Sold

Lewisham – Virtual Freehold Convenience Store in a Busy London Suburb

Sainsbury's Local, Renaissance Building, Loampit Vale, Lewisham, SE13 7DJ

Offers in excess of £1,750,000

Property Type:
Commercial
Sub Type:
Retail
Net Initial Yield:
5.26%

Income

£95,000

Description

  • Rare opportunity to purchase ground floor convenience retail unit that services a 788 unit residential scheme within a densely populated residential suburb of London.
  • Prominent position on the busy Loampit Vale (A20).
  • In close proximity to Lewisham DLR Station and Lewisham Railway Station.
  • Let to the strong covenant of Sainsbury’s Supermarkets Ltd with a further 10.5 years to expiry.
  • No Breaks.
  • Effective rent passing of £95,000 per annum (£19.42psft).
  • Rent to increase to approximately £97,850 per annum in June 2020, based on RPI forecast of 3% for 2019/2020.
  • 5 yearly reviews on RPI basis per annum compounded with a collar and cap of 1% – 4%.
  • Virtual Freehold.
  • We are instructed to seek offers in excess of £1,750,000 (One Million Seven Hundred and Fifty Thousand Pounds) reflecting a net initial yield of 5.11%
    assuming purchaser’s costs of 6.19% and an estimated reversionary yield of 5.26% in June 2020 based on an increase to £97,850 pa.