No657 663 COMMERCIAL RD LIMEHOUSE LONDON E14

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No657 663 COMMERCIAL RD LIMEHOUSE LONDON E14 No 657 663 COMMERCIAL RD LIMEHOUSE LONDON 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 COMMERCIAL ROAD 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 City of London, west of Canary Wharf and 100m north of the Limehouse Basin. The area surrounding Shadwell 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 Bethnal Green West Ham EAST HAM A13 Bromley- By-Bow Whitechapel A11 Devons Liverpool Road A12 Street Aldgate East A13 CITY OF A1020 Aldgate STEPNEY 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 ISLE OF DOGS A206 A102 WOOLWICH A2 A1020 DEPTFORD Greenwich A20 Transport Communications The property is within very close proximity Limehouse Station mins transport to Limehouse DLR Station and C2C 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 London City Airport 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 Cable Street. 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 Mile End 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 BELGRA 3 A13 8 1 4 5 6 COMMERCIAL ROAD Limehouse 7 W 2 A13 11 EAST INDIA DOCK RD 10 CABLE STREET CHER RO T 9 Limehouse BU Basin LIMEHOUSE LI A1261 W INDI A1203 A DOCK RD NK L Y NE THE HIGHWA N TUN U T E H NEL IT Westferry H R E H T D O R R Y R 12 R E F T S E W ER RD SALT 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 T Hamlets. It is not listedE but does lie within T S Y B Works A the York Square ConservationR Area. 2 6 1 3 8 1 to 8 6 PH Cambria 1 11 House CHASELEY STREET 17 7 2 El Sub Sta 2 1 4 1 6 1 4 6 1 to 8 3 5 Caledonia House 1 1 7 FLAMBOROUGH STREET 6 SL Flamborough Walk BRUNTON PLACE YORKSHIRE ROAD 3 1 3 2 2 2 Stephen c Hawking 1 1 School SL Saloon House Max House n tio 649 to 651 ta PH S ire H le yc C 653 667 MP COMMERCIAL ROAD 9 5 4 9 5 6 9 5 8 9 5 6 El Sub Sta Cn MoPs FB d a P o o R M l a k i c c 183 to r 241 o e L m m o C 242 to 262 k Not to scale. For identification purposes only. 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%).
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