262 Lavender Hill

Well located South West London mixed use investment

LOCATION

Clapham is an affluent and popular suburb in South West London with a catchment area population of 1,774,671. Located within the London Borough of Wandsworth is bordered by the equally vibrant suburbs of Balham, Battersea and Brixton. The area is extremely popular with students and young professionals, making Clapham one of London’s most cultural and desirable areas. It is home to excellent schools and a vibrant mix of casual dining and leisure options. Located 4 miles(6.4 km) south west of central London, the area is in close proximity to the A3 and the South Circular (A205) which links into the M25 London Orbital Motorway. The area is very well connected with Clapham Junction station (TFL Zone 2) and is the busiest rail interchange in Europe serving circa 2,000 trains per day. The station is connected by South Western Trains to London Waterloo (9mins), Vauxhall (5mins), Southern Trains to Victoria (8 mins) the Gatwick Express and London Overground services. In addition, extensive bus services also serve the area. The subject property is one of 14 units making up a retail parade occupying a prominent position on the northern side of Lavender Hill, as the pavement widens towards the junction of Lavender Hill and St John’s Road. The surrounding area is predominantly residential and retail focused. The area is extremely busy, given its proximity to Clapham Junction, and boasts a strong mix of national retailers, bars, restaurants and convenience retail. The property is directly opposite Wholefoods and The former iconic Arding & Hobbs/Debenhams department store. The Grade II listed property was recently granted consent to provide retail and leisure on the ground and basement with contemporary offices in the upper floors. The main fashion national multiples within Clapham are focused on St John’s Road, between the former Debenhams (Arding and Hobbs) and Marks & Spencer. This then extends into Northcote Road, which provides a higher end and niche retail offer, with a range of bars and restaurants. Lavender Hill also provides an eclectic mix of bars, restaurants and convenience food provision. Nearby occupiers include: Revolution Bar and Restaurant, Pizza Express, Wholefoods, Party Superstore, Jacks Café, Joe & The Juice and KFC. There is a large ASDA and Lidl supermarket accessed from Falcon Road, directly behind the subject parade, as well as a Waitrose supermarket nearby on St John’s Road.

KEY POINTS

• Prime multi let investment located in Clapham one of the most affluent south west London suburbs
• 3,144 sq ft of mixed use accommodation
• Freehold
• Total current income £106,044 pa
• Ladbrokes a long established retail tenant have been in occupation for over 10 years and did not exercise their recent tenant break option in December 2020 at a current rental of £45,000 pa exclusive
• Three self-contained apartments each let on an AST producing a combined income of £61,044 pa
• Offers in excess of £2,000,000
• A purchase at this level would reflect a Net Initial Yield in the order of 5% assuming purchaser’s costs of 6.28%
• £712,000 reflecting a net initial yield of 6% on the commercial element
• £1,288,000 reflecting a conservative capital value of £786 psf on the residential accommodation