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The Garment Building, Fishers Lane, Chiswick, W4 1RX

Auction
United Kingdom
Office
Commercial

Guide Price £7,500,000

Property Viewings

Viewings have not yet been scheduled for this property.

Property Summary

  • Freehold warehouse-style office building located just off Chiswick High Road.
    Affluent West London suburb
  • Approximately 1,615.72 sq m (17,392 sq ft) over ground, first and second floors
  • Change of use potential for a variety of uses including residential, student accommodation or medical (subject to obtaining the necessary consents)
  • Potential for further development to the front of the site (subject to obtaining the necessary consents)
  • Currently operated as fully serviced offices.
    Centre currently operating at a c.30% occupancy rate
  • The building was the subject of a £2.5m refurbishment in 2017 & additional fit out in 2018
  • Asset management opportunities to let the vacant space and maximise the income profile for the building
  • Currently producing a gross income of c.£30,000 per month 
  • The successful purchaser will be required to pay the Auction Administration Fee of £5,000 (inclusive of VAT)

Contact Us

Simon Bailey
Simon Bailey
Property Agent, here to help.
Kevin Fox
Vendor's Solicitor

Contact Us

Simon Bailey
Simon Bailey
Property Agent, here to help.
Kevin Fox
Vendor's Solicitor

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Property description

A three-storey building of steel portal frame construction totalling approximately 1,615.72 sq m (17,392 sq ft). We understand that the building was originally constructed in the 1970s as a clothing factory and was more recently converted into offices that underwent a £2.5m refurbishment programme in 2017. The building benefitted from a further internal fit-out by the previous occupier (Regus) in 2018 and now provides Grade A warehouse style office accommodation and is currently operated as fully serviced offices benefitting from the following specification:

  • VAV air conditioning
  • Pendant feature lighting
  • Passenger lift
  • Excellent floor to ceiling height
  • Male & female WCs on each floor
  • PV panels on the roof providing electricity to the building
  • Showers
  • Bicycle storage
  • Café on the ground floor

Externally there are 24 car parking spaces and the site area extends to approximately 0.13 hectares (0.33 acres).

Location

Chiswick is an affluent West London suburb situated about 6 miles west of Central London and 2 miles to the east of Hammersmith. The M4 motorway lies just to the west providing direct access to the M25 motorway and Heathrow Airport about 11 miles and 10 miles to the west respectively.

Fishers Lane runs north from Chiswick High Road in the heart of Chiswick with the property lying on its’ east side. Chiswick High Road is the prime retail thoroughfare in the area being home to a diverse range of independent and national retailers including Marks & Spencer, Tesco Express, EE, Caffe Nero, Barclays, Waterstones, Waitrose and Nandos.

Road - Chiswick can be accessed via Great West Road (A4), Chiswick High Road (A315) and Great Chertsey Road (A316). The M4 motorway begins at the nearby Chiswick Roundabout linking with the M25 at junction 15 to the west

Rail - The property is positioned within close proximity to Turnham Green and Chiswick Park Underground Stations, both of which are served by the District Line. Gunnersbury Overground Station lies about 1 mile to the west providing regular rail services into Central London. The nearest Elizabeth Line (Crossrail) station is Acton Main Line Station about 2 miles to the north.

Bus - Numerous bus routes serve the area providing services to Central London as well as local destinations and Heathrow Airport.

Air - Heathrow Airport lies about 10 miles to the west providing domestic and international departures.

Tenancy

The building is currently operated as a serviced office centre on a Management Agreement with Podium Space Ltd for a term of five years from 08/09/2021 (terminable on 6 months' notice in the event of a sale of the building - refer to the legal pack). The business centre is currently operating at approximately a 30% occupancy rate and based on this occupancy rate is currently producing a gross income of c.£30,000 per calendar month. The management company charge a management fee of 12.5% of gross receipts, subject to a minimum monthly fee of £5,000. A copy of the Management Agreement and the current income profile can be found within the legal pack.

Planning

There is a site to the front of the property totalling approximately 0.04 acres (edged blue on the site plan) that offers potential for the development of new standalone building, subject to obtaining the necessary consents. The seller has previously had plans drawn up for a three storey office building totalling approximately 418.05 sq m (4,500 sq ft) but this was never submitted as a formal planning application. Copies of the plans are available on request and prospective purchasers are advised to make their own enquiries of the London Borough of Hounslow (020 8583 4998) - www.hounslow.gov.uk/planning

The main building may also lend itself to a change of use, possibly to residential or alternative uses including medical or student accommodation, subject to obtaining the necessary consents. The building has potential to be converted to residential use under Class MA as there is no existing Article 4 Direction which applies to the site. This would allow 1,500sqm of existing floorspace to be converted under Class MA Permitted Development and further conversion to residential or redevelopment may be possible subject to planning permission. Prospective purchasers are advised to make their own enquiries in this regard.

Tenure

Freehold

Additional Details

Floor

Size

Use

Ground

First

Second

647.69 sq m (6,972 sq ft)

484.29 sq m (5,213 sq ft)

483.73 sq m (5,207 sq ft)

Offices

TOTAL

1,615.72 sq m (17,392 sq ft)

 

The auctioneers have not measured the property. All areas have been provided by the Vendor.

VAT

VAT is applicable to this sale, please refer to the legal documents for further details.

Energy Performance Indicator

Rating 91 Band D



*Terms & Conditions

Buyers are strongly advised to read these terms and conditions, and check the Special Conditions and any applicable Addendum, prior to bidding on a Lot. Additional costs, charges and encumbrances may apply for Buyers once they have made a successful bid in relation to a property.

  1. The reserve price is the minimum price at which the property can be sold at auction.
  2. Where a guide price (or range of prices) is given, that guide is the minimum price at which, or range of prices within which, the seller may be prepared to sell on the date on which the guide price, or range of prices, is published. The sale price, whether prior to or at the auction, can be above or below the guide price depending upon market activity. BidX1 and the seller accept no responsibility for any losses, costs or damages incurred by a buyer as a result of relying on any guide price. The buyer must decide how much they should bid for any Lot. All guide prices are quoted subject to contract. Guide prices given by BidX1 or the seller cannot be accepted by the buyer as being a professional valuation for any purpose in accordance with the requirements or guidance notes of relevant professional bodies or other authorities.
  3. Both the guide price and the reserve price may be subject to change up to and including the day of the auction. Whilst every effort is made to ensure that these guides are not misleading, it is possible that the reserve price set for any Lot may exceed the previously quoted guide price (as the seller may fix the final reserve price just before bidding commences).
  4. The guide price for the Lot does not include the administration fee of £1,295 (inclusive of VAT) for all properties up to £49,999, and £2,400 (inclusive of VAT) for all properties £50,000 and above charged by BidX1. In the case of a joint agent this administration fee will be £2,400 (inclusive of VAT). In addition, the guide price does not include VAT on the sale price, or any additional costs, charges or encumbrances that might apply to some Lots and/or some buyers. The Special Conditions of Sale of the seller, and any applicable Addendum, will state if there are other costs, charges or encumbrances and whether the seller has elected to charge VAT on the sale price.
  5. To participate in the sale BidX1 must hold a minimum amount from all bidders. This participation amount and administration fee is fully refundable in the event that you are not the successful purchaser. For example, a participation fee of £4,795 comprises £3,500 relating to your bidder security (partial deposit payment) and an administration fee payable directly to BidX1. A higher participation amount may be payable depending on the reserve price of the Lot.
  6. Please note that Lots may be sold or withdrawn prior to auction.
  7. All Lots sold “Subject to Vendor Confirmation” will be subject to acceptance and confirmation by the Vendor. The highest bid will be presented to the Vendor, the Vendor will have to either accept, decline or make a counteroffer, within the confirmation period. Should the Vendor decide to make a counteroffer, then a private link will be sent to the Highest Bidder advising of the offer the Vendor is willing to accept. The Highest Bidder will be obliged to accept or reject the Vendor's counteroffer. The Vendor reserves the ultimate right, apart from the auctioneer, to accept and to decline to sell to the highest or any bidder, without giving any reasons.
  8. No information, statement, description, quantity or measurement contained in any sales particulars or given orally or contained in any webpage, brochure, catalogue, email, letter, report, docket or hand out issued by or on behalf of BidX1 or the seller in respect of the property shall constitute a representation or a condition or a warranty on behalf of BidX1 or the seller. Any information, statement, description, quantity or measurement so given or contained in any such sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the seller are for illustration purposes only and are not to be taken as matters of fact. Any mistake, omission, inaccuracy or mis-description given orally or contained in any sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the seller shall not give rise to any right of action, claim, entitlement or compensation against BidX1 or the seller. All bidders must satisfy themselves by carrying out their own independent due diligence, inspections or otherwise as to the correctness of any and all of the information, statements, descriptions, quantity or measurements contained in any such sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the seller.
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