269A Portobello Road, Notting Hill, London, W11 1LR
904 Sq Ft / Retail / General Retail
For Sale
- £765,000.00
Under Offer - Last updated: 28 June 2024
Summary
The property is let currently to an established and successful health food operator. (Portobello Health Foods Ltd) by virtue of a 25-year lease contracted inside of the LTA 1954 Act. The rent passing is £65,000 with an upcoming rent review (April 25) establishing a reversionary pattern for the property. The accommodation is arranged over the ground level exclusively and provides a popular eating destination for the global trade of passing tourists. The unit is set out in a café style with all the required amenities in place.
Key Points
£125k PRICE REDUCTION (8.49%)Long Income investment – 25-year term.22-years unexpired.Passing rent £65,000.999-year Leasehold of ground floor commercial.Open market Rent Review April 2025
Occupational Commercial Lease
The property is currently let to Portobello Health Foods Ltd for a term of 25 years from January 2021, thereby terminating January 2045, at a passing rent of £65,000 per annum. Rent reviews set out during this term; occur on the 5th anniversary of the commencement date. We note that the next rent review is set for April 2025, thereby providing an opportunity to increase the market rent.
Location
Portobello Road enjoys an exceptionally heavy flow of foot traffic given its notoriety as one of London’s most desirable and visited tourist hotspots. Vacancy rates on Portobello Road are some of the lowest across the capital, rates quickly recovered following the passing of the global pandemic. Traders' revenue quickly returned to normal levels and the ‘strip’ has retained its allure to locals and tourists further cementing its reputation as one of London’s greatest tourist attractions.
The property is superbly located for London’s Underground Network (Central Line, Circle Line & Hammersmith & City), being approximately all within 0.5 miles away. The property also provides easy access to all the shops, bars and restaurants of Portobello Road, Kensington High Street and Westbourne Grove.Terms
Title and Tenure: The Long Leasehold Interest is offered for sale subject to the occupying tenancies. Title Number: 452355
Rateable Value: Interested parties are advised to make their own enquiries with the Local Authority (Royal Borough of Kensington & Chelsea).
Accommodation: Total – 904 sq. ft. (84 m²)
Method of Sale: The site will be sold by way of informal tender (unless sold prior). Further details will be provided in due course.
VAT: All rents, prices and premiums are exclusive of VAT under the Finance Act 1989.
Viewings: Strictly through the joint-sole agents, Winkworth Commercial on 020 7355 0285 and made by prior appointment. Under no circumstances should any direct approach be made to any of the occupational tenants or staff.
EPC: Available on request.
Proposal: We are instructed to invite offers in the region of £765,000 with a sale at this level reflecting a Gross Initial Yield of 8.49%, assuming the usual purchasers’ costs and total income of £65,000 per annum.
Property Quote Price(s)
| Description | Sale type | Guide price | Price type |
| |
For Sale Freehold
|
£765,000.00
| NA |
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