PRIVATE CLIENT 144-146 HIGH ROAD WOOD GREEN, LONDON N22 6EB BUSY LONDON RETAIL INVESTMENT WITH POTENTIAL RESIDENTIAL DEVELOPMENT OPPORTUNITIES 144-146 HIGH ROAD WOOD GREEN LONDON N22 6EB INVESTMENT CONSIDERATIONS ■ Located in the heart of the retailing centre of Wood Green in North London ■ Situated in a busy thoroughfare 46 metres from The Mall Wood Green and 150 metres from Wood Green Tube Station. ■ Freehold ■ Significant development potential to the rear of the property (STP) ■ Current total passing rent of £152,200 p.a. ■ Passing rent for the retail units reflect a low market Zone A rent of £82-£90 psf ■ Total ERV of £169,200 pa based on a Zone A rent of £110 for the retail units ■ Retail rent review due next year ■ Part of the retail let to the strong covenant of JenningsBet for a further 5.5 years ■ Wood Green is part of Haringey Council’s £3.5 billion Regeneration Project which includes 7,700 new homes, one million sq ft of new employment space and a proposal to be part of Cross Rail 2 ■ The property measures approximately 4,396 sq ft ■ Offers sought in excess of £3,000,000 (Three Million Pounds), subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 4.75% and a reversionary yield of 5.3% assuming purchasers costs of 6.49%. 144-146 HIGH ROAD WOOD GREEN LONDON BUSY LONDON RETAIL INVESTMENT WITH N22 6EB POTENTIAL RESIDENTIAL DEVELOPMENT OPPORTUNITIES A406 N Circula r Rd d R d w r R e ula irc N C d N r 6 o 0 f 4 Bowes Park d A o o Woodford W d A406 Alexandra Park N a C o irc A R u 1 d la 0 r r R LOCATION Alexandra o d G rtf Wood Green re e a M11 East Park H W t C Wood Green o Wood Green is a densely populated retailing centre located in the Greater o Finchley a dfo m ad A A t Ro 1 London suburb of Haringey approximately 7 miles north of Central London. b s 4 Turnpike Lane ore rd 4 r F 0 i 0 Hornsey d 503 A 6 0 g N The suburb is located approximately 3 miles (4.8km) north of Holloway, e N W e w R South o d Walthomstow Central R C o 5 miles (8km) south of Enfield, 7 miles (11.2km) east of Brent Cross and Harringay d i d Tottenham r f c o u r 5 miles (8km) west of Walthamstow. l d Coppermill Lane a Walthamstow r A v Crouch Harringay R e Water Works d Wood Green has excellent road communications being located 2 miles Harringay End Green Lanes A12 south of the Northern Circular (A406), 7 miles east of the M1 (J1) and A Manor 1201 House 7 miles south of the M25 (J24). Wood Green tube station is on the d a A12 Redbridge Finsbury Ro rs Wanstead Piccadilly Line and provides access to Central London. National rail Bl Park iste a S c k en Stamford services to Central London run from Alexandra Palace with approximate st v ock Se Hill Finsbury Park A A journey times to London Kings Cross and Moorgate of 19 and 21 minutes 03 1 Parliament Hill Roa 5 4 d A 0 0 respectively. Numerous bus routes are also in operation along the High H 6 N Arsenal i gh Road. Heathrow Airport is located approximately 23 miles to the south west C Hampstead i Stoke R Hackney rc Newington o 2 Wanstead u of Wood Green. a l Heath Lower 1 a d Marsh r A Flats R d A1 Clapton Highbury Hampstead 201 Stoke Heath Square Newington Bl d ac CROSS RAIL 2 & PICCADILLY LINE IMPROVEMENTS a k Ro s to s c rte k Wood Green is currently earmarked as one of the proposed R Sis d Stratford International Chalk Farm St Pancras en routes for the new Crossrail 2 railway serving London and the ev 2 Chalk S 1 Olympic A wider south east. If the development is progressed it is hoped Camden 03 Kings Cross Farm 5 Stratford A Site West that the line could be operational by the early 2030’s. There are also further London Victoria Ham planned improvements to the Piccadilly Line that will increase capacity by up Park Zoo Kings Cross St Pancras Cambridge to 60% by 2025 and further investment is planned on the Great Northern Heath line which runs through Alexandra Palace. ton Road Euston 1 Eus A50 Regent’s Millenium A Park 5 1 Regents Park 0 Park ad DEMOGRAPHICS Baker Street Ro ebone ad Maryl Ro 01 nd A5 ile E Wood Green is an established retail and commercial centre with a total Barbican 11 M Bromley Tottenham Court Road A By Bow population within the primary catchment area of 477,000 and a shopping City d Oxford Circus ock Roa population of 186,000. Wood Green benefits from a young population which Leicester Square dia D Bond Street st In A13 C Ea of London omm includes a particularly high proportion of adults aged 25-44 within the primary ercial R oad West End catchment population. Wood Green is projected to see significantly above Picadilly Circus Limehouse 2 average growth in population over the period 2017-21 with the majority of this 1 Canary A growth coming from adults of working age. London Tower Millenium Waterloo Bridge Bridge Wharf Wheel 144-146 HIGH ROAD WOOD GREEN LONDON BUSY LONDON RETAIL INVESTMENT WITH N22 6EB POTENTIAL RESIDENTIAL DEVELOPMENT OPPORTUNITIES ® © Crown Copyright, ES 100004106. For identification purposes only. SITUATION DESCRIPTION TENURE The property is located on the east side of the High Road in the The property comprises two ground floor retail units with frontages Freehold. very centre of Wood Green. The pitch benefits from substantial footfall onto Wood Green High Road and 2 upper floors of self-contained being strategically located on the main thoroughfare from The Mall residential accommodation accessed via Gladstone Mews to the rear. Wood Green and Wood Green Tube Station. Occupiers in close The building is of masonry construction and measures approximately proximity include Boots, Metro Bank and Subway and the retailing centre 4,396 sq ft (408 sq m). boasts a wide selection of national multiples including Primark, Argos, The residential accommodation comprises 2 well-presented first and Cineworld, Boots, New Look, H&M, Next and WH Smith. second floor three bedroom maisonettes with bathroom, lounge and kitchen to the first floor and sleeping accommodation above. 144-146 HIGH ROAD WOOD GREEN LONDON BUSY LONDON RETAIL INVESTMENT WITH N22 6EB POTENTIAL RESIDENTIAL DEVELOPMENT OPPORTUNITIES ® SCHEDULE OF TENANCY ACCOMMODATION Unit Tenant Accommodation Size (NIA) ITZA Lease Start Lease Review Lease End Rent p.a ERV Comments Sq Ft Sq M 144 High Road (Front) Jennings Racing (2006) 15th April 2008 15th April 2018 14th April 2023 £42,500 Limited Ground Floor Only 1,211 112 626 £62,200 144 High Road (Rear) 1st June 2010 15th April 2018 14th April 2023 £14,000 146 High Road Zloty Deli Limited Ground Floor Only 1,301 121 638 10th June 2010 9th June 2020 £52,500 £63,800 AST initial 12 month tenancy. A deposit of £2000 is lodged Flat A 144/146 High Road Individuals First and Seconds Floors 925.69 86 8th March 2012 Holding Over £21,000 £21,000 with the Deposit Protection Service. The tenants have been in 1st October occupation since 2007. A Flat B 144/146 High Road Individuals First and Seconds Floors 958 89 Holding Over £22,200 £22,200 2012 deposit of £1500 is lodged with the Deposit Protection Service. Total 4,395.69 408.379 £152,200 £169,200 RETAILING RENTAL VALUE Wood Green provides a thriving retail and commercial centre in north London The rent passing of £56,500 pa on the Jennings unit and £52,500 pa on the Zlotys unit devalues to a Zone A rent of £90 psf and £82 psf respectively. Based on the ITZAs of 626 which has greatly benefited from the £30 million rebuilding program as part sq ft and 638 sq ft, it is our opinion that the estimated rental values of the retail premises is in the region of £62,600 pa and £63,800 pa, which reflects a Zone A rent of £110 psf. of ‘The Mall Wood Green’ development in the late 2000’s. The development, The principal evidence can be set out as follows: which includes a 12 screen cinema, is located in the centre of Wood Green just metres from the subject property and comprises approximately 540,000 sq Address Tenant Event Date £ Zone A Address Tenant Event Date £ Zone A ft of leisure and retail accommodation. The development has resulted in the growth of the original Wood Green Shopping City to 123 commercial units 57 High Road To Let Available Sep-17 Quoting £128 64 High Road Betfred Rent Review Dec-15 £152 subsequently ensuing the new scheme has overtaken Brent Cross Shopping Centre (110 shops) to be one of the largest shopping centres in the region. In 72 High Road To Let Available Sep-17 Quoting £137 62 High Road Barclays Rent Review Jun-15 £128 terms of total floorspace Wood Green retail is estimated to be at approximately 10 Cheapside Dunkin’ Donuts Open Market Nov-16 £133 48-50 High Road Peacocks Assignment May-15 £130 0.88 million sq ft and total in-store comparison retail expenditure (2016) for High Road the area is above the national average at £1,126 million.