PALACE 510 Fulham Palace Road, Fulham, London SW6 6JD FREEHOLD MEDICAL INVESTMENT OPPORTUNITY WITH UNCAPPED RPI REVIEWS
INVESTMENT SUMMARY Freehold Medical Investment Opportunity Affluent West London location Situated on the popular Fulham Palace Road (A219) within 300 yards of Craven Cottage Football Ground and opposite a local retail parade. Ground, First and Second floors totalling 2,776 sq ft (257.99 sq m). Let to Hammersmith & Fulham Primary Care Trust providing an unexpired term certain of 14.9 years. Five yearly upward only rent reviews to the higher of open market rental value or uncapped RPI over the five year term. Currently producing 101,639.03 per annum following the 23rd May 2017 rent review. We are instructed to seek offers in excess of 2,400,000 (Two Million, Four Hundred Thousand Pounds) subject to contract and exclusive of VAT. This reflects a Net Initial Yield of 4.00% and a low capital value of 865 per sq ft (NIA) allowing for purchaser s costs of 6.36%.
LOCATION Fulham is one of the most affluent suburbs of London, situated within the London Borough of Hammersmith & Fulham, approximately 4 miles (6.4 km) to the south west of Central London. The area is well known for its attractive residential streets, highend retail offerings and various sports grounds. Communications are excellent with access to the national motorway network obtained from the nearby M4 motorway, numerous bus routes available and Underground Stations including Parsons Green (District Line), Fulham Broadway (District Line), Hammersmith (Hammersmith & City, District and Piccadilly Lines) and Putney Bridge (District Line) all within the borough. Stamford Bridge Craven Cottage SITUATION The property is situated at the junction of Fulham Palace Road (A219) and Ellerby Street. Fulham Palace Road benefits from a high volume of vehicles accessing the M4 motorway to the north and the A3 to the south as well as a positive pedestrian footfall given the high density of residential dwellings in the area. Ellerby Street is one of the most attractive residential roads in Fulham with large houses adorning each side of the street which provides access to Craven Cottage football stadium, Bishop s Park and The River Thames some 400 yards (360 metres) from the property. The property is directly opposite a small retail parade with occupiers including Tesco Express and an NHS Pharmacy. SUBJECT PROPERTY Bishop s Park FULHAM Ellerby Street
DESCRIPTION 510 Fulham Palace Road is a prominent period building arranged over ground, first and second floors, with the benefit of a return frontage onto Ellerby Street. The property was extended to the rear at ground floor level in 2003. Internally, the property provides ground floor medical accommodation with three consulting rooms, a reception, disabled WC, administrative offices and a waiting area. The first floor also provides medical accommodation with two consulting rooms, WC, and administrative offices with the second floor providing office accommodation. There is a disabled lift providing access to the ground and first floors with external ramp access provided from Ellerby Street. ACCOMMODATION The property has been measured on a Net Internal Area (NIA) basis in accordance with the RICS Code of Measuring Practice (6th Edition). Floor Use SQ FT (Sq M) Ground Medical Surgery 1,448 (134.56) First Medical Surgery 946 (87.93) Second Medical Surgery 382 (35.50) Total 2,776 (257.99) TENURE Freehold. TENANCY The property is let to Hammersmith & Fulham Primary Care Trust on a Full Repairing and Insuring lease for a term of 25 years from 23rd May 2007 expiring on 22nd May 2032. The lease has the benefit of five yearly upwards only rent reviews to the higher of either open market rental value or uncapped RPI uplift over the five year term with the next review due on 23rd May 2022. The Palace Surgery currently has 5,343 registered NHS patients (source: www.nhs.co.uk) with two registered GP doctors. EPC F For identification purposes only. 1 2 2a 510 504 ELLERBY STREET 1a FULHAM PALACE ROAD 512 512a 514 514a 50 37 49 LAMBROOK TERRACE 329 333 TCB 335 152 142 146 144 WARDO AVENUE 133 c N The property has an EPC rating of C(71). A copy of the certificate is available upon request. 12 1
VAT The property has been elected for VAT and therefore it is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC). PROPOSAL We are instructed to seek offers in excess of 2,400,000 (Two Million, Four Hundred Thousand Pounds) subject to contract and exclusive of VAT. This reflects a Net Initial Yield of 4.00% and a low capital value of 865 per sq ft (NIA) allowing for purchaser s costs of 6.36%. FURTHER INFORMATION Should you require further information or wish to view the property please contact either:- JONATHAN SKERRY T: 020 7042 6004 M: 07736 300 594 E: jonathan@buchananbond.com OLIVER TAYLOR T: 020 7042 6001 M: 07773 773 790 E: oliver@buchananbond.com 3-5 Barrett Street St Christopher s Place London W1U 1AY 020 7042 6000 www.buchananbond.com Misrepresentation Act 1967 & Declaration Buchanan Bond Real Estate Ltd, for themselves and for the vendors of this property whose agents they are, give notice that: i) The particulars are set out as a general outline only for the guidance of intending purchasers, and do not constitute, nor constitute part of, an offer or contract. ii) All descriptions, dimensions, references to condition and necessary permission for use and occupation and other details are given in good faith and are believed to be correct, but any intending purchasers should not rely on them as statements or representations of fact and must satisfy themselves by inspection or otherwise as to the correctness of each of them. iii) No person in the employment of Buchanan Bond Real Estate Ltd has any authority to make or give any representation or warranty in relation to this property. AUGUST 2017 Brochure: Adrian Gates Photography & Design. Tel: 07710 316 991