65-71 LONDON CENTRAL RPI LINKED - Realla
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
65-71
Lewisham high Street
london SE13
RPI LINKED
CENTRAL
LONDON
LEISURE INVESTMENT
INVESTMENT 65-71
SUMMARY
lewisham high Street
London SE13
15,198 SQ FT SINGLE LET TO NEW
20
PRIME LEWISHAM
(1,411.9 SQ M) GIA
TOWN CENTRE
OF HIGHLY SPECIFIED
LEISURE
HEALTH & FITNESS
INVESTMENT YEAR LEASE
ACCOMMODATION
LOW PASSING 5 YEARLY RPI NEW
£175,000 RENT OF ONLY LINKED RENT
REVIEWS CAPPED
VIRTUAL
PER ANNUM £11.51 AT 4% & COLLARED FREEHOLD
PER SQ FT AT 2% INTEREST
OFFERS IN EXCESS OF
£2,950,000
NET INITIAL CAPITAL VALUE ONLY
YIELD
£194
EXCLUSIVE OF VAT, SUBJECT TO CONTRACT
5.57% PER SQ FT
65-71
High Street Lewisham SE13
LEWISHAM
VIBRANT AND DIVERSE, LEWISHAM IS ONE OF
CENTRAL LONDON’S FASTEST GROWING BOROUGHS.
With a resident population of around 275,900 widely Lewisham benefits from excellent transport links
expected reach 318,000 by 2021, Lewisham has with Lewisham Station providing Southeastern train
become the destination of choice for upwardly services into London Victoria, Charing Cross and
mobile Londoners. Cannon Street and Lewisham DLR Station providing
direct access to Canary Wharf, Bank and Stratford.
Significant investment and regeneration over the
past ten years has transformed Lewisham into an
established residential, retail and leisure destination. LONDON BRIDGE 8 MIN
Today’s gentrified Lewisham is awash with CANARY WHARF 15 MIN
independent cafés, bars, delicatessens and restaurants WESTMINSTER 17MIN
as well as the award-winning Brockley Food Market. CHARING CROSS 19 MIN
WATERLOO 18 MIN
At the heart of Lewisham’s resurgence is the £375m
VICTORIA 23 MIN
Lewisham Gateway project. One of the largest
regeneration projects in south east London, Lewisham
Gateway is transforming the area into an established In addition, the A20 provides fast access to the
metropolitan centre providing a new heart for the A205 South Circular Road and links with the M25
town centre with new high-quality developments and to the south east.
major public realm improvements. Works include the Looking forward, there is growing support from
delivery of 900 new homes, new retail, restaurant and Transport for London to extend the Bakerloo
commercial space as well as traffic flow improvements line to Lewisham, giving access to the London
which will help re-connect the town centre with the Underground network and Oxford Circus in just
DLR and rail stations. 30 minutes.
LEWISHAM O2 ARENA
LONDON BRIDGE
SHOPPING NORTH GREENWICH
CENTRE STATION ACCESS
WATERLOO LEWISHAM DLR CANARY WHARF
& NATIONAL RAIL
LEWISHAM
GREENWICH
CITY OF LONDON HIGH
STREET
65-71
High Street
Lewisham SE13
SITUATION SITUATED AT THE NORTHERN END OF THE BUSY LEWISHAM HIGH STREET, DIRECTLY OPPOSITE THE NORTH SQUARE ENTRANCE TO LEWISHAM SHOPPING CENTRE. NEARBY OPERATORS INCLUDE: BOOTS, NATWEST, PADDY POWER, SUBWAY, BARCLAYS AND HSBC. THE UNIT IS SITUATED WITHIN A 5 MINUTE WALK OF LEWISHAM RAIL STATION.
THE NEW GYM WILL FEATURE:
DESCRIPTION 2 24
HOUR
SAUNA AND
STEAM ROOM
STUDIOS FACILITIES
COMPRISING APPROXIMATELY 15,198 SQ FT (1,411.9 SQ M) OPERATION
GIA, THE LEISURE UNIT FORMS PART OF A MIXED-USE
DEVELOPMENT KNOWN AS TOWER LOFTS.
DEDICATED
30M 30
A PROMINENT GROUND FLOOR ENTRANCE FRONTING DEDICATED MALE
LEWISHAM HIGH STREET PROVIDES DIRECT ACCESS AND FEMALE
TO BASEMENT GYMNASIUM ACCOMMODATION. SPRINT TRACK BIKE SPIN CHANGING ROOMS
STUDIO
•
•
•
•
• •
TENURE NEW 999 YEAR LEASE AT A FIXED PEPPERCORN RENT. TENANCY Single let to Ovalhouse Limited trading as Soho Gyms on a new 20-year full repairing and insuring lease from 31 July 2017 expiring 30 July 2037. The lease provides for 5 yearly rent reviews capped at 4% and collared at 2%. Current passing rent of £175,000 per annum reflecting £11.51 per sq ft overall. The tenant has a 12 month rent free which the vendor will top-up until 30 July 2018. Tenant only break option in year 15 on 6 months’ written notice. COVENANT Founded by entrepreneur Jeremy Norman in 1994, Soho Gyms originally started life as Soho Athletic Club. The company has since rebranded to become Soho Gyms and now operates from 10 locations in central London including Camden, Clapham, Borough, Holborn and Earl’s Court. Offering over 450 classes per week, a successful personal training department and a highly regarded Soho Academy providing fitness education through the YMCA Awards scheme. Below we set out key financial indicators for the tenant: Experian Rating: Year Ending Year Ending Year Ending “Very Low Risk” 31st January 2016 31st January 2015 31st January 2014 Turnover £8,156,504 £8,025,538 £7,600,236 Pre-Tax Profit £832,686 £610,990 £335,349 Net Current Assets £410,190 £224,538 (£312,023)
RENTAL VALUE
BELOW WE SET OUT SOME RECENT CENTRAL LONDON GYM LETTINGS:
DATE ADDRESS AREA (SQ FT) TENANT TYPE RENT PSF COMMENTS
Q3 2017 65-71 LEWISHAM HIGH ST, SE13 14,000 SOHO GYMS OML £11.51 NEW 20 YEAR LEASE WITH 5 YEARLY RPI LINKED
REVIEWS CAPPED AT 4% AND COLLARED AT 2%.
12 MONTH RFP. TBO AT YEAR 15.
Q4 2016 132 Wandsworth Bridge Road 4,320 Ropa Fitness Ltd OML £16.55 New 12 year lease with 4 yearly RPI linked reviews capped
at 4% and collared at 2%. 7 month RFP.
Q1 2016 Broadgate Circle 9,160 One Rebel OML £19.00 New 12 year lease. 12 month RFP.
Q1 2016 Moorgate Exchange 9,800 Pure Gym OML £22.50 New 15 year lease. 12 month RFP.
Q1 2016 Garratt Lane, SW17 15,832 The Gym Group OML £14.53
Q2 2015 Camberwell New Rd London, SE5 11,945 Pure Gym OML £11.72 New 20 year lease with 5 yearly RPI linked reviews capped
at 4% and collared at 1%. 12 month RFP. TBO at year 15.
3,263 sq ft at GF & 8,682 sq ft at LG.
Q2 2015 Ealing Broadway 7,000 Tribeca Studios OML £20.00 New lease with RPI linked rent reviews.
Q2 2015 Tooting 6,676 Anytime Fitness OML £17.00 New lease.
Q3 2015 Islington, Goswell Road 14,500 The Gym Group OML £16.55 New lease. 12 month RFP.
INVESTMENT MARKET
BELOW WE SET OUT DETAILS OF SOME RECENT CENTRAL LONDON INVESTMENT TRANSACTIONS:
DATE ADDRESS AREA TENANT TENURE RENT RENT PRICE NIY CAPITAL COMMENTS
(SQ FT) PA £PSF VALUE £PSF
Q3 2017 67-71 LEWISHAM 14,000 SOHO VFH £175,000 £12.50 £2,950,000 5.56% £211 NEW 20 YEAR LEASE WITH 5
HIGH ST, SE13 GYMS YEARLY RPI LINKED REVIEWS
CAPPED AT 4% AND COLLARED
AT 2%. 12 MONTH RFP. TBO AT
YEAR 15.
Q2 2017 Riverside West, 40,192 Virgin VFH £691,104 £22.50 £12,950,000 5.00% £322 Let to Virgin Active for a further
Smugglers Way, Active 19.75 years with an RPI linked
SW18 review in 2021 capped at 3% and
collared at 1%.
Q1 2017 East End Road, N3 31,131 Pure Gym LLH £297,604 £14.53 £4,550,000 6.13% £146 Let to Pure Gym Ltd for a
Ltd further 19.8 years.
Q1 2017 15 Lett Road, SW9 17,278 The Gym LLH £164,141 £11.72 £2,560,000 6.01% £148
Q4 2016 315-317 11,945 Pure Gym VFH £139,900 £20.00 £2,100,000 6.24% £176 Let to Pure Gym Ltd for a
Camberwell New Ltd further 20 years with RPI linked
Road, SE5 reviews capped at 4% and
collared at 1%. TBO at year 15.
Q4 2016 21-23 Worpole 28,243 Virgin LLH £398,317 £17.00 £6,800,000 5.49% £241 Let to Virgin Active Limited for
Road, SW19 Active a further 22 years with 5 yearly
reviews compounded to 2.5%.
Q3 2016 Peaches Close, 21,863 Nuffield LLH £331,224 £16.55 £5,250,000 5.91% £240 Let to Nuffield Health for
Cheam, SM2 Health further 20.75 years with 5 RPI
linked reviews capped at 3% and
collared at 1%.VAT EPC
THE PROPERTY IS ELECTED FOR VAT AND IT IS AN EPC IS AVAILABLE
PROPOSED THAT THE SALE WILL BE TREATED AS ON REQUEST.
A TRANSFER OF A GOING CONCERN.
PROPOSAL OFFERS IN EXCESS OF
£2,950,000
(TWO MILLION NINE HUNDRED AND FIFTY THOUSAND POUNDS)
REFLECTING A NET INITIAL YIELD OF 5.57%
ASSUMING PURCHASER’S COSTS OF 6.44%.
VIEWINGS
BY ARRANGEMENT ONLY.
JAMIE WHITELAW DOMINIC ROWE
0207 494 6948 0207 529 5706
jw@cwm.co.uk dominicrowe@michaelelliott.co.uk
JIM REMFRY NICK STEELE
0207 494 6936 0207 529 5709
jr@cwm.co.uk nicksteele@michaelelliott.co.uk
MISREPRESENTATIONS ACT:
CWM & Partners LLP and Michael Elliott LLP for themselves and for the vendors/lessors of the property whose agents they are,
give notice that: 1. These particulars are set out as a general outline for the guidance of the intended purchasers or lessees, and do
not constitute part of, an offer or contract; 2. All descriptions, dimensions, reference to, tenure, tenancies, condition and necessary
permissions for the use and occupation, and other details are given without responsibility and any intending purchaser or tenant should
not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness
of each of them; 3. No person in the employment of CWM & Partners LLP and Michael Elliott LLP has any authority to make or give any
representations or warranty in relation to this property. SEPTEMBER 2017You can also read
