- Freehold retail investment with a current combined income of £56,950 per annum.
- Imposing corner building comprising of 3 x commercial units, 3 x flats (sold off on long leases) & rear yard.
- Potential to create residential units to the rear subject to obtaining planning permission.
- Located in an affluent catchment area in Whitton, West London.
- Offers are invited in excess of £875,000 for the freehold interest subject to the existing tenancies, which represents an approximate gross yield of 6.5%.
The property holds a prominent position on High Street, Whitton, Twickenham within the affluent London Borough of Richmond upon Thames. Whitton Railway Station is situated 300 yds away and has a journey time of only 29 minutes into London Waterloo. The key local attractions of Twickenham Stadium, Kew Gardens, Hampton Court and Hounslow Heath are all in close proximity to the property. High Street Whitton offers an excellent mix of both national and local operators. National operators include Lidl, who occupy the adjoining premises and Starbucks directly opposite, in addition to Boots, Tesco, Sainsbury’s, Costa and Greggs.
The property comprises of three separate retail shops with three residential units above. In addition, there are three parking spaces and a gated loading yard to the rear. The residential units known as 50A, 54A and 58A are accessed via a single external staircase to the rear of the property and these residential units have all been sold off on long leasehold interests. The two double fronted shops at 50-52 and 54-56 are well proportioned and set over ground floor only. Both shops benefits from front and rear access. The single shop at 58, holds the corner position and has been sold off on a long leasehold interest.
Key Tenant Information
50-52 High Street - The substantial double fronted retail unit provides 1,376 sqft of space on ground floor and has recently been completely refurbished by the tenant. It currently operates as an interior design shop offering external consultancy services. The lease is held in the name of Gala Interiors Limited and benefits from a personal guarantee provided by Galina Petro Malhull.
54-56 High Street – The substantial double fronted unit provides 2,280 sqft of space on ground floor and has been fitted out to a high standard and operates as an Opticians. The lease is held in the name of Real Eyes (Whitton) Ltd with the parent company Real Eyes Ltd providing a guarantee. The tenant has sublet a proportion of the unit located and accessed from the rear of the property to a carpet retailer. The details of this subletting are not known.
See brochure for further information on accommodation and tenancy schedules.
Subject to further planning investigation and planning permission or permitted development rights there may be potential to convert the rear storage element of the retail units at 50-52 and 54-56 to residential use. These units would benefit from secure gated access from Tranmere Road. We would point out that full planning permission was granted for a two storey extension (ground and lower ground) to the rear of the retail at 121 High Street, Whitton. It is also thought that an additional floor could be added to the building which would bring the building height in line with the other buildings immediately adjacent to it. Interested parties are advised to make their own planning enquires in respect of any development potential.
Terms & Tenure
Offers are invited in excess of £875,000 for the freehold interest subject to the existing tenancies, which represents an approximate gross yield of 6.5%.
The building is elected for VAT, although we expect the sale can be treated as a transfer of a going concern (TOGC). Interested parties are advised to seek appropriate professional advice on this point.