442/446 holloway road, london n7 6lx

Transcription

Investment Summary | Location | Retailing In Holloway | Goad | Situation | Description | Accommodation | Tenure | Tenancy | Covenant Information | Rental Value | VAT | EPC | Proposal | Further Information
442/446 HOLLOWAY ROAD, LONDON N7 6LX
PRIME REVERSIONARY LONDON FOODSTORE RETAIL INVESTMENT
INVESTMENT SUMMARY
The North London suburb of
Holloway is an established
residential and commercial
centre, located within the
London Borough of Islington,
approximately 3 miles (4.8 km)
north east of Central London.
Substantial well configured
retail store of approximately
25,000 sq ft with potential to
convert the upper floors to
residential use.
Well secured to Iceland until
September 2025.
Excellent future reversionary
rental prospects.
Our clients are seeking offers
in excess of £4.7m (Four
Million, Seven Hundred
Thousand Pounds), which
reflects a net initial yield of
5.03% and a reversionary yield
of 5.51%, assuming purchasers
costs at 5.8%.
2
LOCATION
The North London suburb of Holloway is an established
residential and commercial centre located within the
London Borough of Islington, approximately 3 miles
(4.8 km) north east of Central London.
The main A1 Holloway Road provides direct and
convenient road access to Central London and the
M25 Motorway. The area is also well served by public
transport with Archway (Northern Line) and Holloway
Road (Piccadilly Line) London Underground Stations
and Holloway Mainline Station all located within the
immediate vicinity.
RETAILING IN HOLLOWAY
Holloway Road is also well served by the London bus
network with numerous bus routes alighting immediately
outside the property.
The Borough has a resident population of 175,797
(Source: 2001 Census) and a population within a 20 km
radius of the Centre of 5,968,372.
Retail provision in Holloway is estimated
at approximately 630,000 sq ft (58,529
sq m) and is predominantly focused along
Holloway Road and Seven Sisters Road.
These roads form a dominant shopping
location in Islington known as Nags
Head Town Centre, primarily serving the
immediate surrounding areas of Holloway,
Archway and Finsbury Park.
The prime retailing in the area is centred
on the Holloway Road which is further
complimented by the Nags Head Shopping
Centre, which is anchored by the James
Selby Department Store and Morrisons
Supermarket and a two level free 310
space car park. Other key retailers with
representation within the vicinity include
Waitrose, Marks & Spencer, Mothercare,
Holland & Barrett, New Look, Peacocks,
Clarks, Argos and Superdrug.
3
GOAD
N
4
SITUATION
DESCRIPTION
ACCOMMODATION
The property is situated in a 100%
prime trading location on Holloway
Road, close to its junction with
Seven Sisters Road. The property
is adjacent to Mothercare, whilst in
close proximity to Marks & Spencer,
Boots and New Look.
The property comprises a 5 storey
mid terraced property, arranged
on ground, basement and three
upper floors.
We have inspected the property and measured in accordance with the 6th Edition of
the RICS Code of Measuring Practice and we set out our floor areas below:
The ground and basement floors
are connected internally whilst the
upper floors are accessed externally
at the rear of the premises by an
integrated staircase.
The property has the benefit of rear
servicing off Hertslet Road, adjacent
to the Nags Head Shopping Centre.
Gross Frontage
49 ft 6 ins
(15.08 m)
Net Frontage
47 ft 0 ins
(14.32 m)
Internal Width
48 ft 5 ins
(14.75 m)
Shop/Built Depth
151 ft 3 ins
(46.90 m)
Ground Floor Sales
8,150 sq ft
(757.13 sq m)
ITZA
2,159 units
Basement Ancillary
7,363 sq ft
(684.02 sq m)
First Floor
7,239 sq ft
(672.50 sq m)
Second Floor
2,204 sq ft
(204.75 sq m)
Third Floor
408 sq ft
(37.90 sq m)
Total Area
25,364 sq ft
(2,356.30 sq m)
The upper floors are accessed from an enclosed external staircase to the rear of the
property and have no internal access. The floors are unoccupied and part of the first
floor is used for air conditioning plant.
5
TENURE
The property is held freehold.
TENANCY
The entire property is let to Iceland Foods Limited
on a Full Repairing and Insuring lease for a term of 15
years from 29th September 2010 at a current rent of
£220,000 pax. The property is subject to a rent review
on 29th September 2015 with a fixed rental increase
to £250,000 pax. The property is subject to 5 yearly
upward only rent reviews to the open market rental
value thereafter.
Our clients propose to top up the rent to £250,000
pax which becomes effective on 29th September 2015.
COVENANT INFORMATION
Iceland Foods Limited have an Equifax 2015 credit
score of A, representing excellent. A summary of
their accounts can be set out as follows:
Turnover
Pre-Tax Profit
Net Worth
28/03/2014
GBP 000
29/03/2013
GBP 000
30/03/2012
GBP 000
2,689,000
2,605,000
2,553,000
161,000
N/A
174,000
656,000
517,000
365,000
6
RENTAL VALUE
In our opinion, the fixed increase of £250,000 pax
devalues to a Zone A rent of £98.82 on the basis that
£3.50 per sq ft is applied to the basement area and
£3.00 to half of the first floor area. We have applied
no value to the second or third floors.
The estimated rental value as of today’s date would
lie in the region of £274,000 pax, which devalues to a
Zone A rent of £110 per sq ft. The most salient rental
evidence can be set out as follows:
412 HOLLOWAY ROAD (BOOTS)
Open market letting September 2013 for a term of
10 years at a rent of £75,000, reflecting a Zone A
rent of £113 per sq ft.
416/418 HOLLOWAY ROAD (NEW LOOK)
Lease renewal 7th March 2014 has been agreed at a rent
of £115,000 pax, reflecting a Zone A rent of £105 per sq ft.
The rent increased from a previous level of £85,000 pax.
408 HOLLOWAY ROAD (SANTANDER)
Lease renewal June 2014 agreed at a rent of £77,500pax
which reflects a Zone A rent of £112 per sq ft.
VAT
The property is registered for VAT and therefore VAT
will be payable on the purchase price and dealt with
by way of a TOGC.
EPC
The property has an EPC rating of C62 and is available
upon request.
7
PROPOSAL
We are instructed to seek offers in excess of £4,700,000 (Four Million,
Seven Hundred Thousand Pounds), subject to contract and exclusive of VAT
for the benefit of our client’s freehold interest. A purchase at this level reflects
the following yield profile net of purchasers costs at 5.8%:
Initial Yield:
5.03%
Reversionary Yield:
5.51%
Equivalent Yield:
5.39%
True Equivalent Yield:
5.57%
FURTHER INFORMATION
For further information or to arrange an inspection, please contact:
Philip Hay
020 7637 7100
Designed by TCC
[email protected]
Messrs. Jackson Criss for themselves and for the vendors or lessors of this property whose agents they
are to give notice that: (i) the particulars are set out as a general outline only for the guidance of intending
purchasers or lessees, and do not constitute, nor constitute part of, an offer or contract; (ii) 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; (iii) no person in the employment of Messrs. Jackson Criss has any
authority to make or give any representation or warranty whatever in relation to this property. JC0062.
February 2015.
8

442/446 holloway road, london n7 6lx

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