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Accommodation
The property has been measured by BKR Floor Plans and provides the following Net Internal Areas:
| Net Frontage | 4.83 m | 15’10” |
| Gross Frontage | 6.88 m | 22’6” |
| Zone A | 38.46 sq m | 414 sq ft |
| Zone B | 38.55 sq m | 415 sq ft |
| Zone C | 33.82 sq m | 364 sq ft |
| Remainder | 94.76 sq m | 464 sq ft |
| ITZA | 770 | |
| Total | 153.94 sq m | 1,657 sq ft |
A set of floor plans is available to download, and the measured survey will be re-addressed to a purchaser at a cost of £590 + VAT.
Rateable Value
According to the Valuation Office website the rateable value is £24,250.
The business rates multiplier is 38.2 pence, hence the rates currently payable by the tenant are £9,263.
Tenure
Virtual Freehold – 999 year lease from 31st May 2019 at a peppercorn rent.
Tenancy
The ground floor is let to P2M Coffee Limited, trading as Costa Coffee, on an effectively full repairing and insuring lease for a term of 15 years from 26th November 2018, expiring on 25th November 2033. The lease is inside the Landlord and Tenant Act 1954.
The current passing rent is £28,000 per annum. There are five yearly open market, upwards only rent reviews, the next being on 26th November 2028.
Covenant
P2M Coffee Limited (Co. No. 05753363) is an established Costa Coffee Franchise Partner operating a chain of 12 coffee shops across north and south London, Surrey and Sutton. The company was incorporated over 20 years ago and for the year ending 31st March 2025 reported Net Assets of £682,678.
Costa Coffee itself was founded in 1971 and is the UK’s largest coffee shop chain and the second largest globally, operating thousands of stores across more than 38 countries worldwide. In the last financial year Costa Limited reported a Revenue of £1,231,795,000, Pre-Tax Profits of £65,046,000 and Net Assets of £263,990,000.
In January 2019 The Coca-Cola Company announced that it had completed the acquisition of Costa Limited from Whitbread PLC for $4.9 billion. The Coca-Cola Company is the world’s largest non-alcoholic beverage company with numerous brands sold across more than 200 countries and territories, serving 2.2 billion drinks per day.
For further information see www.costa.co.uk and www.coca-colacompany.com.
VAT
The property has not been elected for VAT.
Proposal
We are instructed to seek a figure of £450,000 (Four Hundred and Fifty Thousand Pounds), subject to contract, reflecting a net initial yield of 6%, assuming purchasers’ costs of 4.47%.
Please note that a purchaser will be re-charged the costs of the measured survey (£590 + VAT) and searches (£738.32) which are provided in the data room.
Please note that a purchaser will be charged a Transaction Fee of 1.0% of the Purchase Price plus VAT.
We are also instructed to sell another Costa investment at 12-14 St James Street, London, E17 7PF – See Here.
Investment Considerations
An opportunity to acquire an attractive London Costa Coffee investment;
The property occupies a highly prominent position fronting a very busy thoroughfare;
Let to an established Costa Coffee franchisee until November 2033;
VAT-free investment;
A purchase at the asking price reflects an attractive net initial yield;
Attractive lot size to an investor.
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Data Room
A full data room is available for this property.
Click the button below to access the data room, or navigate to the area titled “clicktopurchase®”, where you can view the data room and commence the online purchase process.
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