• Located in an affluent London Borough

• Positioned in the heart of the town centre, directly opposite The Bentall Centre

• Retail income let to the secure covenant of Sharps Bedrooms Ltd (Pre-Tax Profits £24.3m)

• New lease from May 2022

• Tenant has been in occupation since 2017

• Rent rebased - 34% below previous rental level

• Large vacant residential apartment on the first floor, presenting a development opportunity

• Freehold

• £1,300,000, subject to contract

• Net Yield of 8% on the commercial element

• Value of £380,000 on the residential element

• Gross yield of 6.3% on residential element once flat is re-let and overall blended yield of 7.8%

The property is situated in the heart of Kingston upon Thames town centre on the pedestrianised Fife Road, immediately opposite The Bentall Shopping Centre. Kingston upon Thames train station is a couple of minutes’ walk to the north-east.

The Bentall Centre is the prime retailing destination in the town, totalling approximately 33,909 sq m (365,000 sq ft) with over 1,900 car parking spaces. Anchored by the Fenwicks owned Bentalls Department Store, the centre houses 75 stores across four floors, with over 1,000 brands ranging from fashion to homewear and gifts to electricals, as well as an extensive food and drink offering. Retailers include Apple. Nike, Zara, H&M, Jo Malone, North Face, Ralph Lauren, Ted Baker, Boss, Timberland and Curzon Cinema. It is reported that the centre has an annual footfall of 13 million with a catchment size of 2.4 million residents.

Other nearby occupiers include SportsDirect.com, Caffe Nero, Marks & Spencer, Russell & Bromley and Foot Locker.

The property comprises a retail unit at ground floor, plus a self-contained three-bedroom residential apartment and ancillary accommodation on the first floor.

The retail unit is predominantly open-plan and has been fitted out to a high standard by the tenant in their usual corporate style.

The residential element benefits from self-contained access from the ground floor at the front of the property via Fife Road and is arranged to provide three bedrooms, kitchen, lounge and bathroom. It is currently vacant.

There is a rear yard area which includes two car parking spaces. These spaces are currently designated to the retail tenant via a licence which can be terminated by the Landlord at any point if they wish to carry out any works to the property. Therefore, parking for the residential upper parts can be provided if / when necessary.

Freehold.

The ground floor retail unit is let to Sharps Bedrooms Limited on a full repairing and insuring lease for a term of 5 years from 2nd May 2022, expiring 1st May 2027. There is a tenant’s break option on 2nd May 2025, subject to six months’ notice and a penalty of £8,950 plus VAT if exercised.

The current passing rent is £77,500 per annum.

The tenant has been in occupation since 2017 and signed a new lease in May 2022, demonstrating their continued commitment to the property. The rent has been rebased from £118,000 per annum to £77,500 per annum (a 34% reduction).

In accordance with a licence, the tenant has a right to use two car parking spaces within the rear yard.

The residential element is currently vacant.

The estimated rental value for the residential element is proposed at £24,000 per annum (£2,000 per calendar month), providing an opportunity to increase the rental income.

Therefore, the current income is £77,500 per annum and the estimated rental value is £101,500 per annum.

Sharps Bedrooms Limited (Co. No. 07685430) has reported the following figures:

Sharps are the UK’s leading fitted bedroom, living and home office furniture company, closing the year with 62 showrooms located in a combination of retail parks, shopping centres and high streets. For further information visit www.sharps.co.uk.

The property has been registered for VAT. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC), subject to the Buyer complying with its obligations in respect of registering for VAT and opting to tax in accordance with the Special Conditions of Sale.

1. Located in an affluent London Borough;

2. Positioned in the heart of the town centre, immediately adjacent The Bentall Centre;

3. Retail income well-secured against Sharps Bedrooms (Pre-Tax Profits £24.3m);

4. New lease from May 2022 at a re-based rent (34% less than previous rent);

5. The tenant has been in occupation since 2017 and renewed their lease, demonstrating their continued commitment to the property;

6. Vacant self-contained residential upper parts with refurbishment/development potential;

7. Freehold;

8. Attractive lot size to an investor.

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