Pimlico Road, London, SW1W

Description

An attractive Victorian building mostly arranged over lower ground, ground and two upper floors. The building has operated as a medical centre for at least 30 years (and estimated over 100 years) housing GPs and serving the surrounding community. The property occupies a triangular site and includes an attached two storey building.

The building is arranged as a ground floor reception area with various rooms used for meeting patients as well as storage, office, meeting and break-out style rooms over the remaining floors. See floorplan below.

Floor areas (measured on an Net Internal Area (NIA) basis):

Lower Ground floor: 877 sq ft (81.4 sqm)

Ground floor 929 sq ft (86.3 sqm)

First floor 389 sq ft (36.2 sqm)

Second floor 416 sq ft (38.7 sqm)

Total NIA: 2,611 sq ft (242.6 sqm) – note that the NIA basis excludes various elements such as corridors, stairs and toilets

External vaults 97 sq ft (9.1 sqm)

Total Gross Internal Area: 3,445 sq ft (320 sqm)

Location

The property is located in the southeast corner of Belgravia a short walk from Victoria Station. Pimlico Road is a highly sought after location for both commercial and residential uses. Pimlico Road attracts luxury brands and independent traders including those dealing in luxury interior design and antiques. Belgravia is one of the most popular places to live in the West End of London and has a large and affluent population. The area of Chelsea is located immediately to the northeast, Knightsbridge to the north and Victoria/St James's and Pimlico & Westminster to the east.

Tenure

The property comprises a 57½ year lease from The Grosvenor Estate expiring on 24 December 2045 thus having approximately 21 years remaining. When the long lease was issued in 1988 a premium was paid by the tenant at that time. The rent payable is £1,500 (One thousand five hundred pounds) per annum plus 10% of the full market rent as calculated at review in 2008, 2029 and 2045. The current passing rent is £7,154 per annum.

The lease benefits from the security of tenure provisions of the 1954 Landlord & Tenant Act (known as being ‘Inside the Act') which gives the tenant a legal right to renew the lease on similar terms. The landlord, The Grosvenor Estate, has approached the current long leaseholders and offered a new 125 year on similar terms including the 10% rent gearing. Further details are available upon request.

The permitted use under the lease, in terms of the lower ground, ground and first floors, is as a medical practice and in terms of the second floor either a single residential maisonette occupied by a GP or employee working at the property, or as a medical practice ancillary to the practice occupying the remainder of the building. The number of practitioners permitted to work at the premises is limited to a maximum of six.

Condition

The building has been continually maintained to a reasonable standard and would benefit from a continued program of maintenance works to reflect the building's use. The property has a valid EPC with a C Rating and is listed online – see EPC Register.

Business Rates 

The lower ground, ground and first floors have a Rateable Value of £62,000. The second floor has a Rateable Value of £14,250. This is not the amount an occupier would pay (normally the Rates Payable per annum will be around 50% of the Rateable Value) and interested parties should make their own enquiries regarding Rates Payable applicable. 

Asking price 

£750,000. The property can be provided with Vacant Possession.

Please contact James Reeves MRICS on james. / /