PRIME PUB INVESTMENT IN NOTTING HILL

The Westbourne, 101 Westbourne Park Villas, London W2

INVESTMENT SUMMARY

Renowned prime gastropub investment.

Prominently located at the junction of Westbourne Park Villas and Westbourne Park Road, Notting Hill.

Attractive period building.

Ground floor and basement approximately 2,495 sq ft (231.7 sq m).

Front terrace approximately 673 sq ft (62.5 sq m).

Virtual freehold.

Let for a further 39 years.

Rent review 4 yearly. Next review in July 2022.

Total current passing rent of £120,150 p.a.

Offers in excess of £3,000,000 reflecting a net initial yield of 3.75% after deducting standard purchaser’s costs of 6.72%.

HYDEPARK

REGENT'SPARK

ST. JAMES’SPARK

BATTERSEAPARK

MAYFAIR

COVENTGARDEN

MARYLEBONENOTTING HILL PADDINGTON

HAMMERSMITH

HOLLANDPARK

SHEPHERD’SBUSH

WHITE CITY

FULHAM

PUTNEY

SOHO

KENSINGTON

BELGRAVIA

PIMLICO

CHELSEA

KNIGHTSBRIDGE

WESTMINSTER

CLAPHAM

SOUTHBANK

BATTERSEA

WESTFIELDSHOPPING

CENTRE

WHITELEYS OXFORDCIRCUS

Piccadilly

Birdcage Walk

The Mall

Park Lane

Edgware Road

Oxford Street High Holborn

Strand

Stamford St

Kensington Road

Chelsea Embankment

Battersea Bridge Road

Bayswater Road

Sussex Gard

ens

Marylebone Road

Eversholt Street

Westway

Westbourne Park Rd

Cromwell RoadTalgarth Road

Hammersmith Road

Holland Park Avenue

Goldhawk Road

Uxbridge Road

Brompton Road

Vauxhall Bridge RoadKing’s Road

New King’s Road

Fulham Road

Battersea Park Road

Nine Elms Lane

Kenningto

n Park R

oad

Reg

ent S

tree

t

Kin

gsw

ay

Slo

ane

Stre

et

Holland Road

Fulham Palace Road

Putney

Hig

h Str

eet

Mill

bank

Lam

beth

Pal

ace

Road

Bla

ckfr

iars

Ro

ad

Westm

inster Bridge Road

Gray’s Inn Road

King’s Cross Rd

Gosw

ell Rd

Che

lsea

Bri

dge

Road

Ken

sing

ton

Chu

rch

St

Ladb

roke

Gro

ve

Westway AvenueRoyal Oak

Warwick Avenue

MaryleboneRegent’s

Park

MaidaVale

St. John's Wood

Notting HillGate

LancasterGate

MarbleArch

Knightsbridge Hyde ParkCorner

Victoria

BondStreet

Euston

LadbrokeGrove

GRAND UNION CANAL

Westbourne Grv

WestbournePark

T H E W E ST B O U R N E

LORD'S CRICKET GROUND

N OT T I N G H I L L

Notting Hill is internationally recognised as one of London’s most traditional, affluent and fashionable addresses boasting a mix of high class boutique fashion retailers, organic food shops, galleries, cafés and pubs. It is host to Notting Hill Carnival, Europe’s largest street festival and home to Portobello markets one of the City’s most popular tourist destinations. Located in the London Borough of Kensington and Chelsea it is an attractive and highly desirable area of West London approximately 1.5 miles of the West End.

The Westbourne is prominently situated at the junction of Westbourne Park Road and Westbourne Park Villas and across

the road from Tom Conran’s renowned gastropub The Cow. Local retail and restaurant occupiers include Max Mara, Scotch & Soda, Zadig & Voltaire, Heidi Klein, Aesop, Joseph Smythson, Orlebar Brown, Bonpoint, LK Bennett, Whistles, The Oak pub and Tom Conran’s Crazy Homies and Lucky 7.

COMMUNICATIONS

The Westbourne is easily accessed by both bus and underground. Westbourne Park, Royal Oak, Ladbroke Grove (Hammersmith & City lines) and Bayswater (District & Circle Lines) underground stations are all within close proximity. Paddington railway station is also located nearby, providing access to mainline trains and the Heathrow Express.

In 2020 Paddington station, will become one of Crossrail’s major interchanges. The service will provide a new high speed rail link from Maidenhead and Heathrow Airport in the west through Central London and to Abbey Wood in the east. Crossrail is forecast to bring 1.75 million additional people within 60 minutes reach of London’s key business districts carrying more than 200 million passengers a year.

TRAVEL TIMES

PRE CROSSRAIL

POST CROSSRAIL2018

11

25

13

21

FARRINGDON

UNDERGROUND

HEATHROWEXPRESS

55

27

HEATHROW AIRPORT

PRE CROSSRAIL

POST CROSSRAIL2018

BOND ST

PRE CROSSRAIL

POST CROSSRAIL

CANARY WHARF

23

35

2018

Times indicative of travel from the property, courtesy of TfL.

DESCRIPTION

Comprising an attractive period building, arranged over basement, ground and two upper floors. The ground and basement floors provide A3 accommodation operating as a gastropub. There is a separately accessed residential flat arranged over first and second floors sold off on a long lease.

COVENANT INFORMTION

The Westbourne is an independently owned gastropub serving traditional pub food using ingredients from local suppliers. It also serves traditional bar snacks and daily tapas. Available beverages include traditional ales, lagers, Belgium beers, wines and cocktails as well as a collection of non-alcoholic alternatives.

For further information, please visit: http://www.thewestbourne.com/

TENANCIES

Floor Tenant Area Area Lease Lease Rent Rent Rent Comment (Sq Ft) (Sq M) Start Expiry Review (pa) (psf)

Ground 2,495 231.7 06/07/1994 05/07/2059 06/07/2022 £120,000 £48.09 & Basement

Sebastian Boyle and Oliver Daniaud t/a The Westbourne

First & Second Residential 12/04/1994 11/04/2119 £150 Sold Off.

Total £120,150

FLOOR PLANS

Down

Storage

Storage

Kitchen

Front Entrance

Public House

External Seating Area 62.53 sq m673 sq ft

Up

External7.43 sq m

80 sq ft

StaffWCStorage

Storage

Chiller

Storage

Office

Storage

Storage

Circulation

BASEMENT

Net Internal Area Sq M Sq FtPublic House 23.32 251Storage 68.40 736Total 91.72 987

External Area 7.43 80

Gross Internal AreaTotal 113.69 1,224

GROUND FLOOR

Net Internal Area Sq M Sq FtPublic House 105.11 1,131Storage 5.44 59Total 110.55 1,190

External Area 62.53 673

Gross Internal AreaTotal 118.05 1,271

BASEMENTGROUND FLOOR

WESTBOURNE PARK VILLAS

WESTBOURNE PARK VILLAS

Indicative floor plans, not to scale.

VAT

The property is not VAT elected.

PROPOSAL

Offers in excess of £3,000,000 reflecting a net initial yield of 3.75% after deducting standard purchaser’s costs of 6.72%.

FURTHER INFORMATION For further information or to arrange an inspection, please contact:

Mark ShipmanDirect Line: 020 7529 5708 Email: markshipman@michaelelliott.co.uk

Harry CoxDirect Line: 020 7529 5703Email: harrycox@michaelelliott.co.uk

Misrepresentations Act 1967 & Declaration: Michael Elliott for themselves and for the vendors of this property whose agents they are given notice that: a) the particulars are set out as general outline only for the guidance of intending purchasers and do not constitute, nor constitute part of, an offer or contract; b) all descriptions, dimensions, references to condition and necessary permissions for use and occupation and other details are given in good faith and are believed to be correct, but any intending purchaser should not rely on them as statements or representations of fact but should satisfy themselves by inspection or otherwise as to the correctness of each of them; c) no person in the employment of Michael Elliott has any authority to make or give any representations or warranty whatever in relation to this property. March 2020.

Address Date Tenure Price NIY Capital Value

Q4 2019 FH £7.80m 3.91% £1,100Rutland Arms, 15 Lower Mall W6

Q4 2019 FH £1.82m 3.48% £1,117 The Alma, 59 Newington Green Road N1

Q3 2019 FH £1.65m 4.00% £553The Londesborough, Stoke Newington N16

Q3 2019 FH £1.66m 3.38% £915Colton Arms, 187 Greyhound Road W14

TENURE

Virtual Freehold.

MARKET COMMENTARYLeisure investment in the UK continues to establish itself as a mainstream sector, with transaction volumes (including pubs, restaurants, bars, leisure parks, bingo/bowling outlets, health and fitness and hotels). The pub market has continued its strong and resilient performance throughout 2019 despite the uncertainties around the general election, bucking the trend of many consumer-led markets.

This has continued in 2020, following an increase in consumer and investment confidence. Like most property sectors, heightened investment demand has been led predominately by UK institutions, UK REIT’s, private buyers and UK property companies both in the UK and overseas.

The craft beer revolution has had a positive impact on the pub industry in recent years. The rapid growth of microbrewers has created in excess of 2,000 breweries in operation in the UK today. Craft beer retailers are now taking occupation of smaller pubs previously overlooked by entrepreneurial operators.

EPCEPC available on request.

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ST STEPHEN’S GARDENS

ST STEPHEN’S MEWS

Not to scale. For indicative purposes only