• 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.

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

Freehold.

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 www.curatedgoodsltd.co.uk.

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.

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.

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.

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;