149-153 High Street North, East Ham.Cdr
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RARE PRIME FREEHOLD EAST LONDON RESIDENTIAL / RETAIL INVESTMENT OPPORTUNITY 149-153 HIGH STREET NORTH, EAST HAM, LONDON E6 1HZ 149-153 HIGH STREET NORTH EAST HAM LONDON E6 1HZ Investment Summary A rare mixed-use freehold property situated on the prime shopping parade serving East Ham, London Situated in the prime high street - an approximate 2 minute walk from East Ham Underground station (District and Hammersmith & City lines) - Zone 3 15 minutes from Liverpool Street train station - 30 minutes from Oxford Circus tube station Close to the proposed Crossrail train station, Forest Gate, which will provide regular services to the West End, Paddington and Heathrow Modern retail and residential block Provides 14 flats above 2 retail units - total area of approximately 10,446 sq ft, split between 2,978 sq ft of commercial accommodation on the ground floor and 7,468 sq ft of residential accommodation on 1st to 3rd floors The main double retail unit fronting High Street North is let to State Bank of India (89% of the retail income) - there is a smaller retail unit to the side that has been divided in two units Current rebased rent for the retail element is £104,500 per annum and for the residential element is £199,140 per annum The total passing rent for the whole property is £303,640 per annum The flats are all let on AST tenancies agreed in the last 12 months 66% of the total income is derived from the residential element Offers sought in the region of £6,000,000 (Six Million Pounds) subject to contract and exclusive of VAT 2 149-153 HIGH STREET NORTH EAST HAM LONDON E6 1HZ Location East Ham is a lively and popular suburb situated within the London Borough of Newham, north of the River Thames. The district has an estimated population of approximately 76,000 alongside a primary catchment of 222,000. The area was identified within the London A118 Hackney Wanstead Flats A12 To Shenfield Plan as one of 35 Major Centres. Marshes East Ham is located between Barking A10 A118 and the City of London with easy FOREST GATE HIGH EAST HAM Queen Elizabeth STREET DISTRICT access to the West End, London City Olympic Park ELIZABETH LINE HAMMERSMITH AND CITY Airport, the Olympic Stadium, Westfield A11 NORTH A124 A12 Shopping Westfield Stratford, the O2 Arena Centre Victoria A5201 Park A406 and the Excel Exhibition Centre. In STRATFORD A112 addition, Epping Forest (2,400 To Reading A117 A123 UPTON PARK hectares area of ancient woodland) LIVERPOOL ELIZABETH WEST HAM LINE MILE END PLAISTOW A124 is a ½ hour drive time to the north. STREET BROMLEY A13 BY BOW A117 ALDGATE WHITECHAPEL East Ham benefits from strong road A124 communications with the A13 A11 A11 A13 LIMEHOUSE A102 A1020 situated within close proximity to the DLR south and the A406 (North Circular A13 CUSTOM HOUSE TOWER HILL Road) running parallel to the east. A117 Excel Centre Both the District and Hammersmith CANARY WHARF London City and City Underground lines can be Airport accessed from East Ham O2 ARENA A1020 Underground station (Zone 3) offering regular services to Stratford ELIZABETH To Abbey Wood LINE Not to scale. (10 mins) and Liverpool Street For indicative purposes only. station (15 mins). There are also a number of city-wide bus routes in the local vicinity. London City Airport is located just 2 miles to the south east and Stansted Airport is approximately 30 miles to the north. 3 149-153 HIGH STREET NORTH EAST HAM LONDON E6 1HZ EAST HAM DISTRICT HAMMERSMITH AND CITY ROAD A406 N SOUTHEND ROAD O R BURGES T H BURGES ROAD C LATHOM I R C ROAD U ROAD L CLEMENTS A R . RD KEPPEL YM E G TH BENDISH HIGH ROAD STREET ROAD KEMPTON NORTH A124 Situation A117 . The property is a corner block an approximate A124 .. 2 minute walk to the south of East Ham ..... ......... Underground station (District and Hammersmith & City ........ lines). It is on the west side of the very busy High Street ......... North on the corner with Bendish Road. The retail units benefit ........................from a strong pedestrian flow from their location in East Ham’s prime retailing pitch. The property is next to the popular retail trader Wilko and to the rear, adjoining the entrance to the residential entrance, is the entrance to The Gym. Description The property was constructed in 2008 to provide three retail units (the Banking Hall has been combined to form one unit) on the ground floor and 14 flats above (8 one bedroom flats and 6 two bedroom flats) arranged over first to third floors. The building is of steel frame construction with fully glazed retail frontages at ground level and painted panels on first to third floors. There are five flats each on the first and second floors and four flats on the top, third floor. A Schindler lift services all the floors. The Banking Hall unit is a double shop unit that fronts High Street North and has a return frontage to Bendish Road. The other adjoining retail unit on Bendish Road has been divided to provide two smaller retail units. 4 149-153 HIGH STREET NORTH EAST HAM LONDON E6 1HZ First and Second floor plans Ground floor plan 01/06 05/10 04/09 03/08 02/07 BANKING HALL Third floor plan 5 149-153 HIGH STREET NORTH EAST HAM LONDON E6 1HZ Site T enur e The total site area extends to approximately 0.045 hectares (0.11 acres). Freehold. 8 3 2 9 t 1 o o 1 t 8 7 4 8 1 D ROA GES BUR 85 1 TCB 1 4 1 8 1 2 1 8 s 0 ffice vt O e Go ous H 8.2m 9 ron 7 He 1 2 1 7 3 2 3 7 1 13 9 1 6 5 8.4m 1 1 6 A Shelter 6 O 1 OM R a ATH 1 1 L 6 4 H 3 6 I G 1 1 6 H 2 S 1 T 6 R E E T N 2 2 O a R 5 T 5 1 1 H 6 0 2 S 8.4m 1 h M 3 e 4 5 l 1 t e 1 e d r i o ca t 9 l Ce 4 1 n t r 8.3m e 6 9 2 1 3 4 4 6 1 o 1 t 1 D 7 4 A 3 4 O 1 R SH AD I 1 RO D 9 S EN 4 ENT B 2 CLEM PC 8.3m 2 1 9 El Sub Sta 1 4 0 Y WA ON HT EIG 5 L a N 3 1 O 1 R 3 2 5 1 3 2 1 1 1 1 8 0 3 0 a 3 3 1 E 1 l 3 2 S 3 7.9m 6 u 1 b S a 1 t 1 a 1 2 2 3 2 2 4 1 2 1 1a 1 1 3 1 1 1 Bank 8 2 0 IE LBs ULF 2 CA Y WA EY SS MA 9 Y RA 8.0m 1 1 6 2 1 1 Post Office 1 2 1 2 1 M 1 1 0 6 1 8 A 0 DG TCBs E 1 G H 1 0 I I 0 4 6 6 149-153 HIGH STREET NORTH EAST HAM LONDON E6 1HZ Accommodation & Tenancy Schedule The property provides income from two retail units (£104,500 per annum) and fourteen flats above, let on assured shorthold tenancies on 12 month contracts (£199,140 per annum), reflecting a current total income of £303,640 per annum. Please see the tenancy schedules for a breakdown of the accommodation and tenancies:- Unit Tenant Floor Area Area Passing Lease Next Rent % of Commercial Comments ...... Sq m Sq ft Rent PA Start Review income ..... Zone A Lease Expiry ...... (£psf) (Break date) ......... Ground Floor, State Bank of India Ground - 198.43 2,136 £92,500 25.03.2021 25.03.2026 89% 6 months rent free from commencement of the lease 149, 151 & 153 Sales ITZA 148.83 1,602 (£57.74) 24.03.2031 Vendor will top up High Street North (24.03.2026) ..... 1 Bendish Road Giash Udin Ground - 78.22 842 £12,000 08.03.2016 08.03.2026 11% Rent deposit of £6,000 ..... ........ Sales ITZA 65.87 709 (£16.93) 07.03.2036 Maximum uplift at rent review is based on 1.276 x the ....... previous rent ...... .... The tenant has split the shop into two ......... units under an informal arrangement .... Total Commercial 276.65 2,978 £104,500 Flat Status Floor Accommodation Gross Internal Current Rent No. Floor Area .. Sq m Sq ft Tenancy Expiry Date £pm £pa ...... Type (12 month term) 1 Occupied 1st 1 bedroom, open plan kitchen/ reception room, bathroom 38.15 443 AST 09.12.2021 £1,100 £13,200 2 Occupied 1st 2 bedrooms, open plan kitchen/ reception room, bathroom 51.85 558 AST 24.09.2021 £1,350 £16,200 3 Occupied 1st 1 bedroom, open plan kitchen/ reception room, bathroom 47.60 512 AST 28.10.2021 £1,100 £13,200 4 Occupied 1st 2 bedrooms, open plan kitchen/ reception room, bathroom 59.36 639 AST 10.11.2021 £1,325 £15,900 5 Occupied 1st 1 bedroom, open plan kitchen/ reception room, bathroom 45.10 485 AST 18.12.2021 £1,100 £13,200 6 Occupied 2nd 1 bedroom, open plan kitchen/ reception room, bathroom 41.15 443 AST 06.10.2021 £1,100 £13,200 7 Occupied 2nd 2 bedrooms, open plan kitchen/ reception room, bathroom 51.85 558 AST 25.01.2022 £1,100 £13,200 8 Occupied 2nd 1 bedroom, open plan kitchen/ reception room, bathroom 47.60 512 AST 25.01.2022 £1,100 £13,200 9 Occupied 2nd 2 bedrooms, open plan kitchen/ reception room, bathroom 59.36 639 AST 03.10.2021 £1,320 £15,840 10 Occupied 2nd 1 bedroom, open plan kitchen/ reception room, bathroom 45.10 485 AST 11.09.2021 £1,120 £13,440 11 Occupied 3rd 2 bedrooms, open plan kitchen/ reception room, bathroom 51.85 558 AST 29.12.2021 £1,310 £15,720 12 Occupied 3rd 1 bedroom, open plan kitchen/ reception room, bathroom 47.60 512 AST 28.10.2021 £1,120 £13,440 13 Occupied 3rd 2 bedrooms, open plan kitchen/ reception room, bathroom 59.36 639 AST 30.07.2021 £1,350 £16,200 14 Occupied 3rd 1 bedroom, open plan kitchen/reception room, bathroom 45.10 485 AST 30.10.2021 £1,100 £13,200 Total Residential 694.03 7,468 £16,595 £199,140 7 149-153 HIGH STREET NORTH EAST HAM LONDON E6 1HZ 8 149-153 HIGH STREET NORTH EAST HAM LONDON E6 1HZ Covenant Information .