No657 663 COMMERCIAL RD E14

Central London Mixed Use Investment Property

The Summary

• Freehold • Mixed use restaurant and residential investment. • Modern - newly rebuilt behind a retained period façade just over 4 years ago. • Arranged over ground to 4th fl oors. • Located directly opposite the DLR Limehouse with 6 mins to Bank Station. • 18 highly specifi ed residential apartments of various sizes let on a single lease. • 11,366 sq ft total area which includes 9,860 sq ft of residential. • Total current income of £356,850 p.a. • Offers in excess of £7,100,000 (Seven Million, One Hundred Thousand Pounds) for the asset which is 4.70% net yield after purchasing costs of 6.8% on the commercial income and £624psf capital value overall.

No 657-663 limehouse e14 royal o2 Poplar Canary Canary Quay station Gateway Wharf ropemakers 657-663 limehouse Greenwich isle of The Wharf Commercial rd station dogs Boatyard

No 657-663 CommerCial road limehouse e14 The Location

657-663 Commercial Road is well positioned in Limehouse to the east of the , west of and 100m north of the . The area surrounding and Limehouse has become increasingly popular with young professionals and families, increasing the presence of recognisable occupiers (such as Tesco) and a rise in services for residential occupiers, such as restaurants and bars, as well as the facilities in the Limehouse Basin a short distance to the south. Strategically placed between both the City of London and Canary Wharf, the location is popular with professionals looking to access work in a quick and efficient manner.

A406

A12 ILFORD

STRATFORD

Pudding Lane A10 West Ham EAST HAM A13 Bromley- By-Bow A11 Devons Liverpool Road A12 Street East A13 CITY OF A1020 Aldgate Beckton LONDON A13 Canning Fenchurch POPLAR Town Custom Gallions Street Limehouse Shadwell Royal House Royal Reach Victoria Tower A1203 All Saints Albert Hill EXCEL Blackwall Tunnel London Canary Wharf CITY AIRPORT Bridge O2 West Emirates Silvertown A100 Air Line No North A206 657/663 Greenwich Bermondsey COMMERCIAL ROAD A201 A206

A102 WOOLWICH

A2 A1020 DEPTFORD Greenwich

A20 Transport Communications

The property is within very close proximity mins transport to Limehouse DLR Station and Station, Canary Wharf 4 dlr (3 minutes walk) providing quick and direct journey times into the City of London at Bank Station 6 dlr Bank Station (6 minutes) and the fi nancial Canning Town 8 dlr hub of Canary Wharf (4 minutes). Chancery Lane Station 15 dlr CENTRAL

The speed of access to the City of London 15 dlr and Canary Wharf is a unique selling point Kings Cross Station 21 dlr NORTHERN for the location. The C2C train provides services between Fenchurch Street to the Fenchurch Street 4 c2c NORTHERN West and Southend-on-Sea to the east. Liverpool Street 15 c2c NORTHERN Southend Central 47 c2c NORTHERN

DLR Stratford Stratford Abbey Prince Royal Beckton Gallions International Stratford High Street Road Regent Albert Park Cyprus Reach Beckton

West Ham Custom House Pudding Lane (ExCel) Bow Church Devons Road Star Lane Royal Victoria (Emirates Air-line) To wer Gateway Langdon Park All Saints Canning To wn West Pontoon London King Woolwich Shadwell Westferry Poplar Blackwall East India Silvertown Dock City Airport George V Arsenal

Limehouse West India Quay Canary Wharf Cutty Sark Deptford Bank Heron Quays South Quay Mudchute (Maritime Greenwich) Bridge Lewisham

Crossharbour Island Greenwich Elverson Gardens Road

ZONE 1 ZONE 2 ZONE 3

Surrounding Developments Limehouse and the wider location has been the subject of unprecedented levels of residential development in recent years as the search for housing in more central locations becomes increasingly unaffordable. East London and particularly Limehouse, have become popular due to their proximity to key fi nancial hubs in the City of London and Canary Wharf. Some of the local developments include Ropemakers Wharf, 6 Boulcott Street, Canary Gateway, Royal Quay, Stepney Green, The Boatyard and The Junction at 448 . Canary Gateway, E14

The Boatyard, Stainsby St, E14 Royal Quay, E14 6 Boulcott St, E1 Ropemakers Wharf, E14

No 657-663 CommerCial road limehouse e14 Residential Values

1 667 Commercial Road £624psf 2 Berglen Court £804psf

3 1990s flat £754psf

4 Limeview Apartments £690psf

5 TequilaSTEPNEY Wharf £690psf 6 Period flat (1 bed) £995psf GREE 7 Park Caspian ApartmentsN £747psf 8 Mission Building £760psf Y WA 9 BEN JONSON ROAD ’S Island Row £802psf PAUL ST 10 Basin Approach £780psf 11 Mettalica Court Ropemakers £778psf 12 Dundee Wharf £736psf Whitehorse Road ParkBerglen Court Dundee Wharf

BURDEN

T ROAD

VE STREET No657/663

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2 3 4 5 6 7 8 9 10 Tequila Wharf 11 Basin Approach 12 13 14 15 16 17 18 19 20

21 22 23 24 25 The Description

The property is freehold over ground and 4 upper floors. The ground floor comprises 2 retail units, one of which is sold off (Tesco) and one which is a let restaurant unit.

The property is glazed over ground floor, whilst the upper parts are set back from the frontage, with white elevations. 4th Floor On the western side of the ground floor, access is provided to a total of 18 apartments arranged over the upper floors, all serviced by a single stair and lift core. The apartments include a mix of studio to three bedroom accommodation and totals 916.03 sq m / 9,860 sq ft NSA.

The apartments are of recent construction and present to an extremely high standard, benefitting from the following specification: • Timber floors • Granite work surfaces • Inbuilt Neff kitchen appliances 3rd Floor • Comfort Cooling • Under floor heating • Lift to all floors • Majority of apartments include outside space in the form of terraces or balconies • Top floor is partially duplex apartments with excellent views • Landlord spec furniture is included in the sale

2nd Floor

1st Floor

No 657-663 Commercial Road Limehouse E14 Residential Accommodation

The accommodation schedule is set out below: Type Units Studios 4 1 Bed 8 2 Bed 3 2 Bed Duplex 2 3 Bed Duplex 1 Total 18 The Tenure

657-663 Commercial Road is held freehold under title number 295720. The total area extends to approximately 0.18 acres (0.07 hectares).

Planning

657-663 Commercial Road is situated within the London Borough of Tower

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No 657-663 Commercial Road Limehouse E14 The Tenancy Schedule

Demise Tenant Use Floor Area Lease Start Rent Review Break Option Lease Expiry Passing Comments (sq ft) Rent (p.a) 657-663 Valet Residential 9,860 25/03/2018 25/03/2019 24/03/2023 318,000 18 fl ats, serviced 1st - 4th Apartments 25/03/2020 apartment operator. Floors Ltd 25/03/2021 Outside the Act. Rent 25/03/2022 deposit of £50k held. Reviewed annually to RPI with a cap and collar of 1.50% & 4.00% 657-661 Tesco Retail 23/12/2011 22/10/3010 £100 Long leasehold interest sold off. Tenant is t/a Tesco Express. N/A is 3,953 sq ft. 663 Rob Miah Restaurant 1,506 29/09/2013 29/09/2018 28/09/2033 £25.000 Refl ects Ground fl oor £16.60psf overall Roof Aerial UK Telecommucications 28/01/2014 28/01/2019 28/01/2019 27/01/2024 £13,750 Rent is payable Broadband (rolling 12 month annually Ltd break) TOTAL 11,366 £356,850

The Tenant Covenant

Valet Apartments Ltd Kirvem Restaurant Registered address; 104 Oxford Street Kirvem Restaurant has been running for Level 2, 104 Oxford Street, London, circa 18 months having taken over from England, W1D 1LP Rajistani restaurant that had been running for 15 years. Kirvem is a Turkish restaurant and has been attractively fi tted out and has received excellent reviews on trip advisor so far. Its ranked 251 out of 18,000 restaurants in London which is no mean feat for a relatively new restaurant. Investment Rational:

• Located directly opposite Limehouse DLR rail station with 7 minutes to Liverpool Street • Modern development built in 2013 which requires no capital expenditure • Rare mixed-use asset • The Landlord holds a rent deposit of £50,000 • 89% income derived from the single residential tenant subject to an RPI-linked lease reviewed annually (subject to cap and collar of 1.50% & 4.0%). • The Tenant has expressed interest in extending the lease by a further 5 years • The Property has strong occupancy levels • Low capital value compared to nearby residential • Attractive high yield for Central London residential compared to West London yields of 2.5% • Limehouse is forecast to have 26% growth over the next 5 years making it one of the highest in London • Potential to break up the residential units and sell off individually • Potential to change use to serviced apartments subject to planning • Residential accommodation can be run as a PRS property

Proposal

We are seeking offers in excess of £7,100,000 (Seven Million, One Hundred Thousand Pounds) which refl ects4.70% net yield after purchasing costs of 6.8% on the commercial income and £624psf on an overall capital value basis.

Contact

For further information or to arrange an inspection, please contact:

Misrepresentation Act 1967: Crossland Otter Hunt for themselves and for the vendor(s) or lessor(s) of this property whose agents they are, give notice that: 1. These particulars do not constitute, nor constitute any part of, an offer or contract. 2. None of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact. 3. Any intending purchaser or lessee must satisfy himself by inspection or otherwise as to the correctness of each of the statements contained in these particulars. 4. The vendor(s) or lessor(s) do not make or give and neither Crossland Otter Hunt nor any person in their employment has any authority to make or give, any representation or warranty whatever Gregor Wallace in relation to this property. Finance Act 1989: Unless otherwise stated all t: 020 7408 1114 prices and rents are quote exclusive of VAT. Property Misdescriptions Act 07525 595 526 1991: These details are believed to be correct at the time of compilation but m: may be subject to subsequent amendment. October 2019 e: [email protected]

No 657-663 CommerCial road limehouse e14