303 - 311 Lavender Hill Clapham London SW11 1LN

303 - 311 Lavender Hill
Clapham
London
SW11 1LN

Substantial Freehold Retail Parade and Residential Investment

Let to Fresh and Wild Ltd (owned by Amazon.com Inc) and guaranteed by Whole Food Market Inc until 2030 (no breaks)
Tenant options to extend until 2040
Popular and fashionable South West London suburb
150 metres from Clapham Junction Station
Neighbouring occupiers include Topshop, Oasis, TK Maxx, Joe & the Juice, KFC, Pizza Express, HSBC, Miss Selfridge and Dorothy Perkins
Rent rising to £248,000 in 2025 (2)(3)

Lot
24
Auction
23rd May 2019
Rent
£229,000 per Annum Exclusive
Status
Sold
Price
£3,400,000
Auction Venue
The Montcalm Hotel
2 Wallenberg Place
London W1H 7TN

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Substantial Freehold Retail Parade and Residential Investment

Let to Fresh and Wild Ltd (owned by Amazon.com Inc) and guaranteed by Whole Food Market Inc until 2030 (no breaks)
Tenant options to extend until 2040
Popular and fashionable South West London suburb
150 metres from Clapham Junction Station
Neighbouring occupiers include Topshop, Oasis, TK Maxx, Joe & the Juice, KFC, Pizza Express, HSBC, Miss Selfridge and Dorothy Perkins
Rent rising to £248,000 in 2025 (2)(3)

Lot 24
Auction 23rd May 2019
Rent £229,000 per Annum Exclusive
Status Sold
Price £3,400,000
Sector
Supermarket/Convenience
Auction Venue
The Montcalm Hotel
2 Wallenberg Place
London W1H 7TN

Property Information

Location

Miles: 3 miles south-west of Central London; 600 metres to Clapham Common; 1 mile south of Battersea Park
Roads: A3, A3220, A3205
Rail: Clapham Junction
Air: London City, London Heathrow and; London Gatwick Airport

Situation

Clapham is a popular and fashionable South West London suburb. The property is prominently situated on the south side of the busy Lavender Hill (A3036), 150 metres from Clapham Junction Station. Neighbouring occupiers include Topshop, Oasis, TK Maxx, Joe & the Juice, KFC, Pizza Express, HSBC, Miss Selfridge and Dorothy Perkins.

Tenure

Freehold.

Location

Miles: 3 miles south-west of Central London; 600 metres to Clapham Common; 1 mile south of Battersea Park
Roads: A3, A3220, A3205
Rail: Clapham Junction
Air: London City, London Heathrow and; London Gatwick Airport

Situation

Tenure

Freehold.

Description

The property comprises a substantial parade of five multi storey mid-terrace mixed use buildings with an extensive fronted retail unit on ground floor and ancillary accommodation in the basement and part of the first floor. The retail tenant has recently completed a major refurbishment programme. The upper three floors comprise 17 self-contained residential flats.

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 on this sale.

Completion Period

Six Week Completion

EPC

Available from the legal pack at acuitus.co.uk.

Description

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
305-311	Ground First Basement	Retail Ancillary Ancillary	462.59 sq m 22.41 sq m 35.64 sq m	(4,979 sq ft) (241 sq ft) (383 sq ft)	FRESH & WILD LIMITED guaranteed by Whole Food Market Inc (1)	10.5 years from 02/01/2019 until 01/06/2030 (3) on a full repairing and insuring lease with tenant options to extend to 2040 (3)	£188,000 (2)	Fixed rent review rising to £205,000 on 02/06/2025
303	Ground First	Retail Ancillary	77.21 sq m 26.65 sq m	(831 sq ft) (287 sq ft)	FRESH & WILD LIMITED guaranteed by Whole Food Market Inc (1)	10.5 years from 02/01/2019 until 01/06/2030 (3) on a full repairing and insuring lease with tenant options to extend to 2040 (3)	£41,000 (2)	Fixed rent review rising to £43,000 on 02/06/2025
303-311	Upper floors	Residential			INDIVIDUALS	17 individual leases from 25/12/1999. 14 for a term of 250 years and 3 for a term of 99 years at a total of £475	Peppercorn x 14 £475
TotalCommercial			624.50 sq m	(6,721 sq ft)			£229,475 rising to £248,475 in 2025 (2) (3)

(1) Fresh and Wild Limited (CRN 3576009) is ultimately owned by Amazon.com Inc and guaranteed by Whole Food Market Inc
(Inc in USA). For the year ending 31st December 2017, Fresh & Wild Limited reported a turnover of £148,496,000, a pre-tax loss of £8,628,000 and a total net worth of £40,772,000 (Source: Experian Group 22/02/2019).
(2) Under the terms of the leases, the current rents reserved are £168,500 p.a.x. for 305-311 and £38,800 p.a.x. for 303. The leases provide for fixed increases in the rents to £188,000 p.a.x. for 305-311 and £41,000 p.a.x. for 303 on 1st June 2020 and to £205,000 p.a.x. for 305-311 and £43,000 p.a.x. for 303 on 1st June 2025. The Seller will pay the buyer the difference between the total current rent reseved of £207,000 p.a.x. and £229,000 p.a.x. from completion of the sale until 1st June 2020. Therefore, the property will produce £229,000 from completion of the sale.
(3) Each commercial lease provides for a tenant option to extend the leases until 2035 and then until 2040.