Friday, 4 January 2013

Royal Borough of Kensington and Chelsea, London SW10 9AH



GUIDE PRICE £1,050,000

LOCATION
The property is located on Finborough Road, backing onto Ifield Road. West Brompton Underground and overground station lies a short distance to the north west with Fulham Road and Kings Road lying to the south.  Further transport facilities exist at Earls Court, approximately 600 metres to the north.




THE PROPERTY
Built on three storeys over basement, it currently trades on both ground floor and basement levels, the first floor comprises a theatre with seating for approximately 50.  The second floor comprises a residential flat with four bedrooms.  Floor plans are attached, the gross internal floor areas are as follows:-
Basement 1,679 sq ft (156 sq m)
Ground Floor 1,216 sq ft (113 sq m)
First Floor 1,130 sq ft  (105 sq m)
Mezzanine 75  sq ft (7 sq m)
Second Floor 1,130 sq ft (105 sq m)
TOTAL 5,230 sq ft    (486 sq m)

TENURE
The property is let under two leases.  The pub element comprising the basement, ground and second floors, is let for a term of five years expiring on the 16th September 2015 subject to a tenant’s renewal option.  The rent passing is £32,000 per annum subject to annual indexation based on the Retail Price Index (RPI) and an open market review on the 16th September 2015 if the renewal option is exercised and five yearly thereafter.  In addition the tenant pays an annual licence fee of £4,000, compliance service charge of £1,000 and a heating maintenance service charge of £768. The tenant is Eucalypt Ventures (UK) Pty Limited, guaranteed by RVR Malcolm and S Scheeler.  A rent deposit of £8,051 is held together with a repairs and maintenance fund of £10,320.
The theatre lease pays a rent of £5,106 per annum and expires on the 30th June 2012, the agreement is contracted out of the security of tenure provisions of the 1954 Landlord & Tenant Act.
The two tenants have repairing and decorating responsibilities but the freeholder is responsible for repairs to the structure, the freeholder recharges the tenants for insurance.  The total annual sum (excluding insurance payments) collectable by the freeholder at present is approximately £42,874, not all is rent,£36,000 of which is index linked to RPI.

TERMS
The freehold interest is offered for sale at the subject to contract guide price of £1,050,000.