PRIME CENTRAL LONDON RETAIL UNIT

Transcription

1 PRIME CENTRAL LONDON RETAIL UNIT

2 INVESTMENT SUMMARY Virtual Freehold (999 year long leasehold at a peppercorn) Excellent Central London location Close proximity to Old Street Roundabout developments The Bower and The White Collar Factory Scheme New 10 year lease to Cosentino UK Ltd Passing rent of 140,000 per annum Seeking offers in excess of 3,100,000 (Three Million One Hundred Thousand Pounds) reflecting 4.27% net initial yield

3 LOCATION SITUATION 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. 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 café culture to boost, you can make a proper day of it. With great expansion scheduled for Farringdon in both the Crossrail, (linking London s 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.

4

5 London EC1 OLD STREET DEVELOPMENTS OLD STREET ROUNDABOUT AND ITS SURROUNDING AREAS HAVE UNDERGONE SIGNIFICANT RESURGENCE OVER RECENT YEARS. The neighbourhood has been coined Tech City, reflecting the influx of technology companies that have moved to the area since its inception in 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 district s resurgence. The rise in occupational demand has sparked a flurry 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 London s White Collar Factory at the south west corner of the roundabout. Helical Bar s 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 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. RESTAURANTS & LEISURE

6 THE PROPERTY COMPRISES THE GROUND FLOOR RETAIL SPACE OF A MODERN DEVELOPMENT THAT WILL COMPLETE IN Q 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.

7 TENANCY SCHEDULE / ACCOMMODATION TENANT LEASE START LEASE EXPIRY (BREAKS) NEXT RR CURRENT RENT PAX AREAS (SQ FT) GROUND FLOOR SALES LOWER GROUND TOTAL GIA Cosentino 31/12/ /12/ /12/ , sq ft 621 sq ft 2300 sq ft COVENANT 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. 31/12/ /12/ /12/2012 Total Turnover 291,655, ,131, ,265,724 Pre-Tax Profit 32,053,264 26,876,899 25,128,915 Net Assets 329,262, ,676, ,344,881 Cosentino currently have an Experian Credit Risk Score of Very Low Risk INVESTMENT COMPARABLES The subject property compares favourably when viewed in the context of equivalent retail sales in prime London of late: DATE TENANT TOWN STREET RENT YIELD % PRICCE m Marketing Sainsburys London SW1 Rochester Row, Victoria 145, m Under Offer 7 For All Mankind London W2 228 Westbourne Grove 140, m Nov-15 Iceland London N High Street, Stoke Newington 100, m Oct-15 Nationwide London SW Fulham Road 90, m Sep-15 Sainsburys London E Kingsland Road 110, m Jul-15 Thomas Exchange Global London W8 143 Kensington High Street 158, m Jun-15 T2 London E Redchurch Street 200, m Jun-15 The Brick Lane Gallery London E Sclater Street 160, m May-15 Iceland London N Holloway Road 250, m Jun-14 O2 & The Kooples London W Kensington High Street 350, m TENURE Virtual Freehold. A new 999 year long leasehold interest is to be created at a peppercorn rent. EPC Further details can be made available on request. 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).

8 PROPOSAL We 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 purchaser s costs of 5.80%. FURTHER INFORMATION For further information or to arrange an inspection, please contact joint agents CWM and Goodsir Commercial: Jamie Whitelaw jw@cwm.co.uk Jim Remfry jr@cwm.co.uk Paul Goodsir paulgoodsir@goodsircommercial.co.uk Jordon Foux jordon.foux@goodsircommercial.co.uk 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. DESIGN: Upon the instruction of: