Freehold Retail Investment Let to Lea & Sandeman, Barnes High Street, SW13
Significant reversionary potential
Ground Floor, 51 Barnes High Street, London SW13
Situation & Location
The property is prominently situated on the eastern side of Barnes High Street, immediately between Cook and Savills, close to Café Nero & M&S Food opposite. Barnes High Street is a sought-after neighbourhood centre with a good mix of both independent and multiple operators serving the affluent resident population of Barnes.
Description & Accommodation
The property comprises a self-contained ground floor shop with rear store providing a main sales area of 577 sq ft 53.6 sq m; a rear ground floor store of 328 sq ft 30.5 sq m and an office of 30 sq ft 2.8 sq m.
There is an upper maisonette which has been sold on a long lease.
Tenancy
The shop is let to Lea & Sandeman Company Ltd on effectively full repairing and insuring lease for a term of 10 years from 30th May 2020, thus expiring on 29th May 2030, at a current rent of £35,750 per annum. Copy Lease available on request.
Lea & Sandeman Co Ltd is a wholesale and retail wine merchant established for nearly forty years with a turnover in most recent published accounts of £15.4 million and net assets of £3.58 million. The business currently operates from Kensington, Chelsea, Fulham, Chiswick and Barnes www.leaandsandeman.co.uk.
Guide Price
£570,000 to give a net initial yield of 6 % after usual purchase costs.
Investment Case
The property is currently under rented with an ITZA of 495 giving a current Zone A rent of £72 against the current rental tone of some £90 per sq ft ZA. It thus has considerable reversionary potential upon lease renewal or re-letting in 2030 and meanwhile is well let, sitting within this very affluent and attractive south-west London centre.
Legal Costs
Each party to bear their own.
VAT
The property is VAT opted.
EPC
Rating 44 Band B.
Contact
Jeremy Barnard
Tel: 020 7938 3990
Fax: 020 7937 3764
Email: jb@jmwbarnard.com
Important Notice: Measurements are approximate and no responsibility is taken for any error, omission or mis-statement in these particulars which do not constitute an offer or contract. No representation or warranty is given either during negotiations, in particulars, or elsewhere. Unless otherwise stated all rents and prices are exclusive of VAT, where applicable.
