the mint portfolio - loopnet · 2017-10-25 · property schedule ref property address tenure...

16 PRIME LICENSED LEISURE INVESTMENTSFOR SALE IN LONDON

THE MINT PORTFOLIO

CONTENTS

Executive Summary 3

Property Schedule 4

Locations 6

The Market 7

The Properties 8

The Process & Contacts 86

EXECUTIVE SUMMARY

A portfolio of 16 prime licensed leisure investments in some of London’s most exclusive locations including the

West End, the City, South Bank, Chelsea, South Kensington, Notting Hill, Holland Park and Maida Vale.

+ Each property is let to an experienced

multiple operator with tenants including

Spirit Pub Company (Greene King),

Mitchells and Butlers, Baker & Spice,

Ei Group Plc (formerly Enterprise

Inns), Fuller’s, Young’s, Patara and

Santa Cruz Co.

+ The units are typically in long established

licensed and leisure pitches where

occupier demand and underlying values

have always been strong.

+ Full repairing and insuring leases.

+ Long unexpired terms with 14 out of the

16 properties having an unexpired term

of 10 years or greater and a weighted

average unexpired lease term across the

portfolio of 16.3 years.

+ Excellent potential for rental growth with

upward only rent reviews due at 14 of the

properties within the next three years.

+ Guaranteed rental growth at 2 of the

properties with either fixed uplifts or RPI

linked reviews.

+ Attractive lot sizes which provide excellent

liquidity and appeal to a broad variety of

potential buyers.

+ The total passing rent for the portfolio is

£2,626,185 per annum.

+ Our client’s preference is to complete

the sale of the Mint Portfolio in a single

transaction, either by the sale of the assets

or the sale of the shares of the single

purpose vehicle which owns each of the

assets. They may, however be prepared

to consider the sale of certain assets

individually or in smaller groups.

+ We are instructed to invite offers in excess

of £69,550,000 for the entire portfolio.

After making an allowance for purchasers’

costs, an asset purchase at this level would

reflect a Net Initial Yield of 3.54%.

PROPERTY SCHEDULE

Ref Property Address Tenure Current Rent Lease ExpiryNext Rent

ReviewTotal Area Guide NIY

Assumed Purchasers

Costs

1Admiral

Codrington17 Mossop Street, London SW3 2LY

Freehold £162,000 07/10/2026 01/02/2020482 sq m

(5,189 sq ft)£4,750,000 3.21% 6.58%

2 Baker & Spice47 Denyer Street, London SW3 2LX

Freehold £117,590 28/09/2027 29/09/2017266 sq m

(2,859 sq ft)£2,760,000 4.00% 6.40%

3 Browns26 Shad Thames, London SE1 2AS

Long Leasehold

£335,000 28/09/2028 29/09/20181,368 sq m

(14,724 sq ft)£6,950,000 4.52% 6.65%

4 Builders Arms13 Britten Street, London SW3 3TY

Freehold £150,000 16/08/2045 17/08/2020436 sq m

(4,688 sq ft)£4,300,000 3.27% 6.56%

5 Casa Cruz123a Clarendon Road,

London W11 4JGFreehold £85,200 19/08/2034 20/08/2019

306 sq m (3,293 sq ft)

£1,890,000 4.25% 6.24%

6 Dirty Martini124-127 The Minories,

London EC3N 1NTFreehold £185,000 26/03/2033 24/06/2018

816 sq m (8,787 sq ft)

£4,630,000 3.75% 6.57%

7 Duke of Clarence148 Old Brompton Road,

London SW5 0BEFreehold £109,860 28/09/2037 29/09/2017

294 sq m (3,167 sq ft)

£2,870,000 3.60% 6.43%

8 Elgin Bar & Grill255 Elgin Street, London W9 1NJ

Freehold £105,000 29/11/2045 30/11/2020557 sq m

(5,992 sq ft)£2,900,000 3.40% 6.44%

9 Elystan Street43 & 39A Elystan Street,

London SW3 3NTFreehold £255,000* 29/10/2027** 30/10/2017**

491 sq m (5,281 sq ft)*

£8,000,000* 2.99%* 6.67%*

PROPERTY SCHEDULE

Ref Property Address Tenure Current Rent Lease ExpiryNext Rent

ReviewTotal Area Guide NIY

Assumed Purchasers

Costs

10 Galvin35 Spital Square, London E1 6DY

Freehold/Long Leasehold

£305,000 16/08/2034 17/08/2019594 sq m

(6,388 sq ft)£9,375,000 3.05% 6.69%

11 Mall Tavern71-73 Palace Gardens,

London W8 4RUFreehold £110,000 29/11/2045 30/11/2020

512 sq m (5,510 sq ft)

£3,200,000 3.23% 6.47%

12 Patara181 Fulham Road, London SW3 6JN

Freehold £84,600 24/12/2021 25/12/2017131 sq m

(1,414 sq ft)£1,875,000 4.25% 6.24%

13 Prince of Wales150 Drury Lane,

London WC2B 5TDFreehold £281,435 23/06/2034 25/12/2017

754 sq m (8,112 sq ft)

£8,500,000 3.10% 6.68%

14 Red Lion23 Crown Passage, London SW1Y 6PP

Freehold £90,000 13/01/2045 14/01/2020200 sq m

(2,151 sq ft)£2,600,000 3.25% 6.40%

15 Uxbridge Arms13 Uxbridge Street,

London W8 7TQFreehold £100,000 13/01/2045 14/01/2020

235 sq m (2,528 sq ft)

£2,600,000 3.61% 6.40%

16Waterfront Brasserie

Unit 3, St Georges Wharf, London SW8 2AX

Long Leasehold

£150,000 25/03/2028 26/03/2018438 sq m

(4,713 sq ft)£2,350,000 6.00% 6.35%

£2,626,1857,880 sq m

(84,796 sq ft)£69,550,000 3.54% 6.78%

* Including residential apartment ** Restaurant only

LOCATIONS

HollandPark

Hyde Park

Green Park

Battersea Park

Regent’s Park

Primrose Hill

HAMMERSMITH

WHITE CITY

KENSAL GREEN

CAMDEN TOWN

CLERKENWELL

WHITECHAPEL

PIMLICO

VAUXHALL

WESTMINSTER

PADDINGTON

KENSINGTON

MAIDA VALE

COVENT GARDEN

TRAFALGAR SQUARE

NOTTING HILL

FULHAM

CHELSEA

SOUTHWARK

THE CITYSOHO

LONDON

2

5 6

7 12

8

9

10

11

13

14

16

15

1

3

4

OXFORD STREET

Admiral Codrington, Chelsea SW3

Baker & Spice, Chelsea SW3

Browns, South Bank SE1

Builders Arms, Chelsea SW3

Casa Cruz, Holland Park W11

Dirty Martini, The City EC3N

Duke of Clarence, Chelsea SW5

Elgin Bar & Grill, Maida Vale W9

Elystan Street, Chelsea SW3

Galvin, The City E1

Mall Tavern, Notting Hill W8

Patara, Chelsea SW3

Prince of Wales, Covent Garden WC2B

Red Lion, St James’s SW1

Uxbridge Arms, Notting Hill W8

Waterfront Brasserie, Vauxhall SW8

1

6

11

16

2

7

12

3

8

13

4

9

14

5

10

15

Property Price Yield (NIY) Date

Queens Arms, Pimlico SW1 £3.56m 3.30% June 2017

Pizza Express, Soho W1 £4.7m 3.50% April 2017

Culpeper, Shoreditch E1 £2.55m 3.00% December 2016

Nellie Dean, Soho W1 £4.95m 2.94% December 2016

Bedford, Balham SW12 c.£7m 3.95% September 2016

Wagamama, Soho W1 £14.5m 3.88% September 2016

Fifty Five, Camden NW1 £2.6m 3.09% September 2016

Walmer Castle, Notting Hill W11 £5.6m 3.35% August 2016

Roebuck, Chiswick W4 £6.8m 3.85% August 2016

Goat, Kensington W8 £8.22m 3.50% June 2016

Two Chairmen, St James Park SW1 £5.28m 3.50% June 2016

Regent, Islington N1 £2.8m 3.25% May 2016

THE MARKETLondon continues to be recognised as one of the worlds

safe havens for property investors. Its status as a leading

global financial centre and as one of the most visited cities

by tourists continues to drive investor and occupier demand.

The most recent research released by the Office for National

Statistics indicated that the number of international visits

to London increased by 20% between 2010 and 2015 to

18.6 million with separate research by Oxford Economics

predicting that the capital will welcome 35.6 million visitors

by 2020. Visitor spend in London has also increased

significantly with £15 billion spent on hotels, restaurants and

attractions, an increase of 35% when compared with 2010.

Investor demand for London assets remains incredibly

strong particularly for buildings which are let to strong

covenants on long leases. Occupier demand for premises

in prime London locations continues to push rental growth

in the capital with no shortage of demand for vacant

accommodation and where tenants do decide to dispose

of their interest then substantial premiums are often paid.

The strength of demand has led to investment yields

sharpening in recent years as can be seen from the schedule

of comparable transactions below.

THE PROPERTIES

1. ADMIRAL CODRINGTON 17 MOSSOP STREET, LONDON SW3 2LY

INVESTMENT SUMMARY

+ Prime Chelsea location

+ Close to Marlborough Primary School and Brompton Road

+ Let to 333 Estates Limited

+ Current rent £162,000 per annum

+ Next review in February 2020

+ Lease expiry October 2026

+ Entire building GIA - 482.1 sq m (5,189 sq ft)

+ We are seeking offers in excess of £4,750,000 (3.21% NIY)

River Thames

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EAUCHAMP PLACE

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TREET

PIMLICO ROAD

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STREET

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CROMWELL ROAD

CHELSEA EMBANKMENT

FULH

AM

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BR

OM

PT

ON

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AD

GRO

SV

BROMPTON ROAD

Chelsea

KnightsbridgeBelgravia

South Kensington

Knightbridge

Hyde ParkCorner

Underground

Sloane Square

Royal AlbertHall

Nautural HistoryMuseum

Harrods

SaatchiGallery

AdmiralCodrington


LOCATION

Located in the heart of Chelsea close to both

Brompton Road and Sloane Avenue, in one of

London’s most affluent districts.

The Admiral Codrington occupies a prominent mid

terrace position in one of London’s most exclusive

residential areas. Commercial occupiers nearby include

Baker & Spice, Daphne’s, Bidendum Oyster Bar and

Gaucho. The property is a short distance from South

Kensington underground station.

DESCRIPTION

The property comprises an attractive building with

accommodation arranged over ground, basement and

two upper floors.

ACCOMMODATION

GROUND FLOOR

A stylish public house with central bar servery and

separate dining area to the rear with seating on a

variety of loose tables, chairs, sofas and fixed benches.

The trade kitchen, managers office and customer

toilets are also at this level.

BASEMENT

Storage room with cellar.

FIRST FLOOR

Function room, separate bar servery, prep kitchen,

staff changing room and customer toilets.

SECOND FLOOR

Managers accommodation comprising a one bedroom

studio with separate en-suite.

EXTERNAL

Seating on wooden benches to the side elevation.

APPROXIMATE FLOOR AREAS

The property has the following approximate gross

internal floor areas.

Ground 211.2 sq m (2,273 sq ft)

Basement 106.9 sq m (1,151 sq ft)

First 97.0 sq m (1,044 sq ft)

Second 67.0 sq m (721 sq ft)

Total 482.1 sq m (5,189 sq ft)

EPC

C-71


PLANNING

Our initial enquiries of the local authority have

revealed that the property is not listed and is not

located within a conservation area.

TENURE AND TENANCY

The property is held freehold.

The entire property is let on a 28 year lease to 333

Estates Limited (Company Number 03205737)

expiring 7 October 2026 at a current rent of £162,000

per annum subject to five yearly upwards only rent

reviews, with the next review on 1 February 2020.

COVENANT

The directors of 333 Estates Limited operate

23 managed public houses across London and the

south of England under the Epicurean Club

https://www.epicurean.club/collection. The company

currently has five pubs in the capital including the

Cross Keys in Chelsea, Sands End in Fulham and the

Punchbowl in Mayfair.

TERMS

We are instructed to invite offers in excess of

£4,750,000 (3.21% NIY) assuming purchasers costs

of 6.58%.

INTERNAL CONFIGURATION


Basment

Ground FloorFirst Floor

Second Floor

2. BAKER AND SPICE 47 DENYER STREET, LONDON SW3 2LX

INVESTMENT SUMMARY


+ Close to Marlborough Primary School and Brompton Road

+ Let to multiple bakery and food retailer Baker and Spice


+ Rent review in September 2017 offering rental growth potential

+ Lease expiry September 2027

+ Ground and basement GIA - 265.7 sq m (2,859 sq ft)

+ Upper floors held on long leases currently generating ground rents

of £590 per annum

+ We are seeking offer in excess of £2,760,000 (4.00% NIY)

River Thames

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B

A315A315

EAUCHAMP PLACE

EATO

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QUA

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ED

BU

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TREET

PIMLICO ROAD

CHELSEA

BRDIG

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BELGRAVE PLA

CE

CH

ES

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M STR

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DRA

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CE

CROMWELL ROAD

CHELSEA EMBANKMENT

FULH

AM

RO

AD

BR

OM

PT

ON

RO

AD

GRO

SVEN

OR

BROMPTON ROAD

Chelsea

KnightsbridgeBelgravia

South Kensington

Knightbridge

Hyde ParkCorner

Underground

Sloane Square


Harrods

SaatchiGallery

Baker & Spice


LOCATION

Located in the heart of Chelsea close to both Sloane

Avenue and Draycott Avenue, in one of London’s most

affluent districts.

Baker & Spice occupies a prominent corner position

between Denyer Street and Mossop Street in one of

London’s most exclusive residential areas. Commerical

occupiers nearby include the Tanner & Lawson

art gallery and residential estate agents Marsh &

Parsons, Ashdown Marks and Safinia. The property

is easily accessible to both Sloane Square and South

Kensington underground stations.

DESCRIPTION

The property comprises a former public house with

accommodation arranged over basement and ground

floor, along with two residential upper floors that have

been let on long ground leases.

ACCOMMODATION

GROUND FLOOR

The ground floor trading area is styled as a traditional

bakery/cafe with a delicatesseen and a variety of loose

tables and chairs. A customer toilet and trade kitchen

are also located at this level.

BASEMENT

Staff changing room, ancillary storage and

managers office.







PLANNING


revealed that the property is Grade II Listed and is

located within the Chelsea Conservation Area.

EPC

D-81


TENURE AND TENANCY


The ground floor and basement is let on a 25 year

lease to Spice Bakery Limited (Company Number

05914839) expiring 28 September 2027 at a current

rent of £117,000 per annum subject to five yearly

upwards only reviews, with the next review on

29 September 2017.

The residential upper floors are subject to a 125 year

lease from 29 September 2002. The current passing

rent is £590 per annum, which is adjusted every five

years in line with RPI indexation.

COVENANT

Baker and Spice currently operate from five cafe

bakeries in locations including Belgravia, Maida

Vale and in Selfridges on London’s Oxford Street.

Spice Bakery Limited is a subsidiary of Patisserie

Holdings plc which is the UK’s largest patisseries

cafe chain with around 175 sites operating across

established brands such as Patisserie Valerie,

Druckers Vienna Patisserie and Philpotts.

TERMS



of 6.42%.



Ground Floor

Basement

3. BROWNS 26 SHAD THAMES, LONDON SE1 2AS

INVESTMENT SUMMARY

+ Prominent River Thames frontage

+ Close to Tower Bridge and City Hall

+ Let to Mitchells and Butlers Retail Limited


+ Next review September 2018

+ Occupational lease expires September 2028

+ Ground and basement GIA - 1,367.9 sq m (14,724 sq ft)

+ 999 year lease from December 2003


FENCHURCHSTREET

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A201

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Bermondsey

London

Bridge

Tower Hill

Monument

Tower of

London

City

Hall

Tower

Bridge

Maltby Street

Market

St Katharine

Docks

Browns


LOCATION

Located in the heart of London’s South Bank

in the Butlers Wharf Riverside development.

Browns occupies a prominent position fronting the

River Thames and overlooking Tower Bridge with

nearby occupiers including All Bar One, Ask Italian and

Le Pont de la Tour. The property is a short walk from

City Hall, the Tower of London and Borough Market.

DESCRIPTION

The property occupies an historic six storey

building with Browns arranged over ground and

basement levels. The upper floors have been

converted to luxury apartments and fall outside of our

clients ownership.

ACCOMMODATION

GROUND FLOOR

Customer trading area with modern bar servery to the

rear and seating on a mix of loose tables, chairs, sofas

and fixed benches. There is a private dining room to

the far end of the main trading area and a disabled

toilet at the end of the bar.

BASEMENT

Customer toilets, trade kitchen, cellar and a number of

storage/plant rooms.

EXTERNAL

Extensive terrace to the front elevation overlooking

the River Thames with seating for c.170 customers.






Total 1,367.9 sq m (14,724 sq ft)

PLANNING


revealed that the property is not listed but it is located

within the Tower Bridge Conservation Area.

MudM

LW

4.6m

4.1m

4.1m

4.3m

FB

Jetty

Chy

FB

TCB

Bollard

Bollard

Bolla

rd

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Mooring

Posts

Posts

MA

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9

18

1 to 6312

Saffron

Wharf

20

20

Vogans Mill

Mill W

harf

23

22

Java Wharf

St Andrew's

24

6 to 54

101

to 8

02

13

St Saviour's Wharf

Pumping

Station

1 to 21

10

6

CorianderCourt

1 to 25

Clove

Building

26

Tea Trade Wharf

198

to 2

06

28

5

1 to 50

New

Con

cord

ia W

harf

4

Mill Stairs

4.2m

Mooring Posts

Jacobs Island Pier

FB

Reeds Wharf

China

Wharf

Providence

Square

1 to

47

1

207

33

31

28

29

30 to 34

Coles Upper Wharf

Spice Quay

101 to 716

Coventry's Wharf

Heights

Boro Const and LB Bdy

10m 20m 30m

vey rved.

1:1250


EPC

C-65

TENURE AND TENANCY

The ground and basement is held on a 999 year lease

from December 2003 at a peppercorn rent.

The occupational lease of the ground and basement

is let for a term of 25 years to Mitchells & Butlers

Retail Limited (Company Number 00024542) expiring

28 September 2028 at a current rent of £335,000


reviews, with the next review on 29 September 2018.

COVENANT

Mitchells and Butlers is a leading operator of managed

restaurants, pubs and bars throughout the UK with

over 1,700 outlets. Their brands include All Bar One,

Browns, Harvester, Miller & Carter, O’Neills and

Vintage Inns.

For the 12 months to 24 September 2016 the company

reported a turnover of £2,083 million and an EBITDA

of £431 million.

TERMS



of 6.65%.



Ground Floor

Basement

4. BUILDERS ARMS 13 BRITTEN STREET, LONDON SW3 3TY

INVESTMENT SUMMARY


+ Close to Royal Brompton Hospital, St Luke’s Church and the

Ivy Chelsea Garden

+ Let to Ei Group Plc


+ New review in August 2020

+ Lease expiry August 2045


+ We are seeking offers in excess of £4,300,000 (3.27% NIY)River

Thames

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CHELSEA

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CROMWELL ROAD

CHELSEA EMBANKMENT

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BROMPTON ROAD

Chelsea

KnightsbridgeBelgra

South Kensington

Knightbridge

Hyde Park

Underground

Sloane Square

Royal AlbertHall


Harrods

SaatchiGallery

BuildersArms


LOCATION

Located in the heart of Chelsea close to both King’s

Road and Fulham Road, in one of London’s most

affluent districts.

The Builder Arms occupies a prominent end of terrace

position fronting Britten Street in a predominantly

residential area. The property is a short distance from

St Luke’s Garden, the Ivy Chelsea Garden and South

Kensington underground station.

DESCRIPTION

The property occupies a prominent end of terrace

building with accommodation arranged over ground,

basement and two upper floors.

ACCOMMODATION

GROUND FLOOR

Customer trading area with bar servery to the side and

a seating on a variety loose tables, chairs and sofas.

BASEMENT

Customer toilets, storage room and cellar.

FIRST FLOOR

Trade kitchen, managers office, storage rooms and

staff room.

SECOND FLOOR

Managers accommodation comprising three bedroom,

kitchen and bathroom.

EXTERNAL

Seating on loose tables and chairs to the front

elevation.






First 74.0 sq m (796 sq ft)



PLANNING



within the Chelsea Conservation Area.

Ward

Bdy

7.8m

7.6m

7.4m

7.5m 7.8m

7.5m

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BURNSALL STREET

BRITTEN STREET

Play Area

St Luke's Gardens

32

198

25

Dave

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19

90 to

100

Honito

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ouse

1

15

184a

1

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ffice

St Luke's Church

Aru

ndel

Merid

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ourt

180

2

15

House

14

6

184

1

15

23

13

Manor

3a

30

23

19

18

196

16

14

46

Astell House

11

33

188a

33

18

125

3

30

PH

House

PH

30

Forsyte

182

17

16

39

194

24

19

3

182a

Court

14 to 6

3

Court

38

15

37

6

1 to 25

House

Cygnet

PH

186

145

Britten

Win

dsor

14

31

12a

1 to 4

1 to

54

14

1 to 1

2

178a

141

20

29

Shawfield

10

5

178

2

1a

1 to 12

204

16a

12

41

13

38

32

2a

131

1 to 31

25

25

7

102

1

20

Court

26

1 to

2

Friese G

reen House

36

135

1 to

9

Alameda

House

24

190

13

224 to 2

26

206 to 2

22

Cinema

Shelter

Sco

rpio

House Shelter

Hall

10m 20m 30m

vey rved.

ale - 1:1250


EPC

D-97

TENURE AND TENANCY


The entire property is let on a 35 year lease to Ei

Group Plc (Company Number 2562808) expiring 16

August 2045 at a current rent of £150,000 per annum

subject to five yearly upwards only rent reviews, with

the next review on 17 August 2020. The tenant has the

benefit of a break option in the 25th year.

COVENANT

Ei Group Plc (Formerly Enterprise Inns Plc) is

the largest pub company in the UK, with over

4,700 properties.

The company, which was founded in 1991, operates

a predominantly leased and tenanted estate with

a growing number of managed operations. For the

12 months to 30 September 2016 the company

reported a turnover of £632 million and an EBITDA

before exceptional items of £292 million.

TERMS



of 6.56%.



Basement

Ground Floor

First Floor

Second Floor

5. CASA CRUZ 123A CLARENDON ROAD, LONDON W11 4JG

INVESTMENT SUMMARY

+ Prime Notting Hill location

+ Close to Holland Park and Ladbroke Grove

+ Let to international restaurant operator Casa Cruz


+ RPI linked rent review in August 2019 offering guaranteed

rental growth

+ Lease expiry August 2034

+ Ground, basement and first floor GIA - 306.0 sq m (3,293 sq ft)

+ Part first, second and third floors held on long leases currently

generating a ground rent of £200 per annum


LA

DB

RO

KE

GR

OV

E

LA

DB

RO

KE

GR

OV

E

B412

A420

7

HARROW ROADSUTHERLAND A

A420

6

A4

20

4

A315

UXBRIDGE ROAD

A219

WO

OD

LA

NE

BARLBY R

OAD

HOLLAND PARK AVENUE

WESTWAY

WESTWAY

A3220

A3220

WESTWAY

Goldhawk Road

Wood Lane

White City

Latimer Road

Westbourne Park

Holland Park

Notting Hill Gate

Kensington

Notting Hill

Ladbroke Grove

Shepherd’sBush

Casa Cruz


LOCATION

Located in the heart of Notting Hill just off of Ladroke

Grove, in one of London’s most fashionable districts.

Casa Cruz occupies a prime corner position at the

junction of Clarendon Road and Portland Road

in a predominantly residential neighbourhood of

Notting Hill. The property is a short distance from

Ladbroke Grove and Holland Park in addition to

Westfield Shopping Centre in Shepherd’s Bush.

DESCRIPTION

The property comprises an attractive former public

house which is arranged over basement, ground and

first floors, along with a roof terrace at part of the first

floor. The second and third floors are in residential use

and have been let on a long ground lease.

ACCOMMODATION

GROUND FLOOR

The ground floor trading area is fitted to an extremely

high standard and has a central servery and a variety

of fixed and loose tables and seating. The trade

kitchen is also located at this level.

FIRST FLOOR

Additional dining area and an external roof terrace.

BASEMENT

Prep kitchen, customer toilets, cellar, ancillary storage

and managers office.








PLANNING




EPC

E-122


TENURE AND TENANCY


The ground, basement and first floor is let on a 20 year

lease to Casa Cruz London Limited (Company Number

8908956) expiring in 19 August 2034 at a current rent

of £85,000 per annum subject to five yearly reviews

in line with RPI with a collar and cap of 1.5% and 3.5%

respectively. The next rent review is on 20 August

2019.

The residential upper floors are subject to a 125 year

lease from 24 June 2009. The current fixed rent is

£200 per annum.

COVENANT

Casa Cruz London Limited is a subsidiary of Santa

Cruz Co. which was founded by entrepreneur Juan

Santa Cruz who has an excellent pedigree in the

industry. Following the success of Casa Cruz the Isabel

Restaurant was launched on Albemarle Street earlier

this year. This venture into the London market follows

the success of venues such as Casa Cruz, Isabel and

Aldos in the Argentinean city of Buenos Aries.

TERMS



of 6.24%.



Ground Floor First FloorBasement

TRADE AREA

TRADE AREA

ROOF TERRACE

STORE

STORE

K ITCHEN

K ITCHEN

STORE

STORE

FOOD PREP

STORE

STORE

STORE

STORE

OFF ICE

POT W ASH

WC

WC

WC

NO

ACCESS

WC

Ground Floor, First Floor & Basement

Ground Floor

Gross Internal Area = 59.16 Sqm / 636.79 Sq.ft

First Floor

6. DIRTY MARTINI 124-127 THE MINORIES, LONDON EC3N 1NT

INVESTMENT SUMMARY

+ Prime City location

+ Close to the Tower of London and Fenchurch Street station

+ Let to Fuller Smith and Turner Plc


+ Rent review in June 2018 offering rental growth potential

+ Lease expiry March 2033


+ Upper floors held on a long lease at a peppercorn rent



LOCATION

Located in the heart of The City on the Minories, in

the centre of London’s square mile and within close

proximity to the Tower of London.

Dirty Martini occupies a prime position fronting

the Minories, an established leisure destination

in the City known for its excellent mix of bars,

restaurants and hotels. Occupiers nearby include

The Chamberlain Hotel (Fuller’s), Thai Square,

The Abbey (Novus), The Three Lords, Motel One,

Hotel Indigo and Revolution. The property is a short

distance from Tower Bridge and Fenchurch Street and

Aldgate stations.

DESCRIPTION

The attractive period building has accommodation

arranged over ground and basement floors with

residential on the upper four floors, which has been let

on a long ground lease.

ACCOMMODATION

GROUND FLOOR

A stylish cocktail bar which has been fitted to a high

standard and has a variety of loose and fixed seating

and a bar servery to one side. A cellar and plant area

are also at this level.

BASEMENT

Further trade area with loose and fixed seating,

customer toilets, trade kitchen, staff room, ancillary

storage and managers office.







PLANNING




EPC

F-126


TENURE AND TENANCY


The ground and basement is let on a 35 year lease to Fullers,

Smith and Turner Plc (Company Number 241882) expiring

26 March 2033 at a current rent £185,000 per annum subject

to five yearly upwards only rent reviews, with the next review

on 27 June 2018.

Fuller Smith & Turner has underlet the property which is

currently occupied by DC Bars Limited with Tuttons Brasserie

Limited as guarantor. DC Bars Limited are the company behind

the cocktail bar operator Dirty Martini who currently operate

from 8 venues in locations including Covent Garden, St Paul’s,

Mayfair and Islington.

The residential upper floors are subject to a 999 year lease

from 25 December 1997 at a peppercorn rent.

COVENANT

Fuller Smith and Turner Plc are a family brewer and leading

pub and hotel operator. The company operate from the historic

Griffin Brewery site in Chiswick where it brews its famous beers

including ESB and London Pride. They currently own 390 pubs

and hotels which operate primarily in London and across the

south of England. For the 12 months to 26 March 2016 the

company reported a turnover of £350.5m and an EBITDA of

£65m with a tangible net worth of £265.5m.

TERMS

We are instructed to invite offers in excess of £4,630,000

(3.75% NIY) assuming purchasers costs of 6.57%.



Ground FloorBasement

TRADE AREA

TRADE AREA

TRADE AREA

TOILETS

TOILETS

KITCHEN

OFFICEOFFICE

FOOD LIFT

STORE

CELLAR

CIRC

STAFF

CIRC

CLEANERS

CUPBOARD

CUP.

METERS

W.C

Basement

TRADE AREA

TRADE AREA

TRADE AREA

GLASS WASH

CELLAR

PLANT

CIRCULATION

BIN STORE

VOID TO BELOW

VOID TO BELOW

CIRCULATION

TOILET

FOOD LIFT

7. DUKE OF CLARENCE 148 OLD BROMPTON ROAD, LONDON SW5 0BE

INVESTMENT SUMMARY

+ Prime South Kensington location

+ Close to H.R. Owen Ferrari, Eclipse Bar and the Drayton Arms

public house

+ Let to leading London pub operator Young & Co’s Brewery P.L.C


+ Rent review in September 2017 offering rental growth potential

+ Lease expiry September 2037


+ Upper floors held on long leases currently generating ground rents

of £2,360 per annum

+ We are seeking offers in excess of £2,870,000 (3.60% NIY) River

Thames

O

LD BROMPTON R

D

CR

AN

LEY

GA

RDENS

ON

SLO

W G

ARD

EN

SB

EA

UFO

RT S

TR

EET

OLD

CH

UR

CH

ST

RE

ET

KINGS R

OAD

OLD

BRO

MPTO

N R

D

QU

EE

N’S

GA

TE

EX

HIB

ITIO

N R

OA

D

MA

RL

OE

S R

OA

D

CROMWELL ROAD

FULHAM

RO

A

D

CHELSEA EMBANKMENT

RED

CLIF

FE G

AR

DEN

S

FIN

BO

RO

UGH R

OA

D

RED

CLIF

FE G

AR

DEN

S

FIN

BO

RO

UGH R

OAD F

ULHAM

RO

AD

Earl’s

Court

Gloucester

RoadSouth

Kensington

Fulham

Broadway

Chelsea

Worlds

End EstateColeridge

Gardens

Knightsbridge

Duke of Clarence


LOCATION

Located in the heart of South Kensington on

Old Brompton Road, one of London’s most affluent

districts.

The Duke of Clarence occupies a prime corner position

at the junction of the Old Brompton Road (A3218)

and Dove Mews, with nearby occupiers including the

Drayton Arms public house (Mitchells and Butlers) and

H.R. Owen Ferrari. The property is a short distance

from both Gloucester Road and South Kensington

underground stations and the Natural History Museum.

DESCRIPTION

The property comprises an attractive four storey

public house with accommodation arranged over

basement and ground floors, along with four

apartments at upper floors that have been let on long

ground leases.

ACCOMMODATION

GROUND FLOOR

Customer trading area with central bar servery, a mix

of tables and seating for approximately 64 covers and

customer toilets.

BASEMENT

Cellar, ancillary storage, managers office and a

catering kitchen.







PLANNING



within the Boltons Conservation Area.

EPC

F-135


TENURE AND TENANCY


The ground floor and basement is let on a 35 year

lease to Young & Co’s Brewery P.L.C (Company

Number 00032762) expiring 28 September 2037 at

a current rent of £107,500 per annum subject to five

yearly upwards only rent reviews, with the next review

on 29 September 2017.

The four apartments above are subject to a 125 year

lease from 29 September 2002. The current rent is

£590 per apartment per annum, which is adjusted

every five years in line with RPI.

COVENANT

Young & Co’s Brewery are a leading managed pub

company that currently own 252 pubs across London

and the south. Turnover for the company was £268.9m

in the 12 months to 3 April 2017, an increase of 9.4%

from the previous year. EBITDA during this period was

£66.5m (2016 £58.4m).

TERMS



of 6.43%.


Ground Floor Basement


8. ELGIN BAR & GRILL 255 ELGIN STREET, LONDON W9 1NJ

INVESTMENT SUMMARY

+ Prime Maida Vale location

+ Close to Lord’s Cricket Ground in a sort after residential

neighbourhood

+ Let to Urban Leisure Group with an AGA from Ei Group Plc


+ Next review in November 2020

+ Lease expiry November 2045


+ We are seeking offers in excess of £2,900,000 (3.40% NIY)A2206

CARLTON VALE

CA

RLTO

N H

ILL

ELGIN

AVE

SUTHERLAND

AV

E

HALL R

D

CIR

CUS R

D

ELGIN AVE

SUTHERLAND AVE

MAID

A V

ALE

BELSIZE R

D

A5

ABBEY R

OA

D

WARW

ICK AVE

A5

A404

WESTWAY

FIN

CH

LE

Y R

OA

D

A5

A5205

WESTWAY

A5

WELLIN

GTO

N

RO

AD

Kilburn Park

St. John’s Wood

Maida Vale

Warwick

Avenue

Westbourne

Park

Edgware

RoadRoyak Oak

Lisson Grove

Queen’s

Park

Lord’s

Cricket Ground

Abbey Road

Studios

Elgin Bar & Grill

BBC Maida Vale

Studios


LOCATION

Located in the heart of Maida Vale in one of London’s

most affluent and fashionable residential districts.

The Elgin Bar and Grill occupies a prominent corner

position at the intersection between Elgin Avenue

and Lanark Road. Occupiers nearby include Natwest,

Savills and Barclays in addition to a number of

independent retailers. The property is diagonally

opposite Maida Vale underground station and a

short distance walk from Lord’s Cricket Ground and

St John’s Wood.

DESCRIPTION

The property occupies a prominent corner building

with accommodation arranged over ground, basement

and three upper floors.

ACCOMMODATION

GROUND FLOOR

Customer trading area with modern tiled bar to the

side and seating on a variety of loose tables, chairs

and sofas. There is a disabled toilet to the rear.

BASEMENT

Customer toilets, storage rooms, managers office

and cellar.

FIRST FLOOR

Function room, bar servery and trade kitchen.

SECOND & THIRD FLOORS

Six double bedrooms, domestic kitchen, separate toilet

and bathroom. The upper floors can be accessed from

a separate entrance from Lanark Road.

EXTERNAL

Seating on loose tables and chairs to the front and

side elevations.








Third 81.8 sq m (880 sq ft)



PLANNING

Our initial enquiries of the

local authority have revealed

that the property is not listed

but it is located within the

Maida Vale Conservation Area.

EPC

D-97

TENURE AND

TENANCY


The entire property is let on a

35 year lease to Urban Leisure

(MV) Limited (Company

Number 07934041) with

an authorised guarantee

agreement from Ei Group

Plc (Company Number

02562808) expiring 29

November 2045 at a current

rent of £105,000 per annum

subject to five yearly upwards

only rent reviews, with the

next review on 30 November

2020. The tenant has the

benefit of a break option in

the 25th year.

COVENANT

The Urban Leisure Group is

an independent premium

bar and restaurant company

operating 8 venues across

the capital. Their existing

venues include Alice House

in Queen’s Park, Heist Bank in

Paddington and Coin Laundry

in Exmouth Market.

Ei Group Plc (Formerly

Enterprise Inns Plc) is

the largest pub company

in the UK, with over

4,700 properties.

The company, which was

founded in 1991, operates

a predominantly leased

and tenanted estate with a

growing number of managed

operations. For the 12 months

to 30 September 2016 the

company reported a turnover

of £632 million and an EBITDA

before exceptional items of

£292 million.

TERMS

We are instructed to invite

offers in excess of £2,900,000

(3.40% NIY) assuming

purchasers costs of 6.44%.



Ground Floor

First Floor

Second Floor

Third Floor

Basement

9. ELYSTAN STREET 43 & 39A ELYSTAN STREET, LONDON SW3 3NT

INVESTMENT SUMMARY


+ Close to the Natural History Museum and Fulham Road

+ Freehold of the entire property available including residential

upper floors

+ Ground and basement let to Michelin starred chef Philip Howard


+ Ground and basement held on two separate leases both expiring

October 2027

+ First, second and third floor apartment held on a lease expiring

August 2018

+ Next rent review in October 2017 for both restaurant leases


+ We are seeking offers in excess of £8,000,000 for the entire property

River Thames

DR

AY

TO

NGARDEN

S

ON

SLO

W G

ARD

EN

SB

EA

UFO

RT S

TR

EET

OLD

CH

UR

CH

ST

RE

ET

INGS ROAD

OLD B

ROM

PTON

RD

QU

EE

N’S

GA

TE

EX

HIB

ITIO

N R

OA

D

SL

OA

NE

ST

RE

ET

SLOANE A

VENUE

KINGS R

OAD

RO

YAL

HO

SPIT

AL R

OAD

OA

KLE

Y S

TR

EE

T

PONT STREET

B

A315A315

EAUCHAMP PLACE

E

LYA

LL STREET

PIMLIC

CHELSEA

BR

CH

ES

HA

M STR

EET

DRA

YCO

TT PLA

CE

CROMWELL ROAD

CHELSEA EMBANKMENT

FULH

AM

RO

AD

BR

OM

PT

ON

RO

AD

BROMPTON ROAD

Chelsea

KnightsbridgeBelgra

South Kensington

Knightbridge

Hyde Park

Underground

Sloane Square

Royal AlbertHall


Harrods

SaatchiGallery

ElystanStreet


Restaurant

LOCATION

Located in the heart of Chelsea close to both Fulham

Road and Sloane Avenue, in one of London’s most

affluent districts.

Elystan Street occupies a prominent corner position

in one of London’s most exclusive residential areas.

Nearby occupiers include the Natural History Museum,

the Admiral Codrington public house and Bidendum

Oyster Bar. The property is a short distance from

South Kensington underground station.

DESCRIPTION

The property occupiers an attractive corner building



ACCOMMODATION

GROUND FLOOR

The ground floor trading area is styled as a modern

restaurant with separate private dining room, customer

toilets, disabled toilet and side bar with glass wash.

BASEMENT

Trade kitchen, storage rooms, staff toilets/changing

room and managers office.

FIRST, SECOND & THIRD FLOORS

(FLAT 1, 43 ELYSTAN STREET)

Residential apartment arranged over first, second and

third floor levels.

The apartment comprises an open plan kitchen/dining

room at first floor, a master bedroom with ensuite

and separate toilet at second floor and two double

bedrooms and a separate bathroom at third floor.








Third 59.8 sq m (643 sq ft)


EPC

C-73

Ward B

dy

7.0m

6.7m

LB

D Fn

Cycle Hire Station

CALE STREET

MAR

LBO

RO

UG

H S

TR

EET

Bedmond House

Leverstock

Icknie

ld

21 1

Fla

mste

ad

13

House

17

House

1

2

19

Astell House

Surgery

53

Hou

se

1 to 22

25

Est

ate

35

1 to 25

Oat

wel

l Hou

se

Court

1 to

30

Mar

lowe

Cou

rt

15

Maylands H

ouse

PH

221

to 2

4510a

Win

dsor

Byron C

t

Gadebrid

ge H

ouse

9

Aldbury House

Kin

gsm

ill House

16

1 to 12

11

Cranm

erSutton Estate

Chipperfield

13

30

Jennin

gsbury

House

Court

23

40

Ham

merfie

ld

33

House

17

Boro

Const

Bdy

Ward B

dy

Boro C

onst & W

ard Bdy

6.8m

6.9mLU

CAN P

LACE

IXW

OR

TH

PLA

CE

PETYW

AR

D

MAKIN

S S

TR

EET

ELY

STA

N S

TREET

SLOANE AVENUE

37

Garage

Station

Curran H

ouse

Colebrook

17 to 24

72 to 83

Chelsea

Crow

n Lodge47

132

60 to 71

1 to

24

Hou

se1

Police

84 to 95

1 to 8

27

12

Sut

ton

14

12

PH

120

901 to 942

181

to 2

20

8

14 to 2

3

to

39

Court

Block M

29

35

Sta

El Sub

1

24

39

1 to

60

1 to 957

7

Cloisters

Trust Dwellings

1 to 30

36 to 47

108 to 119

96 to 107

15

to

28

Net

tlede

n

87

24 to 35

1 to 11

85

131

1 to 12

Hotel

12

Filling

Station

33

35

23

48 to 59

10m 20m 30m

vey ed.

ale - 1:1250


Restaurant

Restaurant



Ground Floor

First Floor Second Floor Third Floor

Basement


PLANNING

Our initial enquiries of the local authority have revealed

that the property is not listed and is not located within

a conservation area.

TENURE AND TENANCY


The ground and basement is let on two separate leases

both expiring 29 October 2027 at a current combined

rent of £177,500 per annum.

The ground and basement of 43 Elystan Street is let

on a 25 year lease to Elystan Street Limited (Company

Number 10133981) expiring 29 October 2027 at a

current rent of £158,325 per annum subject to five

yearly upwards only rent reviews, with the next review

on 30 October 2017.

The ground and basement of 39A Elystan Street is

let on a 10 year and 2 month lease to Elystan Street

Limited (Company Number 10133981) expiring

29 October 2027 at a current rent of £19,175 per annum

subject to five yearly upwards only rent reviews, with

the next review on 30 October 2017.

The three bedroom apartment at first, second and

third floor levels is currently let on on a lease expiring

on 9 August 2018 at a current rent of £78,000

per annum.

COVENANT

Elystan Street is a stylish Michelin Star restaurant in

Chelsea serving modern European food. The restaurant

is owned by Michelin starred chef Philip Howard

who owned and operated the two Michelin starred

restaurant the Square in Mayfair before selling this in

2016 to open Elystan Street in SW3.

TERMS


£8,000,000. A sale price at this level would reflect a

net initial yield of 3.79% assuming purchasers costs

of 6.56% on the commercial element and £1,760 per

square foot on the residential element.

ResidentialResidentialResidential

10. GALVIN 35 SPITAL SQUARE, LONDON E1 6DY

INVESTMENT SUMMARY

+ Prime City of London location

+ Close to Spitalfields Market and Truman’s Brewery

+ Let to Michelin starred chef’s Chris and Jeff Galvin


+ Additional turnover rent payable

+ Next review in August 2019

+ Occupational lease expires August 2034




LOCATION

Located in the heart of the City of London at the

centre of the capitals business district.

Galvin occupies a prime end of terrace position

fronting Spital Square and Bishops Square with nearby

occupiers including the Market Tavern (Young’s),

Itsu and Patisserie Valerie. The property is a short

distance from Spitalfields Market, Truman Brewery and

Liverpool Street Station.

DESCRIPTION

The property occupies the entire Grade II Listed St

Botolph’s Hall and the ground floor of the adjacent

modern five storey building which are connected by an

attractive glazed dining area.

ACCOMMODATION

GROUND FLOOR

Customer trading area arranged across St Botolph’s

Hall and the adjacent modern development with an

attractive glazed dining area between the buildings.

St Botolph’s Hall is arranged with a modern corner bar

servery and seating on a variety of loose tables chairs

and fixed booth seating. The glass dining area also

provides additional seating. The ground floor of the

adjacent development provides a modern bar servery,

customer seating on loose tables and chairs, customer

toilets and a separate coffee servery. There are two

trade kitchens with a separate serving hatch for each

of the two main areas.

MEZZANINE

Additional customer trading area and customer toilets

in St Botolph’s Hall.

BASEMENT

Storage rooms, staff changing room and managers

office. There is also a separate access to street level.

EXTERNAL

Seating on loose tables and chairs to both the front

and rear elevations.





Basement 79.5 sq m (855 sq ft)

Mezzanine 51.7 sq m (556 sq ft)



PLANNING

Our initial enquiries of

the local authority have

revealed that part of the

property is Grade II Listed

(St Botolph’s Hall) and is

located within the Elder Street

Conservation Area.

EPC

E-120

TENURE AND

TENANCY

The property is held part

freehold and part leasehold on

a 240 year lease from August

2013 at a peppercorn rent, as

shown in the promap plan in

blue and red respectively.

The occupational lease is let

for a term of 25 years to Galvin

Brasserie De Luxe Limited

(Company Number 05404255)

expiring 16 August 2034 at a

current rent of £305,000 per

annum subject to five yearly

upwards only rent reviews,

with the next review on

17 August 2019. An additional

turnover rent is also payable

being equal to the amount by

which 6.25% of gross turnover

exceeds the basic yearly rent

with a cap at 121% of the

yearly rent. Further details are

available upon request.

COVENANT

Galvin Restaurants is a family

run collection of French

restaurants founded in 2005

by Michelin starred chef

brothers Chris and Jeff Galvin.

The company now operates

eleven restaurants across

London in addition to in

Edinburgh and Dubai.

Galvin La Chapelle was

established in 2009 in

Spitalfields and provides

modern French cuisine gaining

a Michelin Star in the 2011

Red Guide.

TERMS

We are instructed to invite

offers in excess of £9,375,000

(3.05% NIY) assuming

purchasers costs of 6.69%.



Basement

Ground Floor

Mezzanine

11. MALL TAVERN 71-73 PALACE GARDENS, LONDON W8 4RU

INVESTMENT SUMMARY


+ Close to Kensington Gardens and Kensington Palace



+ Next review in November 2020

+ Lease expiry November 2045



LA

DB

RO

KE

GR

OV

E

LA

DB

RO

KE

GR

OV

E

B412

A420

7

A420

6

A4206

B4

11

A4

20

4

A315A315

HOLLAND PARK

KENSINGTON H

IGH STREET

BAYSWATER ROAD

MA

RLO

ES

RO

AD

QU

EE

N’S

GA

TE

AVENUE

TWAY

A3220

WESTWAY WESTWAYWestbourne Park

Royal Oak

Bayswater

Paddington

Lancaster

Gate

Queensway

Kensington

(Olympia)

Holland Park

Notting

Hill Gate

Kensington

Notting Hill

Bayswater

Palace Green

Kensington

Gardens

Mall Tavern


LOCATION

Located in the heart of Notting Hill, just off Notting Hill

Gate in one of London’s most fashionable districts.

The Mall Tavern occupies a prominent corner position

at the intersection between Kensington Mall and

Palace Gardens in a predominantly residential area.

The property is within close poximity to Kensington

Church Street and Notting Hill Gate where occupiers

include Waterstones, Barclays and Nandos and is a

short walk from Portobello Market, Kensington Palace

and Notting Hill Gate underground station.

DESCRIPTION

The Property occupies a prominent corner building


and two upper floors.

ACCOMMODATION

GROUND

The trading area is styled as a traditional public house

which is fitted in a contemporary style with central

wooden bar servery, two interconnecting trade areas

with seating on a mix of loose tables, chairs and fixed

benches. Ladies toilets are also located at this level.

BASEMENT

Additional trading area with separate bar servery,

storage rooms and cellar.

FIRST

Private dining room, gentlemen’s toilets and trade kitchen.

SECOND

Managers accommodation which comprises three

bedrooms, lounge/kitchen, bathroom and utility room.

EXTERNALLY

Enclosed beer garden to the rear elevation with

seating on wooden benches.







Second 109.0 sq m (1,173 sq ft)


ROMAN ROAD

25.0m

26.8m

25.2m

26.9m

27.2m

25.5m

LB

TCBs

Hire

Cycle

Station

TCB

ST

RE

ET

STRATHMORE GARDENS

NOTTING HILL GATE

EDGE STREET

RA

BB

IT R

OW

NE

WC

OM

BE

KENSINGTON M

ALL

WESTMALL

PA

LA

CE

GA

RD

EN

S T

ER

RA

CE

PA

LA

CE

GA

RD

EN

S M

EW

S

Underg

round R

ailw

ay

El Sub Sta

1

118

3

9

104 to

108

166

14

102

30

120

Baptis

t Chapel

206

39 to 41

37 to

48

Courtla

nds

126

122

25

79

Beth

esda

110

Carlyle

Mansions

1 to 101

Mansions

to

36 to

135

237

7a

6

8

12

61

55

Bank

235

11

1

172

1

124

1 to 21

10 to

16

182

1 to 12

1 to 12

188

35

200

46

to202

190

17

44

27

15

219

36

25

25

50

Bank

23

29

48

205

Newcombe PO

30

207

PH

160

144

7a

5

7

146

148

142

140

1

229

8a

161 to 1

99

Royston

116

55a

80

8

8

132

Campden

13 to 24

7

57

26

59

69

6

Chambers

Church

PO

Church

Mall

Broadwalk Court

Embassy of the Czech Republic

The StudioHouse

LU

CE

RN

E M

EW

S

92

Court

7

5

PH

Bank

4

150

to

152

162

137 to 1

41

Campden Hill

Mansions

174 to

180

164

68

2

Shelter

Shelter

Shelter

Astley House

She

lter

1 to 10

81

FSs

PA

LA

CE

GA

RD

EN

S M

EW

S

25

9

12

CR

Ward Bdy 27.9m

LB

LINDEN MEWS

LINDEN GARDENS

Bank

1

26

12

2

1

2 to 6

24a24

24b

1 to 3

108

Cla

nricard

e

Mansio

ns

Shelters

Ward Bdy

Wellington Terrace

10m 20m 30m

vey ed.

ale - 1:1250


PLANNING

Our initial enquiries of the local

authority have revealed that the

property is not listed but it is

located within the Kensington

Palace Conservation Area.

EPC

D-90

TENURE AND

TENANCY


The entire property is let on a

35 year lease to Ei Group Plc

(Company Number 02562808)

expiring 29 November 2045 at

a current rent of £110,000 per

annum subject to five yearly

upwards only rent reviews, with

the next review on 30 November

2020. The tenant has the benefit

of a break option in the 25th year.

COVENANT

Ei Group Plc (Formerly Enterprise

Inns Plc) is the largest pub

company in the UK, with over

4,700 properties.

The company, which was founded

in 1991, operates a predominantly

leased and tenanted estate with

a growing number of managed

operations. For the 12 months

to 30 September 2016 the

company reported a turnover

of £632 million and an EBITDA

before exceptional items of

£292 million.

TERMS

We are instructed to invite offers

in excess of £3,200,000 (3.23%

NIY) assuming purchasers costs

of 6.47%.



Basement

First Floor

Ground Floor

Second Floor

12. PATARA 181 FULHAM ROAD, LONDON SW3 6JN

INVESTMENT SUMMARY

+ Prime South Kensington location

+ Close to Royal Marsden School, Saint Augustine of Canterbury and

Bibendum Oyster Bar

+ Let to international Thai restaurant operator Patara


+ Rent review in December 2017 offering rental growth potential

+ Lease expiry December 2021


+ Upper floors are held on long leases currently generating ground

rents of £100 per annum


River Thames

OLD BROMPTON RD

CR

AN

LEY

GA

RDEN

S

ON

SLO

W G

ARD

EN

SB

EA

UFO

RT S

TR

EET

OLD

CH

UR

CH

ST

RE

ET

SLOANE AVENUE

OLD B

ROM

PTON R

D

QU

EE

N’S

GA

TE

EX

HIB

ITIO

N R

OA

D

B319

KING STREET

B30

4

CROMWELL ROAD

FULH

AM

ROA

D

CHELSEA EMBANKMENT

RED

CLIF

FE G

AR

DEN

S

FINBO

RO

UGH R

OA

D

DE

NS

FULH

AM

ROAD

BR

OM

PT

ON

RO

AD

Gloucester Road South

Kensington

Chelsea

Worlds End EstateColeridge

Gardens

Knightsbridge

Patara


LOCATION

Located on London’s fashionable Fulham Road on the

borders of South Kensington and Chelsea.

Patara occupies a prime corner position at the junction

of the Fulham Road (A308) and Sydney Street, with

nearby occupiers incuding Royal Marsden Hospital

and exclusive restaurants jewellers and fashion

retailers including Amanda Wakeley, Butler & Wilson,

Vilebrequin and PJ’s Bar & Grill. South Kensington

underground station is within easy walking distance.

DESCRIPTION

The property is arranged over basement and ground

floors, along with three residential upper floors that

have been let on long ground leases.

ACCOMMODATION

GROUND FLOOR

The ground floor trading area is styled as a modern

Thai restaurant with a bar servery to the rear and a

variety of loose tables and seating.

BASEMENT

Additional trade area, customer toilets, trade kitchen

and ancillary storage.




Ground 61.9 sq m (666 sq ft)



PLANNING


revealed that part of the property (Number 1 Sydney

Street) is Grade II Listed and the property is located

within the Chelsea Conservation Area.

EPC

F-138


TENURE AND TENANCY


The ground and basement is let on a 15.5 year lease

to S&P Restaurants Limited (Company Number

02363316) expiring 24 December 2021 at a current

rent of £84,500 per annum subject to an upwards only

rent review on 24 December 2017.

The three apartments above are subject to long leases.

Apartments 1 and 3 are subject to a 189 year lease

from 24 June 1990 at a peppercorn rent. Apartment 2

is subject to a 99 year lease from 24 June 1990 at a

fixed rent of £100 per annum.

COVENANT

S&P Restaurants currently operate 8 restaurants

in London, 7 of which are under the Patara brand

(Berners Street, Hampstead, Knightsbridge, Soho,

South Kensington, Hampstead and Oxford Circus)

and Suda in Covent Garden. In the 12 months to

31 December 2015 the company reported turnover of

£7.46m, pre-tax profits of £285,317 with a tangible net

worth of £2.98m. Patara also have restaurants which

operate outside of S&P Restaurants Limited in Geneva,

Bangkok, Singapore, Beijing and Vienna.

TERMS



of 6.24%.



Ground Floor Basement

13. PRINCE OF WALES 150 DRURY LANE, LONDON WC2B 5TD

INVESTMENT SUMMARY

+ Prime Covent Garden location

+ Close to the Royal Opera House and the London Transport Museum

+ Let to Spirit Pub Company which is wholly owned by Greene King

Pub Company


+ Fixed annual rental increases of 2.5% offering guaranteed rental

growth




LOCATION

Located in the heart of London’s West End, Covent

Garden is renowned as being at the centre of the

capitals tourism and entertainment scene.

The Prince of Wales occupies a prominent corner

position at the intersection between Drury Lane and

Great Queen Street with occupiers nearby including

Itsu, the De Vere Grand Connaught Hotel, the New

London Theatre and Freemason’s Hall. The property is

a short distance from many restaurants, bars, fashion

retailers and theatres that make up Covent Garden.

DESCRIPTION

The property occupies an attractive corner building



ACCOMMODATION

GROUND FLOOR

Customer trading area with traditional wooden bar

servery and seating on a variety of loose tables and

chairs. Customer toilets are located at this level.

BASEMENT

Storage rooms and cellar.

FIRST FLOOR

Function room with separate bar servery, prep kitchen

and customer toilets.

SECOND FLOOR

Two function rooms, trade kitchen, storage rooms,

managers office and staff toilets/changing room.

THIRD FLOOR

Managers accommodation comprising five

double rooms, bathroom, separate toilet and

domestic kitchen.







Second 153.0 sq m (1,647 sq ft)

Third 117.6 sq m (1,266 sq ft)


CR

Bor

o Con

st, G

L Asly

Con

st &

LB B

dy

Dem

CR

23.5m

23.8m

23.8m

TCP

Sports Court

TCBs

TCBCycle Hire

Station

Risin

g Bol

lard

s

WILD STREET

Hanover P

lace

PAR

KER

STR

EET

GREAT

QUEEN S

TREET

BOW

STREET

LONG

ACRE

PAR

KER

MEWS

ARNE STR

EET

DRYDEN S

TREET

DRURY LAN

E

Gardens

Play Area

Drury

Lane

19

167

Peabody Estate

15

7

7

to

21 to 30

PH

1 to 50

6

40

79

Crown Court

(Lod

ging

Hou

se)

Magis

trate

s C

ourt

Bow

Street

18

1 to 29

150

82

67 to 68

2

34 to 38

30

30 to

34

International House

151

24

39

169

Bui

ldin

gs

17

57 to 59

42

1 to 40

(United Grand Lodge

84

8 to 24

Powis H

ouse

3

23

170

83

55

1 to 29

61

8

16

Church

32

Par

ker Stree

t Hou

se

81

Crown Court

Martlett

Crown Court

Block F

Hall

1 to 24

11

26 to

29

of England)

6D

rury

House

Peabody Estate

Court

Bro

ad C

ourt

141 to 145

8 to 18

44 to 4

6

4

Freemasons' Hall

9

1 to 40

8

40

63

19

Bank

PH

PH

Hotel

35

2

20

6

24 to

26

11

4

12

30

4

64

63

65

10 to 14

170a

9

New London Theatre

26

1 to

7

PH

Car Park

13

Fletcher Buildings

Ald

wyc

h W

orks

hops

Charter House

PH

1 to 23

Ald

wyc

h

Ban

k

11 to 14

1 to 5

158

6

4

171

25

PH

2

Cha

mbe

rs

Hou

se

69 to 76

Block H

Beaumont Buildings

Sheridan Buildings

149

148

157

9 to

12

1 to 10

(1 to 35)

41 to

44

77

8

Block G

66

Design Council

45

1 to 29

61

39

34

4078

161

9

8 to

10

37

11 to

13

38

28

36

43

168

19 to

21

21

80

Weld

House

Chy

Wild

Cou

rt

1 to 24

58

34 to 4

3

Theatre Royal

Block E

Block D

Connaught Rooms

1 to 29

Block M

Block L

1 to 29

20m 30m

vey ed.

ale - 1:1250


PLANNING

Our initial enquiries of the local

authority have revealed that the

property is not listed but it is

located within the Covent Garden

Conservation Area.

EPC

D-80

TENURE AND

TENANCY


The entire property is let on a 30

year lease to Spirit Intermediate

Holdings Limited (Company

Number 04914762) expiring

23 June 2034 at a current rent

of £281,435 per annum subject

to fixed annual increases of

2.5% until 25 December 2018.

From 25 December 2019 the rent

can be reviewed at the election

of the landlord to either five

yearly upwards only open market

reviews or annually compounded

fixed increases of 2.5%.

COVENANT

Spirit Pub Company was acquired

by Greene King Plc in 2015 for

£774m, forming the largest

managed pub company in the

UK with an estate of over 3,100

properties. The company operate

from the historic Westgate

Brewery in Bury St. Edmunds

where it brews its famous beers

including Old Speckled Hen and

Abbot Ale.

For the 12 months to 30 April

2017 Greene King Plc reported a

turnover of £2,216 million and an

EBITDA of £524 million.

TERMS

We are instructed to invite offers

in excess of £8,500,000 (3.10%

NIY) assuming purchasers costs

of 6.68%.



Ground Floor

First Floor

Second Floor Third Floor

Basement

14. RED LION 23 CROWN PASSAGE, LONDON SW1Y 6PP

INVESTMENT SUMMARY

+ Prime St James’s location

+ Close to St James’s Park and Buckingham Palace



+ Next rent review in January 2020

+ Lease expiry January 2045




LOCATION

Located in the heart of St James’s in London’s

West End.

The Red Lion occupies a mid terraced position fronting

Crown Passage, which runs between Pall Mall and

King Street in one of London’s most exclusive districts.

Nearby occupiers on Crown Passage include Coco di

Mama, Pret a Manger, Eat and Davy’s with landmark

buildings in the vicinity including St James’s Palace,

The Army & Navy Club and The Ritz. The property is a

short distance from Green Park underground station.

DESCRIPTION

The property comprises an attractive Grade II Listed


ground, basement and two upper floors.

ACCOMMODATION

GROUND FLOOR

A traditional public house with wooden bar servery

and seating on a variety of loose tables, chairs and

bar stools.

BASEMENT

Gentlemen’s toilets, storage room and cellar.

FIRST FLOOR

Additional trading area with seating on loose tables

and chairs and a trade kitchen.

SECOND FLOOR

Ladies toilets and managers accommodation

comprising double bedroom, living room

and bathroom.









EPC

D-99

Gatehouse

7.6m

9.1m

8.8m

7.9m

8.5m

LB

Marlborough

Gate

Mem

oria

l

Colour Court

Friary C

ourt

Ambassador's C

ourtST JA

MES'S

STR

EET

MALL

Crow

n Passage

CLEVELAND

RUSSELL

PALL

CLE

VE

LA

ND

PLA

CE

MA

RLB

OR

OU

GH

RO

AD

RYDER STREET

KING S

TREET

ST JA

ME

S'S

SQ

UA

RE

Angel C

ourt

COURT

RYDER STREET

BU

RY S

TR

EET

ROW

Pickering

Place

Rose

and C

row

n Y

ard

Ryder C

ourt

Princes P

lace

66

Commonwealth Centre

1

16

33

65

10

54

Marlborough House

Dean's

Cambridge

Residence

Oxford and

El Sub S

ta

6

Cleveland House

22

University Club

Police Post

71

68

Bank B

uildings

69

50

37

70

71

35

38

8

38

2

4 to

6

1

21

3

23

2

4

8

7

16

10

9

21

21

7

25

5

24

31

21

29

37

10

52

19

5

2

1

21

64

2

5 2PH

York H

ouse

Chapel

Roya

l

17

20

3

PH

10

7

73

67a

23

8

7

4

1

4

58

3

12

17

43

56

9 to 1588

72

Chapel

59

Carlton C

lub

Queen's

3

9

Sudanese Embassy

46

1

55

East India and S

ports C

lub

3

25

57

1

19

68

2

86

8

78

12

62

1

5

El Sub Sta

Mark Mason H

all

Bank

20

30

40

47 4

8

18

7 to 9

15

1

15

to

17

48 to 49

4

St James's P

alace

3

20

26 to 28

Almack House

67

66

10m 20m 30m

vey ed.

ale - 1:1250


PLANNING

Our initial enquiries of the local authority have revealed

that the property is Grade II Listed but is not located

within a conservation area.

TENURE AND TENANCY


The entire property is let on a 35 year lease to Ei Group

Plc (Company Number 02562808) expiring 13 January

2045 at a current rent of £90,000 per annum subject

to five yearly upwards only rent reviews, with the next

review on 14 January 2020. The tenant has the benefit of

a break option in the 25th year.

COVENANT

Ei Group Plc (formerly Enterprise Inns Plc) is the largest

pub company in the UK, with over 4,700 properties.


a predominantly leased and tenanted estate with a

growing number of managed operations.

For the 12 months to 30 September 2016 the company



TERMS

We are instructed to invite offers in excess of £2,600,000

(3.25% NIY) assuming purchasers costs of 6.40%.



Ground Floor

First Floor

Second Floor

Basement

15. UXBRIDGE ARMS 13 UXBRIDGE STREET, LONDON W8 7TQ

INVESTMENT SUMMARY


+ Close to Kensington Gardens and Kensington Palace



+ Next rent review in January 2020

+ Lease expiry January 2045



LA

DB

RO

KE

GR

OV

E

LA

DB

RO

KE

GR

OV

E

B412

A420

7

A420

6

A4206B

411

A4

20

4

A315 A315

HOLLAND PARK

KENSINGTON H

IGH STREET

BAYSWATER ROAD

MA

RLO

ES

RO

AD

QU

EE

N’S

GA

TE

AVENUE

WESTWAY

A3220

WESTWAY

oad

Westbourne Park

Royal Oak

Bayswater

Queensway

Kensington(Olympia)

Holland Park

NottingHill Gate

Kensington

Notting Hill

Bayswater

Palace Green

PortobelloMarket

Uxbridge Arms


LOCATION

Located in the heart of Notting Hill, just off Notting Hill

Gate in one of London’s most fashionable districts.

The Uxbridge Arms occupies a prominent mid terraced

position fronting Uxbridge Street, a predominantly

residential road. The property is a short distance from

Portobello Market, Kensington Palace and Notting Hill

Gate underground station.

DESCRIPTION

The property comprises an attractive mid terraced


ground, basement and first floor.

ACCOMMODATION

GROUND FLOOR

A traditional public house with central wooden bar

servery, seating on a variety of loose tables, chairs and

bar stools and ladies toilets to the rear.

BASEMENT

Gentlemen’s toilets, storage room and cellar.

FIRST FLOOR

Managers office and accommodation comprising

double bedroom, living room, bathroom and kitchen.

EXTERNAL

Seating on wooden benches to the front elevation.








PLANNING



within the Kensington Conservation Area.

EPC

E-125.

GATE

CA

MP

DE

N H

ILL P

LA

CE

NOTTING HILL

162

3

61

Gate

Hill C

ourt

153

158

157159

59

164

63a

Ward Bdy

31.5m

28.4m

28.9m

El S

ub S

ta

TCBs

TCBShelter

TCB

FA

RM

PLA

CE

VIC

TO

RIA

GA

RD

EN

S

UXBRIDGE STREET

CA

LLC

OT

T S

TR

EE

T

HIL

LG

AT

E S

TR

EE

T

CA

MP

DE

N H

ILL G

AR

DE

NS

BULMER MEWS

BU

LM

ER

ME

WS

El Sub Sta

Prince

5

1

196

134

26

20

10

139

11a

15

109

27

6

86

186

149

4

Hill

Towers

Ivy Lodge

1

1 to 8

8

to

23

145

101

182

1

3

7

Campden

Albert

18

17

141

146 to 152

7

53

3

55

1

11

114

18

112

2

135

111

3

127

170

5

118

100

113

106

110

102

101

49

124

1

108

4

1a

34

45

164

10

57

Cinema

32

115

El Sub Sta

Depot

143

77

147

20 to 24PH

166

168

154

44

32

18

2

180

120

104

144

121117

1

2

20

137

184

11

129

to 131

Shelter

25.8m

HO

RB

UR

Y M

EW

S

20

12

1816

TCB

LADBROKE ROAD

2

28

10

Surg

ery

25

13

1

Mercury

37

12

14

4

Elim Pentecostal

2b

Kensington Temple

10m 20m 30m

vey ed.

1:1250


TENURE AND TENANCY


The entire property is held on a 35 year lease to Ei

Group Plc (Company Number 02562808) expiring

13 January 2045 at a current rent of £100,000 per

annum subject to five yearly upwards only rent

reviews, with the next review on 14 January 2020.

The tenant has the benefit of a break option in the

25th year.

COVENANT

Ei Group Plc (Formerly Enterprise Inns Plc) is

the largest pub company in the UK, with over

4,700 properties.


a predominantly leased and tenanted estate with

a growing number of managed operations. For

the 12 months to 30 September 2016 the company



TERMS


£2,600,000 (3.61% NIY) assuming purchasers

costs of 6.40%.



Ground Floor First FloorBasement

16. WATERFRONT BRASSERIE UNIT 3, ST GEORGES WHARF, SW8 2AX

INVESTMENT SUMMARY

+ Prominent River Thames frontage

+ Close to the Oval and Tate Britain

+ Let to Waterfront Brasserie Limited


+ Next review in March 2018

+ Occupational lease expires March 2028

+ Ground and part first floor GIA - 437.9 sq m (4,713 sq ft)

+ 999 year lease from December 1999


BLA

CK

PRIN

CE R

OA

D

LUPUS STREET

ST G

EO

RG

E’S

DRIV

E

A3213

HORSEFERRY ROAD

LAMBETH ROAD

MIL

LB

AN

K

A3

03

6

A30

36

EM

BA

NK

ME

NT

AL

BE

RT

A3036

LANSDOWNE WAY

CALDWELL STREET

GROSVENOR ROAD

NINE E

LMS LANE

A3205

S L

AM

BE

TH

RO

AD

A3204

A3

BR

IXTO

N R

OA

D

HA

RLE

YFO

RD

RO

AD

VA

UXHA

LL B

RID

GE R

OA

D

Oval

Pimlico

Vauxhall

Pimlico

Churchill

Gardens

Nine Elms

Vauxhall

Lambeth

Tate Britain

Kia Oval

Waterfront Brasserie


LOCATION

Located in the heart of Vauxhall in the St Georges

Wharf Riverside development.

Waterfront Brasserie occupies a prominent position

fronting the River Thames with nearby occupiers

including The Riverside (Young’s), Pret A Manger and

Brunwick House. The property is a short walk from the

Oval, Vauxhall Park, Tate Britain and Vauxhall station.

DESCRIPTION

The property occupies a modern riverside

development with Waterfront Brasserie arranged over

ground and part first floor.

The upper floors have been converted to luxury

apartments and fall outside of our clients ownership.

ACCOMMODATION

GROUND FLOOR

Open plan customer trading area with a bar servery

and trade kitchen to the front and customer seating

on a variety of loose tables, chairs and fixed booth

seating. To the rear is a second trade kitchen, disabled

toilet and a number of storage rooms.

FIRST FLOOR

Customer toilets, managers office and a number of

storage rooms.

EXTERNAL

Extensive terrace to the front elevation overlooking

the River Thames.







PLANNING




EPC

C-54.

St George Wharf Pier

DW12

to33

6

299

14

Drake

House

FountainHouse

Ensign Ho

St George Wharf

s

u

13c

9

13b

17

Armada House

Admiral Hou

Ward Bdy

Shingle

EFOOT

1to

146

16

147

to18

0

18

181to

298

13a

14a

Anchor House

17

BridgeHouse

19


TENURE AND TENANCY

The ground and part first floor is held on a 999 year

lease from December 1999 at a peppercorn rent.

The occupational lease of the ground and part first

floor is held for a term of 15 years to Waterfront

Brasserie Limited (Company Number 10745987) with

an authorised guarantee agreement from Goldman

Restaurants Limited (Company Number 09389926)

expiring 25 March 2028 at a current rent of £150,000


reviews, with the next review on 26 March 2018.

COVENANT

Waterfront Brasserie Limited is a new company

incorporated in April 2017. A rent deposit of £112,500 is

held by the long leaseholder.

TERMS



of 6.35%.



Ground Floor First Floor

THE PROCESS & CONTACTS

If you wish to view any of the assets then please undertake

a discreet customer visit in the first instance. All formal

viewings must be arranged via the sole selling agents Savills.

Our client’s preference is to complete the sale of the Mint Portfolio in a single transaction, either by the sale of the assets or the sale of the shares of the single purpose vehicle which owns each of the assets. They may, however be prepared to consider the sale of certain assets individually or in smaller groups.

All offers should be submitted in writing, sent via email and include the following:

+ The price to be paid on completion net of purchaser’s costs

+ Proof of funding

+ Any conditions attached to the offer

+ An outline of any due diligence undertaken to date and the further due diligence that would be required to complete the transaction

+ Proposed timing to exchange contracts and complete the transaction

For access to the data room or for further information please contact:

PAUL BREENT: 020 7877 4555

M: 07767 873353

[email protected]

STUART STAREST: 020 7299 3088

M: 07807 999841

[email protected]

Published for the purposes of identification only and although believed to be correct its accuracy is

not guaranteed. Reproduced from the Ordnance Survey Map with the permission of the Controller of

H.M. Stationery Office © Crown copyright licence number 100024244 Savills (L&P) Limited.

Savills, their clients and any joint agents give notice that:

1. They are not authorised to make or give any representations or warranties in relation to the

property either here or elsewhere, either on their own behalf or on behalf of their client or

otherwise. They assume no responsibility for any statement that may be made in these particulars.

These particulars do not form part of any offer or contract and must not be relied upon as

statements or representations of fact.

2. Any areas, measurements or distances are approximate. The text, photographs and plans are for

guidance only and are not necessarily comprehensive. It should not be assumed that the property

has all necessary planning, building regulation or other consents and Savills have not tested any

services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise.

September 2017

the mint portfolio - loopnet · 2017-10-25 · property schedule ref property address tenure...

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