Property Description
This Victorian Freehold building is offered for sale with following features:
Ground floor retail unit measuring 971 sq. ft.
3 Flats above the Retail Unit, 2 of which are sold on long leases
A rear ground floor mews unit
Tenancy
The Ground Floor Unit is Let to Ludan Fulham Ltd (franchisee for Mathnasium) on a 10 yea FR&I lease from 29th November 2019 for a passing rent of £49,000 p.a. agreed at the 5 year review on 29 November 2024. Tenant information: #1 Maths Tutoring Programmes & Homework Help (mathnasium.com). The glass fronted unit is spacious and bright, with natural light flooding in from the glass domed roof section at the rear, and set out as a class room with desks. There is also an office/storage room, a kitchenette and a toilet in the rear part. The Unit is maintained in an immaculate condition throughout
Mathnasium is one of the fastest growing franchises worldwide and the franchisee(ie the tenant) of Mathnasium has expanded his ownership to 3 franchises in South-West and West London areas within 5 years of taking up the current lease.
The 2 sold off flats have a 250 year lease each, paying a ground rent of £250 p.a each. Combined total of £500 p.a.
The remaining 2-bed flat is let out on an AST expiring on 4th May 2025 with a rent of £30,900 p.a. and thereafter let on a rolling 3 month-contract basis. There is a scope for upward increase in rental potentially to a level of £33,000pa. The flat is in a location where there is a high demand for rentals from city/ bank type of professionals and has never remained empty. The tenant, a professional couple, have been renting the flat for the last 2 years and are very reliable.
The rear Mews Unit is leased out on a 250 year lease at a peppercorn rent to the owner of the Mews House at the rear of the building. It adjoins her house and is used as a residential space.
Total annual passing rent adds up to £80,400 p.a.
Location Description
The building is located in an affluent part of Fulham, located close to Parsons Green Underground (3 mins walk).
Nearby retailers include Waitrose, Tesco Express, Sainsburys, Starbucks, Costa, to name a few, and a number of successful independent stores and restaurants.
Additional Notes
VAT is not applicable
The shop rental is estimated to increase easily to between £57,000 to £60,000 at the next review in 4.5 years. The landlords were restricted to a maximum cap of £49,000 p.a. at the last review in November 2024, in accordance of the terms of the lease agreed. They also kept the rental unchanged for their current residential tenants because of their special relationship, but its worth, in their opinion, £33,000 p.a. if let to a new tenant.
