Marine Ices, 4-8 Haverstock Hill London NW3
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Marine Ices, 4-8 Haverstock Hill London NW3 A Newly Developed Multi-let Retail Investment Opportunity INVESTMENT CONSIDERATIONS • New 999 year long leasehold interest • Part of the newly developed residential scheme at the Marine Ices site • Three retail units comprising 8,403 sq ft NIA • Multi-let to Co-op and Anytime Fitness • Let at a total passing rent of £375,750 per annum, including top ups • Two new 15 year leases to commence upon practical completion • Situated adjacent to the Chalk Farm underground station, providing direct access to the Northern Line • Located in the affluent northwest London district of Chalk Farm • We are seeking offers of £7,500,000 (Seven Million Five Hundred Thousand Pounds) subject to contract and exclusive of VAT. This reflects a net initial yield of 4.70% after allowing for standard purchaser’s costs • The freehold interest of the entire site, to include the 19 residential apartments above, is also available by way of separate negotiation. LOCATION The property is located in the affluent London district of Chalk Farm. Chalk Farm lies directly north of Camden Town and east of Primrose Hill. Whilst home to many celebrities, business entrepreneurs and financiers the area maintains its original “village” features, making it an attractive destination for the wealthy. Chalk Farm is located only 3 miles north of Central London, situated within the London Borough of Camden. Central London is easily accessed from Chalk Farm Underground Station via the Northern Line, bypassing Tottenham Court Road (10 minutes), Kings Cross St Pancras (11 minutes) and Bank (14 minutes). The A41 Finchley Road is located 0.9 miles west of Chalk Farm which provides direct access to Junction 1 of the M1 Motorway. The property is situated just 350 metres north west of the world-famous Camden Market. It plays host to over 1,000 shops and stalls selling fashion, music, art and food next to Camden Lock. Attracting approximately 100,000 visitors every weekend Camden Market has been ranked as London’s fourth-largest tourist attraction. SITUATION The property is positioned on the former site of the famous Marine Ices ice cream parlour, which was founded in 1931 by Gaetano Mansi who introduced Italian Gelato to London. Situated on the north side of the street where Chalk Farm Road meets the junction of Haverstock Hill and Adelaide Road the surrounding area is dominated by residential uses. Chalk Farm Underground Station is located on the corner of this junction, directly opposite the subject property creating excellent prospects for passing commuter trade. Furthermore The Roundhouse theatre is positioned only 100 metres east of Marine Ices off Chalk Farm Road. Surrounding retailers include Evans Cycles, Sainsbury’s, Domino’s Pizza and The Fitness Mosaic. DESCRIPTION The property comprises approximately 8,403 sq ft of retail and gym accommodation arranged over ground and basement floors. The two A1/A3 retail units are accessed directly from Haverstock Hill while the D1 gym unit is accessed via Crogsland Road. This opportunity forms the lower parts of a wider residential development that will provide 19 luxurious apartments arranged over 4 upper floors. The development is targeting practical completion of the commercial shell & core by November 2019. TENURE A new 999 year long lease at a peppercorn rent will be granted upon completion. The freehold interest of the entire site, to include the 19 residential apartments above, is also available by way of separate negotiation. TENANCY SCHEDULE Unit Tenant Description NIA Sq Ft Lease Start Term Passing Rent Rent Free Rent Review (per annum) Unit 1 Co-Operative Group Ground & 3,769 Practical 15 years £217,500 6 months rent 5th and 10th years Food Limited Basement Completion free. indexed to CPI (1%- 3%) Unit 2 Vacant (Topped Up) Ground 1,376 - - £68,250 - - Unit 3 Incyon Ltd (trading Ground & 3,258 Practical 15 years £90,000 9 months in 5th & 10th years as Anytime Fitness) Basement Completion year 1. indexed to RPI (1%- 3 months in 4%) year 2. TOTAL 8,403 £375,750 EPC EPC to be provided upon request. TENANT INFORMATION The Co-Operative Food Group Limited Trading as Anytime Fitness, Incyon Ltd, is provides local convenience food stores. the franchise owner of one of the world’s The company is over 156 years old and largest health chains. The franchised brand is currently employs 3,000 staff. It currently currently established in over 4,800 benefits from a D&B rating of O2 and has destinations with 86 based in the south east of a tangible net worth of £1,385,500,000. England alone. Anytime Fitness has been operating since 2003 having opened its first branch in the USA. Indicative CGI of Unit 2 post completion FLOORPLANS Ground Floor Basement Floor For indicative purposes only VAT The property is elected for VAT and it is proposed that the transaction will be treated as a Transfer of Going Concern (TOGC). PROPOSAL We are instructed to seek offers of £7,500,000 (Seven Million Five Hundred Thousand Pounds). A purchase at this level will reflects a net initial yield of 4.70% assuming standard purchaser’s costs and a capital value of £893 per sq ft. The freehold interest of the entire site, to include the 19 residential apartments above, is also available by way of separate negotiation. If you require any further information on the property please contact: Tim Mantle Christian Capocci [email protected] [email protected] +44 20 7861 5131 +44 20 3826 0666 Ben Doughty [email protected] +44 20 3866 8041 Indicative CGI of property post completion Particulars: These particulars are not an offer or contract, nor part of one. You should not rely on statements by Knight Frank LLP in the particulars or by word of mouth or in writing (“information”) as being factually accurate about the property, its condition or its value. Neither Knight Frank LLP nor any joint agent has any authority to make any representations about the property, and accordingly any information given is entirely without responsibility on the party of the agents, seller(s) or lessor(s). 2. Photos etc: The photographs show only certain parts of the property as they appeared at the time they were taken. Areas, measurements and distances given are approximate only. 3. Regulations etc: Any reference to alterations to, or use of, any part of the property does not mean that any necessary planning, building regulations or other consent has been obtained. None of the services or appliances have been tested and no warranty is given or is to be implied that they are in working order. A buyer or lessee must find out by inspection or in other ways that these matters have been properly dealt with and that all information is correct. 4. VAT: The VAT position relating to the property may change without notice. Knight Frank LLP is a limited liability partnership registered in England with registered number OC305934. Our registered office is 55 Baker Street, London, W1U 8AN, where you may look at a list of members’ names. September 2019.