Central London New Build Retail Investment
103 – 105 Lillie Road | Fulham | London | SW6 7SX
subject to contract
Located in one of London’s most affluent boroughs
Newly developed in 2021
The property forms the ground floor retail offering for a luxury residential development
Prominently located in a densely populated area
Excellent transport links
Let to two tenants on new FRI leases
Total passing rent £38,500 per annum
Lease lengths of 20 years and 15 years with no breaks
£610,000, subject to contract
Fulham is a bustling mixed commercial and residential area between Earls Court and Hammersmith, to the north of the River Thames. It is located in the London Borough of Hammersmith & Fulham 4 miles (6.4 km) to the south-west of Central London and 2 miles (3.2 km) south west of Chelsea.
Fulham has a vibrant, mixed residential population and is notable for its culturally diverse commercial activities and street scene.
The City of London and Docklands are situated to the north-east, 7 miles (11 km) and 10 miles (16 km) respectively. London City Airport is 13 miles (20 km) to the north-east, Heathrow Airport is 13 miles (21 km) to the west, Luton Airport is 38 miles (61km) to the north and Gatwick Airport is 30 miles (48km) to the south.
Fulham benefits from a number of tube stations on the District Line providing direct access to Central London, these include Fulham Broadway, Putney Bridge, Parsons Green and West Kensington. The A4 is approximately 1 mile (1.6 km) to the north and links directly with the M4 Motorway to the west and Central London to the east.
The property occupies a prominent position fronting Lillie Road, close to its junction with North End Road, in the heart of North Fulham. Lillie Road is an established location, occupied by a mix of national and independent retailers. Nearby occupiers include Superdrug, Paddy Power, William Hill, Co-operative food, The Gym, CEX, Greggs, McDonald’s and Iceland.
The property benefits from excellent communication links being an 8-minute walk from West Brompton Underground and National Rail station (District Line and West London Line). Fulham Broadway Underground Station (District Line) is approximately 1 mile (1.6 km) from the property. Numerous bus routes also serve the area providing easy access to Chelsea, Knightsbridge, the West End and other parts of London.
Stamford Bridge football stadium, the home of Premier League’s Chelsea Football Club, is approximately 0.6 miles (0.97 km) from the property.
The Hurlingham Club is less than 1.8 miles (2.9 km) from the property and is set within 42 acres of grounds and is recognised throughout the world as one of Britain’s most exclusive private members clubs.
The property comprises of two newly constructed ground floor retail units which form part of a high-end residential development, completed in 2021.
103 Lillie Road has been fitted out by the tenant as a guest and bridal shop with a sales area to the front. There is ancillary accommodation and WC to the rear.
105 Lillie Road has been fitted out by the tenant as a high-end barber shop with a sales area to the front. There is ancillary accommodation and WC to the rear. The property benefits from return frontage.
The upper parts comprise of nine residential units which are not included in the sale. For further information on the development see www.toymakersyard.co.uk.
The property is to be sold with the benefit of a 10-year Build Zone construction warranty which will be assigned to the purchaser on completion.
The property has been measured by BKR Floor Plans and provides the following floor areas for the retail element:
|103 Lillie Road|
|Gross Frontage||20’5”||6.22 m|
|Net Frontage||18’8”||5.69 m|
|Ground Floor Gross Internal Area||810 sq ft||75.25 sq m|
|Ground Floor Net Internal Area||740 sq ft||68.75 sq m|
|Zone A||353 sq ft||32.79 sq m|
|Zone B||278 sq ft||25.83 sq m|
|Zone C||109 sq ft||10.13 sq m|
|105 Lillie Road|
|Gross Frontage||21’8”||6.60 m|
|Net Frontage||21’4”||6.50 m|
|Ground Floor Gross Internal Area||673 sq ft||62.52 sq m|
|Ground Floor Net Internal Area||624 sq ft||57.97 sq m|
|Zone A||326 sq ft||30.29 sq m|
|Zone B||238 sq ft||22.11 sq m|
|Zone C||60 sq ft||5.57 sq m|
|Total Ground Floor Gross Internal Area||1,483||134.77|
|Total Ground Floor Net Internal Area||1,364||126.72|
A set of floor plans is available to download and the measured survey report will be re-addressed to a purchaser at a cost of £540 + VAT.
999-year long leasehold, from completion of this transaction and at a peppercorn rent.
103 Lillie Road is let to Aroussa Collection Limited (t/a Aroussa Collection) on a full repairing and insuring lease for a term of 15 years from 7th October 2021, expiring 6th October 2036. There are no break clauses and the lease benefits from 5 yearly open market rent reviews with the next being on 7th October 2026. The lease is personally guaranteed by Aneesah Azzouz.
The passing rent is £18,000 per annum which, based on our analysis, equates a Zone A rate of £34.61 per square foot.
A rent deposit equivalent to six months’ rent (£9,000) is held by the vendor and will be passed on to the purchaser.
105 Lillie Road is let to Butcher Boy Barbers Ltd (t/a Butcher Boys Barbers) on a full repairing and insuring lease for a term of 20 years from 28th August 2021, expiring 27th August 2041. There are no break clauses and the lease benefits from 5 yearly open market rent reviews with the next one being on 28th August 2026.
The passing rent is £20,500 per annum which, based on our analysis the passing rent equates a Zone A rate of £44.57 per square foot.
A rent deposit equivalent to seven months’ rent (£12,000) is held by the vendor and will be passed on to the purchaser.
Butcher Boy Barbers Ltd is a modern and chic barber shop established in 2018. The company opened their first site on Mile End Road. Following the success of the first site, they have opened their second site within the property on Lillie Road. Butcher Boy Barbers offer the full barber experience from facial shaves, haircuts and fades within a stylish and welcoming setting. A rent deposit of £12,000 is held by the Landlord.
Aroussa Collection Limited is a bridal and guest wear shop. The business began as an online shop and expanded into an office on New Kings Road. Following its success, they have now opened up their first physical store within the property on Lillie Road. The lease is personally guaranteed and a rent deposit of £9,000 is held by the Landlord.
The property has been registered for VAT and it is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).
We are instructed to seek a figure of £610,000 (Six Hundred and Ten Thousand Pounds), subject to contract, reflecting a net initial yield of 6%, assuming standard purchaser’s costs of 5.08%.
Please note that a purchaser will be re-charged the costs of the measured survey (£540 + VAT) and searches (£866.50), which are provided in the data room.
Please note that a purchaser will be charged a Transaction Fee of 1.0% of the Purchase Price plus VAT.
An opportunity to acquire a property in one of London’s most affluent boroughs;
Two high quality units constructed in 2021, forming the ground floor retail offering of a prestigious development where residential units are selling for an average of £975 psf
The property is let on two separate fully repairing and insuring leases;
20 years unexpired with no breaks to Butcher Boy Barbers Ltd;
15 years unexpired to with no breaks to Aroussa Collection Limited;
Attractive lot size to an investor;
Attractive yield for a long-let London asset.
Data Room and clicktopurchase®
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|JPC Law||+44 (0) 207 581 7511|
|Alex Le Messurieremail@example.com|