Freehold Investment For Sale

Transcription

1 29-31 George Street Croydon Surrey CR0 1LB Retail / office investment opportunity with future development potential subject to vacant possession of the upper parts and necessary consents Multi-let to 4 tenants with 67% of the income secured against Ladbrokes, Adecco and Blue Arrow Total rental income of: 126,500 per annum The property is not elected for VAT Net initial yield of 5.95% Freehold Investment For Sale making property work

2 LOCATION Croydon is a well-established retail centre, approximately 9 miles to the south of Central London. The town has excellent transport links with East Croydon Station providing fast and frequent direct trains to London as well as regular services to the South Coast and Gatwick Airport. Croydon Tramlink provides further services to Beckenham Junction and Wimbledon. The M23/M25 motorway intersection which gives access to the national motorway network is approximately 8 miles to the south of Central Croydon. The property is situated on George Street, a busy retail pitch with surrounding occupiers including Pizza Express, JD Weatherspoon, Santander and Tesco Express. Just to the west of the subject property, Westfield and Hammerson (The Croydon Partnership) have secured planning permission for a major re-development of the Whitgift Shopping Centre, which would reinforce Croydon as a major retail destination. DESCRIPTION The premises comprises two adjacent buildings containing ground floor and basement retail units and self-contained first and second floor office premises. Approximate net internal floor areas are detailed in the following tenancy schedule: GEORGE STREET FACING EAST

3 TENANCY SCHEDULE UNIT TENANT SIZE LEASE LEASE RENT NOTES START END PA 29 Ladbrokes Betting and Gaming Ltd Retail: 1,472 sq ft (136.7 sq m) ,500 Tenant s break (not served). Rent review Basement: 782 sq ft (72.6 sq m) 31 Herb China Ltd Retail: 316 sq ft (29.4 sq m) ,000 There is 4 month rent deposit held. Basement: 695 sq ft (64.6 sq m) 1 st Floor Adecco UK Ltd 1,034 sq ft (96.1 sq m) ,000 Tenant s break (not served). 2 nd Floor Blue Arrow Ltd 1,043 sq ft (96.9 sq m) ,000 Outside of the Landlord and Tenant Act Internal Schedule of Condition. Service charge cap. Tenant s break TOTAL 126,500 The above leases are held on effective FRI terms.

4 COVENANT INFORMATION Ladbrokes Betting and Gaming Ltd A UK based Limited company which operates High Street betting shops. Incorporated in Herb China Ltd A retailer specialising in alternative therapies. Incorporated in Limited information relating to covenant was available although we are advised a rent deposit is held. DATE TURNOVER PRE-TAX SHAREHOLDER S PROFIT FUNDS ,322,403 57,140,725 1,869,535,889 DATE CURRENT SHAREHOLDER S ASSETS FUNDS ,948 1,290 Adecco UK Ltd A UK based Limited company providing HR solutions in the UK and Ireland. Incorporated in Blue Arrow Ltd A UK based Limited company specialising in employment and recruitment agency. DATE TURNOVER PRE-TAX PROFIT SHAREHOLDER S FUNDS ,750,000 8,137,000 48,783,000 DATE TURNOVER PRE-TAX PROFIT SHAREHOLDER S FUNDS ,276,000 10,677,000 49,167,000 INTERESTED PARTIES SHOULD VERIFY THE ABOVE COVENANT INFORMATION

5 TENURE Freehold. PROPOSAL We are instructed to seek offers in excess of 2,000,000 for the freehold interest, subject to contract and inclusive of VAT. A purchase at this level will show a net initial yield of 5.95% after deducting standard purchaser s costs. VAT We are advised that the property is not elected for VAT. EPCs The Energy Performance Certificates show asset rating of Bands D-96 for 29 George Street and C-73 for 31 George Street.