Lot 8 Click here for addendum
Leasehold Commercial Investment – Gross Yield 7.4% rising to 14.7% in 2024
6 Week Completion
Situation
Located close to the junction with Hare Street within this town centre retail location, opposite TK Maxx and amongst such other multiple retailers as Argos, Clarks and Sports Direct. In addition, the property is less than a 100 yards from the pedestrianised retail section of Powis Street which hosts Iceland, The Works, Shoe Zone, CEX, Holland & Barrett and many others.
The Woolwich Ferry Terminal is within close proximity and the area is well served by other transport links being less than ½ a mile from King George V Station (DLR) and Woolwich Arsenal Mainline Station.
Woolwich lies some 7 miles south of central London close to the A2 and A20 which provide direct access to the M25.
Property
Forming part of a town centre building comprising a Large Ground Floor Retail Unit divided into 20 smaller retail units (14 of which are currently let) together with a Basement divided into a number of individual store rooms used by the ground floor tenants.
Accommodation
Ground Floor Retail Unit
Gross Frontage 74'11''
Internal Width 72'11''
Built Depth 63'3''
Area Approx. 4,175 sq ft incl. WC
Basement Storage
Area Approx. 2,905 sq ft
Total Area Approx. 7,080 sq ft
VAT is applicable to this Lot
Tenure
Leasehold for a term of 999 years from 3rd June 2013 at a peppercorn ground rent.
Tenancy
The property is let on a full repairing and insuring lease (by way of service charge) to The Upper Corner Limited t/a Woolwich Market (the tenant has advised they operate 4 other markets) for a term of 15 years from 21st October 2020 at a current rent of £25,000 per annum exclusive rising to £50,000 per annum on 20th January 2024.
Rent Reviews October 2025 and October 2030
Tenant's Break October 2025
There is a £15,000 (including VAT) Rent Deposit held.
Note: The adjoining Unit (No. 127) is also being offered for sale in this Auction - See Lot 9.