Iceland 524 – 528 High Road, Tottenham, London, N17
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524 – 528 HIGH ROAD, TOTTENHAM, LONDON, N17 9SX ICELAND GREATER LONDON FOOD STORE INVESTMENT ICELAND, 524 – 528 HIGH ROAD, TOTTENHAM, LONDON, N17 9SX Bruce Grove Site outline for identification purposes only. ICELAND, 524 – 528 HIGH ROAD, TOTTENHAM, LONDON, N17 9SX Investment Considerations ■ Greater London Foodstore investment let to a 5A1 covenant for a further 10.5 years. ■ Located in the popular suburb of Tottenham – an area that is set to undergo significant regeneration in the near future. ■ Situated on the highly prominent High Road close to Bruce Grove station. ■ Initial topped up rent of £131,700 pa. ■ We believe that the topped up rent of £131,700 pa. (£14.23 psf overall) is reversionary based on the recent letting to Poundland (adjacent) of £24.16 psf. ■ We are instructed to seek offers for the virtual freehold interest in excess of £2,300,000, subject to contract and exclusive of VAT. A purchase at this level reflects anet initial yield of 5.5% after usual purchaser’s costs of 5.8% with a potential valuable reversion to come at rent review in December 2017. ■ The freehold including the remaining upper parts A505 Stevenage Dunstable Stansted Luton Luton Bishop’s A120 and the adjacent ground floor retail unit (522 High A418 Knebworth Stortford A5 A10 Road) may be available to purchase if required. A1(M) A602 A44 M1 A131 A130 Further details are available upon request.A34 Aylesbury Harpenden Welwyn Garden City A40 Hertford A414 M11 A41 Harlow A12 OXFORD Berkhamsted Hemel St Albans Hatfield A4142 Thame Hempstead M10 A414 Chelmsford A138 M40 A420 J21 A414 A404 Potters Bar Chipping Location A4010 Chesham J20 Potters Bar Epping J23 Ongar J19 J25 M25 J27 Tottenham is located within the London Borough of to Kings Cross & St Pancras International, 16 minutes to Borehamwood Loughton Haringey, approximately 11.0 km (7 miles) north of Central Oxford Circus and 19 minutes to London Victoria. NationalM25 Watford A1 Barnet Enfield High Rickmansworth M11 A130 High South London, 7.7 km (5 miles) south of Enfield and 14.5 km Rail services run from Bruce GroveWycombe with a journeyA355 timeA413 of South Billericay Wycombe Oxney TOTTENHAM Chigwell Brentwood Oxney Chigwell J28 Wickford (9 miles) south east of Barnet. The London Borough of approximately 20 minutes to London Liverpool Street. Harefield Brent Wickford M40 Woodford Haringey has a resident population of circa 254,900 people Harrow M1 Cross The town also benefits from good road communications with A10 A12 A127 Ruislip J29 Basildon and Tottenham is a popular commuter area for Central A404 J16 Wembley Hampstead Romford High Road (A10) connecting Tottenham to the North Circular Ilford Ilford Benfleet London workers. The area is well known as the home of located 3.2 kmHenley-on-Thames (2 miles) to the north, the M25 situated Uxbridge A40 Southend-on-Sea A34 Canvey Tottenham Hotspur Football Club who have been based in Maidenhead Slough Southall A13 Canvey 13.1 km (8 miles) to the North and the City of LondonSlough M25 Stanford-le-Hope Island A404(M) LONDONLondon Island the area for over 100 years. 9.7 km (6 miles) to the south. J15 M4 City Brentford Windsor Hounslow Fulham A2 Communications are excellent with Central London being Hounslow Clapham Heathrow International Airport is situatedM4 approximately Heathrow A316Richmond Clapham within easy reach by London Underground (Victoria Line) M4 READING M25 Dartford 72 km (45 Miles) to the south west and Stansted AirportStaines Gravesend A329(M) Staines Ashford Kingston Gravesend Sheerness with a journey time from Tottenham Hale of 11 minutes Egham J2 is approximately 48.2 km (30 miles)Bracknall to the northeast. Upon Thames A20 Wokingham Ascot Wokingham J12 Bromley Swanley M3 A309 A3 A23 Swanley A322 J3 Rochester Gillingham Walton-on-Thames Croydon Bagshot A232 A21 M2 TOTTENHAM Sutton M25 M20 Sandhurst M3 Epsom Sittingbourne Shoreham Snodland Woking J10 A217 A339 Biggin Hill A22 M20 Famborough J9 J5 M26 Famborough Sevenoaks Fleet A331 A3 M25 Maidstone BASINGSTOKE J8 J7 J6 A34 BASINGSTOKE Oxted Aldershot M3 GUILDFORD Reigate A26 GUILDFORD Dorking Redhill Famham A21 A24 Tonbridge A303 Godalming M23 Horley Paddock Royal Wood Staplehurst Gatwick Staplehurst Alton Witley Tunbridge Cranleigh A264 Wells A229 A31 Crawley Three Bridges North A264 East Grinstead Horsham Horsham A23 Haywards Heath Burgess Hill GREATER LONDON FOOD STORE INVESTMENT Images courtesy of Tottenham Hotspur FC. Images courtesy of Tottenham 11 Northum Tottenham - Key sites bre lan d P ark White Hart Lane A vision SUBJECT PROPERTY 1 White Hart Lane Haringey Council has embarked on a £1 billion regeneration plan aided by both private and public 1 TOTTENHAM HOTSPUR funds. The area is set to see the arrival of 10,000 new homes, sports facilities, transport upgrades FOOTBALL CLUB d A a 1 o 12 and improved health offer, schools and local job opportunities for its residents. 0 d R a o h g R 2 i TOTTENHAM HALE STATION e H Projects include: 13 n r sdowne Road u 6 Lan o b 3 HALE VILLAGE e l • A new tube, rail and bus station at • Sainsbury’s has committed to the location ship Lan e ord h L M S o Poy Tottenham Hale, including 190 new homes opening a new 129,000 sq ft store within u nton Road 4 ASHLEY ROAD SOUTH n t P in a mixed use development the newly developed Lilywhite House. l e a Do s e wsett Road 5 HALE WHARF a nu n ve • A 70 acre phased development backed • Crossrail 2 plans further connecting t A R he o T 10 a by Tottenham Hotspur FC will bring a Tottenham stations at Seven Sisters and d Bruce Grove d 6 MARSH LANE a o R new 56,000 world class sports stadium Tottenham Hale with central and south w e i 7 LAWRENCE ROAD V alongside 285 homes and new commercial London. rk a P 0 and leisure facilities. 1 8 WARDS CORNER A 4 • Multi-million pound investment in the road Ph 3 5 9 APEX HOUSE ilip L ane 2 network to unlock development sites near Ferry Lane Tottenham Hale 10 POST OFFICE SITE (POUNDLAND) 7 W G 11 re BROOK HOUSE en Lane Ro road a d B 12 700-702 HIGH ROAD 8 Seven Sisters 13 CARPETRIGHT 9 TOTTENHAM oad S re R t mo An des n’ Gla s R o ad ICELAND, 524 – 528 HIGH ROAD, TOTTENHAM, LONDON, N17 9SX Tottenham POUNDLAND Situation Tenure The property is well located on the eastern side of High Long Leasehold - 999 year lease from date of completion. Road, the prime retailing location in Tottenham, comprising a mixture of local and national occupiers. Nearby traders include Poundland (adjacent), Asda, Superdrug, McDonalds, Accommodation Ladbrokes and TSB Bank. The property provides the following Net Internal Areas (NIA): The property benefits from close proximity to Bruce Grove station which is opposite the property. Tottenham Hale Use Sq m Sq ft and Seven Sisters Underground stations are situated Ground Floor Retail 475.6 5,119 approximately 15 minutes’ walk to the east and south First Floor Storage 384.1 4,134 respectively. Overall 859.7 9,253 Immediately to the rear of the property is a densely populated residential area with both single dwellings and blocks of flats. Tenancy Description The property is let to Iceland Foods Ltd on a full repairing and insuring lease for a term of 10.5 years from 23rd December The property comprises a food store occupying the ground 2015 expiring on 24th June 2026 (10.5 years unexpired) and floor and part first floor (rear) of a three storey building. The the current rent passing is £111,945 p.a. remainder of the first floor (front) and the entire second floor are currently vacant offices and do not form part of the sale. The rent in December 2017 is subject to an upward only open market rent review with a minimum fixed increase to £131,700 pa - the vendor will top up the rent to this level. These rent levels were agreed in 2011. There is a subsequent open market rent review in 2022. 25 metres Experian Goad Plan Created: 15/12/2015 For more information on our products and services: Created By: Allsop www.experian.co.uk/goad | [email protected] | 0845 601 6011 Copyright and confidentiality Experian, 2015. © Crown copyright and database rights 2015. Ordnance Survey 100017316 GREATER LONDON FOOD STORE INVESTMENT Covenant Iceland Foods Ltd is a leading chain of British food retailers founded in 1970 specialising in the sale of frozen foods. Iceland operates over 850 stores across the UK and employs around 25,000 people. Iceland was officially recognised by the Sunday times in 2014 as the best “big company” to work for in the UK. Iceland Foods Ltd is rated 5A1 by Dun and Bradstreet. Iceland Foods Ltd reported the following results across the last three years: March 2015 March 2014 March 2013 (£000s) (£000s) (£000s) Turnover £2,682,021 £2,699,261 £2,604,669 Pre-Tax Profit £58,794 £161,459 £188,146 Total Net Worth £709,630 £656,381 £516,857 Letting Comparable The ground floor of the adjacent unit (530-536) was let to Poundland Ltd in May 2015 on a new 10 year lease at a rent of £180,000 pa based on a sales area of 5,072 sq ft and storage of 2,005 sq ft (£24.16 psf) accounting for a 6 month rent free period. Investment Comparables The table below shows three recent similar transactions in Greater London. Date Address Tenant Term Certain Price Yield Dec-15 213-214 Budgens 12 years £5.35m 3.62% Upper Street, Stores Ltd Islington Nov-15 142 - 146 High Iceland 10.25 years £3.35m 2.82% Street, Stoke Foods Ltd Newington May-15 442-446 Iceland 10.5 years £6.20m 3.81% Holloway Road Foods Ltd EPC The property has been rated C(66).