parsons green lane london sw6 4hu

6O/7O
PARSONS GREEN LANE
LONDON SW6 4HU
PRIME FREEHOLD SUPERMARKET & RESTAURANT INVESTMENT OPPORTUNITY
6O/7O
PARSONS GREEN LANE
LONDON SW6 4HU
6O/7O
PRIME FREEHOLD SUPERMARKET &
RESTAURANT INVESTMENT OPPORTUNITY
6O/7O
PARSONS GREEN LANE
LONDON SW6 4HU
INVESTMENT CONSIDERATIONS
Prime freehold supermarket and restaurant located in one of London’s
most affluent boroughs
Located approximately 50m south of Parsons Green Underground Station
Attractive building with impressive street frontages comprising
approximately 8,432 sq ft let to the Co-Operative Group Ltd
and Le Pain Quotidien Ltd
AWULT of approximately 12.9 years
Approximately 53% of the income is secured to the Co-operative Group Ltd
which benefits from RPI linked reviews for a further 17.5 years
Current passing rent is £255,001
Freehold
The most recent investment sale close by, let to Cote Restaurants Ltd, sold in
April 2016 for a price reflecting 3.2% net initial yield
Offers are sought in excess of £5,300,000 (Five Million Three Hundred Thousand
Pounds) subject to contract and exclusive of VAT. This reflects a net initial yield
of 4.5% after allowing for purchasers costs of 6.6%.
6O/7O
IMPERIAL WHARF
CHELSEA
FOOTBALL CLUB
WANDSWORTH
ROUNDABOUT
EEL BROOK
COMMON
FULHAM
BROADWAY
UNDERGROUND
STATION
HURLINGHAM
PARK
PARSONS GREEN
UNDERGROUND STATION
PUTNEY
BRIDGE
UNDERGROUND
STATION
6O/7O
PRIME FREEHOLD SUPERMARKET &
RESTAURANT INVESTMENT OPPORTUNITY
PARSONS GREEN LANE
LONDON SW6 4HU
LOCATION
Parsons Green is located in the London Borough of
Hammersmith and Fulham, in South West London,
and is one the most affluent areas within London.
The area is centred at Parsons Green with Fulham Road
and New Kings Road to the north and south respectively
providing access to Fulham to the north east and Putney
to the south west.
Parsons Green is vibrant and popular with young
professionals with its varied supply of bars, restaurants,
cafes and shops.
A501
Western Avenue
The area is serviced well by public transport with Parsons
Green Underground Station, located in Zone 2, providing
access to Victoria, via the District Line with a fastest journey
time of 23 minutes. Regular bus services run from both
The
Parkway
Fulham Road and New Kings Road providing access to
Central London in approximately 40 minutes.
REGENTS
PARK
Westway
PADDINGTON
HYDE PARK
SHEPHERD’S BUSH
CHISWICK
COMMON
M
Parsons Green Underground station is situated
immediately north of the subject property.
Nearby occupiers include Little Waitrose, Whistles, Cote,
Dexters Estate Agents, Brik Estate Agents and The White
Horse Public House.
PICCADILLY CIRCUS
GREEN PARK
Heathrow Airport is situated approximately 12 miles to the
west and is the busiest airport in the United Kingdom and
Europe serving approximately 75 million passengers in 2015.
The property is situated on the western side of Parsons Green
Lane immediately north of its junction with Ackmar Road
and Dairy Close. Fulham Road and New Kings Road are
situated approximately 200m to the north and 300m to the
south respectively and both roads provide access to Putney
to the south west and Fulham Broadway to the north east.
CENTRAL LONDON
BLAC
The A4 is located approximately 1.5 miles to the north of
Parsons Green and provides access to the M4 (Junction 1)
approximately 3.5 miles to the west and access to Central
London approximately 2 miles to the east.
SITUATION
GT PORTLAND ST
Westway
A40
KINGS CROSS
A4
HAMMERSMITH
KNIGHTSBRIDGE
VICTORIA
A4
4
CHISWICK
CHISWICK HOUSE
& GARDENS
KEW
GARDENS
HAMMERSMITH
BARNES
WESTMINSTER
EARL’S COURT
FULHAM
BATTERSEA
PARK
PARSONS GREEN
PUTNEY
BRIDGE
Further retailing and restaurants/bars are located nearby on the
New Kings Road to the south and Fulham Road to the north.
A316
A3205
DEMOGRAPHICS
• In the 2011 Census the population of Parsons Green and Walham was 10,813 with an average age of 35.
• The number of people economically active (full time) was 47.2% compared with the national average of 38.6%.
6O
• Within Parsons Green and Walham, 20.6% of the population are managers/directors and senior officials compared
to an average of 10.9% in England.
• 56.4% of people have level 4 qualifications and above compared with 27.4% in England.
• 47% of employed residents are working as managers, directors, senior officials or in professional occupations.
7O
29
31 a
31
33
35
37
39 a
39
• 75% of adults aged 16-74 are economically active (71% in 2001).
• Densely populated ward in London Borough of Hammersmith and Fulham (121 people per hectare).
41
43
34
36
• 3.4% of the economically active are unemployed compared to the national average of 4.4%.
38
40
42
46
48
44
20
19
la
oP
ce
0m
25
21
25m
6O/7O
PRIME FREEHOLD SUPERMARKET &
RESTAURANT INVESTMENT OPPORTUNITY
PARSONS GREEN LANE
LONDON SW6 4HU
DESCRIPTION
The property comprises two separate high street units arranged
over ground floor only, forming part of a larger block. Both units
benefit from excellent street frontage.
The Co-operative is arranged to provide a large food store with
a storage area to the rear, which also provides a staff kitchen,
office and toilets.
The Le Pain Quotidien is arranged to provide a substantial dining
area with a kitchen to the rear. The unit also benefits
from alfresco dining to the front on Parsons Green Lane.
TENURE
The property is held freehold.
et
Stre
52
43
56
47
ello
Nov
27
54
45
29
58
49
62
53
TENANCY SCHEDULE
51
60
51
Retail
49
53
55
55
64
57
s
on on
rs tati
Pa n S
e
re
G
59
61
1
27
57
59
25
27
47
49
51
a
Be
co
ns
fie
ld
al k
W
65
Parsons Green
Tenant
Area
(sq ft)
Rent
(pa)
Lease
Start
Lease
Expiry
Rent
Review
Unit 1 (60)
Co-Operative
Group Ltd
4,629
£135,000
(£29.16 psf)
29/11/2013
28/11/2033
29/11/2018
Unit 2 (70)
Le Pain Quotidien Ltd
3,803
£120,000
(£31.55 psf)
20/03/2009
19/03/2024
20/03/2019
60/84 Parsons Green Lane
& Heathman’s Yard
London and Quadrant
Housing Trust
£1
19/10/2005
18/10/2130
Sub-station
Eastern Power
Networks Plc
£0
10/06/2008
09/06/2107
Sub-station
London Electricity Plc
.5p
(if demanded)
30/01/1991
29/01/2090
29 a
29
63
45
Unit
27
31
33
67
34
71
73
4
3a
3b
75
2a
2b
77
d
Th
e
ors
e
a
Ro
ar
H
m
te
Parsons
k
Ac
W
hi
50
ne
Green La
Pa
rso
8-10
ns
en
Parsons Gre
Gr
ee
n
5
7
9
11
17
14
19
50m
Park
Total
16
75m
34
32
30
28
26
24
22
20
18
St Dionis Road
Comments
23
© Crown Copyright, ES 100004106. For identification purposes only.
8,432
£255,001
Benefits from 5 yearly RPI linked
rent reviews compounded.
Collared and capped at
1% and 4%. The lease contains
an option for the tenant to
renew for a further 15 years
with a tenant break option in
year 10, to be exercised from
28/05/2032 to 27/05/2033.
6O/7O
PARSONS GREEN LANE
LONDON SW6 4HU
RECENT SIMILAR TRANSACTIONS
Property
Heritage Lane,
West Hampstead
Date
Price
COVENANT INFORMATION
Net initial
Yield
Currently
under
offer
£7.35m
April
2016
£3.75m
3.20%
Entirely let to Cote Restaurants with an
unexpired term of 19 years with 5 yearly
upward only reviews to OMV.
227-231 Wimbledon
Park Road, Wimbledon
March
2016
£12.708m
4.25%
Let to Marks & Spencer on a new 20 year lease
with 5 yearly RPI linked reviews and The Gym
also on a new 20 year lease
Queen’s Park Place,
Salusbury Road,
Queen’s Park
March
2016
£4.095m
4.50%
Let to Marks and Spencer on a new 15 year
lease with 5 yearly RPI linked reviews (1-4%)
Cote, 45-47 Parsons
Green Lane
4.15%
Summary
Let to M&S and M&S Hot Food On The Move on
new 15 year leases with 5 yearly RPI linked reviews
(1-4%) and 3 local tenants on new 10 year leases
The Co-Operative Group Ltd.
The Co-operative Group is the largest consumer
co-operative in the UK owned by more than 8 million
members. The Co-operative Group employs over
70,000 people across the UK. The Group’s food
retailing business has over 2,700 stores.
Turnover (000’s)
Pre-tax Profit (000’s)
Total Net Worth (000’s)
02/01/2016
03/01/2015
04/01/2014
£9,301,000
£9,433,000
£10,534,000
£23,000
£124,000
(£277,000)
£2,006,000
£1,940,000
£756,000
27/12/2015
28/12/2014
29/12/2013
£34,276,593
£33,964,901
£30,833,303
£960,579
£313,445
£802,887
£5,722,190
£5,040,199
£5,547,238
Le Pain Quotidien Ltd
Le Pain Quotidien began in 1990 as a small bakery
in Brussels. Today there are now more than 200
restaurants across five continents. The company’s
headquarters are based in New York.
Turnover
Pre-tax Profit
Total Net Worth
6O/7O
PARSONS GREEN LANE
LONDON SW6 4HU
VAT
EPC
The property has been elected for VAT
and as such the transaction will be
treated as a TOGC.
60 Parsons Green Lane
has a rating of D(83).
70 Parsons Green Lane
has a rating of F(136).
PROPOSAL
Offers are sought in excess of £5,300,000
(Five Million Three Hundred Thousand Pounds)
subject to contract and exclusive of VAT.
This reflects a net initial yield of 4.5% after
allowing for purchasers costs of 6.6%.
For further information or to make arrangements for viewing please contact:
Andy Pointon
020 7543 6720
[email protected]
Richard Lea
020 7543 6832
[email protected]
Lottie Hayward
020 7543 6750
[email protected]
www.allsop.co.uk
Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose
agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract
for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as
statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor
any of its members or any person in its employment has any authority to make or give, any representation or
warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual
obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the
written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2.
Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each
statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any
items expressed to be included are available and in working order; (d) arrange a full structural (and where
appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop
is the trading name of Allsop LLP. Design: CommandD www.commandHQ.co.uk 07.16