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442/446 Holloway Road, London N7 6Lx Investment Summary | Location | Retailing In Holloway | Goad | Situation | Description | Accommodation | Tenure | Tenancy | Covenant Information | Rental Value | VAT | EPC | Proposal | Further Information 442/446 HOLLOWAY ROAD, LONDON N7 6LX PRIME REVERSIONARY LONDON FOODSTORE RETAIL INVESTMENT Investment Summary | Location | Retailing In Holloway | Goad | Situation | Description | Accommodation | Tenure | Tenancy | Covenant Information | Rental Value | VAT | EPC | Proposal | Further Information INVESTMENT SUMMARY The North London suburb of Holloway is an established residential and commercial centre, located within the London Borough of Islington, approximately 3 miles (4.8 km) north east of Central London. Substantial well configured retail store of approximately 25,000 sq ft with potential to convert the upper floors to residential use. Well secured to Iceland until September 2025. Excellent future reversionary rental prospects. Our clients are seeking offers in excess of £4.7m (Four Million, Seven Hundred Thousand Pounds), which reflects a net initial yield of 5.03% and a reversionary yield of 5.51%, assuming purchasers costs at 5.8%. 442/446 HOLLOWAY ROAD, LONDON N7 6LX PRIME REVERSIONARY LONDON FOODSTORE RETAIL INVESTMENT 2 Investment Summary | Location | Retailing In Holloway | Goad | Situation | Description | Accommodation | Tenure | Tenancy | Covenant Information | Rental Value | VAT | EPC | Proposal | Further Information LOCATION RETAILING IN HOLLOWAY The North London suburb of Holloway is an established Holloway Road is also well served by the London bus Retail provision in Holloway is estimated residential and commercial centre located within the network with numerous bus routes alighting immediately at approximately 630,000 sq ft (58,529 London Borough of Islington, approximately 3 miles outside the property. sq m) and is predominantly focused along (4.8 km) north east of Central London. Holloway Road and Seven Sisters Road. The Borough has a resident population of 175,797 These roads form a dominant shopping The main A1 Holloway Road provides direct and (Source: 2001 Census) and a population within a 20 km location in Islington known as Nags convenient road access to Central London and the radius of the Centre of 5,968,372. Head Town Centre, primarily serving the M25 Motorway. The area is also well served by public immediate surrounding areas of Holloway, transport with Archway (Northern Line) and Holloway Archway and Finsbury Park. Road (Piccadilly Line) London Underground Stations and Holloway Mainline Station all located within the The prime retailing in the area is centred immediate vicinity. on the Holloway Road which is further complimented by the Nags Head Shopping Centre, which is anchored by the James Selby Department Store and Morrisons Supermarket and a two level free 310 space car park. Other key retailers with representation within the vicinity include Waitrose, Marks & Spencer, Mothercare, Holland & Barrett, New Look, Peacocks, Clarks, Argos and Superdrug. 442/446 HOLLOWAY ROAD, LONDON N7 6LX PRIME REVERSIONARY LONDON FOODSTORE RETAIL INVESTMENT 3 Investment Summary | Location | Retailing In Holloway | Goad | Situation | Description | Accommodation | Tenure | Tenancy | Covenant Information | Rental Value | VAT | EPC | Proposal | Further Information GOAD N 442/446 HOLLOWAY ROAD, LONDON N7 6LX PRIME REVERSIONARY LONDON FOODSTORE RETAIL INVESTMENT 4 Investment Summary | Location | Retailing In Holloway | Goad | Situation | Description | Accommodation | Tenure | Tenancy | Covenant Information | Rental Value | VAT | EPC | Proposal | Further Information SITUATION DESCRIPTION ACCOMMODATION The property is situated in a 100% The property comprises a 5 storey We have inspected the property and measured in accordance with the 6th Edition of prime trading location on Holloway mid terraced property, arranged the RICS Code of Measuring Practice and we set out our floor areas below: Road, close to its junction with on ground, basement and three Seven Sisters Road. The property upper floors. Gross Frontage 49 ft 6 ins (15.08 m) is adjacent to Mothercare, whilst in close proximity to Marks & Spencer, The ground and basement floors Net Frontage 47 ft 0 ins (14.32 m) Boots and New Look. are connected internally whilst the Internal Width 48 ft 5 ins (14.75 m) upper floors are accessed externally at the rear of the premises by an Shop/Built Depth 151 ft 3 ins (46.90 m) integrated staircase. Ground Floor Sales 8,150 sq ft (757.13 sq m) The property has the benefit of rear ITZA 2,159 units servicing off Hertslet Road, adjacent to the Nags Head Shopping Centre. Basement Ancillary 7,363 sq ft (684.02 sq m) First Floor 7,239 sq ft (672.50 sq m) Second Floor 2,204 sq ft (204.75 sq m) Third Floor 408 sq ft (37.90 sq m) Total Area 25,364 sq ft (2,356.30 sq m) The upper floors are accessed from an enclosed external staircase to the rear of the property and have no internal access. The floors are unoccupied and part of the first floor is used for air conditioning plant. 442/446 HOLLOWAY ROAD, LONDON N7 6LX PRIME REVERSIONARY LONDON FOODSTORE RETAIL INVESTMENT 5 Investment Summary | Location | Retailing In Holloway | Goad | Situation | Description | Accommodation | Tenure | Tenancy | Covenant Information | Rental Value | VAT | EPC | Proposal | Further Information TENURE The property is held freehold. TENANCY The entire property is let to Iceland Foods Limited on a Full Repairing and Insuring lease for a term of 15 years from 29th September 2010 at a current rent of £220,000 pax. The property is subject to a rent review on 29th September 2015 with a fixed rental increase to £250,000 pax. The property is subject to 5 yearly upward only rent reviews to the open market rental value thereafter. Our clients propose to top up the rent to £250,000 pax which becomes effective on 29th September 2015. COVENANT INFORMATION Iceland Foods Limited have an Equifax 2015 credit score of A, representing excellent. A summary of their accounts can be set out as follows: 28/03/2014 29/03/2013 30/03/2012 GBP 000 GBP 000 GBP 000 Turnover 2,689,000 2,605,000 2,553,000 Pre-Tax Profit 161,000 N/A 174,000 Net Worth 656,000 517,000 365,000 442/446 HOLLOWAY ROAD, LONDON N7 6LX PRIME REVERSIONARY LONDON FOODSTORE RETAIL INVESTMENT 6 Investment Summary | Location | Retailing In Holloway | Goad | Situation | Description | Accommodation | Tenure | Tenancy | Covenant Information | Rental Value | VAT | EPC | Proposal | Further Information RENTAL VALUE In our opinion, the fixed increase of £250,000 pax devalues to a Zone A rent of £98.82 on the basis that £3.50 per sq ft is applied to the basement area and £3.00 to half of the first floor area. We have applied no value to the second or third floors. The estimated rental value as of today’s date would lie in the region of £274,000 pax, which devalues to a Zone A rent of £110 per sq ft. The most salient rental evidence can be set out as follows: 412 HOLLOWAY ROAD (BOOTS) Open market letting September 2013 for a term of 10 years at a rent of £75,000, reflecting a Zone A rent of £113 per sq ft. 416/418 HOLLOWAY ROAD (NEW LOOK) Lease renewal 7th March 2014 has been agreed at a rent of £115,000 pax, reflecting a Zone A rent of £105 per sq ft. The rent increased from a previous level of £85,000 pax. 408 HOLLOWAY ROAD (SANTANDER) Lease renewal June 2014 agreed at a rent of £77,500pax which reflects a Zone A rent of £112 per sq ft. VAT The property is registered for VAT and therefore VAT will be payable on the purchase price and dealt with by way of a TOGC. EPC The property has an EPC rating of C62 and is available upon request. 442/446 HOLLOWAY ROAD, LONDON N7 6LX PRIME REVERSIONARY LONDON FOODSTORE RETAIL INVESTMENT 7 Investment Summary | Location | Retailing In Holloway | Goad | Situation | Description | Accommodation | Tenure | Tenancy | Covenant Information | Rental Value | VAT | EPC | Proposal | Further Information PROPOSAL We are instructed to seek offers in excess of£4,700,000 (Four Million, Seven Hundred Thousand Pounds), subject to contract and exclusive of VAT for the benefit of our client’s freehold interest. A purchase at this level reflects the following yield profile net of purchasers costs at 5.8%: Initial Yield: 5.03% Reversionary Yield: 5.51% Equivalent Yield: 5.39% True Equivalent Yield: 5.57% FURTHER INFORMATION For further information or to arrange an inspection, please contact: Philip Hay 020 7637 7100 [email protected] Messrs. Jackson Criss for themselves and for the vendors or lessors of this property whose agents they are to give notice that: (i) the particulars are set out as a general outline only for the guidance of intending purchasers or lessees, and do not constitute, nor constitute part of, an offer or contract; (ii) all descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given in good faith and are believed to be correct but any intending purchasers or tenants should not rely on them as statements or representations of fact but satisfy themselves by inspection or otherwise as to the correctness of each of them; (iii) no person in the employment of Messrs. Jackson Criss has any authority to make or give any representation or warranty whatever in relation to this property. JC0062. Designed by TCC February 2015. 442/446 HOLLOWAY ROAD, LONDON N7 6LX PRIME REVERSIONARY LONDON FOODSTORE RETAIL INVESTMENT 8.
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