The available opportunity comprises two detached buildings on a site measuring 1.07 acres.
THE GREEN, RED & YELLOW STUDIOS Comprises an older industrial style building arranged over ground and two upper floors served by a goods lift. Community Arts Studios Ltd occupy The Green, Red & Yellow Studios. Gorillas Technologies Ltd Occupy Unit 8.
THE BLUE STUDIOS Comprises a building constructed in 2007 arranged over part ground and four upper floors served by a lift. This building is let in its entirety to Community Art Studios Ltd.
Location
The property is located between Earlsfield and Wimbledon in south west London. Wandsworth is 2 miles to the north and Croydon is 6 miles to the south east.
The A24 is 1 mile to the east whilst the A3 and South Circular are 2.5 miles to the north. Earlsfield train station is just over 0.5 miles to the north and provides an excellent service into London Waterloo with a journey time of approximately 13 minutes. 0.75 of a mile to the south is Haydons Road station which provides a Thameslink service into London St Pancras in 38 minutes.
Wimbledon train station provides frequent services to London Waterloo (19 minutes) and is connected to London Underground (District Line) and Tramlink (linking to Croydon and Beckenham).
The property is situated to the southern side of Wimbledon Stadium Business Centre and is situated adjacent to the new Galliard Homes development, including the remodelled AFC Wimbledon Football Stadium fronting Plough Lane.
The estate is a long established industrial area and is also a hub for creative industries with other occupiers including Malcolm Ryan Studios and Delta House Studios.
The property falls within the Garratt Business Park Business Improvement District.
Accommodation
Ground & 1st, Unit 8 - 4,033 sq ft
The Green Studios
Ground, Unit 7 - 3,945 sq ft
First, Unit 7 - 4,622 sq ft
The Red Studios- 2nd floor Unit 10 - The Yellow Studios - Ground Unit 9 - Ground & 1st Unit 11 - 40,953 sq ft
SUB TOTAL - 53,553 sq ft
The Blue Studios Ground, First, Second, Third & Fourth - 9,407 sq ft
SUB TOTAL - 9,407 sq ft
TOTAL - 62,960 sq ft
Terms
PROPOSAL - We are instructed to seek offers in excess of £14,050,000 (Fourteen Million & Fifty Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level would reflect a net initial yield of 8.42% allowing for standard purchaser’s costs.
TENURE - The property is held Freehold, subject to a Long Leasehold Interest for a transformer chamber (Item 2 on Title Plan) on a 99 year lease from 11/05/2006, at Peppercorn ground rent.
DEVELOPMENT POTENTIAL - It is considered that there is potential to create a new mixed-use scheme with additional massing, subject to the necessary planning consent.
Nearby developments include Wimbledon Grounds by Galliard Homes. This is part of a 51,000 sq m mixed use regeneration masterplan comprising more than 600 homes. The site is also home to new community, leisure and retail space and is set to transform the town centre and surrounding area.
VAT - The property is not elected for VAT.
EPC - Available upon request.
LEGAL COSTS - Each party is to bear their own legal cost.
PRICE - We are instructed to invite offers in excess of £14,050,000, subject to contract and exclusive of VAT. A purchase at this level would reflect a net initial yield of 8.42%, allowing for standard Purchaser’s costs.
Specification
- 1 ½ miles north east of Wimbledon town centre and 7 miles south west of Central London.
- Adjacent to the new AFC Wimbledon Football Stadium.
- The property comprises two commercial buildings totalling 62,960 sq ft (5,849 sq m) on a site measuring 1.07 acres with 35 car parking spaces.
- 93.59% of the property is let to Community Arts Studios, with annual Cap & Collar Rent Review at 2% - 4%.
- The property is let to Community Art Studios Ltd and Gorillas Technologies Limited.
- There is a waiting list of approx. 40 artists at any one time for the studio space within the existing studios.
- All leases outside the Act with full vacant possession possible by April 2024, offering excellent redevelopment potential, subject to planning.
- Current Net Income £1,263,002 per annum exclusive, with annual CPI increases.
- FREEHOLD