 2018 and will expire on 21st September 2033. This lease has been assigned to a Third Party via the Landlord and now generates an Annual Income of £42,950. There are Rent Reviews at each 5-year interval with the most recent in 2023 being completed.
Investment Summary
The property is being sold with a high-yielding commercial investment and vacant possession of the Upper Maisonette which we have been advised would generate an estimated Rental Value of £29,000 per annum.
Commercial Income: £42,950 per annum
Residential Income: £29,000 per annum
Gross Rent Reserved: £71,950 per annum
Thereby delivering a Gross Initial Yield of 6% when set against the ‘Guide Price’ of £1,200,000.
Location
This unbroken opportunity is headlined by a truly unique location.
The wide boulevard-like Chiswick High Road offers the main supply of shops, cafes and restaurants, including a branch of Neapolitan pizza sensation Franco Manca. Tables spill out onto the pavement, providing a calm and almost ‘European’ charm to the area that is renowned for its high quality gastronomic destinations. Away from the chains, cherished local eateries include the sophisticated yet welcoming La Trompette on the neighbourly Devonshire Road. Pleasant riverbank watering holes serve pints of London Pride from Fuller’s historic Griffin Brewery, a site that has been producing beer since the time of Oliver Cromwell, while The Crown is a favourite with locals. Chiswick has more than its fair share of highly recommended coffee shops and patisseries, including Chief Coffee, Gail's Bakery and Nikki's. Other eateries include Fouberts, The Whistling Oyster, Cottura and Grove Park Deli.
This immediate locale is also occupied by several of the most prominent chains and occupiers including Gails, Pret a Manger and Paul alongside a number of local legends including Brutto, St John, Le Café du Marche and of course the occupying tenant Tarantella.Terms
Rateable Value: The Rateable Value of the Commercial element is £11,500 per annum.
Rates Payable: To be advised.
Local Authority: London Borough of Hounslow.
(Note: We strongly recommend that any interested parties verify the rates payable and any planning history with London Borough of Hounslow).
Legal Title & Tenure: The Freehold Title is as follows:-
• 4 Elliot Road (Freehold) Title Number: LN81388
• 4a Elliot Road (Leasehold): Title Number: AGL114744
This is being sold on the basis of retention of the occupying commercial tenancy and vacant possession of the residential upon completion of legal formalities.
Services: It is our understanding that mains water, electricity, gas and drainage are provided. However, it is the responsibility of the purchaser to ensure that services are available and adequate for any proposed development.
AML: The purchaser will be required to provide the necessary information to satisfy AML requirements.
Viewings: The properties may be inspected internally strictly through prior appointment. Prospective purchasers should be aware that inspections are made entirely at their own risk and no liability is accepted by the vendor or their sole agents, Winkworth Commercial.
EPC: Commercial: C (53) Residential: C (76).
VAT: The Property is not elected for VAT.
Method of Sale: The Property is For Sale by Private Treaty as ‘one lot’ based on the following Guide Price:-
• Sold as one Freehold ‘GUIDE PRICE’: £1,200,000
Further Information is available via the vendors Sole Selling Agents, Messrs Winkworth Development & Commercial Investment on 020 7355 0285.