Freehold Michelin starred restaurant investment currently operated by Phillip Howard with separate residential apartment for sale

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Shana Lynch
5 years ago
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1 Elystan Street 43 & 39A Elystan Street London SW3 3NT Freehold Michelin starred restaurant investment currently operated by Phillip Howard with separate residential apartment for sale Licensed Leisure

Investment Summary + + Prime Chelsea location + + Close to the Natural History Museum and Fulham Road + + Freehold of the entire property available including residential upper floors + + Ground and

2 Investment Summary + + Prime Chelsea location + + Close to the Natural History Museum and Fulham Road + + Freehold of the entire property available including residential upper floors + + Ground and basement let to Michelin starred chef Philip Howard + + Current rent 275,000 per annum + + Ground and basement held on two separate leases both expiring October First, second and third floor apartment is available subject to a new lease at a rent of 97,500 per annum + + Next rent review in October 2017 for both restaurant leases + + Entire building GIA sq m (5,281 sq ft) + + We are seeking offers in excess of 8,500,000 for the entire property + + Business unaffected by sale

Hall A315 A315 BRO Undergrou Knightbridge Location Harrods Located in the heart of Chelsea close to both Fulham Road and Sloane Avenue, in one of London s most affluent

Nearby occupiers include the Natural History Museum, the Admiral Codrington public house and Bidendum Oyster Bar.

QUEEN S GATE Knightsbridge Nautural History Museum OLD BROMPTON RD EXHIBITION ROAD CROMWELL ROAD South Kensington BROMPTON ROAD Elystan Street B EAUCHAMP PLACE SLOANE

3 Hall A315 A315 BRO Undergrou Knightbridge Location Harrods Located in the heart of Chelsea close to both Fulham Road and Sloane Avenue, in one of London s most affluent districts. Elystan Street occupies a prominent corner position in one of London s most exclusive residential areas. Nearby occupiers include the Natural History Museum, the Admiral Codrington public house and Bidendum Oyster Bar. Public transport communications are available from South Kensington (Circle, District and Piccadilly Lines) and Sloane Square (Circle and District Lines). QUEEN S GATE Knightsbridge Nautural History Museum OLD BROMPTON RD EXHIBITION ROAD CROMWELL ROAD South Kensington BROMPTON ROAD Elystan Street B EAUCHAMP PLACE SLOANE AVENUE DRAYCOTT PLACE PONT STREET SLOANE STREET Saatchi Gallery Sloane Square CHESHA M Belgravia LYALL STREET STREET E DRAYTON GARDENS ONSLOW GARDENS FULHAM ROAD OLD CHURCH STREET KINGS ROAD PIMLIC CHELSEA BR OAKLEY STREET ROYAL HOSPITAL ROAD BEAUFORT STREET Chelsea CHELSEA EMBANKMENT KINGS ROAD

4 DESCRIPTION The property occupiers an attractive corner building with accommodation arranged over ground, basement and three upper floors. ACCOMMODATION Ground Floor The ground floor trading area is styled as a modern restaurant with separate private dining room, customer toilets, disabled toilet and side bar with glass wash. Basement Trade kitchen, storage rooms, staff toilets/changing room and managers office. First, Second & Third Floors (Flat 1, 43 Elystan Street) Residential apartment arranged over first, second and third floor levels. The apartment comprises an open plan kitchen/dining room at first floor, a master bedroom with ensuite and separate toilet at second floor and two double bedrooms and a separate bathroom at third floor. Restaurant

5 Icknield House House Kingsmill House to Internal Configuration Approximate Floor Areas The property has the following approximate gross internal floor areas. Boro Const & Ward Bdy Ground Basement First Second Third Total Curran House 1 to sq m (1,910 sq ft) Elystan Street Bar & Grill, 43 Elystan Street, SW3 3NT sq m (1,326 sq ft) 65.7 sq m (707 sq ft) 64.6 sq m (695 sq ft) 59.8 sq m (643 sq ft) sq m (5,281 sq ft) LUCAN PLACE 87 1 to 957 Chelsea Cloisters SLOANE AVENUE 85 Filling Station to 35 Garage First Floor Second Floor Third Floor 901 to 942 IXWORTH PLACE 14 to 23 1 to to to 59 MAKINS STREET 1 to 12 Colebrook Court to 71 Boro Const Bdy 35 ELYSTAN STREET 72 to 83 Police Station Hotel 12 Crown Lodge 84 to 95 PETYWARD to 107 Trust Dwellings to m PH 131 to to Aldbury House 1 to MARLBOROUGH STREET 1 to 60 Nettleden House Sutton Estate 1 to 30 Oatwell House 39 1 to Ward Bdy to 24 Maylands House Block M 23 El Sub Sta 6.9m 17 1 to 24 Marlowe Court Byron Ct 1 to 11 Basement Ground Floor Bedmond House Sutton Estate 13 Ward Bdy 10a Cranmer Court 221 to Chipperfield Jenningsbury House Leverstock House 2 Gadebridge House 6.7m Flamstead House Hammerfield Surgery LB Cycle Hire Station 7.0m 1 to 22 CALE STREET 0m 10m 20m 30m PH Astell House Court Windsor D Fn Ordnance Survey Crown Copyright All rights reserved. Licence number Plotted Scale - 1:1250

Planning Our initial enquiries of the local authority have revealed that the property is not listed and is not located within a conservation area.

6 Planning Our initial enquiries of the local authority have revealed that the property is not listed and is not located within a conservation area. EPC C-73 Tenure and Tenancy The property is held freehold. The ground and basement is let on two separate leases both expiring 29 October 2027 at a current combined rent of 177,500 per annum. The ground and basement of 43 Elystan Street is let on a 25 year lease to Elystan Street Limited (Company Number ) expiring 29 October 2027 at a current rent of 158,325 per annum subject to five yearly upwards only rent reviews, with the next review on 30 October The ground and basement of 39A Elystan Street is let on a 10 year and 2 month lease to Elystan Street Limited (Company Number ) expiring 29 October 2027 at a current rent of 19,175 per annum subject to five yearly upwards only rent reviews, with the next review on 30 October The three bedroom apartment at first, second and third floor levels will be subject to a new lease on a term to be agreed at a rent of 97,500 per annum. Restaurant

The most recent research released by the Office for National Statistics indicated that the number of international visits to London increased by 20% between 2010 and 2015 to 18.

7 The MARKET London continues to be recognised as one of the worlds safe havens for property investors. Its status as a leading global financial centre and as one of the most visited cities by tourists continues to drive investor and occupier demand. The most recent research released by the Office for National Statistics indicated that the number of international visits to London increased by 20% between 2010 and 2015 to 18.6 million with separate research by Oxford Economics predicting that the capital will welcome 35.6 million visitors by Visitor spend in London has also increased significantly with 15 billion spent on hotels, restaurants and attractions, an increase of 35% when compared with Residential Investor demand for London assets remains incredibly strong particularly for buildings which are let to strong covenants on long leases. Occupier demand for premises in prime London locations continues to push rental growth in the capital. The strength of demand has led to investment yields sharpening in recent years as can be seen from the schedule of comparable transactions below. Comparable Investment Transactions Property Tenant Price Yield (NIY) Date Bills & Paul, WC2 Bills Restaurant Limited/ Paul U.K Limited 7.50M 3.80% February 2018 Residential Franco Manca, TW9 Franco Manca 2 UK Limited 3.25M 4.05% Cote, W5 Cote Restaurants Limited 2.95M 4.00% Pizza Express, W1 Pizza Express (Restaurants) Limited 4.70M 3.50% Nando s, SW4 Nando s Chickenland Limited 2.50M 3.30% February 2018 July 2017 April 2017 January 2017

8 COVENANT Elystan Street is a stylish Michelin Star restaurant in Chelsea serving modern European food. The restaurant is owned by Michelin starred chef Philip Howard who owned and operated the two Michelin starred restaurant the Square in Mayfair before selling this in 2016 to open Elystan Street in SW3. Terms We are instructed to invite offers in excess of 8,500,000. A sale price at this level would reflect a net initial yield of 3.79% assuming purchasers costs of 6.56% on the commercial element and 2,005 per square foot on the residential element. viewing and Contacts All viewings must be made by prior appointment and under no circumstances should any direct approach be made to any of the occupational tenants staff. For further information and all viewing requests please contact the sole selling agents Savills. Paul Breen +44 (0) pbreen@savills.com Stuart Stares +44 (0) sstares@savills.com Published for the purposes of identification only and although believed to be correct its accuracy is not guaranteed. Reproduced from the Ordnance Survey Map with the permission of the Controller of H.M. Stationery Office Crown copyright licence number Savills (L&P) Limited. Savills, their clients and any joint agents give notice that: 1. They are not authorised to make or give any representations or warranties in relation to the property either here or elsewhere, either on their own behalf or on behalf of their client or otherwise. They assume no responsibility for any statement that may be made in these particulars. These particulars do not form part of any offer or contract and must not be relied upon as statements or representations of fact. 2. Any areas, measurements or distances are approximate. The text, photographs and plans are for guidance only and are not necessarily comprehensive. It should not be assumed that the property has all necessary planning, building regulation or other consents and Savills have not tested any services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise. March 2018

HMO INVESTMENT OPPORTUNITY LONDON, SW7 3LZ

HMO INVESTMENT OPPORTUNITY LONDON, SW7 3LZ Investment Summary Two interconnecting, freehold, Grade II Listed buildings Prime location in Chelsea, within 0.5 km (0.3 miles) of South Kensington Underground