78 HIGH STREET WIMBLEDON SW19 5EG FREEHOLD HIGH STREET INVESTMENT OPPORTUNITY IN WIMBLEDON VILLAGE 78 HIGH STREET, WIMBLEDON 1

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1 78 HIGH STREET WIMBLEDON SW19 5EG FREEHOLD HIGH STREET INVESTMENT OPPORTUNITY IN WIMBLEDON VILLAGE 78 HIGH STREET, WIMBLEDON 1

2 INVESTMENT SUMMARY Prime, freehold, mixed use investment located in one of London s most affluent areas. The property comprises 1,725 sq ft (160 sq m) of retail, office and residential space arranged over ground and two upper floors. Total passing rent of 81,100 pa. The ground floor is let to Joe & The Juice UK Ltd on a new straight 10 year lease from February 2018, at an annual rent of 65,000 pa (reflecting psf ZA). The first floor office space is let to Luella s Bridal Ltd, which has served notice to operate its break in October The current passing rent is 16,000 pa ( psf). The second floor residential flat is subject to a 99 year long leasehold with 63 years unexpired at 100 pa. Opportunities for asset management and adding value through converting the first floor to residential and extension of the second floor residential long leasehold. PROPOSAL Offers are sought in excess of 1,750,000 (One Million Seven Hundred and Fifty Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects a Net Initial Yield of 4.36%, allowing for purchaser s costs of 6.20%. 78 HIGH 78 STREET, HIGH STREET, WIMBLEDON 2

Wimbledon benefits from excellent communication links, with good road and rail connections: The A3 is quickly accessible and provides access to the M25 (J10) and Central London.

3 LOCATION The affluent London suburb of Wimbledon is located 8 miles (13 km) south west of Central London in the London Borough of Merton. Wimbledon is a popular commercial and residential centre with a catchment population of 193,000 and a shopping population of 72,000 (PROMIS). Wimbledon benefits from excellent communication links, with good road and rail connections: The A3 is quickly accessible and provides access to the M25 (J10) and Central London. Wimbledon railway station provides regular fast trains to London Waterloo (19 minutes). The area is also connected to the London Underground via the District line which provides regular trains to Central London. Tramlink also connects Wimbledon to 39 stops including East and West Croydon. Heathrow Airport and Gatwick Airport are accessible by road or public transport from Wimbledon, within 45 and 60 minutes respectively. A30 A40 FELTHAM A316 M4 PERIVALE SOUTHALL HANWELL A4 RICHMOND TWICKENHAM A406 NORTH CIRCULAR WIMBLEDON KINGSTON UPON THAMES A4 A41 A40 CHELSEA WANDSWORTH A24 A3 A23 A1 LONDON STREATHAM HACKNEY ST A13 PECKHAM FOREST HILL BECKENH Wimbledon will be a major station on the Crossrail 2 line. Crossrail 2 is the proposed new railway linking the national rail networks in Surrey and Hertfordshire via an underground tunnel through London. The service will reduce journey times from Wimbledon to Central London and will stimulate further investment and growth in Wimbledon. DGE A3 A240 A232 A23 CROYDON 78 HIGH STREET, WIMBLEDON 3

RETAILING IN WIMBLEDON VILLAGE Retailing in Wimbledon centres on two main locations: The Village and The

The Wimbledon High Street area, known as The Village, is located north west of Wimbledon Station.

Whistles, Sweaty Betty, LK Bennett and Joseph.

4 RETAILING IN WIMBLEDON VILLAGE Retailing in Wimbledon centres on two main locations: The Village and The Broadway which together provide over 700,000 sq ft of retail floorspace. The Wimbledon High Street area, known as The Village, is located north west of Wimbledon Station. The Village contains a variety of national multiple and boutique fashion retailers, including Reiss, Whistles, Sweaty Betty, LK Bennett and Joseph. The High Street and Church Road also form a popular leisure pitch, with several coffee shops and restaurants, such as The Ivy Café, Le Pain Quotidien, Paul, Gail s Bakery, CAU and Carluccio s. 78 HIGH 78 STREET, HIGH STREET, WIMBLEDON 4

5 SITUATION The property occupies a prime central position within Wimbledon Village close to the busy junction of High Street and Church Road, 0.7 miles (1.1 km) from Wimbledon Station. PAUL CAFE 78 HIGH 78 STREET, HIGH STREET, WIMBLEDON 5

DESCRIPTION The property comprises an attractive mid-terrace, period property, arranged over ground to second floors.

The unit has been fitted out by Joe & The Juice to a very high standard as a modern juice bar and coffee shop, offering 30

The first floor office benefits from self-contained access from High Street which leads to a bridal boutique.

well to conversion to a two-bedroom selfcontained flat.

6 DESCRIPTION The property comprises an attractive mid-terrace, period property, arranged over ground to second floors. The ground floor comprises a well configured retail unit, with glazed frontage onto High Street. The unit has been fitted out by Joe & The Juice to a very high standard as a modern juice bar and coffee shop, offering 30 covers plus some outside seating to the front. The first floor office benefits from self-contained access from High Street which leads to a bridal boutique. Whilst the space has been fitted out and maintained to a high standard by the tenant, the first floor would lend itself well to conversion to a two-bedroom selfcontained flat. There is also a separate fire escape access to High Street Mews to the rear. The second floor comprises a self-contained two-bedroom flat, which benefits from separate access to the rear via High Street Mews and off street parking. The flat has been sold off on a long lease. 78 HIGH 78 STREET, HIGH STREET, WIMBLEDON 6

13 15 74 20 82 82a 83 TENURE The property is held freehold under title number SY211422.

7 a 83 TENURE The property is held freehold under title number SY C Bank 79 HIGH STREET MEWS 24 83a 84 Bank TENANCY SCHEDULE Tenant Unit Area (sq ft) Lease Start Joe & The Juice UK Ltd Luella s Bridal Ltd M. Archer 78 High Street Ground Floor 78a High Street First Floor 20 High Street Mews Second Floor 977 (573 ITZA) /10/2014 Lease Expiry (Break Date) Rent Review 01/02/ /01/ /02/ /10/2019 (21/10/2018) Rent Passing (pa) 65,000 ( psf ZA) 16,000 ( psf) 25/03/ /03/ Comments The tenant benefits from a 12 month rent free period, which will be topped up by the vendor. The tenant s service charge contribution is capped at 2,000 + VAT per annum for the first 5 years of the term. The tenant has served notice to operate their break option on 21/10/2018. Only 63 years unexpired. The tenant s solicitor has advised that they will be serving a Section 42 notice to extend the lease and a premium payment is expected. Total 1,725 81, HIGH 78 STREET, HIGH STREET, WIMBLEDON 7

COVENANT Joe & The Juice is a chain of juice and coffee shops founded in Denmark in 2002. The company now has over 200 locations in Europe, the USA and East Asia.

8 COVENANT Joe & The Juice is a chain of juice and coffee shops founded in Denmark in The company now has over 200 locations in Europe, the USA and East Asia. Following the first UK store opening in 2009, the company has been on a successful expansion drive and now have 40 outlets in the UK, with more on the way. Joe & The Juice UK Ltd has a Creditsafe rating of 42/100, representing moderate risk. Recent accounts are reported as follows: Year to 31/12/ /12/ /12/2014 Net Worth - 2,189, , ,000 Turnover 8,217,000 3,579,000 Pre-tax Profit - 1,625, ,000 The lease is guaranteed by Joe & The Juice A/S; the head company registered in Denmark. The company has a Dun & Bradstreet rating of AA2 (Good Creditworthiness). EPC Copies of the EPC certificates are available on request. VAT The property is not elected for VAT. 78 HIGH 78 STREET, HIGH STREET, WIMBLEDON 8

CONTACTS Becky Hance 020 7344 6841 Becky.hance@colliers.com Hannah Greenland 020 7344 6559 Hannah.greenland@colliers.

A purchase at this level reflects a Net Initial Yield of 4.36%, allowing for purchaser s costs of 6.20%.

9 CONTACTS Becky Hance Hannah Greenland PROPOSAL Offers are sought in excess of 1,750,000 (One Million Seven Hundred and Fifty Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects a Net Initial Yield of 4.36%, allowing for purchaser s costs of 6.20%. Colliers International 50 George Street, London, W1U 7GA MISREPRESENTATION ACT DISCLAIMER Colliers International gives notice that these particulars are set out as a general outline only for the guidance of intending Purchasers or Lessees and do not constitute any part of an offer or contract. Details are given without any responsibility and any intending Purchasers, Lessees or Third Party should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness of each of them. No person in the employment of Colliers International has any authority to make any representation or warranty whatsoever in relation to this property. April Colliers International is the licensed trading name of Colliers International UK Plc. Company registered in England & Wales no HIGH STREET, WIMBLEDON 9

Prime Reversionary Freehold Retail Investment Opportunity. Chiswick 286 CHISWICK HIGH ROAD, LONDON, W4 1PA

Prime Reversionary Freehold Retail Investment Opportunity Chiswick 286 CHISWICK HIGH ROAD, LONDON, W4 1PA INVESTMENT SUMMARY Freehold Affluent West London suburb 100% prime 5A1 covenant, Telefónica UK