PDF Brochure - Lewis Ellis

SOUTH EAST LONDON INVESTMENT AND DEVELOPMENT OPPORTUNITY
INVESTMENT SUMMARY
nn Prominent retail and residential investment
and development opportunity.
nn Comprises of retail accommodation
totalling 3,808 sq ft (353.82 sq m),
8 residential studio flats on the first and
second floors together with rear car parking
and a standalone garage.
nn Site area of 0.24 acres.
nn Total current passing rent of £118,300
per annum (£50,000 per annum for the
commercial element, £66,600 per annum
on the residential element and £1,700 per
annum from the advertising hoarding).
nn Opportunity to obtain VP of the whole in the
short term.
nn Further possibility of site reconfiguration
and/or redevelopment, subject to planning.
nn We are seeking offers in excess of
£1,900,000 (one million, nine hundred
thousand pounds), subject to contract and
exclusive of VAT.
nn This reflects an attractive net initial yield
of 5.88% after the deduction of usual
purchaser’s costs of 5.80%, reflecting a low
capital value of £244 per sq ft.
A501
A12
COVENT
GARDEN
CHARING
WHITECHAPEL
A10
CROSS
CANNON STREET
A4
CITY OF
LONDON
LONDON
BRIDGE
A301
WESTMINSTER
WAPPING
A3204
NEWCROSS
CHARLTON
GREENWICH PARK
NEWCROSS GATE
PECKHAM
DEPTFORD BRIDGE
A202
A23
A207
A2
A200
A24
BLACKHEATH
A2214
BRIXTON
LEWISHAM
A20
BROCKLEY
P
00
CUTTY SARK
B208
RD
EN
UE
T
CE
RD
BLACKHEATH RD
RD
ISH
AM
LE W
FLO
REN
ELVERSON RD
RD
SHARD
ELO
A
A2
AM
B218
RD
AM
AV
T
ISH
NG
H
DEPTFORD
BRIDGE
ST JOHNS
SE
E
HI L L
RD
IS
BL
LEW
NN
I
S
OM
O
CR
06
A2
10
22
JE
TH
GREENWICH
T
ES
AY
W
DRAK EFELL RD
GREENWICH PARK
C HURCH S
A2 NEW C
ROS
S RO
AD
LE
M
HA
IS
W
RD
KITTO
DEPTFORD
07
A202
A2
0
NOT RD
ARBUTH
4
RRY R D
SE10
ST
THE PROPERTY
NEW CROSS
GATE
A2 0 2
A2
21
TFE
RIVER THAMES
DEPTFORD
NEW CROSS
NUNHEAD
ES
06
A2
EN
TR
D
Furthermore, there is a large car park to the rear which is used for servicing of the
retail unit and customer car parking.
ISLAND
GARDENS
6W
SE8
EV
EL
YN
SE14
QUEENS ROAD
20
CANARY
WHARF
RD
P
LA
B2
A2
OL
DK
A
CAN
A1
A2
N RD
LLDERTO
Buses are frequent along New Cross Road (A2) with the 53 (Plumstead to
Westminster), 177 (Thamesmead to Peckham), 225 (Lewisham to Canada Water)
and 453 (Deptford Bridge to Marylebone) stopping outside New Cross station
every 15 minutes.
E14
GROVE S T
SOUTH BERMONDSEY
A2
E F E R RY
MUDCHUTE
A21
New Cross station is 0.5 miles (0.8 km) to the west, Deptford station is 0.4 miles
(0.7 km) to the north and New Cross Gate station is 0.6 miles (1 km) to the west.
The total site area is 0.24 acres.
A206
THE PROPERTYGREENWICH
STOCKWELL
SE15
NEW CHARLTON
WOOLW
A215
CAMBERWELL
The property occupies a prominent position on the corner of New Cross Road (A2)
and Florence Road. The immediate area comprises of a mixture of residential and
retail uses.
To the rear, accessed from Florence Road, is a single storey garage which is
currently used for vehicle repairs and engine tuning.
A102
DEPTFORD
WANDSWORTH
KENNINGTON
LONDON CITY AIRPORT
CANARY
WHARF
BERMONDSEY
SITUATION
The property comprises approximately 3,808 sq ft (353.82 sq m) of retail
accommodation over ground floor and basement (excluding mezzanine) together
with eight residential flats on the first and second floors totalling
3,263 sq ft (303 sq m).
POPLAR
CANADA
WATER
ELEPHANT
& CASTLE
LAMBETH
Deptford Bridge and Greenwich are located on the Docklands Light Railway (DLR)
providing services to major stations including Canary Wharf and Canning Town to the
north.
DESCRIPTION
LIMEHOUSE
A200
A100
PIMLICO
A13
SOUTHWARK
WATERLOO
A13
CANNING TOWN
RD
New Cross and New Cross Gate stations are also located on the London Overground
network providing services to major stations including Dalston Junction to the north
and Clapham Junction to the west.
A1011
A11
HA
M
New Cross is well served by the National Rail, London Overground and Docklands
Light Railway networks. New Cross and Deptford stations provide direct National Rail
services into London Bridge, Cannon Street and Charing Cross, with a fastest journey
time of 5 minutes. New Cross Gate station is located on the Brighton Main Line
providing direct National Rail services into London Bridge.
BARBICAN
SOHO
New Cross is a district of South East London in the Borough of Lewisham, situated 4
miles (6.4 km) south east of Charing Cross, 1.2 miles (1.9 km) south west of Deptford
and 2 miles (3.22 km) south east of Greenwich. The district is a vibrant and popular
residential area which has benefited from recent gentrification.
New Cross has excellent road connections being located on the A2, which provides
access to Victoria (via the A202), Blackfriars (via the A201) and Tower Hill (via the
A100), all of which are 5.8 miles (9.3 km), 4.6 miles (7.4 km) and 4.5 miles (7.2 km)
respectively to the north west.
A207
WIC
K
LOCATION
MILE END
A1209
HOLBORN
HA
RE
AN
D
BIL
LET
RD
TENURE
The property is held Freehold.
TENANCY
The retail unit is currently owner occupied by the vendor, who is prepared to enter into a
contracted out lease for a term of 12 months at a rent of £50,000 per annum. The vendor is
prepared to incorporate a landlord only break at 6 and 9 month intervals on a notice period
of 3 months.
The vendor is open to negotiation on this agreement if vacant possession is required in a
shorter period.
The eight studio flats are all let on Assured Shorthold Tenancy (AST) agreements currently
producing £66,600 per annum.
There is an advertising hoarding erected on the side of 458 New Cross Road producing
£1,700 per annum.
The property in total is currently producing a rental income of £118,300 per annum.
Property
Retail / Garage
Rent (per annum)
Description
Area (sq ft)
Area (sq m)
£50,000
GF Sales
3,656
339.65
Mezzanine
1,262
117.24
Basement
152
14.12
Garage
691
64.20
Flat 1
*£8,400
Residential
431
40.00
Flat 2
*£8,400
Residential
431
40.00
Flat 3
£8,400
Residential
420
39.00
Flat 4
£8,700
Residential
312
29.00
Flat 5
£8,400
Residential
366
34.00
Flat 6
£7,800
Residential
560
52.00
Flat 7
**£8,100
Residential
291
27.00
Flat 8
*£8,400
Residential
452
42.00
9,022
838.21
Advertising Hoarding
TOTAL
£1,700
£118,300
*Currently being reviewed to these levels as of Jan 2015
**Currently being reviewed to these levels as of Feb 2015
PLANNING
PROPOSAL
The retail unit has the benefit of A1 consent.
We are seeking offers in excess of £1,900,000 (one million, nine hundred thousand pounds),
subject to contract and exclusive of VAT. This reflects an attractive net initial yield of 5.88%,
after the deduction of the usual purchaser’s costs of 5.80%, reflecting a low capital value of
£244 per sq ft.
VAT
The property has not been elected for VAT.
EPC
FURTHER INFORMATION
Should you require further information or wish to view the property please contact:
The retail element has an Energy Performance Certificate (EPC) rating of 141 (band F).
The residential elements have an Energy Performance Certificate (EPC) rating between
52 (band E) and 75 (band C).
Simon Lewis
Tel: 020 7493 3330
Mob: 07831 527 960
Email:slewis@lewisellis.co.uk
ASSET MANAGEMENT INITIATIVES
David Kos
Tel: 020 7493 3330
Mob: 07709 813 267
Email:dkos@lewisellis.co.uk
nn Re-let retail unit to a stronger covenant for a longer term certain.
Julian Gallagher
Tel: 020 7493 3330
Mob: 07941 413 299
Email:jgallagher@lewisellis.co.uk
nn General reconfiguration of retail/residential.
nn Sell off residential upper parts.
nn Comprehensive redevelopment of entire site, subject to planning.
Lewis Ellis LLP for themselves and for the vendors or nominees or lessors of this property whose agents they are give notice that: (1) the particulars are set out as a general outline only for the guidance of the intending purchasers
or lessees, and do not constitute part of an offer or contract; (2) all descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given in good faith and are believed
to be correct, but any intending purchasers or tenants should not rely on them as statements or representations of fact but satisfy themselves by inspection or otherwise as to the correctness of each of them; (3) no person in
the employment of Lewis Ellis LLP has any authority to make or give any representation or warranty whatever in relation to the property. Designed and Produced by Creativeworld. Tel: 01282 858200. November 2014.