Central London Leisure and Residential Investment - VAT FREE

17 & 17a Warwick way | Pimlico | London | SW1V 1QT


subject to contract

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  • Located within the heart of densely populated Pimlico

  • Hot Food Takeaway premises with spacious 3 bed flat on the upper parts

  • Valuable Sui Generis Use with permitted development to Class E Use

  • Low availability of restaurant/takeaway premises in the area

  • Jointly let to DP Realty Ltd & Have More Fun (London) Ltd t/a Domino’s Pizza (Net Assets £4.78m)

  • Parent company listed on the London Stock Exchange (Underlying EBIT £119m)

  • 15 years unexpired at a rent of £55,000 per annum - tenant beak in March 2028

  • Upwards only rent review in March 2023

  • Residential element offered with vacant possession with add value potential

  • Rental value of £55,000 per annum for the residential element

  • Total ERV for the property of £110,000 per annum

  • VAT-Free

  • £1,800,000, subject to contract

  • The price reflects a Net Initial Yield of 6% on the commercial element and a value of £930,000 / £880 per sq ft (£9,480 per sq m) on the residential element.

  • £652 capital value per sq ft overall (£7,027 per sq m)



Pimlico is a highly affluent, Central London commercial and residential area, conveniently located in between Mayfair, Chelsea, Battersea, Belgravia, Victoria and Westminster and sits to the north of the River Thames. The area is located approximately 1.5 miles (2.4 km) from the West End of London, 3 miles (4.8 km) from the City of London and 10 miles (16 km) from London City Airport.

London Victoria Station is located 0.4 miles (0.64 km) from Pimlico and is the second busiest London terminus with over 74 million passengers using the station each year. The station connects to Gatwick Airport and interlinks with other transport links such as the London Underground and Victoria Coach Station.

Pimlico Tube station conveniently runs on the Victoria Line just one stop from Victoria Station.

Pimlico sits along Vauxhall Bridge Road, a popular road connecting the north and south of London.

Whilst being in a bustling Central London location, Pimlico has a village like community and appeals to various demographics including families, professionals, students and tourists.

There is a high demand for residential property in this densely populated area and a lack of supply. This makes the area perfect for a buy to let investment and a Domino’s takeaway.

Nearby attractions include Buckingham Palace, Tate Britain, Big Ben, The London Eye, and Westminster Abbey to name a few. There are plenty of green spaces nearby including, St George’s Square, Warwick Square, St James’s Park, Hyde Park and Battersea Park.

Pimlico is considered one of the most sought-after locations and benefits from low vacancy rates.


The property occupies a 100% prime position on Warwick Way which is the most sought-after retail and leisure destination in Pimlico with an eclectic mix of local and national operators.

The property is next door to Little Waitrose and opposite a Tesco Express. Other businesses on Warwick Way include Holland & Barrett, Snappy Snaps, Caffe Nero, and various estate agencies.

Tachbrook Street Market is located moments away from the property and is open Monday to Saturday offering a mixture of luxury foods, household goods and clothing.

The immediate vicinity benefits from a highly dense residential and commercial population making it a perfect site for a Dominos Pizza. Furthermore, the vicinity is an ideal place to live and benefits from an exceptionally strong residential rental market.



The property comprises a commercial and residential building arranged over basement, ground, first, and second floors.

The commercial element of the property benefits from a rare Sui generis use allowing for hot food takeaway. This use class allows the property to be used for any other use falling under Class E including retail, restaurant, office and so on.

The commercial element is arranged over ground and basement and has been fitted out by the tenant to their usual corporate style as a fully functioning hot food takeaway and delivery premises.

There is a customer collection area, a kitchen and preparation area on the ground floor and an office and storage accommodation in the basement.

The residential element benefits from self-contained access from the front of the property and is arranged over ground, first and second floors. There are three double bedrooms, a large open plan living room, a fully fitted kitchen and a utility room. There is a generous landing space fit in between the first and second floors fit for a small office, WC or storage.

The furniture shown in the pictures can be included as part of the sale, further information upon request.

The property was refurbished in 2018.

Asset Management

Historically, the residential element consisted of two flats and we suggest that subject to planning permission, a purchaser could separate the residential element back into two flats.

We would also suggest that subject to planning permission, there is the potential of adding an additional storey to the property in line with the property directly opposite and to extend the property at the rear.

The next upwards only rent review on the commercial element is effective in March 2023 and we would suggest that the passing rent is below market level so there is an opportunity for a purchaser to achieve a rental uplift at the rent review. As the property has Sui generis use (previously A5), allowing for hot food takeaway, the rental value is deemed higher than class E use.



The property has been measured by BKR Floor Plans and provides the following net initial floor areas for the commercial element and gross internal areas for the residential element:

Net Frontage 11’6” 3.51m
Gross Frontage 12’6” 3.81m
Zona A 215 sq ft 19.97 sq m
Zona B 155 sq ft 14.40 sq m
Zona C 164 sq ft 15.24 sq m
Ground floor ITZA   333.5 UNITS
Total Ground Floor 534 sq ft 49.61 sq m
Basement 709 sq ft 65.87 sq m
Sub Total Commercial 1,243 sq ft 115.48 sq m
Ground Floor Residential 49 sq ft 4.55 sq m
First Floor Residential 595 sq ft 55.28 sq m
Second Floor Residential 412 sq ft 38.27 sq m
Sub Total Residential 1,056 sq ft 98.10
Total GIA 2,757 sq ft 256.13 sq m

A set of floor plans is available to download and the measured survey report will be re-addressed to a purchaser at a cost of £590 + VAT.





17 Warwick Way (commercial element) is jointly let to DP Realty Ltd and to Have More Fun (London) Ltd (t/a Dominos Pizza) on an effecitve full repairing and insuring lease for a term of 20 years from 23rd March 2018, expiring 22nd March 2038. There is a tenant break clause at the expiry of the tenth year (22nd March 2028).

The tenant’s liability is subject to a Schedule of Condition.

Therefore, there are in excess of 15 years unexpired and in excess of 5 years to the break.

The passing rent for the commercial element is £55,000 per annum.

The next upwards only rent review is effective 23rd March 2023 and offers the purchaser an opportunity to increase the rent.

The lease liability is joint and several between DP Realty Ltd and Have More Fun (London) Ltd, so either or both tenant companies can be enforced against.

17a Warwick Way (residential element) is being offered with vacant possession. The estimated rental value is £55,000 per annum.

The vendor is purposely offering the residential part with vacant possession in order to offer flexibility to a purchaser.

Demand for rental properties in Pimlico is exceptionally high should a purchaser wish to let out the residential element.

Therefore, the total passing rent should purchaser decide to let the residential element would be in the order of £110,000 per annum.


Both DP Realty Ltd and Have More Fun (London) Ltd are trading subsidiaries of Domino’s Pizza Group Plc who are listed on the London Stock exchange and reported in their 2021 annual report, £1.5 bn in Sales, £119.9m in Underlying EBIT and £78.3m in Statutory Profit.

The ultimate parent company is Domino’s Pizza Inc who are listed on the New York Stock Exchange and reported a revenue of $4.35bn in 2021.

Domino’s Pizza is the UK’s leading pizza brand with over 1,200 stores across the UK and Republic of Ireland. The company employs a workforce of over 35,000 people and last year sold over 105 million pizzas.

Domino’s Pizza sell a wide range of pizzas with varied toppings. They also sell a range of sides, drinks and desserts. Sales are channelled mainly through a sophisticated delivery network. Orders are received through telephone calls, a smartphone app, website and in store collections.

Domino’s Pizza is one of the most recognisable pizza services in the world with approximately 15,000 stores in over 80 countries.

DP Realty Ltd (Co. No. 02882513) has reported the following figures:

  26th December 2021 27th December 2020 29th December 2019
Revenue £2,720,000 £2,759,000 £27,781,000
Pre-Tax Profits £544,000 £1,049,000 £1,093,000
Net Assets £4,780,000 £3,987,000 £5,654,000

DP Realty Ltd lease properties as sites for Domino’s Pizza stores and sub lease the sites or share lease liabilities with franchisees.

Have More Fun (London) Ltd (co. No. 02942408) has reported the following figures:

  26th December 2021 27th December 2020 29th December 2019
Revenue £5,562,000 £5,039,000 £5,616,000
Pre-Tax Profits £122,000 (£557,000) (£335,000)
Net Assets (£819,000) (£919,000) (£447,000)

Have More Fun (London) Ltd have been a franchisee of Domio’s Pizza since 1994 and operate Domino’s Pizza takeaway and delivery sites.

Both DP Realty Ltd and Have More Fun (London) Ltd individually are responsible for meeting all the lease obligations.




The property has not been registered for VAT and therefore VAT is not applicable on the purchase price.


We are instructed to seek offers in excess of £1,800,000 (One Million and Eight Hundred Thousand Pounds), subject to contract, reflecting a net initial yield of 6% on the commercial element and a value of £930,000 / £880 per square foot on the residential element, assuming standard purchaser’s costs of 6.22%.

The purchase price reflects just £652 per sq ft / £7,027 per sq m overall.

Please note that a purchaser will be re-charged the costs of the measured survey (£590 + VAT) and searches (£1,149), which are provided in the data room.

Please note that a purchaser will be charged a Transaction Fee of 0.5% of the Purchase Price plus VAT.


Investment Considerations

  1. An opportunity to acquire a property in one of London’s most affluent boroughs;

  2. Various asset management opportunities including splitting the duplex flat into two separate flats or increasing the massing, subject to planning permission

  3. 15 years unexpired lease term with a tenant break in 5 years

  4. Opportunity to increase the commercial rent at the next rent review in March 2023

  5. Opportunity to negotiate a removal of the 2028 break clause

  6. Pimlico is a highly south after location for renters

  7. Rare use class on the commercial element allowing for Hot Food Takeaway

  8. Commercial element let to the secure covenant of DP Realty Ltd and Have More Fun (London) Ltd t/a Domino’s Pizza

  9. VAT-Free

  10. Attractive lot size to an investor;

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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

Joelson LLP  +44 (0) 207 580 5721
Jude Salmon jude.s@joelsonlaw.com