• Located in the highly affluent London Borough of Richmond upon Thames
• Prime retail unit on Hill Street opposite Richmond Riverside development
• Fully let to Sushi Shop London Ltd (on assignment from Joseph Limited) for a further 5.4 years
• Total income of £104,000 per annum
• Freehold • Asset management / development potential to split off the residential upper parts and redevelop the rear garage, subject to planning
Richmond is one of the most desirable locations in London to live, work and shop. This highly affluent London Borough is located approximately 8 miles to the east of Central London.
Transport links are excellent, Richmond station provides London Underground (District Line), Overground, and National Rail services (fastest journey time to London Waterloo – 19 mins). Both the M3 and M4 motorways are easily accessible and Heathrow Airport is only 12 miles to the west.
Richmond is an established commercial centre, with a host of national and international retailers, numerous bars and restaurants as well as an excellent leisure offering.
28 Hill Street is prominently situated on Hill Street, in Richmond Town Centre, in a prime retailing position opposite the landmark Richmond Riverside development. The property forms part of a terrace of buildings that includes Cote, Byron, Antipodea, Space NK and Zadig & Voltaire.
The property comprises a three-story building fronting Hill Street with garage and rear access from Castle Mews, via Castle Yard. 28 Hill Street comprises a prominent ground floor retail unit with basement storage. Above the retail unit is a large two-bedroom flat split over first and second floor, with its own access via the rear of the property. To the rear there is a large garage / store accessed from Castle Mews.
The property provides the following approximate floor areas;
Basement Ancillary 740
Ground Sales 1,135
Total Retail 1,875
First Residential 607 (GIA)
Second Residential 616 (GIA)
Total Residential 1,223 (GIA)
Garage / Store 340 (GIA)
Total Floor Area 3,438
The property is let to Joseph Limited on Full, Repairing and Insuring terms on a 15-year lease from 25th March 2009, to expire 24th March 2024, at a rent of £104,000 per annum exclusive. The lease
incorporates 5 yearly rent reviews and is contracted inside the Security of Tenure provisions of the Landlord and Tenant Act 1954.
Joseph Limited have assigned the lease to Sushi Shop London Ltd. We understand the upper floor residential accommodation has been let on an assured shorthold tenancy at a rent of £27,600 per annum.
Asset Management / Development Potential
The current occupational lease includes the residential upper parts however we understand there is potential to re-gear the lease allowing the Landlord to take back the residential upper parts and rear garage / store. The rear garage / store has potential to be redeveloped into a Mews house, subject to planning. Residential capital values in the area are in the region of £800 - £1,200 per sq ft. Further information is available upon request.
The property is elected for VAT
We are instructed to seek offers subject to contract and exclusive of VAT.
Each party to bear their own legal costs.