93-99 Queensway, London W2 – Long Let Freehold Mixed-Use Investment
93-99 Queensway & 1-9 Duke’s Court, London W2
Offers in excess of £11,755,000
- Property Types:
- Commercial, Mixed, Residential
- Net Initial Yield:
- 4.75% (assuming purchaser’s costs of 6.70%)
- Site Area:
- 9,038 sq.ft [840 sq.m]
- Prominent Freehold corner site situated on Queensway prime pitch adjacent to Bayswater London Underground station.
- Total Income of £555,310 per annum exclusive. WAULT of 21.5 years without break, secured against two 5A1 Dun & Bradstreet rated covenants.
- Retail, office, leisure and one residential unit totalling 9,038 sq ft (839.7 sq m) arranged over basement, ground and first floors. Remaining residential uppers (eight flats over second to fourth floors) accessed from Duke’s Court are sold off on long leases, five of which have under 65 years remaining.
- Retail unit with ancillary offices over lower ground, ground and part first floors let to Barclays Bank UK PLC (5A1 D&B) at £357,500 pax (£184 Zone A) until June 2028 without break (9 years unexpired).
- Pub unit over ground and lower ground floors, let to Spirit Pub Company with surety from Spirit Group Parent Limited (5A1 D& B), a wholly owned subsidiary of Greene King PLC, at £167,500 pax until June 2064 without break (45 years unexpired), plus one residential unit let on the same lease terms let at £26,000 pax.
- Lapsed 2016 planning consent for an additional floor to provide three further residential units.
- Opportunity to realise lease extension premiums on the majority of the residential units.Queensway is currently undergoing significant regeneration including a semi-pedestrianised streetscape during 2019 and the £1 Billion redevelopment of Whiteleys Shopping Centre.
- Queensway is currently undergoing significant regeneration including a semi-pedestrianised streetscape during 2019 and the £1 Billion redevelopment of Whiteleys Shopping Centre.
We are instructed to invite offers in excess of £10,950,000, subject to contract, for the Freehold interest. This reflects a Net Initial Yield of 4.75% (assuming purchaser’s costs of 6.70%). The property is not elected for VAT.