23 / 25 Kensington High Street Royal Borough of Kensington & Chelsea London W8 5NP

23 / 25 Kensington High Street
Royal Borough of Kensington & Chelsea
London
W8 5NP

Freehold Retail and Residential Investment

Tenants include Starbucks Coffee Company (UK) Ltd until 2032 (subject to option)
Highly affluent West London suburb
Situated opposite Kensington Palace Gardens
Approximately 0.2 miles south of Kensington Palace, 0.5 miles from the Royal Albert Hall and 1.7 miles from the Natural History and Science Museums
Neighbouring occupiers include Whole Foods Market, Zara, Urban Outfitters, UNIQLO, L'Occitane en Provence, Jigsaw, Wagamama and NatWest

Lot
12
Auction
23rd May 2019
Rent
£113,500 per Annum Exclusive
Status
Sold
Price
£1,750,000
Auction Venue
The Montcalm Hotel
2 Wallenberg Place
London W1H 7TN

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Freehold Retail and Residential Investment

Tenants include Starbucks Coffee Company (UK) Ltd until 2032 (subject to option)
Highly affluent West London suburb
Situated opposite Kensington Palace Gardens
Approximately 0.2 miles south of Kensington Palace, 0.5 miles from the Royal Albert Hall and 1.7 miles from the Natural History and Science Museums
Neighbouring occupiers include Whole Foods Market, Zara, Urban Outfitters, UNIQLO, L'Occitane en Provence, Jigsaw, Wagamama and NatWest

Lot 12
Auction 23rd May 2019
Rent £113,500 per Annum Exclusive
Status Sold
Price £1,750,000
Sector
High Street Retail
Auction Venue
The Montcalm Hotel
2 Wallenberg Place
London W1H 7TN

Property Information

Location

Miles: 0.2 miles south of Kensington Palace; 0.7 miles east of Holland Park; 0.75 miles south of Notting Hill
Roads: A315, A4, M4, A40
Rail: High Street Kensington Underground Station (District and Circle Lines)
Air: Heathrow Airport

Situation

Kensington, in the Royal Borough of Kensington and Chelsea, is a highly affluent and desirable West London suburb. The locality is home to infamous London landmarks including the Royal Albert Hall, the Natural History, Science and Victoria & Albert Museums, Kensington Palace and Imperial College London. The property is prominently located opposite Kensington Palace Gardens, on the south side of the fashionable Kensington High Street (A315) some 300 metres from High Street Kensington Underground Station. Neighbouring occupiers include Whole Foods Market, Zara, Urban Outfitters, UNIQLO, L'Occitane en Provence, Jigsaw, Wagamama and NatWest.

Tenure

Freehold.

Location

Miles: 0.2 miles south of Kensington Palace; 0.7 miles east of Holland Park; 0.75 miles south of Notting Hill
Roads: A315, A4, M4, A40
Rail: High Street Kensington Underground Station (District and Circle Lines)
Air: Heathrow Airport

Situation

Tenure

Freehold.

Description

The property comprises two retail units with ground floor retail accommodation and basement ancillary accommodation and 4 residential flats on the 4 upper floors.

VAT

VAT is applicable to this lot.

Note

The Seller has served notice pursuant to section 5B of the Landlord & Tenant Act 1987. The qualifying tenants of the residential flats had a prescribed period until midnight on 18th March 2019 to accept the notice. The Seller has received no acceptances and therefore the residential tenants cannot exercise their rights of pre-emption in this sale.

Completion Period

Six Week Completion

EPC

Available from the legal pack at acuitus.co.uk

Description

The property comprises two retail units with ground floor retail accommodation and basement ancillary accommodation and 4 residential flats on the 4 upper floors.

VAT

VAT is applicable to this lot.

Note

Completion Period

Six Week Completion

EPC

Available from the legal pack at acuitus.co.uk

Tenancy & Accommodation

Unit	Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Reviews/ (Reversion)
23	Ground Basement (3)	Retail Ancillary	58.43 sq m 25.49 sq m	(629 sq ft) (275 sq ft)	TOLLER QUALTER LTD (CRN 11804681) (see addendum)	from 18/04/2019 to 28/09/2025	£60,500	(28/09/2020)
25	Ground Basement	Retail Ancillary	50.35 sq m 34.56 sq m	(542 sq ft) (372 sq ft)	STARBUCKS COFFEE COMPANY (UK) LIMITED (1)	20 years from 05/03/2012 (2)	£53,000	05/03/2022 and 05/03/2027 (4/03/2032)
23-25	Upper floors	4 x Residential flats			INDIVIDUALS	4 separate leases for a term of 125 years from 25/12/1998 until 2123	Peppercorn
Total Commercial Area			168.83 sq m	(1,818 sq ft)			£113,500

(1) For the year ending 1st October 2017, Starbucks Coffee Company (UK) Limited reported a turnover of £372,290,050, a pre-tax profit of £4,549,995 and a total net worth of £23,142,695 (Source: Experian Group 22/02/2019).
(2) As to 25 Kensington High Street, the lease to Starbucks Coffee Company (UK) Limited. The lease is for a term of 10 years from 5th March 2012 until 4th march 2022. There is also a reversionary lease for a term of 10 years from 5th March 2022 until 2023 subject to a tenant option to determine the lease on 3rd march 2027. The lease also provides for a landlords option to determine the lease at any time if the tenant of the lease is not the same entity as the tenant of the original lease i.e. Starbucks Coffee Company (UK) Limited.
(3) As to unit 23, 10.10 sq m (109 sq ft) of the basement has a height of 1.5m.