The property comprises a mid-terrace mixed-use retail and residential building arranged over lower ground, ground, first, second and third floors. The commercial unit has independent access from Denbigh Road and comprises a retail area and office at ground floor with lower ground retail, kitchen, W.C. and ancillary/storage space with an outside garden space. The upper parts comprise of a four bedroom residential flat arranged accessible via Denbigh Road. The residential also benefits from a terrace and balcony.
Location
The property is located in the affluent London area of Notting Hill, positioned on the sought after Denbigh Road, next to its junction with Westbourne Grove, which features a parade of high end retailers. To the West, Portobello Road provides another popular retail parade with diverse selection of businesses leading onto Ladbroke Grove. The property is less than 0.5 miles from Notting Hill Station (Central, Circle and District), 0.7 miles from Holland Park Station (Central) and 1.1 miles from Shepherd Bush Station (Central, Southern Trains and London Overground). Notting Hill is considered one of London’s major retailing areas.
Accommodation
The premises afford the following approximate internal floor areas:
Retail - 94.9 sq m (1,022 sq ft)
Flat - 110.2 sq m (1,187 sq ft)
TOTAL - 205.1 sq m (2,209 sq ft)
Tenancy - The virtual freehold or freehold are available with vacant possession for the subject property. A new virtual freehold of 999 years will be created upon instruction of solicitors. We believe the ERV (Estimated Rental Value) for the commercial (ground, basement and garden) to be in the region of £60,000-£65,000 per annum exclusive representing a net yield of 5.58%.
Terms
TENURE - Virtual Freehold or Freehold
PROPOSAL - We are instructed to seek offers for the following two options, subject to contract and vacant possession:
Option 1: Offers in excess of £1,100,000 (one million one hundred thousand pounds) for the Virtual Freehold interest.
Option 2: Offers in excess of £3.1 million (three million one hundred thousand pounds) for the Freehold interest.
VAT - The property is not elected for VAT