43-53 MARKFIELD ROAD TOTTENHAM, LONDON N15 4qa - LONG INCOME WITH MINIMUM RENTAL INCREASES - LoopNet
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43-53 MARKFIELD ROAD
TOTTENHAM, LONDON N15 4qa
LONG INCOME WITH MINIMUM RENTAL INCREASES
LAST MILE LONDON INDUSTRIAL INVESTMENT OPPORTUNITY
SUMMARY
r Tottenham is located within the London Borough of Haringey, approximately 11 km (7 r Highly reversionary with industrial buildings in the location currently achieving rents
miles) north of Central London and is benefiting from significant regeneration projects. in excess of £20 per sq ft.
r Situated on the south side of Constable Crescent approximately 0.5 mile from r Freehold.
Tottenham Hale underground station and 0.5 mile from Seven Sisters underground
station. r The vendor is seeking offers in excess of £3,400,000 (Three Million, Four Hundred
Thousand Pounds) subject to contract, for the benefit of their freehold interest.
r Semi-detached industrial building arranged over ground and 1st floors providing a A purchase at this level would reflect a low capital value of £225 per sq ft and the
total gross external area of 15,118 sq ft (1,404.4 sq m) with a yard to the front. following yield profile after allowing for purchasers costs of 6.8%:
r Let to Winner Foods Limited, who have been in occupation since 1992, for a term of • Net initial yield – 4.13%
16 years expiring on 23rd June 2037, subject to minimum rental increases. • Minimum reversionary yield (June 2027) – 4.68%
• Minimum reversionary yield (June 2032) – 5.23%
r Low rent equating to only £9.92 per sq ft.
Further Information
Springer Nicolas
Ryan Springer or Alexis Nicolas
020 3667 5050
ryan@springernicolas.co.uk
alexis@springernicolas.co.uk
43-53 MARKFIELD ROAD, TOTTENHAM, LONDON N15 4QA 2
Tottenham Hale
Tottenham Hale Hale Village
Underground Station
Regeneration Project
National Rail / Victoria Line
Tottenham Hale
Retail Park
Broad Lane
A10
Fountayne Road
Industrial Estate
Seven Sisters Markfield Road
Underground/
Overground Station Subject
Victoria Line Property
Constable Cresent
Towards
Central London
43-53 MARKFIELD ROAD, TOTTENHAM, LONDON N15 4QA 3
LOCATION SITUATION
Tottenham is located within the London Borough of Haringey, approximately 11.0 km (7 The property is situated on the southside of Constable Crescent approximately 0.5 mile
miles) north of Central London, 7.7 km (5 miles) south of Enfield and 14.5 km (9 miles) from Tottenham Hale underground station and 0.5 mile from Seven Sisters underground
south east of Barnet. The London Borough of Haringey has a resident population of circa station. The surrounding area provides a mixture of industrial, office and residential use.
254,900 people and Tottenham is a popular commuter area for Central London workers.
The area is well known as the home of Tottenham Hotspur Football Club who have been
based in the area for over 100 years.
Bruce
Communications are excellent with Central London being within easy reach by London Grove
Underground (Victoria Line) with a journey time from Tottenham Hale of 11 minutes to
Kings Cross & St Pancras International, 16 minutes to Oxford Circus and 19 minutes to
London Victoria. National Rail services run from Tottenham Hale with a journey time of
approximately 15 minutes to London Liverpool Street.
The town also benefits from good road communications with High Road (A10) connecting
Tottenham to the North Circular located 3.2 km (2 miles) to the north, the M25 situated 13.1
km (8 miles) to the North and the City of London 9.7 km (6 miles) to the south. Heathrow
International Airport is situated approximately 72 km (45 Miles) to the south west and
Stansted Airport is approximately 48.2 km (30 miles) to the northeast.
Tottenham
Hale
TOTTENHAM HALE REGENERATION Retail
Park
The Tottenham Strategic Regeneration Framework sets out a vision for Tottenham Hale
to be London’s next great neighbourhood, with plans to deliver 5,000 homes and 4,000
43-53 MARKFIELD RD
jobs, the majority of which is underway.
Seven
Hale Village is a multi-award winning urban village providing 1,226 residential units, Seven Sisters
accommodation for over 1,200 students, 35,000 sq ft of office accommodation, shops, Sisters
cafes, gym and GP surgery.
Argent Related has designed a scheme around Ashley Road to deliver 1,036 new homes,
15 new retail spaces, co-working and office space, a health centre and elegantly-paved
South
open space with seating and greenery. Tottenham
Tottenham Hale Regenreation Project. For indicative purposes only. Not to scale.
43-53 MARKFIELD ROAD, TOTTENHAM, LONDON N15 4QA Stamford 4
Hill
43-53 Markfield Road
Tottenham
London
N15 4QA
DESCRIPTION
The property comprises a semi-detached industrial building arranged over ground and
1st floors providing a total gross external area of 15,118 sq ft (1,404.4 sq m) with a yard to
the front.
The property has a loading door at the front and a goods lift. The floor to ceiling height is
4.00 metres at ground floor and 3.26 metres at 1st floor, and to the underside of the beam
is 3.40 metres at ground floor and 2.72 metres at 1st floor. The property has bespoke
machinery which was installed at a significant cost.
ACCOMMODATION
The property provides the following approximate gross external floor area:
Accommodation Sq Ft Sq M
Ground Floor 7,599 702.2 Ordnance Survey © Crown Copyright 2020. All Rights Reserved.
Licence number 100022432
Plotted Scale - 1:1250. Paper Size - A4
First Floor 7,599 702.2
Total 15,118 1,404.4
The site area is approximately 0.26 acres.
TENURE
Freehold.
43-53 MARKFIELD ROAD, TOTTENHAM, LONDON N15 4QA 5
TENANCY COVENANT INFORMATION
The entire property is let to Winner Foods Limited, who have been in occupation since
1992, on a full repairing and insuring lease for a term of 16 years from 13th July 2021,
expiring on 23rd June 2037.
The current rent is £105,000 per annum (£6.95 per sq ft). The vendor will top up the rent
to £150,000 per annum (£9.92 per sq ft) until the next fixed rental increase on 24th June
2022. Winner Foods Limited was established in 1992 and has developed into one of the five
largest noodle manufacturers in England. The company manufactures traditional style
The lease is subject to rent reviews on 24th June 2027 and 24th June 2032 to the higher Chinese pastry, Chinese and Asian fresh & dried noodle in both catering and retail sizes.
of open market value or fixed rental increases as set out below: Their daily production ranges from traditional fresh Wanton pastry, Siew Mai Pastry,
Dumpling pastry, Shanghai pastry, Fried pastry, Gyoza pastry, fresh Wanton noodles, Egg
24th June 2027 – Higher of OMV or £170,000 per annum (£11.24 per sq ft) noodles, Shanghai noodles, Crispy Egg noodles and Japanese style Ramen to various
24th June 2032 – Higher of OMV or £190,000 per annum (£12.57 per sq ft) fresh and frozen pastry and noodles according to customers’ specifications.
The lease is excluded from the security of tenure and compensation provisions of sections Further information can be found on the Winner Foods website:
24-28 of the Landlord and Tenant Act 1954 (as amended). http://www.winnerfoods.com
43-53 MARKFIELD ROAD, TOTTENHAM, LONDON N15 4QA 6
16
OCCUPATIONAL MARKET
The COVID-19 pandemic has accelerated the shift to online retail, having further increased
OCCUPATIONAL
demand for industrial space. 2020 wasMARKET
the strongest year of take up Savills have ever Status Property Size (Sq ft) Rent (Psf) Comments
recorded, with the total figure standing at 80% higher than the long-term average.
The COVID-19 pandemic has accelerated the shift to online retail, having further increased demand for Given the recently completed refurbished units, some of the most relevant rental evidence has been generated
Tottenham has proven increasingly popular among occupiers owing to its Zone 3 location, onUnder
the subject scheme.Segro Park,
The most 6,815
recent offers on the - scheme Q.
subject £21.50
have been received at £18.50 psf, with
providing fasthigher
and than
direct road access into Central London, in addition to its excellent New build
standing at 80% the long-term average. a Construction Tottenham
rent of £19.52 psf recently 71,440
agreed on a two year term: -£23.00
road links outward to the M25 motorway and the wider regional road network. This has
Tottenham has proven increasingly popular among occupiers owing to its Zone 3 location, providing fast and
resulted in strong demand from a range of occupiers seeking to position themselves to
direct road access into Central London, in addition to its excellent road links outward to the M25 motorway
swiftly service Central and Greater
This hasLondon asstrong
well demand
as the wider national market. Under Silvermere Drive, 25,000 -
A414 RENTQ. £21.00 New build
and the wider regional road network. resulted in from a range of occupiers seeking to
M1
position themselves to swiftly service Central and Greater London as well as the wider national market. Construction PROPERTY
STATUS Edmonton SIZE 50,000
COMMENT
The conflicting market forces of a reduction in supply of available industrial stockChelmsford
Hemel across (SQ FT) (PSF)
Hempstead
London arising from social and political pressures to deliver residential housing targets
social and political pressures to deliver residential housing targets and soaring take up from ecommerce
and soaring take up from ecommerce business have seen vacancy rates in the capital
business have seen vacancy rates in the capital fall to historic lows. London andEpping
A414 fall
the South East experienced a Under
Units 3-4
Refurbished
to historic lows. London andthe the SouthlevelEast
seenexperienced a vacancy rate of just 3.49% in Available Martinbridge
Segro Park, Tottenham 6,81538,507
- 71,440 Q. £17.50
Q. £21.50 -£23.00 New build
vacancy rate of just 3.49% in 2020, lowest A10
since 2016. construction
Trade Park, EN1 1SP
secondary
2020, the lowest level seen since 2016.
A1 A12
Watford
WATFORD BOREHAMWOOD ENFIELD Under Silvermere Drive,
25,000 - 50,000 Q. £21.00 New build
£18.00 psf £17.50 psf £15.00 psf construction Edmonton 5 year term. 4
M11 H2, Mowlem Trading year break
A110 Brentwood
Under Offer
Estate, Tottenham
6,552 £18.50
option. No rent
M25 A406 A127 Units 3-4 Martinbridge
free
M1 TOTTENHAM
WOODFORD
£14.00 psf
ROMFORD
Available
Trade Park, EN1 1SP
38,507 Q. £17.50 Refurbished secondary
£23.00 psf £15.00 psf Basildon
WALTHAMSTOW A12 F & G, Mowlem 5 year term. 4 year break
£22.50 psf Under offer H2 (subject property) 6,552 £18.50
LONDON Stratford Under Offer Trading Estate, 15,371 £19.52 2 year
option. term
No rent free.
A40 A406 Tottenham
PARK ROYAL
£25.00 psf
DAGENHAM
A13
£14.00 psf
GREENFORD CANNING TOWN
ead £17.50 psf £25.00 psf Under offer F & G (subject property) 15,371 £19.52 2 year term
ACTON
Chiswick£17.50 psfWestminster
BATTERSEA
Canary A13
Slough M4 £30.00 psf BERMONDSEY
£25.00 psf
Wharf Tilbury
WANDSWORTH
Dartford
DARTFORD Grain
cknell Heathrow £25.00 psf
“TOTTENHAM IS PROVING INCREASINGLY POPULAR AMONG
FELTHAM £14.50 psf
£15.50 psf A205
A316Richmond A2 Gravesend
OCCUPIERS OWING TO ITS ZONE 3 LOCATION, PROVIDING FAST
BALHAM
£25.00 psf
Kingston A20
Staines “TOTTENHAM IS PROVING INCREASINGLY
upon Thames AND DIRECT ROAD ACCESS INTO CENTRAL LONDON AND THE
POPULAR AMONG OCCUPIERS OWING TO ITS
A3 A23 Bromley
M20 NORTH
ZONE CIRCULAR”
3 LOCATION, PROVIDING FAST AND DIRECT
CROYDON ROAD ACCESS INTO CENTRAL LONDON AND THE
Woking Croydon
£17.00 psf
Epsom NORTH CIRCULAR”
Sutton M2
Farnham 43-53 MARKFIELD ROAD, TOTTENHAM, LONDON N15 4QA M26 Maidstone 7
Leatherhead
M25
Map data based on quoting rents of units sized between 5,000 - 20,000 sq ft.
Sevenoaks
A3VALUE ADDED TAX PROPOSAL
The property has been elected for VAT purposes and therefore VAT will be payable upon The vendor is seeking offers in excess of £3,400,000 (Three Million, Four Hundred
the purchase price. It is anticipated that the sale will be treated as a Transfer of a Going Thousand Pounds) subject to contract, for the benefit of their freehold interest.
Concern (TOGC). A purchase at this level would reflect a low capital value of £225 per sq ft and the
following yield profile after allowing for purchasers costs of 6.8%:
EPC • Net initial yield – 4.13%
• Minimum reversionary yield (June 2027) – 4.68%
• Minimum reversionary yield (June 2032) – 5.23%
An EPC has been commissioned and is available upon request.
Further Information
Springer Nicolas
Ryan Springer or Alexis Nicolas
020 3667 5050
ryan@springernicolas.co.uk alexis@springernicolas.co.uk
MISREPRESENTATION ACT 1967
Messrs Springer Nicolas for themselves and for the vendors or lessors of this property for whom they act, give notice that:
(i) These particulars are a general outline only, for the guidance of prospective purchasers or tenants, and do not constitute the whole or any part of an offer or contract;
(ii) Messrs Springer Nicolas cannot guarantee the accuracy of any description, dimensions, references to condition, necessary permissions for use and occupation, and other details contained herein, and prospective purchasers or tenants must not rely on them as statements of
fact or representations, and must satisfy themselves as to their accuracy;
(iii) No employee of Messrs Springer Nicolas has any authority to make or give any representation or warranty or enter into any contract whatever in relation to the property;
(iv) Rents, prices, premiums and service charge quoted in these particulars may be subject to VAT in addition; and
(v) Messrs Springer Nicolas will not be liable, in negligence or otherwise, for any loss arising from the use of these particulars.
(vi) The reference to any plant, machinery, equipment, services, fixtures or fittings at the property shall not constitute a representation (unless otherwise stated) as to its state or condition or that it is capable of fulfilling its intended function. Prospective purchasers/tenants should
satisfy themselves as to the fitness of such items for their requirements.
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