Renaissance Building Loampit Vale, Lewisham Se13 7Dj
Total Page：16
File Type：pdf, Size：1020Kb
RENAISSANCE BUILDING LOAMPIT VALE, LEWISHAM SE13 7DJ VIRTUAL FREEHOLD CONVENIENCE STORE IN AN AFFLUENT RESIDENTIAL LOCATION WITH 10.5 YEARS UNEXPIRED INVESTMENT CONSIDERATIONS ■ Rare opportunity to purchase ground floor convenience retail unit that services a 788 ■ Rent to increase to approximately £97,850 per annum in June 2020, based unit residential scheme within a densely populated residential suburb of London on RPI forecast of 3% for 2019/2020 ■ Prominent position on the busy Loampit Vale (A20) ■ 5 yearly reviews on RPI basis per annum compounded with a collar and cap ■ In close proximity to Lewisham DLR Station and Lewisham Railway Station of 1% - 4% ■ ■ Let to the strong covenant of Sainsbury’s Supermarkets Ltd with a further Virtual Freehold 10.5 years to expiry ■ We are instructed to seek offers in excess of £1,750,000 (One Million Seven ■ No Breaks 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 ■ Effective rent passing of £95,000 per annum (£19.42psft) of 5.26% in June 2020 based on an increase to £97,850 pa G o l l i d e H a r o s d R R w m n d Po o a ts R h n u H r s o a L i M re e St. John’s & ie w w Bill l e e is t e h L Ro a a p m Elverson d t RENAISSANCE BUILDING, LOAMPIT VALE, LEWISHAM SE13 7DJ Virtual freehold Convenience Store in an affluent residential location with 10.5 years unexpired Wa Road n y o ill BLACKHEATH H M ot e Eli d T ra ra a n P q l u a i y l V a o le R A 2 l il 2 H Lo 1 1 m a a m L h p is e A it w 2 e H 2 w e ill 10 L g i T s a h h l l u i rst a o V n m R rk t o a a P h S R d ville t o ran d G d a a r a Blackheath e o a d R r h r Lewisham t t k i A e h 2 J 0 c w L a r o l y a T m Lewisham Bus B pit Vale d Station a o R L l e l e w h S i s s r h t a a e c i e m V t r S e Blackheath ira H errac T i e lm g B2 Le E 20 B Hospital h elm on S t Hil t l M Clock Hi o lly t F LEWISHAM S t l i n e e ld sce Tower s Cre h s g i w H e o v C o k r r r am l t i E et e Lewisham G C a r h r t v S m le sh s P a i i l d a i e ler i l E S w e w n Centre r e e e t e ew L n A d L R L R d d A 2 a o o 0 o l d g a n R L a e d A e R L o r m l e n b i e R i a o s o H r n e e n W n t i d S B a g o n y t R o h R HILLY h a M o r e g n o i R B a fi a bl H e o d a s FIELDS r l a m d G a m d E d a il l R m a h d s R o i r e o w e Bo R a nfie L ld R d d d l l i LEE Lim H es y Gro s v a e r a W c r i e V C p E Lee H oad o igh R LOCATION SITUATION a p li l s l e t C d g o The property is prominentlyite Rd situatede on Loampit Vale (A20), the main hwa w Slait L With a population of approximately 300,000, the affluent suburb of P i n n a g P arterial roadM through Lewisham, atr its junction with Elmira Street. The a k Lewisham is located approximately 10.4 km (6.5 miles) south east of o a rl e r t C r y d Ro k S W l subject property formsa s part of the renowned Renaissance scheme, with d o A R central London. Catford and Blackheath are approximately 1.6 km s i d h s e e d t g e l i multi storey newly built residential accommodation occupying buildings a r (1 mile)i to the south and east respectively. i d H a e Av adjacent and to the rear. R e m d Outlined in the London Plan as one of the 35 major Centres within a M h o is Opposite the property is Lewishamrl Retail Park, a busy neighbourhood Greater London, Lewisham is undergoing a major redevelopment ey w R L La d e o e dywell Roa shopping area with occupiers including,a y SportsRd Direct,a Matalan and L od d Derm strategy, aimed at repositioning the area as a metropolitan hub, 1 h 2 u r Carpet Right amongst other local occupiers. s Manor rivalling neighbouring Boroughs of Bromley, Croydon and Kingston A t Ladywell R d House Upon Thames. Lewisham DLR station is located 250 metres to theP north east of the property LADYWELL a Gardens s with Lewisham Railway station a further 20 metresc up Station Road. Lewisham’s commercial, business and shopping district forms one o Manor e R of the largest shopping areas in south east London, anchored by d Park Lewisham Gateway the Lewisham Shopping Centre, a scheme built in the 1970’s with c.70 stores tenanted by TK Maxx, M&S, Boots and Next, to list a few. Lewisham Gateway is one of the largest regeneration projects in south east London. The project consisted of redeveloping the DLR station, Road communications within the area are excellent, intersected High Street and shopping centre as well as the Railway to Blackheath. by the A20, an arterial route through south east London connecting to Dover in Kent and A205, which forms the south The completion of ‘phase one’ of the development has seen 193 flats circular route in London. built over two buildings at 25 and 15 storeys high. It also involved, re-routing of the Ravensbourne and Quaggy rivers and the upgrading Lewisham Station operates both Overground and DLR services, of the road network close to the station. with direct routes to London Bridge (9 minutes), Hayes (Kent) (25 minutes) and DLR direct service to Bank (27 minutes). There Phase 2 begins in the autumn and will consist of £375m invested to develop are also multiple bus routes that operate in the Borough, serving four blocks of between four and 30 storeys containing 530 flats, a nine- the immediate and wider area. screen cinema, work and retail spaces as well as restaurants and a gym. Due to this large regeneration project, the Renaissance residential development has experienced a significant increase in footfall as it provides a new pedestrian route directly to the station. RENAISSANCE BUILDING, LOAMPIT VALE, LEWISHAM SE13 7DJ Virtual freehold Convenience Store in an affluent residential location with 10.5 years unexpired DESCRIPTION The property comprises a ground floor convenience store that Based on RPI figures for the past 3 years and projecting 2019 at forms part of a large residential scheme above built in 2015 The unit 2.735%, our client will top up the rent to £95,000. There is a rent fronts Loampit Vale comprising large windows and high ceilings and review in June 2020, where we anticipate the rent to rise to comprises a total net internal area of 328.5 sqm (4,892 sq ft) made £97,850 pa (based on a forecast of RPI for 2020 to be 3%). up of 4,123 sq ft on ground and a mezzanine of 769 sq ft. The property forms part of the wider ‘Renaissance’ development which consists of a mix of studios, one and two bedroom flats and COVENANT penthouses totalling 788 units across 10 buildings. There are many Founded in 1869, Sainsbury’s has grown exponentially to become public gardens, extensive amenities including, two swimming pools, the second largest food retailer in the UK with a 16.9% market share. modern gym, a climbing wall and café. With 608 supermarkets, 191 Argos stores and 3.9 million active customers at Sainsbury Bank and Argos Financial Services, the TENURE company has recently reported total group sales have grown 9% with like for like sales up 1.3%. Virtual Freehold by virtue of 999 year lease from 22nd December In April 2018, Sainsbury’s announced plans to merge with Asda 2014 (994 years remaining) at a peppercorn ground rent. (Walmart). Should this go through, this merger would create the UK’s largest grocery chain with total sales in excess of £51 billion TENANCY and a combined market share of 32%. Sainsbury’s Supermarkets Ltd most recent published accounts are The property is let in its entirety to Sainsbury’s Supermarkets as follows: Limited for a term of 15 years (no breaks) from 29th June 2015 at a current passing rent of £85,000 per annum.