149-153 High Street North, East Ham.Cdr
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 .. State Bank of India is ... banks" in British India, the Bank of ... an Indian multinational .. Calcut ta and the Bank of Bombay, ..... public sector banking to form the Imperial Bank of India, and financial services company. It is a which in turn became the State Bank government-owned corporation of India in 1955. The Government of headquartered in Mumbai. The company India took control of the Imperial Bank is ranked 216th on the Fortune Global of India in 1955, with Reserve Bank of 500 list of the world's biggest India (India's Central Bank) taking a corporations as of 2017. It is the largest 60% stake, renaming it the State Bank bank in India with a 19.69% market share of India. In 2008, the government took 1 Bendish Road in assets, besides a share of one-fourth over the stake held by the Reserve of the total loan and deposits market. Bank of India. It has 22,209 branches See www.sbi.co.in in India with some 210,000 The bank descends from the Bank of employees. Its shares are traded on Calcutta, founded in 1806, via the the National Stock Exchange of India Imperial Bank of India, making it the with revenue for year 2020 to 2021 of oldest commercial bank in the Indian over 385 billion rupees (US $54 billion) subcontinent. The Bank of Madras and a net profit of 204.1 billion rupees merged into the other two "presidency (US $27.8 billion). 149-153 HIGH STREET NORTH EAST HAM LONDON E6 1HZ
Market Commentary R esidential East Ham is an established retail centre Residential properties in East Ham, E6 have increased in value by 7.45% over the past five with a total population within the primary years due in part to its excellent transport connectivity from East Ham Underground station. catchment area of 222,000. The area The area has seen considerable development over the past few years due to its proximity to benefits from a young population which the City and relative affordability compared to Hackney or Shoreditch. The City can be reached includes a particularly high proportion of in under 18 minutes via the Underground and with Crossrail opening, Canary Wharf will be adults aged 25-44 within the primary accessed in 12 minutes by nearby Forest Gate station. Shopping at Westfield Stratford City catchment population. East Ham is and leisure facilities at the Olympic Park are on hand in nearby Stratford. Residential prices in projected to see an above average growth the area are increasing with stock in the area regularly achieving £550 - £650 psf. Examples of in population over the period 2017-21 recent sales are: and the area is already experiencing an above average rise in residential values. Address Type Bedrooms Price Size sq ft Rate psf Date In addition to the underground services Upton Gardens E13 Apartment 2 £499,000 725 £688 Jun-21 from East Ham, in the near future there Green Street E6 Apartment 2 £480,000 650 £738 Jun-21 will be two Crossrail stations in a three-mile radius (at Forest Gate and Priory Road E13 Apartment 2 £456,995 750 £609 Jun-21 Custom House). Myrtle Road E6 Apartment 2 £456,995 800 £571 Jun-21 Myrtle Road E6 Apartment 2 £451,995 800 £565 Jun-21 Retail Newham Way E6 Apartment 2 £439,500 989 £444 Jun-21 East Ham is a popular retailing location and High Street North is the principal Upton Park E13 Apartment 2 £430,000 764 £563 Jun-21 retailing pitch in the area. There are a large Myrtle Road E6 Apartment 1 £381,995 556 £687 Jun-21 number of national retailers located in the Green Street E6 Apartment 1 £370,000 550 £673 Jun-21 street which include Primark, Foot Locker, Holland & Barrett, Wilko, Boots, Argos, Myrtle Road E6 Apartment 1 £359,995 614 £586 Jun-21 McDonalds, Costa Coffee and Specsavers New Market Place E6 Apartment 1 £355,000 614 £578 Jun-21 amongst many others. Kempton Mews E6 Apartment 1 £340,000 549 £619 Jun-21 The town boasts an excellent mix of Newham Way E6 Apartment 1 £285,500 546 £523 Jun-21 national and local occupiers which serve the local community and catchment area. East Ham has at least three primary schools rated ‘outstanding’ by Ofsted and eight parks, The East Ham Market Hall is particularly including Central Park (tennis courts, bowling green Café, history trail) and Plashet Park popular with its quirky and unique mix of (bowling green, tennis and basketball courts, open gym, playground), which recently had a local and international market stalls. revamp with funding received from the Heritage Lottery Fund.
10 149-153 HIGH STREET NORTH EAST HAM LONDON E6 1HZ
Crossrail Forest Gate station, one of Crossrail stations, lies 2.2 miles from the property and is on the Elizabeth Line service. When the full route opens. the Elizabeth Line service (running every 5 minutes at peak times), will allow passengers to travel all the way to the West End (Bond Street Station), Paddington, Heathrow or Reading in the west and Abbey Wood in the east. The railway is set to open in the first half of 2022. See www.crossrail.co.uk/route/maps
in order to improve and invest in the well-
11 149-153 HIGH STREET NORTH EAST HAM LONDON E6 1HZ
Service Charge Since the property was constructed in 2008, limited expenditure has been required except for lighting / cleaning of the residential communal areas and servicing of the lift. Further Information Should you have any queries or wish to EPC Rating A schedule of EPCs is available make a site inspection, please contact: on request. Darryl Stevenson M: 07500 171 292 VAT [email protected] The property is elected for VAT. It is assumed this transaction will Charlotte Holdsworth be structured as a transfer of a M: 07973 853 013 going concern. [email protected]
AML / KYC Bidw ells Prospective purchasers will be 25 Old Burlington Street asked to produce identification London W1S 3AN of the intended Purchaser and Tel: 020 7493 3043 other documentation in order to support any offers submitted to July 2021 the vendors. Bidwells LLP accepts no liability of any type arising from your delay or other lack of co-operation.
Proposal Offers sought in the region of £6,000,000 (Six Million Pounds) subject to contract and exclusive of VAT.
12 Bidwells 25 Old Burlington Street London W1S 3AN Tel: 020 7493 3043 bidwells.co.uk
IMPORTANT NOTICE
Bidwells LLP act for themselves and for the vendors of this property, whose agents they are, give notice that:
Nothing contained in these particulars or their contents or actions, both verbally or in writing, by Bidwells LLP form any offer or contract, liability or implied obligation to any applicants, viewing parties or prospective purchasers of the property to the fullest extent permitted by law and should not be relied upon as statements or representative of fact. No person in the employment of Bidwells LLP or any joint agents has authority to make or give any representation or warranty whatever in relation to this property. Any areas of measurements or distances are approximate. The text, photographs and plans are for guidance only, may not be to scale and are not necessarily comprehensive. No assumptions should be made that the property has all necessary planning, building regulation or other consents. Bidwells LLP has not carried out a survey, nor tested the services, appliances or facilities. Purchasers must satisfy themselves by inspection or otherwise. All rentals and prices are quoted exclusive of VAT unless otherwise stated.
Prospective purchasers will be asked to produce identification of the intended Purchaser and other documentation in order to support any conditional offers submitted to the vendors. Bidwells LLP accepts no liability of any type arising from your delay or other lack of co-operation. We may hold your name on our database unless you instruct us otherwise.
OS licence no. ES 100017734. © Copyright Bidwells LLP 2017. Bidwells LLP is a limited liability partnership registered in England and Wales (registered number OC 344553). Registered office is Bidwell House, Trumpington Road, Cambridge CB2 9LD where a list of members is available for inspection. Your statutory rights are not affected by this notice.