Investment Properties: The Original Factory Shop, Welling, Greater London
The Original Factory Shop, Welling, Greater London
OIEO £1,300,000 subject to contract
- Located in Welling, South East of central London and within half an hour by train to London.
- Situated in a prime position adjacent to Iceland Food Store and Holland & Barrett, and opposite McDonalds and Lloyds Bank.
- Provides a retail shop and two new one-bedroom apartments above (with separate entrance).
- Total Area of c. 10,184 sq ft (NIA). Freehold.
- Total income of £92,244 pa from the commercial tenant and two ASTs:
- Let to the Factory Shop Ltd until June 2031 (14.8 years unexpired term certain).
- The passing rent is £71,844 pa/ £13.50 psf.
- Minimum increases (at 2.5% pa compounded) to £81,285 pa in June 2021 and to the higher of £91,966 pa or OMRV in June 2026
- Two new apartments are let on ASTs for 6 months at £850 pcm / £20,400 pa.
- Strong Covenant trading since 1969 with over 200 stores and increasing turnover at £174.3m.
- Offers are invited in excess of £1,300,000 (One Million Three Hundred Thousand Pounds) reflecting a Net Initial Yield of 6.7% and a Net Reversionary Yield of 7.38% in 2021 growing to 8.15% NRY in 2026 (assumes purchaser’s costs at 6.0%).