London Retail Investment & Refurbishment Opportunity

12-14 Hill Street | Richmond | TW9 1TN


subject to contract

Click To Purchase


  • To be sold by clicktopurchase® Best Offers by 1.00pm on Monday 24th January 2022, unless sold prior

  • Highly affluent London borough

  • Prominent retailing position in the heart of the town centre

  • Two attractive ground floor retail units

  • Vacant upper floors offering a refurbishment opportunity

  • Grade II listed (no empty rates payable for retail units)

  • Freehold

  • Offers in the region of £1,250,000, subject to contract

  • Apportioned attractive yield of 6.65% for the retail investment and only £3,270 per sq m / £303 per sq ft for the upper floors. Suggested exit for a refurbishment in the region of £8,611 per sq m / £800 per sq ft.



Richmond upon Thames is one of London’s most affluent boroughs, approximately 15 km (9 miles) south west of Central London, 6 km (4 miles) north of Kingston upon Thames, 6 km (4 miles) east of Hounslow and 8 km (5 miles) west of Wandsworth.

The town benefits from good road connections, being located approximately 4 km (2.5 miles) to the south of the M4 Motorway, accessed via the A307. The town is also adjacent to the A316, which links with Junction 1 of the M3 Motorway approximately 11 km (7 miles) to the south west, in turn providing access to the M25 Motorway and the national motorway network.

Richmond railway station provides a fastest journey time to London Waterloo of 16 minutes and also has direct connections to Reading and Windsor. The town is also served by the District Line of the London Underground which provides direct access to Central London.

In addition, Heathrow Airport is approximately 19 km (12 miles) to the west.

Richmond upon Thames is a popular tourist destination with nearby attractions including Hampton Court Palace, The Royal Botanic Gardens of Kew and Twickenham, the home of Engligh Rugby Union. Richmond Park is London’s largest park with 2,500 acres of hills, woodlands and grassland with views as far as St Paul’s Cathedral.

The borough attracts approximately 4.5 million visitors from across the world every year and this tourism generates an estimated total economic benefit to the borough of £469 million (Source:


The subject property occupies a prominent retailing pitch on Hill Street close to its junction with George Street, the principal retail thoroughfare for Richmond upon Thames.

Surrounding occupiers include The Ivy Café (directly opposite), Wagamama, Waterstones, Zadig & Voltaire, Whistles, Five Guys and Odeon Cinema. Richmond station is approximately a five minute walk to the north-east.



The property comprises a Grade II listed building arranged over basement, ground and two upper floors.

The ground floor comprises two separate retail units which benefit from storage/staff accommodation to the rear and ancillary basement space.

The first and second floors comprise vacant former office accommodation which benefits from a separate entrance between the two retail units on Hill Street. There is a half landing with basic bathroom including separate toilet. The first floor comprises three individual offices incorporating period fireplaces. The second floor comprises four rooms. The accommodation requires investment, thereby presenting the opportunity to refurbish and enhance value.


The property has been measured by BKR Floor Plans and provides the following accommodation:

12 Hill Street (Curated Woman) – NIA
Net Frontage 10’5” 3.17m
Gross Frontage 11’8” 3.56m
Zone A 211 sq ft 19.60 sq m
Zone B 163 sq ft 15.14 sq m
Zone C 66 sq ft 6.13 sq m
ITZA 309  
Total 440 sq ft 40.88 sq m
*Basement not measured


14 Hill Street (Kymata Hair) – NIA
Net Frontage 10’5” 3.17m
Gross Frontage 12’2” 3.71m
Zone A 179 sq ft 16.63 sq m
Zone B 172 sq ft 15.98 sq m
Zone C 113 sq ft 10.50 sq m
ITZA 293  
Total 464 sq ft 43.11 sq m
*Basement not measured


Upper Floors (Vacant) – Net Internal Areas
Ground Floor Entrance 116 sq ft 10.78 sq m
First Floor 641 sq ft 59.55 sq m
Second Floor 662 sq ft 61.50 sq m
Total 1,419 sq ft 131.83 sq m


Upper Floors (Vacant) – Gross Internal Areas
Ground Floor Entrance 116 sq ft 10.78 sq m
First Floor 903 sq ft 83.89 sq m
Second Floor 791 sq ft 73.48 sq m
Total 1,810 sq ft 168.15 sq m

A set of floor plans is available to download and will be re-addressed to a purchaser at a cost of £325 + VAT.



The property is Grade II listed (hence no empty rates payable for the retail units) and located within the Central Richmond Conservation Area.





12 Hill Street

The ground and basement is let to Curated Goods Limited (t/a Curated Woman) on effectively a full repairing and insuring lease for a term of 10 years from 15th April 2019, expiring on 14th April 2029. There is a tenant’s break option on 15th April 2024, subject to six months’ notice. A rent deposit of £7,750 + VAT is held.

The current passing rent is £31,000 per annum. The lease benefits from an open market rent review on 15th April 2024. In accordance with a side letter the tenant has been permitted to pay the rent monthly.

The tenant is currently in arrears as a result of the pandemic, owing £9,746.07. An informal payment plan has been agreed with the tenant whereby the debt will be repaid and the rent deposit is topped up over a period commencing October 2021 and ending March 2023 (a repayment rate of £765 per month).

14 Hill Street

The ground and basement is let to Kymata Hair Spa Limited on effectively a full repairing and insuring lease for a term of 10 years from 16th May 2017, expiring on 15th May 2027. The lease is guaranteed by D. Pina and a rent deposit of £7,500 + VAT is held.

The rent in accordance with the lease is £30,000 per annum. However, a Side Letter dated 2nd September 2020 varied the lease as follows:

1st June 2020- 31st July 2020 Peppercorn
1st August 2020 - 15th May 2022 £18,000 per annum
16th May 2022 - 15th May 2025 £24,000 per annum
16th May 2025 – 15th May 2027 £30,000 per annum

There is a rent review on 16th May 2025, to the greater of £30,000 or open market value.

There are no rent arrears. A payment history is available to download.

A tenant break option dated 15th April 2024 was removed in accordance with the Side Letter.

12/14 Hill Street – First & Second Floors


Therefore, an investor will benefit from a total current income of £49,000 per annum, rising to £55,000 per annum in May 2022 and £61,000 per annum in May 2025 (assuming tenant break options not exercised).


Curated Goods Limited is an independent, privately owned clothing store. In addition to the subject store which trades as Curated Woman, the company also has a menswear store next door trading as Curated Men. We understand the family business has been trading from this location since 1979. A rent deposit of £7,750 + VAT is held. For further information visit

Kymata Hair Spa Limited is a contemporary hair and beauty salon. A rent deposit of £7,500 + VAT is held and there is a personal guarantee from Dorian Pina.


Refurbishment Opportunity

The current accommodation on the first and second floors is arranged to provide cellular offices which, we suggest, will provide highly attractive “local” accommodation once refurbished. No planning permission is required to undertake such a scheme.

Subject to obtaining planning permission, we suggest that the upper floors could equally provide highly attractive residential accommodation, ideally for creating two well-sized flats, or live/work units.


The property has been registered for VAT. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).



We are instructed to seek offers in the region of £1,250,000 (One Million, Two Hundred and Fifty Thousand Pounds), subject to contract.

Allocating a conservative value to the retail accommodation of £700,000 reflects an attractive net initial yield of 6.65%, rising to 7.46% in May 2022. This reflects only £550,000 in respect of the upper floors, equating to an equally conservative £3,270 per sq m / £303 per sq ft (gross internal), hence an opportunity to enhance value with office rents in the area currently estimates in the region of £377 per sq m / £35 per sq ft.

Were a residential scheme undertaken on the upper floors, we suggest that exit values are currently in the region of £8,611 per sq m / £800 per sq ft. This suggests resale values of £1.45m compared to the entry cost of £550,000, providing a significant refurbishment margin.

Please note that a purchaser will be re-charged the costs of the measured survey (£325 + VAT) and searches (£765.16) which are provided in the data room.

Please note that a purchaser will be charged a Transaction Fee of £5,000 plus VAT.

Investment Considerations

  1. An opportunity to acquire a freehold investment in a highly affluent London borough;

  2. The property occupies a prominent position in the heart of the town centre;

  3. Two attractive ground floor retail units;

  4. Vacant upper floors offering a significant opportunity;

  5. Grade II listed, hence no empty rates are payable on the retail element;

  6. A purchase at the asking price reflects an attractive yield profile and low capital value in relation to the upper parts;


Data Room and clicktopurchase®

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Contact Us

Singer Vielle   +44 (0) 207 935 7200
Dale Henry +44 (0) 203 701 1356
Daniel Elia +44 (0) 203 701 1353
Neil Singer +44 (0) 203 478 9120

Vendors Solicitor

Gunnercooke  +44 (0) 3330 143 401
Jonathan Wilkinson
Simon Davies