Central London mixed commercial/residential add-value opportunity on behalf of receivers

250B North End Road | Fulham | London | SW6 1NJ

£815,000

subject to contract

SOLD
Click To Purchase

Summary

  • To be sold by clicktopurchase® Best Offers by 2.00pm on Thursday 24th June 2021, unless sold prior.

  • On behalf of Receivers, acting as agent without personal liability

  • Mixed Commercial/Residential property within Fulham

  • Busy thoroughfare

  • Good transport links

  • The attention is drawn to the fact that access to all areas of the property may not be possible prior to completion

  • Replies to standard enquiries will not be provided as part of the conveyancing process

  • The property will be sold as seen. No express or implied warranties or representations are given.

  • Any prospective owner must be prepared to undertake robust asset management initiatives to regularise the basis upon which any commercial and residential occupants remain in situ.

  • The guide price has been set realistically to reflect significant opportunities to build a sustainable income stream and enhance value

  • Offers strictly in excess of £815,000, subject to contract

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Location

North Fulham is a bustling mixed commercial and residential area between Earls Court and Hammersmith, to the north of the River Thames. It is located in the London Borough of Hammersmith & Fulham approximately 6.4 km (4 miles) to the south-west of Central London and 3.2 km (2 miles) south west of Chelsea. North Fulham has a vibrant, mixed residential population and is notable for its culturally diverse commercial activities and street scene.

The City of London and Docklands are situated to the north-east, approximately 11 km (7 miles) and 16 km (10 miles) respectively. London City Airport is approximately 20 km (13 miles) to the north-east, Heathrow Airport approximately 21 km (13 miles) to the west, Luton Airport 61km (38 miles) to the north and Gatwick Airport 48km (30 miles) to the south. Fulham has a number of tube stations on the District Line providing direct access to Central London – Fulham Broadway, Putney Bridge, Parsons Green and West Kensington. The A4 is approximately 1.6 km (1 mile) to the north and links directly with the M4 Motorway to the west and Central London to the east.

Situation

The property occupies a central position along North End Road in the heart of North Fulham.

The property benefits from excellent communications links being within an 8-minute walk from West Brompton Underground and National Rail station (District Line and West London Line). Fulham Broadway Underground Station (District Line) is approximately 1 mile (1.6 km) from the property. Numerous bus routes also serve the area providing easy access to Chelsea, Knightsbridge, the West End and other parts of London.

North End Road is an established location occupied by a mix of national and independent retailers. Businesses in the vicinity include The Co-operative food (adjacent), The Gym, CEX, Greggs, McDonald’s, Superdrug, Betfred and Iceland.
North End Road market extends to the outside of the property.
Stamford Bridge football stadium, the home of Premier League’s Chelsea Football Club, is approximately 0.6 miles (0.97 km) from the property. The Hurlingham Club is less than 1.8 miles (2.9 km) from the property. Set in 42 acres of grounds it is recognised throughout the world as one of Britain’s most exclusive private members clubs.

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Description

It should be noted that neither we nor our client have been able to inspect all the property.

The property comprises a two storey mid-terraced building fronting North End Road consisting of a large retail unit which has been split into seven kiosk units at ground floor level with residential accommodation on the first floor.

We are advised planning permission exists for a two-bedroom flat on the first floor. However, it should be noted that in the absence of being able to identify the planning permission, appropriate insurance has been organised for the benefit of a purchaser. Furthermore, we believe that the flat has been unlawfully split into three self-contained studio flats; we have been unable to gain access to inspect.

It is believed that the residential element on the first floor is accessed via a metal gate fronting onto Clem Attlee Court with a metal staircase accessing a flat roofed area.
We are advised that the commercial kiosks operated as follows in recent times, prior to the disruption caused by the coronavirus lockdown. However, their current status is uncertain.

Unit Use Position
1 Jewellers Direct Road Frontage
2 Barbers Direct Road Frontage
3 Caribbean cuisine To the rear of units 1 & 2
4 Ladies Hair & Beauty To the rear of units 1 & 2
5 Storage To the rear of units 1 & 2
6 Women’s Clothing To the rear of units 3, 4 and 5
7 Café At the rear of entire which also has access onto Clem Attlee Court

Accommodation

We are informed (from a historic valuation report) that the accommodation comprises the following Net Internal Areas for the retail element and Gross Internal Areas for the residential element. However, it should be noted that we have not measured the property and purchasers will need to verify.

Description Floor Use Square Feet Square Metres
Rear of 250B Ground Café 422 39.16
Unit 1 /2 Ground Jewellers 141 13.1
Unit 4/5 Ground Barbers 103 9.54
Unit 5 Ground Caribbean Cuisine 129 12
Unit 6 Ground Ladies Fashion 141 13.11
Unit 9 Ground Storage 65 6
Central Corridor        
Total commercial (excluding corridor)     1,145 106.3
Studio 1 First Floor Residential 146 13.53
Studio 2 First Floor Residential 184 17.09
Studio 3 First Floor Residential 226 21.04
Total residential including communal area     656 60.9

It should be noted that were the property re-configured into a standard retail unit, the central corridor would be put back into retail use.

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Tenure

Freehold.

Tenancy

We are advised that the income derived from the property was as follows, prior to the disruption caused by the coronavirus lockdown. However, the current status is uncertain and no representations or warranties, express or implied, are given to prospective purchasers.

Description Floor Use Annual Rent
Rear of 250B Ground Café £21,600
Unit 1 /2 Ground Jewellers £23,400
Unit 4/5 Ground Barbers £12,000
Unit 5 Ground Caribbean Cuisine £6,000
Unit 6 Ground Ladies Fashion £3,600
Unit 9 Ground Storage £4,800
       
Flat First Floor Residential unknown

Our client understands that the income derived from the retail units is currently £71,400. However, in accordance with the attached tenancy schedule it should be noted that lease expiry dates have passed; our client is unable to determine if the leases have renewed at the same rents, nor the current position with regards to rent payments.

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Opportunity to Enhance Value

We suggest various opportunities are available to improve the quality of the asset. For example:
• Regularising and enhancing the retail tenant mix within the arcade;
• Reconfiguring the retail area to form one or two larger, traditionally shaped retail units;
• Regularising the residential accommodation to provide a quality flat at first floor level.
Our enquiries indicate that standard shop units along North End Road are currently available at rents in the region of £35,000 per annum. Furthermore, good quality, two-bedroom flats are currently available at values in the order of £500,000.

VAT

The property has not been elected for VAT.

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Proposal

We are instructed to seek offers in excess of £815,000, subject to contract.

Investment Considerations

  • An opportunity to acquire an opportunistic investment within London’s Fulham area;

  • The property offers significant opportunities to actively manage and enhance value;

  • We suggest that the potential value for the retail element, as a single-let unit, is in the order of £500,000, whilst the residential accommodation refurbished has the potential to be worth in the order of £500,000.

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Disclaimer

  • The attention is drawn to the fact that access to all areas of the property may not be possible prior to completion

  • Replies to standard enquiries will not be provided as part of the conveyancing process

  • The property will be sold as seen. No express or implied warranties or representations are given.

  • Any prospective owner must be prepared to undertake robust asset management initiatives to regularise the basis upon which any commercial and residential occupants remain in situ.

  • The guide price has been set realistically to reflect significant opportunities to build a sustainable income stream and enhance value

Data Room and clicktopurchase®

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Contact Us

Singer Vielle   +44 (0) 207 935 7200
Daniel Elia daniel@singervielle.co.uk +44 (0) 203 701 1353
Dale Henry dale@singervielle.co.uk +44 (0) 203 701 1356
Neil Singer neil@singervielle.co.uk +44 (0) 203 478 9120

Vendors Solicitor

EMW Law LLP  +44 (0) 345 074 2486
Kelly Loft kelly.koft@emwllp.com