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DEMOGRAPHICSThe Royal Borough of Kensington and Chelsea enjoys
an affluent and loyal catchment population. The Boroughs population
was approximately 156,000 at the Census in 2011.
RETAIL & LEISURE IN BELGRAVIAThe surrounding area is known
as the Pimlico Road Design District and is world renowned for its
array of high quality interior design showrooms, art galleries and
niche retailers including Linley, Soane, Luke Irwin, Sybil Colefax
and John Fowler.
In addition, there are a number of popular restaurants nearby,
namely The Orange, La Poule Au Pot, Enoteca Turi, and
Daylesford.
LOCATIONPimlico Road is well positioned on the borders of
Chelsea and Belgravia benefitting from close proximity to Sloane
Square and Victoria stations.
The subject property is situated at the junction of Pimlico Road
and Holbein Place which fall just inside the Royal Borough of
Kensington & Chelsea.
The Chelsea Barracks development is located directly opposite
the subject block with the initial phases opening in 2019. This 13
acre scheme is being developed at a cost of approximately £3.5
billion and is due to provide 448 residential units with the
private residences starting at £5.25m for a 2 bedroom apartment,
rising to £37m for a 6 storey townhouse.
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Address Tenant Ground sq ft ITZABasement
sq ft
8 Holbein Place Nicholas Haslam Limited 302 274580
10 Holbein Place Nicholas Haslam Limited 326 285
12/14 Holbein Place Nicholas Haslam Limited 579 503 598
16 Holbein Place Bennison Fabrics Limited 322 293 295
18/22 Holbein Place Liv Restaurant Group Limited 884 739 958
24 Holbein Place Rose Caroline Heyman t/a Rose Uniacke 299 248
295
26 Holbein Place Rose Caroline Heyman t/a Rose Uniacke 350
290
83776 Pimlico Road Rose Caroline Heyman t/a Rose Uniacke 248
248
78 Pimlico Road Rose Caroline Heyman t/a Rose Uniacke 264
244
80/82 Pimlico Road Rose Caroline Heyman t/a Rose Uniacke 519 456
571
84 Pimlico Road Rose Caroline Heyman t/a Rose Uniacke 287 249
242
86/88 Pimlico Road 88 Gallery Limited 582 517 639
90/92 Pimlico Road Portuondo Limited 502 441 527
Total 5,464 5,542
DESCRIPTION The property forms the ground and basement
commercial element of a large mansion block. It comprises 19 units
which are currently occupied by 6 tenants.
All properties have the benefit of servicing from the rear.
ACCOMMODATIONThe property has the benefit of the following
approximate floor areas:
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SERVICE CHARGEThere is no service charge regime in place. The
long leaseholder charges back insurance premiums to the tenants.
Further information is available upon request.
TENUREThe property is held on a 999 year leasehold interest from
the 25th March 1975 at a rent of one peppercorn per annum.
TENANCIESThe schedule below details the tenancies:
Address Tenant Term RR Pattern Start Expiry Rent Review Rent
p.a.
8 Holbein Place Nicholas Haslam Limited 10 years 5 years
25/03/2019 24/03/2029 25/03/2024 £29,000
10 Holbein Place Nicholas Haslam Limited 10 years 5 years
25/12/2017 24/12/2027 25/12/2022 £23,750
12/14 Holbein Place Nicholas Haslam Limited 10 years 5 years
25/12/2018 24/12/2028 25/12/2023 £50,600
16 Holbein Place Bennison Fabrics Limited† 10 years 5 years
25/12/2018 24/12/2028 25/12/2023 £29,000
18/22 Holbein Place Liv Restaurant Group Limited** 10 years 5
years 08/07/2019 07/07/2029 08/07/2024 £85,000∆
24 Holbein Place Rose Caroline Heyman t/a Rose Uniacke 14.25
years 4 years 25/03/2015 23/06/2029 24/06/2023 £28,000
26 Holbein Place & 76/78 Pimlico Road Rose Caroline Heyman
t/a Rose Uniacke 10 years 5 years 24/06/2019 23/06/2029 24/06/2024
£92,000
80/82 Pimlico Road Rose Caroline Heyman t/a Rose Uniacke 13.25
years 5 years 24/03/2016 23/06/2029 24/03/2021 £68,000
84 Pimlico Road Rose Caroline Heyman t/a Rose Uniacke 11.5 years
5 years 25/12/2017 23/06/2029 24/06/2024* £38,000
86/88 Pimlico Road 88 Gallery Limited**** 16 years 4 years
25/12/2014 24/12/2030 25/12/2022 £80,000
90/92 Pimlico Road Portuondo Limited*** 15 years 5 years
25/12/2017 24/12/2032 25/12/2022 £68,000
Total £591,350
† This information denotes the new lease which is in solicitors
hands. The current lease expired 24/12/2018 at £25,000 pa. * Tenant
only break operable on this date also. ** Rent deposit of £42,500
held.
*** Rent deposit of £17,000 held.**** Rent deposit of £14,000
held.∆ Rent commencement date is 10/01/2020.
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COVENANT INFORMATIONTenant Creditsafe Rating
Nicholas Haslam Limited 87/100 - Very Low Risk
Bennison Fabrics Limited 90/100 - Very Low Risk
Liv Restaurant Group Limited 49/100 - Moderate Risk
Rose Caroline Heyman t/a Rose Uniacke 50/100 - Moderate Risk
88 Gallery Limited 69/100 - Low Risk
Portuondo Limited 71/100 - Very Low Risk
RENTAL VALUERecent transactional evidence is highlighted
below:
Address Tenant Event Net Rent £ZA psf Date
40/42 Pimlico Road Chelsea Textiles Letting £174 Dec 2018
68 Pimlico Road Collier Webb Re-gear £170 Jan 2018
48a Pimlico Road Carl Hansen & Son Letting £158 Jan 2018
The passing rents of the subject property show approximately
£133 - £139 Zone A on Pimlico Road and £90 - £102 Zone A on Holbein
Place.
The above evidence highlights the continued rental growth
experienced in this unique retailing location and we therefore
believe that the block is reversionary to approximately £687,000,
if one assumes £100 Zone A on Holbein Place and £170 Zone A on
Pimlico Road.
PLANNINGFrom our research we do not believe that the property is
located within a conservation area nor is it a Listed Building
however we recommend that parties make their own enquiries.
VATThe property has not been elected for VAT.
EPCEPC’S can be made available on request.
DATA ROOMIf you would like access to the dataroom please contact
one of the joint agents.
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COLLIER
WEBB
LUKE IRWINCARL HANSEN
& SON
CHELSEA BARRACKS
DEVELOPMENT
CHELSEA
TEXTILES
DE LACUONA
PROPOSAL We are instructed by our client to seek offers in
excess of £13,845,000 (thirteen million eight hundred and forty
five thousand pounds) subject to contract and exclusive of VAT for
the leasehold interest in the property.
A purchase at this level would reflect an attractive net initial
yield of approximately 4.0% and a reversionary yield of
approximately 4.65% based upon our ERV and assuming normal
purchaser’s costs.
CONTACTS To register an interest, request further information or
to carry out an internal inspection please contact:
Colin Baxter Blanchflower Lloyd Baxter Tel: 020 7491 7880
Mobile: 07775 871897 Email: [email protected]
Richard Ward Ward Property Consultants Tel: 020 7079 1202
Mobile: 07919 118529 Email: [email protected]
DISCLAIMER NOTICE: Whilst every care is taken in the preparation
of these particulars, Blanchflower Lloyd Baxter, Ward Property
Consultants Limited and the vendor take no responsibility for any
error, mis-statement or omission in these details. Measurements are
approximate and for guidance only. These particulars do not
constitute an offer or contract and members of the Agent’s firm
have no authority to make any representation or warranty in
relation to the property. October 2019
PROMINENT RETAIL PARADE IN AFFLUENT LONDON LOCATION
LONDON, 8/26 HOLBEIN PLACE & 76/92 PIMLICO ROAD, BELGRAVIA,
SW1W 8PL
CHISWICK COMMON ROAD
www.blb.uk.com www.wardproperty.uk.com
