London Waterside Retail Investment Opportunity
- Waterside retail unit located in the heart of London Docklands
- Let to Countrywide Estate Agents, on a new 10 year lease from 25 June 2019
- Totalling 836 sq ft (77.71 sq m) of high quality retail accommodation
- Currently producing a gross rent of £49,000 per annum.
- Offers are invited in excess of £675,000 subject to contract and exclusive of VAT.
- This reflects a Net Initial Yield of 6.56% taking into consideration purchaser’s costs of 3.80%, subject to the SPV being available.
The Isle of Dogs peninsula occupies the largest loop in the Thames and comprises over 20 million sq ft. of office accommodation and offers in excess of 200 shops, restaurants and bars employing c.100,000 workers. There are further plans for the area to expand by 5 million sq ft at Wood Wharf, Riverside South and North Quay.
The Isle of Dogs and London Docklands vicinity is situated 5 miles (8 km) east of Central London and benefits from both the London Underground and Docklands Light Railway with stations at Canary Wharf, South Quay, Crossharbour, Mudchute and Island Gardens. All stations are within Zone 2.
Crossrail is due to open at Canary Wharf in 2020, greatly improving journey times to the West End, Paddington and Heathrow.
The property is located 0.5 miles (800 m) south of the centre of Canary Wharf, in the South Quay district of the London Docklands, on the Isle of Dogs peninsular. The property is accessed either via Millharbour road or by foot along the Millwall Inner Dock walkway. The area is globally recognised as a luxury high-rise residential and office location.
The South Quay DLR and Canary Wharf stations are situated within 0.2 miles (320 m) and 0.7 miles (1.1 km) north of the property respectively.
The property comprises a detached ground floor retail unit which forms part of a larger modern multi storey residential complex, developed by the Ability Group and completed in 2009. The property occupies a prominent position within the development and is on one of the main entrances into the 600 apartment complex.
We have been provided with floor areas which we understand have been measured in accordance with the RICS Code of Measuring Practice (6th Edition) on a net internal basis, and are as follows:
The property is let to Countrywide Estate Agents (Company no.0789476) on a new 10 year full repairing and insuring lease from 25 June 2019 with a tenant only break option in year 5, subject to 6 months’ notice.
The current passing rent is £49,000 per annum and the rent is to be reviewed to open market value of the property, upwards only, in the 5th year.
The property is held on a long leasehold interest expiring 31st December 2134, at a fixed rent of £3,025 pa, exclusive of service charge and maintenance charge.
Countrywide Estate Agents
Established in 1986, Countrywide is the UK’s largest property group, offering both residential and commercial services via a collaboration of estate agents, and corporate services. The group employs around 10,000 personnel nationwide, across over more than 850 branches. Countrywide is listed on the London Stock Exchange.
Countrywide Estate Agents have a D&B rating of 3A1 which represents a “low-moderate” risk of business failure.
The property has an Energy Performance Certificate rating of D83. A copy of the certificate is available upon request.
We understand that the property has been elected for VAT and anticipate that the sale would be treated as a Transfer of a Going Concern (TOGC) or via a SPV.
Offers are invited in excess of £675,000 , subject to contract and exclusive of VAT. This reflects a NIY OF 6.56% taking into consideration purchaser’s costs of 3.80%, subject to the SPV being available.
MISREPRESENTATION ACT 1997 & DECLARATION
Buchanan Bond Real Estate Ltd, for themselves and for the vendors of this property whose agents they are, give notice that:
i) The particulars are set out as a general outline only for the guidance of intending purchasers, and do not constitute, nor constitute part of, an offer or contract.
ii) All descriptions, dimensions, references to condition and necessary permission for use and occupation and other details are given in good faith and are believed to be correct, but any intending purchasers should not rely on them as statements or representations of fact and must satisfy themselves by inspection or otherwise as to the correctness of each of them.
iii) No person in the employment of Buchanan Bond Real Estate Ltd has any authority to make or give any representation or warranty in relation to this property.