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Virtual Freehold Convenience Store let to Sainsbury’s Supermarkets Ltd – Hackney Wick

75-89 Wallis Road, Hackney Wick, London, E9 5LN

Property Type:
Commercial
Sub Type:
Retail
Tenure:
Freehold
Site Area:
4,321 sq.ft

Lease Term

Virtual freehold (999 year lease)

Income

£125,000 pa

Description

  • Hackney Wick is a rapidly improving East London neighbourhood having benefitted from an influx of new residential and commercial accommodation
  • Situated on the eastern side of Wallis Road with prominent return frontage onto Berkshire Road
  • Ground floor convenience store totalling 4,321 sq ft forming part of a newly constructed residential development of 39 flats
  • Lease due to commence in September 2020
  • Close proximity to Hackney Wick Railway Station (1 min walk)
  • Agreement for Lease in place to Sainsbury’s Supermarkets Ltd for a new 15 year lease with a tenant only option to determine at year 10
  • Initial rent of £125,000 p.a. (£28.92 psf) with 5 yearly RPI linked rent reviews with a cap at 3% per annum
  • Virtual freehold 999 year lease

Offers are sought in excess of £2, 350,000 (Two Million Three Hundred and Fifty Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects an attractive net initial yield of 5.00%, after allowing for purchaser’s costs of 6.35%