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- Secure income from Tesco (10.5 years) with consent for redevelopment and massing.
- Prime location on Wandsworth High Street.
- Convenience store totalling 5,290 sq ft.
- Virtual Freehold.
- Single let to Tesco Stores Ltd (10.5 years term certain).
- Rent to be topped up to the next rent review at £75,646 pa reflecting a low rent of £14.30 per sq ft.
- Rent Reviews are 5 yearly, upwards only to RPI with a collar of 1%pa and a cap at 4% applied annually and compounded.
- Highly reversionary opportunity - Open Market Lettings reflect a tone of c. £30.00 per sq ft.
- Benefits from planning permission to create a basement and add two new floors arranged as six flats totalling 3,929 sq ft with lift access.
- Potential to convert the first floor to residential use could create a total of 13 new flats.
- We are instructed to seek offers in excess of £1,500,000 (One Million Five Hundred Thousand Pounds), subject to contract and exclusive of VAT, reflecting a Net Initial Yield of 4.75% and a Net Reversionary Yield of 5.38% (assuming RPI at 2.5% pa), applying purchasers’ costs of 6.10% for the investment.
- This reflects a very low and attractive capital value of £284 per sq ft vs the existing floor area and £163 per sq ft capital value vs the consented floor area.
- The vendor is willing to sell the Freehold - £POA.
