- 5 Minutes walk to Victoria
- Scope for added value
- £82,000 P.A. income
- Partially Vacant
- GIA 2,163 Sq. Ft
Mixed Use for sale in London
Location
Pimlico is located immediately to the south of Victoria Station. Chelsea is located to the west, Belgravia to the northwest and Victoria/St James's and Westminster to the east.
Wilton Road is one of the area's primary retail parades linking the area around Victoria Station with Warwick Way and Central Pimlico. Victoria Station is a three minute walk to the north. Other retailers in the surrounding area include supermarkets Waitrose, Tesco Express and Sainsburys as well as Holland & Barrett, Snappy Snaps, Caffé Nero and various restaurants including Giraffe, Mildreds and Nandos. The area has a reasonably high residential population and the area around Victoria Station and much of Westminster are popular office locations.
Description
A mid-terraced Victorian building arranged over lower ground, ground and first floors as well as a second floor within a mansard roof. The building comprises four residential apartments (two of which have been sold off on long leases) and includes a restaurant-style café arranged over ground and lower ground floors. The restaurant includes a ground floor kitchen with full extraction and extensive lower ground floor storage areas including pavement vaults.
Floor areas (Gross Internal Area):
Ground floor restaurant with lower ground floor storage (including vaults of 398 sq ft): 1,345 sq ft (125.0 sqm) Lower ground floor studio flat (Flat 1) – not including garden: 452 sq ft (42.0 sqm) Ground and first floor duplex one bedroom flat (Flat 2) – not including garden: 366 sq ft (34.0 sqm) First floor flat (Flat 3): Sold off Second floor two bedroom flat (Flat 4): Sold off
Total: 2,163 sq ft (200.9 sqm)
Tenure
86-87 Wilton Road comprises two freehold titles: 86 Wilton Road – Title number NGL240301 and 87 Wilton Road – Title number 261731. The combined freehold titles are offered for sale.
Occupation & Income
Restaurant let to an individual t/a Pimlico Fresh: £40,500 pa
Lower Ground floor studio flat (Flat 1): Let on an AST at a rent of £16,800 pa. Estimated Market Rent £18,000 pa
Ground and first floor one bed flat (Flat 2): Being refurbished. Estimated Market Rent of £24,000 pa
Flat 3: Sold off. £150 pa ground rent.
Flat 4: Sold off. A peppercorn ground rent.
Total passing rent: £57,450 pa
Total Estimated Market Rent: £82,650 pa
ANDREW REEVES Estate Agency is based in Pimlico. We are the most active commercial agent in this location and one of the most active independent residential agents. We are happy to discuss value and investment strategy and can provide detailed comparable evidence as needed.
Business Rates
The restaurant has a Rateable Value of £62,000. This is not the amount an occupier would pay and interested parties should make their own enquiries regarding Rates Payable applicable.
EPC
The café/restaurant has a valid EPC with a C Rating. Flats 1-4 have ratings of C or D. These are all listed online – see EPC Register.
Investment analysis
Based on a potential Market Rent level of £82,650 pa, £1,400,000 reflects a gross investment yield of 5.90%.
Comparable evidence suggests a value for each of the remaining residential properties at approximately £400,000 each. Based on an aggregate value of £1,400,000, this reflects a value of the commercial accommodation of £600,000 reflecting a gross investment yield for that element of 6.75%.
All enquiries and for viewings
Please contact James Reeves MRICS on james.reeves@andrewreeves.co.uk / 07940570969 / 02078811320
Please note, these marketing particulars are not intended to, nor shall they, form part of any legally enforceable contract and any contract shall only be entered into by way of an exchange of correspondence between the respective parties' solicitors
Property Ref: 59667_10619966
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Andrew Reeves (Westminster)
81 Rochester Row, Westminster, London, SW1P 1LJ
02078 811320
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