(Excluding 319) New Cross Road, London SE14 6AS VIRTUAL FREEHOLD RETAIL PARADE INVESTMENT OPPORTUNITY

Transcription

1 (Excluding 319) New Cross Road, London SE14 6AS VIRTUAL FREEHOLD RETAIL PARADE INVESTMENT OPPORTUNITY

2 (Excluding 319) INVESTMENT CONSIDERATIONS n Prominent parade of 10 lock-up shop units totalling 11,672 sq ft n Located in the densely populated London suburb of New Cross (London Travelcard Zone 2) n Situated opposite Goldsmith University, the former Deptford Town Hall and adjacent to New Cross Railway Station n Current passing rent of 172,800 p.a. with an ERV of 190,800 p.a. n An attractive AWULT of 15.3 years to expiry n Strong breakup value n Offers sought in excess of 2,000,000 (Two Million Pounds) subject to contract and exclusive of VAT. A purchase at this level would reflect a net initial yield of 8.13% after costs of 6.28%, a low capital value of approximately 171 psf and a reversionary yield of 9%.

3 (Excluding 319) HIGHBURY WEST HAMPSTEAD KENTISH TOWN UPTON BRONDESBURY SOUTH HAMPSTEAD CANONBURY DALSTON HACKNEY WICK WEMBLEY WILLESDEN GREEN KILBURN ST JOHN S WOOD CAMDEN TOWN PRIMROSE HILL BARNSBURY ISLINGTON DE BEAUVOIR TOWN HACKNEY UPTON PARK NEW CROSS New Cross is a densely populated London suburb located 4 miles (6.4 km) south east of Central London in the London Borough of Lewisham. The suburb is well positioned between the affluent and historic Royal Borough of Greenwich to the east and the popular London Borough of Southwark to the west. Goldsmiths University is located on and south of New Cross Road and benefits from a strong student population of circa 8,000. The district also benefits from excellent transport links. New Cross is served by both New Cross Gate and New Cross train stations which both fall within London Travelcard Zone 2. New Cross railway station operates a number of London based services on the East London Line with further Southeastern services to mid-kent. New Cross Gate railway station provides London BRENTFORD Overground services as well as national Southern rail services on the Brighton Main Line. The Borough also benefits from the Docklands Light Railway. BARNES New Cross benefits from excellent road communications being situated on the A2 and the A20, two of the major arterial routes through south London. Both the A2 and A20 provide direct access to the M25 which is approximately 13 miles (21 km) to the south east. The suburb is also in close proximity to the South Circular Road (A205) located approximately 2 miles (3.2 km) to the south. Numerous bus routes pass through New Cross Road providing regular services across London. RICHMOND New Cross benefits from a regular train service to London Gatwick Airport with a fastest journey time of approximately 47 minutes when travelling via East Croydon Station. SHEPHERD S BUSH ROEHAMPTON KENSAL GREEN NORTH KENSINGTON HAMMERSMITH PUTNEY KENSAL TOWN NOTTING HILL WEST KENSINGTON CHELSEA SOHO MAYFAIR PIMLICO ST JAMES S HOLBORN COVENT GARDEN KNIGHTSBRIDGE KENSINGTON BELGRAVIA WESTMINSTER WANDSWORTH TOWN WEST HILL EARL S COURT FULHAM BAYSWATER MAIDA VALE CHELSEA HARBOUR EARLSFIELD SOUTHFIELDS PADDINGTON MARYLEBONE BATTERSEA BLOOMSBURY STOCKWELL CLAPHAM PARK KINGS CROSS LAMBETH KENNINGTON BRIXTON CLERKENWELL SOUTH BANK SOUTHWARK BOROUGH DEMOGRAPHICS HOXTON SHOREDITCH WALWORTH CAMBERWELL PECKHAM EAST DULWICH BETHNAL GREEN SPITALFIELDS WAPPING BERMONDSEY GLOBE TOWN STEPNEY SHADWELL NUNHEAD SURREY QUAYS HONOR OAK ROTHERHITHE BOW MILE END BROMLEY LIMEHOUSE DEPTFORD NEW CROSS BROCKLEY POPLAR DOCKLANDS MILLWALL ISLE OF DOGS GREENWICH LEWISHAM GREENWICH PENINSULA HERNE HILL suburb New Cross has an approximate DULWICH population of 15,756 (2011 census) and benefits from a young average growth in population over the period , FOREST HILL with the majority of this growth coming from TULSE HILL STREATHAM HILL PLAISTOW CHARLTON BLACKHEATH The Borough of Lewisham is an established retail and commercial centre with a total population within the primary catchment area of 392,000 and a shopping population of 132,000. Within the borough the population with a median age of 30 years old. The Borough is projected to see significantly above adults of working age. As a result of the younger population, Lewisham has an above average number of adults in rented accommodation. BECKTON SILVERTOWN KIDBROOKE WOOLWIC ELTHAM

4 (Excluding 319) New Cross D AN FOO SEA ERS TCH D BU ET ARK ERM SUP TIC EXO ES BIT STR SEAF T IRU BE OOD TF EE NEW CROSS GATE RETAIL PARK NEW CROSS RAIL STATION OOD B AND NIGHTCLU HERS BUTC KET RMAR SUPE TIC EXO ES BIT T IRU BE OOD TF EE STR SITUATION The property is situated on the northern side of New Cross Road between its junctions with Goodwood Road and Clifton Rise. The road comprises a variety of A1 retail, educational establishments, restaurants, takeaways and residential/student accommodation. New Cross Road benefits from a high footfall being situated immediately opposite Goldsmiths University campus and moments from New Cross Gate Railway Station. Situated some 500 metres to the west is New Cross Gate Retail Park with occupiers including a 66,000 sq ft Sainsbury s superstore, TK Maxx and Dreams Bed Store. Additional occupiers located in the immediate area include The Venue Nightclub, Costa Coffee, Iceland, Londis, Subway and William Hill. DESCRIPTION The property comprises a retail parade of 10 lock-up shop units totalling 11,672 sq ft arranged over ground and part basement. Included in the sale are a further 6 shops at New Cross Road which have been sold off on 999 year leases at a peppercorn rent and 6 flats above 311 New Cross Road which have been sold off on 125 year leases producing a ground rent of 1,050 pa. TENURE Long leasehold from 25/03/91 for 999 years. NEW CROSS GATE RAIL STATION N TIO STA n Sold off on 999 year leases UNIVERSITY OF LONDON CAMPUS Crown Copyright, ES For identification purposes only. 50 metres Copyright and confidentiality Experian, Crown copyright and database rights OS Experia For mo go

5 (Excluding 319) TENANCY SCHEDULE Unit Tenant Floor NIA (sq ft) Lease Start Rent Review Lease Expiry Passing Rent p.a. ERV p.a. Comments 301 New Cross Road 303 New Cross Road Rabah Lamari t/a Zino Nader Said Nassirzadeh t/a Beirut Lebanese Street Food 305 New Cross Road Mankind Estate Agent Ltd 307 New Cross Road 309 New Cross Road 311 New Cross Road 313 New Cross Road 315 New Cross Road 317 New Cross Road 321 New Cross Road Mustafa Koc t/a Ottoman BBQ Restaurant Gulcihan Gorur t/a GSM Supermarket Christopher Roberts t/a ADA Solicitors Habeeb Lawal t/a Exotic bites Khairul Hoque t/a Nouvelle Spice Umar Shehzad Malhi t/a New Cross Food Market Mohammed Harees Samaradeen t/a Chacha Butchers & Sea Food Ground 662 Basement 471 Ground 735 Basement 412 Ground 759 Basement 454 Ground 864 Basement 477 Ground 888 Basement 755 Ground 675 Basement 457 Ground 495 Basement 467 Ground 748 Basement 461 Ground 513 Basement 464 Ground 545 Basement /01/ /01/ /01/ ,000 19,000 19/07/ /07/ /07/ ,250 19,250 25/03/ /03/ /03/ ,000 19,250 25/06/ /06/ /06/ ,000 19,250 03/01/ /01/ /01/ ,000 19,250 24/11/ /11/ /11/ ,000 19,000 In occupation since 23/11/ /11/ /11/ /11/ ,000 18,500 10/06/ /06/ /06/ ,500 19,250 In occupation since 20/09/ /08/ /09/ /08/ ,000 18,500 Tenant only break in 31/08/ /06/ /06/ /06/ ,000 18, New Cross Gate 6 shops sold off on 999 year leases 25/03/ /03/2990 Peppercorn 311a New Cross Road 6 residential flats sold off on 125 year leases 17/02/ /02/2131 1,050 1,050 Total 11, , ,800 Please note that all the units are let on FR&I leases apart from 307 which is a IR&I Lease. *Measurements are approximate and provided by the vendor.

6 VAT The property is not elected for VAT. EPC EPCs available on request. DATAROOM For access to the Allsop Dataroom please use the following link: where legal documentation can be accessed including leases, up to date searches, rental statements, title plans, lease plans and insurance documents. For further information or to make arrangements for viewing please contact: PROPOSAL Offers sought in excess of 2,000,000 (Two Million Pounds) subject to contract and exclusive of VAT. A purchase at this level would reflect a net initial yield of 8.13% after costs of 6.28%, a low capital value of approximately 171 psf and a reversionary yield of 9%. Liam Stray liam.stray@allsop.co.uk Alex Butler alex.butler@allsop.co.uk Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design: Command D