LONDON FOOD STORE INVESTMENT OPPORTUNITY - Little Waitrose, Finchley - Gateway House, 326 Regents Park Road, London N3 2LN - Savills
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LONDON FOOD STORE INVESTMENT OPPORTUNITY Little Waitrose, Finchley - Gateway House, 326 Regents Park Road, London N3 2LN Let to Waitrose until 2032 with RPI indexed rent reviews every fifth year
Gateway House 326 Regents Park Road, London N3 2LN 2
INVESTMENT SUMMARY LOCATION AND
• Affluent London Borough location. COMMUNICATIONS
Finchley is an affluent and popular suburb in
• Situated in a prominent position in very north-west London in the London Borough of
close proximity to Finchley Central Barnet.
London Underground station. The property is situated on the corner of
Arcadia Avenue and Regents Park Road,
• The property comprises the ground less than 300 metres south-west of Finchley
floor of a newly constructed mixed- Central London Underground station
(Northern Line).
use development which includes 77
residential dwellings. Connectivity to central London is excellent
and the location provides good access to the
• Let to Waitrose until 2032 with RPI North Circular Road and the M1.
indexed rent reviews every fifth year. Central London is located 8.1 miles to the
south-east of the property with approximate
• Passing rent of £126,281 per annum. times from Finchley Central Station to Kings
Cross in 18 minutes and Bank in 27 minutes.
• We are instructed to seek offers in excess
of £2,650,000 (Two Million Six Hundred
and Fifty Thousand Pounds), reflecting
4.5% NIY and a forecast running yield
from August 2022 of 5.2%.
The property comprises
the ground floor of a newly
constructed mixed-use
development which includes
77 residential dwellings.
Gateway House 326 Regents Park Road, London N3 2LN 3
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CATCHMENT AND ECONOMY DESCRIPTION COVENANT
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35,104 people live within a 5-minute drive time catchment The property comprises a ground floor retail unit within a Waitrose LimitedVforms
EN the grocery provision of John Lewis
area, increasing to 176,103 people within 10 minutes. In the new mixed-use development incorporating the new Finchley Plc and operates overUE 350 branches across the UK, including
immediate locality (5 minutes) 91% of the population falls Church End library, office accommodation and 77 residential 30 ‘Little Waitrose’ convenience stores.
within the affluence category of either Affluent Achievers or apartments on the upper floors.
Rising Prosperity, significantly above the UK average of 33% Waitrose Limited have a Dun & Bradstreet rating of 5A1
and the London average of 47%. The property provides 4,575 sq ft (GIA) of retail representing a minimum risk of business failure and hold a
accommodation and benefits from a curved glazed frontage 5.1% share in the grocery market (12 weeks ending 20 May
The population is predicted to grow by 5.9% between 2017 to Regents Park Road at its junction with Hendon Lane. 2018) making it the 7th largest grocery retailer in the UK. The
and 2022, considerably higher than the UK average of 2.9% covenant is sought after in the property investment market
(source: Savills Research). place.
TENANCY For the financial year ending 31 March 2018, Waitrose Limited
Acorn Affluence Categories reported gross sales of £6.621Bn and pre-tax profits of
The property is let to Waitrose Limited for a term of 15 years,
£61.5M. For the same period the company reported a net
50%
49% expiring 6th August 2032 at a current passing rent of £126,281
worth of £841.5M.
42% 43% per annum. The lease provides RPI linked rent reviews on the
40% fifth and tenth anniversaries, collared at 1% and capped at 4%
35% 34% annual growth.
30%
The first rent review is due on 7th August 2022. Current
TENURE
23%
forecasts indicate that the passing rent will increase to The property will be held on a new long lease for 250 years
20%
13% approximately 147,830 pa¹. from 20 April 2018 at a peppercorn rent.
10%
10% The tenant has an option to break on 7th August 2027,
subject to six months’ notice.
0%
Affluent Achievers Rising Prosperity ¹ July 2017 actual and Oxford Economics quarterly RPI
5-minutes 10-minutes London UK
forecast Q3 2022.
Gateway House 326 Regents Park Road, London N3 2LN 4
EPC CONTACT
Reproduced by permission of Experian Goad - licence no. PU100017316. Not to Scale - For Identification Purposes Only.
Waitrose, Gateway House has an Energy James Stratton
Performance Certificate (EPC) rating of +44 (0) 207 409 8880
B(28), issued on 28 September 2017. +44 (0) 7787 513 060
james.stratton@savills.com
Alex Melligan
VAT +44 (0) 207 409 5914
+44 (0) 7972 000 212
The property is registered for VAT and it is
amelligan@savills.com
proposed that the sale will be treated as a
‘Transfer of a Going Concern’. Will Clarke
+44 (0) 207 330 8606
+44 (0) 7969 509 231
PROPOSAL wmclarke@savills.com
We are instructed by our client to seek
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32
offers in excess of £2,650,000 (Two Million
Six Hundred and Fifty Thousand Pounds)
FIN
exclusive of VAT and subject to contract.
This reflects a net initial yield of 4.5% and a
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CH
UR
forecast running yield of 5.2% from August
CH
EN
D
LIB
2022, assuming purchaser’s costs at 6.4%.
RA
RY
IMPORTANT NOTICE
Maps are reproduced from the Ordnance Survey Map with the permission of the Controller of H.M.
Stationery Office. © Crown copyright licence number 100022432 Savills (UK) Ltd, and published for
the purposes of identification only and although believed to be correct accuracy is not guaranteed.
Savills, their clients and any joint agents give notice that:
1. They are not authorised to make or give any representations or warranties in relation to the property
either here or elsewhere, either on their own behalf or on behalf of their client or otherwise.
They assume no responsibility for any statement that may be made in these particulars. These
particulars do not form part of any offer or contract and must not be relied upon as statements or
representations of fact.
2. Any areas, measurements or distances are approximate. The text, photographs and plans are for
guidance only and are not necessarily comprehensive. It should not be assumed that the property
has all necessary planning, building regulation or other consents and Savills have not tested any
services, equipment or facilities. Purchasers must satisfy themselves by inspection or otherwise.
Designed and Produced by Savills Marketing: 020 7499 8644 | November 2018
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