PRIME PUB INVESTMENT IN NOTTING HILL...NOTTING HILL Notting Hill is internationally recognised as...
Transcript of PRIME PUB INVESTMENT IN NOTTING HILL...NOTTING HILL Notting Hill is internationally recognised as...
PRIME PUB INVESTMENT IN NOTTING HILL
The Westbourne, 101 Westbourne Park Villas, London W2
INVESTMENT SUMMARY
Renowned prime gastropub investment.
Prominently located at the junction of Westbourne Park Villas and Westbourne Park Road, Notting Hill.
Attractive period building.
Ground floor and basement approximately 2,495 sq ft (231.7 sq m).
Front terrace approximately 673 sq ft (62.5 sq m).
Virtual freehold.
Let for a further 39 years.
Rent review 4 yearly. Next review in July 2022.
Total current passing rent of £120,150 p.a.
Offers in excess of £3,000,000 reflecting a net initial yield of 3.75% after deducting standard purchaser’s costs of 6.72%.
HYDEPARK
REGENT'SPARK
ST. JAMES’SPARK
BATTERSEAPARK
MAYFAIR
COVENTGARDEN
MARYLEBONENOTTING HILL PADDINGTON
HAMMERSMITH
HOLLANDPARK
SHEPHERD’SBUSH
WHITE CITY
FULHAM
PUTNEY
SOHO
KENSINGTON
BELGRAVIA
PIMLICO
CHELSEA
KNIGHTSBRIDGE
WESTMINSTER
CLAPHAM
SOUTHBANK
BATTERSEA
WESTFIELDSHOPPING
CENTRE
WHITELEYS OXFORDCIRCUS
Piccadilly
Birdcage Walk
The Mall
Park Lane
Edgware Road
Oxford Street High Holborn
Strand
Stamford St
Kensington Road
Chelsea Embankment
Battersea Bridge Road
Bayswater Road
Sussex Gard
ens
Marylebone Road
Eversholt Street
Westway
Westbourne Park Rd
Cromwell RoadTalgarth Road
Hammersmith Road
Holland Park Avenue
Goldhawk Road
Uxbridge Road
Brompton Road
Vauxhall Bridge RoadKing’s Road
New King’s Road
Fulham Road
Battersea Park Road
Nine Elms Lane
Kenningto
n Park R
oad
Reg
ent S
tree
t
Kin
gsw
ay
Slo
ane
Stre
et
Holland Road
Fulham Palace Road
Putney
Hig
h Str
eet
Mill
bank
Lam
beth
Pal
ace
Road
Bla
ckfr
iars
Ro
ad
Westm
inster Bridge Road
Gray’s Inn Road
King’s Cross Rd
Gosw
ell Rd
Che
lsea
Bri
dge
Road
Ken
sing
ton
Chu
rch
St
Ladb
roke
Gro
ve
Westway AvenueRoyal Oak
Warwick Avenue
MaryleboneRegent’s
Park
MaidaVale
St. John's Wood
Notting HillGate
LancasterGate
MarbleArch
Knightsbridge Hyde ParkCorner
Victoria
BondStreet
Euston
LadbrokeGrove
GRAND UNION CANAL
Westbourne Grv
WestbournePark
T H E W E ST B O U R N E
LORD'S CRICKET GROUND
N OT T I N G H I L L
Notting Hill is internationally recognised as one of London’s most traditional, affluent and fashionable addresses boasting a mix of high class boutique fashion retailers, organic food shops, galleries, cafés and pubs. It is host to Notting Hill Carnival, Europe’s largest street festival and home to Portobello markets one of the City’s most popular tourist destinations. Located in the London Borough of Kensington and Chelsea it is an attractive and highly desirable area of West London approximately 1.5 miles of the West End.
The Westbourne is prominently situated at the junction of Westbourne Park Road and Westbourne Park Villas and across
the road from Tom Conran’s renowned gastropub The Cow. Local retail and restaurant occupiers include Max Mara, Scotch & Soda, Zadig & Voltaire, Heidi Klein, Aesop, Joseph Smythson, Orlebar Brown, Bonpoint, LK Bennett, Whistles, The Oak pub and Tom Conran’s Crazy Homies and Lucky 7.
COMMUNICATIONS
The Westbourne is easily accessed by both bus and underground. Westbourne Park, Royal Oak, Ladbroke Grove (Hammersmith & City lines) and Bayswater (District & Circle Lines) underground stations are all within close proximity. Paddington railway station is also located nearby, providing access to mainline trains and the Heathrow Express.
In 2020 Paddington station, will become one of Crossrail’s major interchanges. The service will provide a new high speed rail link from Maidenhead and Heathrow Airport in the west through Central London and to Abbey Wood in the east. Crossrail is forecast to bring 1.75 million additional people within 60 minutes reach of London’s key business districts carrying more than 200 million passengers a year.
TRAVEL TIMES
PRE CROSSRAIL
POST CROSSRAIL2018
11
25
13
21
FARRINGDON
UNDERGROUND
HEATHROWEXPRESS
55
27
HEATHROW AIRPORT
PRE CROSSRAIL
POST CROSSRAIL2018
BOND ST
PRE CROSSRAIL
POST CROSSRAIL
CANARY WHARF
23
35
2018
Times indicative of travel from the property, courtesy of TfL.
DESCRIPTION
Comprising an attractive period building, arranged over basement, ground and two upper floors. The ground and basement floors provide A3 accommodation operating as a gastropub. There is a separately accessed residential flat arranged over first and second floors sold off on a long lease.
COVENANT INFORMTION
The Westbourne is an independently owned gastropub serving traditional pub food using ingredients from local suppliers. It also serves traditional bar snacks and daily tapas. Available beverages include traditional ales, lagers, Belgium beers, wines and cocktails as well as a collection of non-alcoholic alternatives.
For further information, please visit: http://www.thewestbourne.com/
TENANCIES
Floor Tenant Area Area Lease Lease Rent Rent Rent Comment (Sq Ft) (Sq M) Start Expiry Review (pa) (psf)
Ground 2,495 231.7 06/07/1994 05/07/2059 06/07/2022 £120,000 £48.09 & Basement
Sebastian Boyle and Oliver Daniaud t/a The Westbourne
First & Second Residential 12/04/1994 11/04/2119 £150 Sold Off.
Total £120,150
FLOOR PLANS
Down
Storage
Storage
Kitchen
Front Entrance
Public House
External Seating Area 62.53 sq m673 sq ft
Up
External7.43 sq m
80 sq ft
StaffWCStorage
Storage
Chiller
Storage
Office
Storage
Storage
Circulation
BASEMENT
Net Internal Area Sq M Sq FtPublic House 23.32 251Storage 68.40 736Total 91.72 987
External Area 7.43 80
Gross Internal AreaTotal 113.69 1,224
GROUND FLOOR
Net Internal Area Sq M Sq FtPublic House 105.11 1,131Storage 5.44 59Total 110.55 1,190
External Area 62.53 673
Gross Internal AreaTotal 118.05 1,271
BASEMENTGROUND FLOOR
WESTBOURNE PARK VILLAS
WESTBOURNE PARK VILLAS
Indicative floor plans, not to scale.
VAT
The property is not VAT elected.
PROPOSAL
Offers in excess of £3,000,000 reflecting a net initial yield of 3.75% after deducting standard purchaser’s costs of 6.72%.
FURTHER INFORMATION For further information or to arrange an inspection, please contact:
Mark ShipmanDirect Line: 020 7529 5708 Email: [email protected]
Harry CoxDirect Line: 020 7529 5703Email: [email protected]
Misrepresentations Act 1967 & Declaration: Michael Elliott for themselves and for the vendors of this property whose agents they are given notice that: a) the particulars are set out as general outline only for the guidance of intending purchasers and do not constitute, nor constitute part of, an offer or contract; b) all descriptions, dimensions, references to condition and necessary permissions for use and occupation and other details are given in good faith and are believed to be correct, but any intending purchaser should not rely on them as statements or representations of fact but should satisfy themselves by inspection or otherwise as to the correctness of each of them; c) no person in the employment of Michael Elliott has any authority to make or give any representations or warranty whatever in relation to this property. March 2020.
Address Date Tenure Price NIY Capital Value
Q4 2019 FH £7.80m 3.91% £1,100Rutland Arms, 15 Lower Mall W6
Q4 2019 FH £1.82m 3.48% £1,117 The Alma, 59 Newington Green Road N1
Q3 2019 FH £1.65m 4.00% £553The Londesborough, Stoke Newington N16
Q3 2019 FH £1.66m 3.38% £915Colton Arms, 187 Greyhound Road W14
TENURE
Virtual Freehold.
MARKET COMMENTARYLeisure investment in the UK continues to establish itself as a mainstream sector, with transaction volumes (including pubs, restaurants, bars, leisure parks, bingo/bowling outlets, health and fitness and hotels). The pub market has continued its strong and resilient performance throughout 2019 despite the uncertainties around the general election, bucking the trend of many consumer-led markets.
This has continued in 2020, following an increase in consumer and investment confidence. Like most property sectors, heightened investment demand has been led predominately by UK institutions, UK REIT’s, private buyers and UK property companies both in the UK and overseas.
The craft beer revolution has had a positive impact on the pub industry in recent years. The rapid growth of microbrewers has created in excess of 2,000 breweries in operation in the UK today. Craft beer retailers are now taking occupation of smaller pubs previously overlooked by entrepreneurial operators.
EPCEPC available on request.
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Not to scale. For indicative purposes only