Investment Summary:
- Richmond-upon-Thames is a highly prosperous and affluent commuter town in south west London.
- One of the most desirable London boroughs, located just 8 miles from Central London.
- Rare opportunity to acquire a prime retail and residential investment.
- 100% prime George Street location.
- Recently redeveloped to create a well configured retail unit & 6 new residential flats on the upper parts.
- New 10 year lease agreed to Oliver Bonas with a 5 year break - expiring March 2032.
- Passing rent of £290,000 per annum. Oliver Bonas are paying £110,000 per annum.
- Ongoing lease of negotiations for the upper parts with offer of £180,000 per annum.
- Market rent when fully let of £290,000 per annum.

Location: 
Richmond is one of London's most desirable and affluent boroughs. It is strategically located between Heathrow and the M25, lying 13 miles to the south west of Central London with the River Thames running through the borough.

Richmond's main arterial road, the A316, runs to the north of the area and connects it to the M25 8 miles to the west and Putney to the east. In addition, the M4 is located 3 miles to the north east and the M3 is 6 miles to the south west.

Richmond is well connected with direct trains to Waterloo (up to 8 trains an hour) with the quickest journey being just 18 minutes. There are also regular services outwards to Windsor and Reading.

The borough is also served by the London Underground via the district underground line.

Description:
The subject property comprises a well configured ground floor retail unit with benefit of rear access from Red Lion Street.

The upper parts (first to third floors) comprise recently developed residential accommodation providing 1 x 2 bed, 1 x 1 bed & study, and 4 x 1 bed apartments.

Tenancies:
The ground floor is let to Oliver Bonas Ltd on a new 10 year lease term with a contracted rent of £110,000 per annum (expiring 14 March 2032). There is a tenant option to break in year 5 (15 March 2027) subject to a 3 month break penalty.

Lease negotiations are ongoing to let the upper parts in its entirety on a 5 year term of a commencing rent of £180,000 per annum. There is a mutual option to break at year 3.

The combined total rent in £290,000 per annum.

Retailing in Richmond:
Richmond is one of the smallest of the PROMIS centres in terms of retail floorspace (0.5 million sqft); however, its retail offer is compact and strong for its size. The absence of a managed shopping centre means the prime pitch is a concentrated along George Street and The Quadrant. The area is also a popular food and beverage destination, ranking 12th out of all UK PROMIS destinations. Popular brands in the town include Waitrose, Whole Food, The Ivy, Scott's Restaurant, Five Guys and Bill's. The former House of Fraser (75-81 George Street) is being re-developed to provide up to 62,000 sqft of new office space and up to 39,000 sqft of prime leisure space.

Notable fashion retailers on George Street include: Anthropologie, Reiss, Gant, Office & Crew Clothing Company.

VAT - The property is elected for VAT and it is anticipated that the sale will be treated as a transfer of a going concern (TOGC).
EPCs - EPCs are available upon request.
AML - Prospective purchasers will be required to fulfil the vendors' anti-money laundering requirements in accordance with the Money Laundering Regulations 2017.
Proposal - Offers in Excess of £5,500,000.

Whozoo are proud to be working as joint agents with Clifton Agency.