PATARA 181 FULHAM ROAD LONDON SW3 6JN - SAVILLS
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Patara
181 Fulham Road
LONDON • SW3 6JN
Freehold restaurant investment for sale currently
operated by Patara Fine Thai Cuisine
Licensed Leisure
www.savills.co.uk/licensedleisure
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 ++ Current rent £84,600 per annum ++ Rent review in December 2017 offering rental growth potential ++ Lease expiry December 2021 ++ Ground and basement GIA - 131.4 sq m (1,414 sq ft) ++ Upper floors are held on long leases currently generating ground rents of £100 per annum ++ We are seeking offers in excess of £2,050,000 (3.88% NIY) Patara 181 Fulham Road, LONDON SW3 6JN
Location
EXHIBITI
B3
19
QUEEN
Knightsbridge
ON RO
MARLOES ROAD
Located on London’s fashionable Fulham Road on the
’S GATE
AD
BROMPT
borders of South Kensington and Chelsea.
D
ELL ROA
ON ROAD
Patara occupies a prime corner position at the junction CROMW
of Fulham Road (A308) and Sydney Street, with
Gloucester
nearby occupiers incuding Royal Marsden Hospital Road South
Kensington
and exclusive restaurants jewellers and fashion
retailers including Amanda Wakeley, Butler & Wilson, O
N
RD Patara SL
OA
PT N
Vilebrequin, Ralph Lauren and PJ’s Bar & Grill. Public BR
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M EA
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NU
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transport communications are available from South Earl’s O
Court
Kensington Station (Circle, District and
ON
SL
OW
Piccadilly Lines). RD
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DC
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Fulham
Broadway
Coleridge End Estate River
Thames
Gardens
Patara 181 Fulham Road, LONDON SW3 6JN
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. Patara 181 Fulham Road, LONDON SW3 6JN
Internal Configuration Approximate Floor Areas
The property has the following approximate gross
internal floor areas.
Ground 61.9 sq m (666 sq ft)
Basement 69.5 sq m (748 sq ft)
Total 131.4 sq m (1,414 sq ft)
Ground Floor Basement
Patara 181 Fulham Road, LONDON SW3 6JN
Planning Our initial enquiries of the local authority have 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 property is held freehold. 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. Patara 181 Fulham Road, LONDON SW3 6JN
The MARKET
London 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. The strength of demand has led to investment yields
sharpening in recent years as can be seen from the schedule of comparable transactions below.
Comparable Investment Transactions
Property Tenant Price Yield (NIY) Date
Bills & Paul, WC2 Bills Restaurant Limited/ Paul U.K Limited £7.50M 3.80% February 2018
Franco Manca, TW9 Franco Manca 2 UK Limited £3.25M 4.05% February 2018
Cote, W5 Cote Restaurants Limited £2.95M 4.00% July 2017
Pizza Express, W1 Pizza Express (Restaurants) Limited £4.70M 3.50% April 2017
Culpeper, E1 Ei Group Plc £2.55M 3.00% December 2016
Patara 181 Fulham Road, LONDON SW3 6JN
COVENANT
S&P Restaurants currently operate 7 restaurants
in London, 6 of which are under the Patara brand
(Hampstead, Knightsbridge, Soho, South Kensington,
Hampstead and Oxford Circus) and Suda in Covent
Garden. In the 12 months to 31 December 2016 the
company reported turnover of £7.38m (2015 £7.46m).
Patara also have restaurants which operate outside
of S&P Restaurants Limited in Geneva, Bangkok,
Singapore, Beijing and Vienna.
Terms
We are instructed to invite offers in excess of
£2,050,000 (3.88% NIY) assuming purchasers costs
of 6.29%.
viewing and Contacts
All viewings must be made by prior appointment and
under no circumstances should any direct approach be
made to any of the occupational tenants staff.
For further information and all viewing requests please
contact the sole selling agents Savills.
Paul Breen Stuart Stares
+44 (0) 207 877 4555 +44 (0) 207 299 3088
pbreen@savills.com sstares@savills.com
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. T
hey 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. A
ny 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.
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