Bayswater Investment Property Sold by RIB
We are delighted to announce the sale of a Bayswater investment property located at 42, 44a, and 46 Westbourne Grove, W2.
About the property
Bayswater is one of London’s most affluent submarkets, located within the Royal Borough of Kensington and Chelsea and the City of Westminster. Bayswater is a very cosmopolitan area, having been the home of a number of immigrant communities, including Greeks living around St Sophia’s Cathedral on Moscow Road, as well as the largest Brazilian community in London. Westbourne Grove is one of Bayswater’s premier retail streets with the other being Queensway. Both streets have a wide variety of shops and restaurants which are popular with residents. Westbourne Grove is popular with a number of retailers and restauranteurs including Franco Manca, Cote Brasserie, and Tinseltown. In addition, Westbourne Grove is located near the recently refurbished and highly renowned Whiteleys Department Store.
This position as one of Bayswater’s most prominent streets means that investments on Westbourne Grove are highly sought after both due to their location and due to the strong covenants of occupiers on the street. This investment property is held freehold over 3 addresses and is a total of 12,746 square feet mixed use building including elements of office, retail, and warehouse. The property has a total of four tenancies which provide a total income of £260,000 per annum with 76% of the income coming from the letting to Planet Organic. The property has a number of asset management opportunities on existing reversionary leases and potential development opportunities at lease expiry (subject to planning permission).
This investment property consists of three interconnected freehold properties located on ground, first, and second floors. Planet Organic hold three separate coterminous leases on the property and have been in occupation for over 20 years with this being their first London store. The property is also used as their head office and food preparation centre for all London stores. Planet Organic is rated by CreditSafe as a 50C rating which means that there is a low risk of default, providing a purchaser with security of tenure during the duration of the leases.
Speaking to Board Director Damien Field, he stated “We were delighted to have completed on the sale of this investment property in Bayswater. As one of the most prominent streets in the area, this property was ideal from a number of investors due to the number of asset management and future development opportunities it provided. Whilst we had interest from a variety of purchasers, in the end the property was sold to the main tenant Planet Organic who will continue to use the property for their own occupation.”
To view our marketing brochure for the subject investment property, please click here.