120-130 High Street, New Malden, Surrey, KT3 4EP

SUMMARY

INVESTMENT SUMMARY

  • A purpose built freehold retail parade totalling 24,045 sq ft (2,233.85 sq m) in three self-contained units over ground and first floors.
  • Situated on High Street, New Malden’s prime retail location where other occupiers include McDonalds, Lloyds Bank, WH Smith, Costa Coffee and Boots.
  • New Malden is a South West London suburb, located within the London Borough of Kingstonupon- Thames some 13 miles (21 km) from Central London.
  • Rear yard providing parking for 7 vehicles and loading areas.
  • Freehold.
  • Let to three tenants including Wilko, Shoe Zone and Metro Dry Cleaning with 91% of the current income received from 5A1 covenants and an average weighted unexpired lease term certain of 7.9 years.
  • Currently producing a total passing rent of £346,000 per annum exclusive.
  • Offers are invited in excess of £5,265,000 (Five Million, Two Hundred and Sixty Five Thousand Pounds), subject to contract and exclusive of VAT. This reflects a Net Initial Yield of 6.15%, assuming normal purchaser’s costs of 6.60%.

LOCATION

LOCATION

New Malden is a busy suburb located to the south-west of Central London close to the A3 (Kingston Bypass) midway between Central London (10 miles to the north-east) and Junction 10 of the M25 (12 miles to the south-west). Wimbledon town centre lies 3.5 miles to the north-east and Kingston-upon-Thames town centre is some 2 miles to the west.

Gatwick and Heathrow airports are easily accessible via the M25 Motorway and are situated approximately 22 miles to the south and 12 miles to the west respectively. In addition, New Malden railway station provides frequent direct access to London Waterloo station with a
journey time of approximately 24 minutes. Trains from New Malden also connect directly to Clapham Junction, Wimbledon, Surbiton, Richmond and Kingston-upon-Thames.
New Malden has one of the largest expatriate communities of South Koreans in Europe and is believed to be one of the most densely populated areas of Koreans outside of South Korea with some 20,000 individuals residing in the area.
New Malden High Street has representation from a large number of national retailers including Costa Coffee, Poundland, Boots, WH Smith, Lidl, Ladbrokes, Holland & Barrett, Peacocks, Co-op Supermarket, Subway and Superdrug. Furthermore, New Malden is an established commercial centre which has attracted a number of major office occupiers including BAE Systems, Daltons Weekly and Hays Recruitment.

SITUATION

The property occupies a prominent corner position on the High Street (B283) at its junction with Blagdon Road with nearby retailers including Barclays Bank, NatWest, HSBC and McDonald’s. The location benefits from excellent levels of footfall as New Malden railway station is within 550 yards (500m) to the north and New Malden’s main public car park on Blagdon Road provides approximately 550 vehicle spaces and is within 100 yards (90 metres) of the subject property. Direct access to the A3 dual carriageway is approximately 0.5 mile (800 metres) to the south.
The K1 (New Malden to Kingston) and 213 (Kingston to Sutton) bus routes stop outside the property and run approximately every 15 minutes.
The site area totals approximately 0.622 acres (0.252 hectares) providing a low site cover of approximately 53%.

DESCRIPTION

DESCRIPTION

The property comprises a prominent end of terrace parade proffering three self-contained retail units arranged over ground and first floors. The units are served by a rear service yard (accessible via Cocks Crescent) along with first floor ancillary/storage accommodation. 120 High Street benefits from an expansive return frontage onto Blagdon Road.

126-130 High Street has undergone a recent refurbishment by the tenant, Wilko. This unit is one of very few retail units on the High Street providing in excess of 10,000 sq ft of retail accommodation.

ACCOMODATION

Buchanan Bond have been provided with the following areas on a Net Internal Area basis which we understand has been measured in accordance with the RICS Code of Measuring Practice (6th Edition):

 

 

 

 

 

 

 

TENANCY

TENANCY

The property is let in accordance with the tenancy schedule below;

TENURE

Freehold

TENANT COVENANT

TENANT COVENANT

Shoe Zone Limited

Shoe Zone is a footwear retailer in the United Kingdom and Ireland which sells shoes at low prices. It has over
500 stores in different cities and towns throughout the UK and Ireland and over 4,000 employees. The company has an annual turnover of £239 million.
Shoe Zone Limited has a D&B rating of 4A1, reflecting a ‘minimum’ risk of business failure.
The last three years of reported accounts for Shoe Zone Limited are as follows:

 

 

 

Metro Drycleaning London Limited

Metro Drycleaning are a sole trader providing a laundry and dry cleaning service to the local area. The business
was established in 2014. Metro Drycleaning London Limited has a D&B rating N3, reflecting a ‘greater than average’ risk of business failure.
The most recently reported accounts for Metro Drycleaning London Limited are as follows:

 

Wilkinson Hardware Stores Limited

Wilko Retail Limited (formerly Wilkinson Hardware Stores) is a British high-street chain which sells homewares and household goods. Founded in 1930 as Wilkinson Cash Stores by James Kemsey Wilkinson in Leicester, the company has remained largely in the hands of the founding family. In 2012, Wilkinson began rebranding its stores as Wilko, after its own brand products marketed under the Wilko name, and by 2014, the majority of stores were rebranded. Wilko currently has over 370 stores throughout the UK and receive more than 4 million visits from customers per week. (Source: www.corporate.wilko.com)

Wilkinson Hardware Stores Limited has a D&B rating of 5A1, reflecting a ‘minimum’ risk of business failure.
The last three years of reported accounts for Wilkinson Hardware Stores Limited are as follows:

 

 

 

IMAGES

PHOTO GALLERY

PROPOSAL

VAT

The property has been elected for VAT purposes. it is the intention of the vendor to treat this transaction as a Transfer of a Going Concern (TOGC).

PRICE

We are instructed to seek offers in excess of £5,265,000 (Five Million, Two Hundred and Sixty Five Thousand Pounds) subject to contract and exclusive of VAT. This reflects a Net Initial Yield of 6.15% assuming normal purchaser’s costs of 6.60%.

MISREPRESENTATION ACT 1997 & DECLARATION

Buchanan Bond Real Estate Ltd, for themselves and for the vendors of this property whose agents they are, give notice that:
i) The particulars are set out as a general outline only for the guidance of intending purchasers, and do not constitute, nor constitute part of, an offer or contract.
ii) All descriptions, dimensions, references to condition and necessary permission for use and occupation and other details are given in good faith and are believed to be correct, but any intending purchasers should not rely on them as statements or representations of fact and must satisfy themselves by inspection or otherwise as to the correctness of each of them.
iii) No person in the employment of Buchanan Bond Real Estate Ltd has any authority to make or give any representation or warranty in relation to this property.

BROCHURE

“]