BTC is delighted to sell this investment opportunity located in the heart of London Docklands.
The property is located 0.5 miles (800 m) south of the center of Canary Wharf, in the South Quay district of the London Docklands, on the Isle of Dogs peninsular. The area is globally recognized as a luxury high-rise residential and office location.
The property comprises a detached ground-floor retail unit that forms part of a larger modern-story residential complex, The property occupies a prominent position within the development and is on one of the main entrances into the 600-apartment complex.
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 current leaseholder of the property is an estate agent who belongs to one of the largest chains in the country. The estate group has recently been acquired by Connells Group, a leading UK property services group, which has 600 branches and has resulted in the combined entity being the largest estate agency company in the UK with over 15,000 employees. The ultimate owner of the Connells Group is Skipton Building Society.
TENURE: 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.
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.
SIZE: Ground floor retail unit 836 sqft Approx.
Freeholder is asking for offers over £730k which gives approx. 6.75% gross yield.
For further information, please contact the BTC Commercial and Investment team on ---- --- ---- or [email protected].
Tenure: Freehold
