Description
The
premises comprise a prominent corner retail unit with a return
frontage along Adam and Eve Mews. The tenant trades over ground
floor with the basement currently utilised as storage
accommodation, although it could lend itself for sales
purposes.
The first and second floors provide
spacious residential accommodation occupied under regulated
tenancies with separate access along the attractive Adam and Eve
Mews.
We understand the residential tenants
are at approximately retirement age.
Accommodation
The following floor areas have
been provided by the vendor.
| Description |
Use |
Sq Ft |
Sq M |
| Basement |
Ancillary |
1,303 |
121.05 |
| Ground Floor |
Sales |
1,769 |
164.34 |
| ITZA |
|
1,132 |
105.17 |
| First Floor |
Residential |
1,146 |
106.47 |
| Second Floor |
Residential |
1,141 |
106.00 |
| Total |
|
5,359 |
497.87 |
Tenancy Schedule
Please click here to view the Tenancy
Schedule.
Tenure
Freehold,
with an element of flying freehold over Adam and Eve Mews as
hatched.
Covenant
Information
Hotel Chocolat is a national multiple who
trade from 55 branches throughout the UK. They have a network of
international branches in the Middle East, Caribbean and United
States. They also operate from 32 concessions within John Lewis
Department stores
Their revenue has increased year on
year as per the following financial summary:
| |
Fiscal Non Consolidated 27 June 2010 |
Fiscal Non Consolidated 28 June 2009 |
Fiscal Consolidated 29 June 2008 |
| Sales Turnover |
24,645,011 |
21,788,334 |
18,383,911 |
| Profit/(Loss) Before Tax |
(195,145) |
(533,282) |
543,713 |
| Tangible Net Worth |
370,054 |
542,772 |
1,069,197 |
| New Assets (Liabilities) |
(864,825) |
(1,381,655) |
(1,494,786) |
Hotel Chocolat took an assignment of a
lease from DSG Retail Limited who is rated 5 A1 by Dun &
Bradstreet, with the following financial summary:
|
Fiscal Non Consolidated 27 June 2010 (000's) |
Fiscal Non Consolidated 28 June 2009 (000's) |
Fiscal Consolidated 29 June 2008 (000's) |
| Sales Turnover |
4,110,495 |
4,173,987 |
4,657,198 |
| Profit/(Loss) Before Tax |
(2,136) |
(86,879) |
140,141 |
| Tangible Net Worth |
285,700 |
518,975 |
763,720 |
| New Assets (Liabilities) |
413,687 |
485,705 |
601,022 |
DSG Retail Limited are liable under an AGA agreement.
Planning
We
understand the current use on the subject property falls within the
use Class A1 as defined by the Town and Country Planning (Use
Classes) order 1987 (as originally enacted).
The property is within the Royal
Borough of Kensington & Chelsea (Planning 020 7361 3012 ). We
understand the property is not listed although within a
conservation area. Interested parties should make their own
enquiries.
Residential
There are 2 large two bed flats
occupying the first and second floors with a dedicated entrance
along the attractive Adam and Eve Mews. These are subject to
regulated tenancies, both producing £7,748 pa which is
substantially below a market rent. There are therefore
opportunities to drive income or dispose of the residential element
to a specialist regulated tenancy investor.
The premises also fall below the
building line of adjacent properties and could therefore lend
themselves towards further sympathetic residential development,
subject to obtaining the necessary consents. Indicative architects
plans are available for guidance purposes.