Sold
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%