PRIME CENTRAL LONDON RETAIL UNIT - Central London location. ... The subject unit will act as one of…
Post on 25-Jun-2018
PRIME CENTRAL LONDON RETAIL UNITINVESTMENT SUMMARY Virtual Freehold (999 year long leasehold at a peppercorn)Excellent Central London locationClose proximity to Old Street Roundabout developments The Bower and The White Collar Factory SchemeNew 10 year lease to Cosentino UK LtdPassing rent of 140,000 per annumSeeking offers in excess of 3,100,000 (Three Million One Hundred Thousand Pounds) reflecting 4.27% net initial yieldSITUATION The property is situated near the busy junction where Clerkenwell Road leads into Old Street and crosses Goswell Road. Old Street Roundabout is approximately 750m to the west. 30 Old Street is positioned almost equidistant from the underground and national railway stations of Farringdon and the eponymous Old Street - a six and seven minute walk respectively - where one can access the Circle, Hammersmith and City, Metropolitan and Northern lines. Local retailers include the likes of Pizza Express, Pret a Manger, Costa and HSBC. LOCATION Now a major shopping destination in its own right, Clerkenwell and Shoreditch, once famed for their indie boutiques and markets have attracted a growing number of fashion heavyweights in recent years. The likes of Margaret Howell (Old Nichol Street) and Tracey Neuls (Redchurch Street) are both opening stores in the area. Purveying a unique atmosphere if its own, retail in east London is an experience in itself, the free-wheeling boutiques mixed amongst the darlings of the British and European high street and with a thriving caf culture to boost, you can make a proper day of it.With great expansion scheduled for Farringdon in 2018 - both the Crossrail, (linking Londons east and west) and the Thameslink Programme (connecting north and south) will make it the only station where commuters can access both lines, making 30 Old Street an excellent base from which to navigate the whole of greater London. With the Square Mile literally on your doorstep, for those toiling in the financial powerhouses and engine rooms of the City, walking to the office is most definitely an option. The neighbourhood has been coined Tech City, ref lecting the inf lux of technology companies that have moved to the area since its inception in 2008. Furthermore, there are an estimated 2,000 residential units scheduled for completion over the next 3 years within the area. This compares with a proposed 750 for the Farringdon area. Household names such as Google have set up residence in the area with many others following on to form a tech hub that stretches from Old Street Roundabout to the Queen Elizabeth Olympic Park in Stratford. Old Street Roundabout is at the very heart of the districts resurgence. The rise in occupational demand has sparked a f lurry of commercial property developments and a corresponding dramatic increase in rental levels. The two signature commercial developments at Old Street Roundabout are The Bower and Derwent Londons White Collar Factory at the south west corner of the roundabout. Helical Bars The Bower scheme is an office and retail development located on the north west side of Old Street Roundabout with Phase 1 due to complete this year. The White Collar Factory lies on the south side of the roundabout and is due to complete in Q4 of 2016. The scheme includes a 16-story tower building comprising 350,000 sq. ft. of office accommodation and 8,000 sq. ft. of retail space. The area also benefits from its adjacency to Shoreditch which is at the forefront of the British niche fashion scene as well as providing a thriving leisure market. As the popularity of Shoreditch increases, nearby areas are benefiting from the inevitable ripple effect. This goes some way to explain the incredible interest shown in the area from property speculators who expect a continuation of the rise in commercial and residential property values. OLD STREET DEVELOPMENTS RESTAURANTS & LEISURE London EC1OLD STREET ROUNDABOUT AND ITS SURROUNDING AREAS HAVE UNDERGONE SIGNIFICANT RESURGENCE OVER RECENT YEARS.THE PROPERTY COMPRISES THE GROUND FLOOR RETAIL SPACE OF A MODERN DEVELOPMENT THAT WILL COMPLETE IN Q1 2016. IT IS PART OF A 5 STOREY BUILDING WITH 8 AVANT-GARDE APARTMENTS AT FIRST TO FIFTH FLOOR LEVELS. THE RESIDENTIAL UNITS ARE CURRENTLY BEEN SOLD OFF ON LONG LEASEHOLDS.TENANCY SCHEDULE / ACCOMMODATIONCOVENANTTENANT LEASE STARTLEASE EXPIRY (BREAKS)NEXT RRCURRENT RENT PAXAREAS (SQ FT)GROUND FLOOR SALES LOWER GROUND TOTAL GIACosentino 31/12/2015 31/12/2025 31/12/2020 140,000 1679 sq ft 621 sq ft 2300 sq ft31/12/2014 31/12/2013 31/12/2012Total Turnover 291,655,784 264,131,104 241,265,724Pre-Tax Profit 32,053,264 26,876,899 25,128,915Net Assets 329,262,574 303,676,849 277,344,881Cosentino currently have an Experian Credit Risk Score of Very Low RiskINVESTMENT COMPARABLESTENURE Virtual Freehold. A new 999 year long leasehold interest is to be created at a peppercorn rent. VAT We understand the property is elected for VAT and it is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).EPC Further details can be made available on request.DATE TENANT TOWN STREET RENT YIELD % PRICCE mMarketing Sainsburys London SW1 Rochester Row, Victoria 145,000 4.25 3.22mUnder Offer 7 For All Mankind London W2 228 Westbourne Grove 140,000 3.00 4.43mNov-15 Iceland London N16 142-146 High Street, Stoke Newington 100,000 2.82 3.35mOct-15 Nationwide London SW6 498-504 Fulham Road 90,000 4.00 2.13mSep-15 Sainsburys London E2 110-112 Kingsland Road 110,000 4.25 2.45mJul-15 Thomas Exchange Global London W8 143 Kensington High Street 158,000 3.75 4.00mJun-15 T2 London E2 48-50 Redchurch Street 200,000 3.20 5.97mJun-15 The Brick Lane Gallery London E1 93-95 Sclater Street 160,000 3.30 4.65mMay-15 Iceland London N7 442-446 Holloway Road 250,000 3.81 6.20mJun-14 O2 & The Kooples London W8 145-147 Kensington High Street 350,000 4.14 8.00m Cosentino are a Spanish family-owned business with 90 trading units across the world and currently trade from 5 units in the UK. The company produces and distributes high value innovative surfaces for the world of design and architecture. The subject unit will act as one of their showroom and distribution centres, catering to kitchen and bathroom specialists and private customers alike.The subject property compares favourably when viewed in the context of equivalent retail sales in prime London of late:Misrepresentation Act:CWM & Partners LLP and Goodsirs Commercial for themselves and for the vendors/lessors of the property whose agents they are, give notice that: 1. These particulars are set out as a general outline for the guidance of the intended purchasers or lessees, and do not constitute part of, an offer or contract; 2. All descriptions, dimensions, reference to condition and necessary permissions for the use and occupation, and other details are given without responsibility and any intending purchaser or tenant should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them; 3. No person in the employment of CWM & Partners LLP and Goodsirs Commercial has any authority to make or give any representations or warranty in relation to this property. FURTHER INFORMATION For further information or to arrange an inspection, please contact joint agents CWM and Goodsir Commercial: Jamie Whitelaw0207 494 firstname.lastname@example.orgJim Remfry0207 494 email@example.comPaul Goodsir0207 566 firstname.lastname@example.orgJordon Foux0207 566 email@example.comWe are instructed to seek offers in excess of 3,100,000 (Three Million One Hundred Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level will reflect a net initial yield of 4.27%, assuming normal purchasers costs of 5.80%.PROPOSALDESIGN: Upon the instruction of:
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