62-74 Kensington High Street & 2-6 Kensington Church Street, LONDON, W8

FOR SALE

Tenure

Freehold

Sector

Investment, Development

Area

2816 sqm / 30311.05 sq ft

Description

INVITATION OF OFFERS

Subject to Contract Further to our marketing of the above investment & development opportunity, we are instructed to invite parties to submit best offers for the Freehold interest by 12.00 Thursday 15th March. All offers are to be addressed to J Gershinson Esq at Allsop LLP, 33 Wigmore Street, London W1U 1BZ or emailjon.gershinson@allsop.co.uk and marked ‘Kensington High Street Bid’. In addition to price, offers should include the following information: The identity of the proposed purchaser and professional team advising, any relevant background information and track record in transactions of this size and nature; The source and level of funding including details of any debt required, and any requirements for third party valuations. Any conditions attached to the offer and the timetable for removal of these conditions; Confirmation of due diligence completed to date; The proposed timescale for exchange and completion; Details of any approvals required; Confirmation of solicitors details For the avoidance of doubt, the client is not obliged to accept the highest or indeed any offer for the property

On the instructions of Jon Gershinson FRICS and Louisa Brooks MRICS on behalf of Allsop LLP acting as Joint Fixed Charge Receivers, we have pleasure in attaching our sales particulars for the above Prime Freehold mixed use investment and development opportunity. The salient details are as follows:


Prominent Freehold Retail block with development potential, situated within one of London’s key prime retail high street locations.
• Two planning consents to convert the upper parts to 15 residential units, totalling in excess of 15,000 sq ft (1,394 sq m) saleable area.
• The buildings total 30,309 sq ft (2,816 sq m) consisting of 15,756 sq ft (1,464 sq m) of retail and ancillary accommodation with 14,553 sq ft (1,352 sq m) of upper parts.
• Potential to enhance the consented scheme (subject to obtaining the necessary consents).
• Retail asset management, reconfiguration and reletting opportunities including creation of a flagship retail unit.
• The total income is £907,000 with rental tone averaging £180 zone A on Kensington High Street, offering potential for future rental growth.
• Circa half the current income is secured against New Look and Ladbrokes with lease expiries in 2025.

We are instructed to invite offers in excess of £23,500,000 subject to contract and exclusive of VAT.  This reflects an apportioned price of 5% net initial yield (net of5.8% purchaser’s costs) on the current retail income, and £413 per sq ft on the consented residential saleable floor areas. 
 

Price

Offers in excess of £23,500,000