RARE PRIME FREEHOLD EAST LONDON RESIDENTIAL / RETAIL INVESTMENT OPPORTUNITY 149-153 HIGH STREET NORTH, EAST HAM, LONDON E6 1HZ - Bidwells
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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
Modern retail and residential block constructed
in 2008
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 retail
income) - there is a smaller retail unit to the side
that has been divided in two units
Current rent passing for the retail element is
£112,150 per annum and for the residential element
is £197,820 per annum
The total passing rent for the whole property is
£309,970 per annum
The flats are all let on AST agreements
64% of the total income is derived from the
residential element
Offers sought in excess 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 Hackney Wanstead Flats A118
A12
Plan as one of 35 Major Centres. Marshes
East Ham is located between Barking A10 A118
and the City of London with easy EAST HAM
HIGH ST
Queen Elizabeth
Olympic Park DISTRICT
access to the West End, London City HAMMERSMITH
REET N
AND CITY
Airport, the Olympic Stadium, A12
Westfield A11 A124
Shopping
ORTH
Centre
Westfield Stratford, the O2 Arena Victoria
A5201 Park A406
and the Excel Exhibition Centre. In STRATFORD A112
A117 A123
addition, Epping Forest (2,400 UPTON PARK
hectares area of ancient woodland) LIVERPOOL MILE END
WEST HAM
PLAISTOW A124
STREET BROMLEY A13
is a ½ hour drive time to the north. BY BOW A117
ALDGATE
East Ham benefits from strong road A11
A124
communications with the A13 A11 A102 A13
LIMEHOUSE A1020
situated within close proximity to the DLR
south and the A406 (North Circular TOWER HILL
A13
A117
Road) running parallel to the east. Excel Centre
Both the District and Hammersmith CANARY
WHARF London City
Airport
and City Underground lines can be
O2
accessed from East Ham ARENA A1020
Underground station (Zone 3)
offering regular services to Stratford
(10 mins) and Liverpool Street
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
AD
RO
HAMMERSMITH
AND CITY
END A406
TH
U AD
SO S RO
NORT
E
BURG
OAD
OM R
LATH
BUR
H CIR
ROAD
GES
E NTS
CLEM
C UL
ROA
.
RD
AR
H
D
IS
KEPP
ND
M
GY
TH
E
BE
EL RO
HIGH
ROAD
AD
TON
STRE
P
KEM
ET NO
A124
Situation
RTH
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 Tenure
The total site area extends to approximately 0.045 hectares (0.11 acres). Freehold.
187 to 193
82 to
184
RO AD
GES
BUR
185
TCB
14
181
2
180
ce s
t Offi e
Gov ous
nH 8.2m
179
Hero
2
172
3
173
13
169
15 8.4m
A
166
OM RO
Shelter 1
1a LATH
164
163
HIG
162
H STR
16
EET
2
NOR
2a
155
T
160
H
2
8.4m
She
1
3
14
Medi
to 15
lter
ca l Ce
149
ntre
8.3m
26 9
3
146
to 14
1
D
13 7
OA
144
HR D
DIS ROA
N EN TS
142
BE CL EM
9
PC 8.3m
2
19 El Sub Sta
140
W AY
ON
HT
EIG
NL
135
a
RO
132
135
128
10
130
1
a
1 33
El S
1 26
133
7.9m
ub
131a
Sta
122
124
22 1
1a
131
Bank
118
120
LBs LFIE
2 C AU
AY
YW
SE
AS
YM
RA
9
8.0m
116
21 Post Office
112
121
1 08
6
110
MA
TCBs
DG
EG
104
HI
106
I
6
149-153 HIGH STREET NORTH EAST HAM LONDON E6 1HZ
Accommodation & Tenancy Schedule
The property provides income from two retail units (£112,150 per annum) and fourteen flats above let on assured shorthold basis on 12 month contracts (£197,820 per annum),
reflecting a current total income of £309,970 per annum. Please see the tenancy schedules for a breakdown of the accommodation and tenancies:-
Unit Tenant Floor Area Area Passing ERV Lease Next Rent % of Commercial Comments
...... Sq m Sq ft Rent PA £PA Start Review income
..... Zone A (ITZA Lease
...... (£psf) £psf) Expiry
Ground Floor, State Bank of India Ground - 198.43 2,136 £100,150 £128,160 04.05.2010 - 89%
149, 151 & 153
High Street North Sales ITZA 148.83 1,602 (£62.52) (£80.00) 03.05.2020
.....
1 Bendish Road Giash Udin Ground - 78.22 842 £12,000 £14,180 08.03.2016 08.03.2021 11% Rent deposit of £6,000
..... Maximum uplift at rent review is based
.... Sales ITZA 65.87 709 (£16.93) (£20.00) 07.03.2036 on 1.276 x the previous rent
......
....
Tenant break option The tenant has split the shop into two
......... 8.3.2021 units under an informal arrangement
.... (6-12 months notice)
Total Commercial 276.65 2,978 £112,150 £142,340
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 30.05.2019 £1,100 £13,200
2 Occupied 1st 2 bedrooms, open plan kitchen/ reception room, bathroom 51.85 558 AST 06.07.2019 £1,300 £15,600
3 Occupied 1st 1 bedroom, open plan kitchen/ reception room, bathroom 47.60 512 AST 04.12.2019 £1,125 £13,500
4 Occupied 1st 2 bedrooms, open plan kitchen/ reception room, bathroom 59.36 639 AST 10.08.2019 £1,300 £15,600
5 Occupied 1st 1 bedroom, open plan kitchen/ reception room, bathroom 45.10 485 AST 29.12.2019 £1,100 £13,200
6 Occupied 2nd 1 bedroom, open plan kitchen/ reception room, bathroom 41.15 443 AST 28.09.2019 £1,100 £13,200
7 Occupied 2nd 2 bedrooms, open plan kitchen/ reception room, bathroom 51.85 558 AST 25.01.2020 £1,100 £13,200
8 Occupied 2nd 1 bedroom, open plan kitchen/ reception room, bathroom 47.60 512 AST 19.04.2019 £1,100 £13,200
9 Occupied 2nd 2 bedrooms, open plan kitchen/ reception room, bathroom 59.36 639 AST 03.10.2019 £1,310 £15,720
10 Occupied 2nd 1 bedroom, open plan kitchen/ reception room, bathroom 45.10 485 AST 11.09.2019 £1,100 £13,200
11 Occupied 3rd 2 bedrooms, open plan kitchen/ reception room, bathroom 51.85 558 AST 29.12.2019 £1,300 £15,600
12 Occupied 3rd 1 bedroom, open plan kitchen/ reception room, bathroom 47.60 512 AST 02.11.2019 £1,100 £13,200
13 Occupied 3rd 2 bedrooms, open plan kitchen/ reception room, bathroom 59.36 639 AST 30.07.2019 £1,350 £16,200
14 Occupied 3rd 1 bedroom, open plan kitchen/reception room, bathroom 45.10 485 AST 12.10.2019 £1,100 £13,200
Total Residential 694.03 7,468 £16,485 £197,820
7
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 .. Calcutta 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
is ranked 216th on the Fortune Global Bank of India in 1955, with Reserve
500 list of the world's biggest Bank of India (India's Central Bank)
corporations as of 2017. It is the largest taking a 60% stake, renaming it the
bank in India with a 23% market share in State Bank of India. In 2008, the 1 Bendish Road
assets, besides a share of one-fourth of government took over the stake held
the total loan and deposits market. by the Reserve Bank of India. It has
See www.sbi.co.in 18,354 branches in India with some
The bank descends from the Bank of 210,000 employees. (as of March
Calcutta, founded in 1806, via the 2017). Its shares are traded on the
Imperial Bank of India, making it the National Stock Exchange of India with
oldest commercial bank in the Indian sales to March 2018 of
subcontinent. The Bank of Madras 311,675,000,000 rupees and a net
merged into the other two "presidency profit of 9.45 billion rupees.
8
149-153 HIGH STREET NORTH EAST HAM LONDON E6 1HZ
Market Commentary Residential
East Ham is an established retail centre with a total Over the next five years East Ham will receive millions of
population within the primary catchment area of pounds in order to improve and invest in the well-connected
222,000. The area benefits from a young population and good value neighbourhood. Both Bellway and Barratt have
which includes a particularly high proportion of adults purchased sites in East Ham and are in the process of achieving
aged 25-44 within the primary catchment population. planning for hundreds of new homes in the area.
East Ham is projected to see an above average A new build apartment in East Ham achieves approximately
growth in population over the period 2017-21 and £350,000 and the average property in East Ham sold in 2018
the area is already experiencing an above average rise for £366,903. This average sale price is higher than 2017 and
in residential values. In addition to the underground average sale prices have increased for the past 7 years (Source:
services from East Ham, in the near future there will Foxtons). The average home in East Ham is now worth 71%
be two Crossrail stations in a three-mile radius (in more than it was 7 years ago, demonstrating the extreme
Custom House and Forest Gate). increase of value in the area. However, East Ham still represents
‘good value’ for London residential property within ½ hour tube
Retail time from the West End.
East Ham is a popular retailing location and High Examples of some recent one bedroom and two bedroom flat
Street North is the principal retailing pitch in the area. sales are:-
There are a large number of national retailers located
2 bed flat 61 Elizabeth Road £360,000 (Aug 18)
in the street which include Primark, Foot Locker,
Holland & Barrett, Wilko, Boots, Argos, McDonalds, 2 bed flat 82 Clements Road £318,100 (Aug 18)
Costa Coffee and Specsavers amongst many others. 2 bed flat 1 Tudor Road £340,000 (Mar 18)
The town boasts an excellent mix of national and local 1 bed flat 29 Harrier Way £320,000 (Nov 18)
occupiers which serve the local community and 1 bed flat 74 Leigh Road £270,000 (Feb 18)
catchment area. The East Ham Market Hall is 1 bed flat 53a Caulfield Road £276,000 (Nov 17)
particularly popular with its quirky and unique mix of
local and international market stalls. In terms of total East Ham has at least three primary schools rated ‘outstanding’
floor space East Ham retail is estimated to be at by Ofsted and eight parks, including Central Park (tennis courts,
approximately 0.51 million sq ft and total in store bowling green Café, history trail) and Plashet Park (bowling
comparison retail expenditure (2017) for the area green, tennis and basketball courts, open gym, playground),
above the national average for comparable centres at which recently had a revamp with funding received from the
£496million. Heritage Lottery Fund.
9
149-153 HIGH STREET NORTH EAST HAM LONDON E6 1HZ
Further Information
Should you have any queries or wish to
make a site inspection, please contact:
Darryl Stevenson
DD: 020 7297 6277
darryl.stevenson@bidwells.co.uk
Richard Walden
DD: 020 3761 3649
richard.walden@bidwells.co.uk
Bidwells
25 Old Burlington Street
London W1S 3AN
Tel: 020 7493 3043
Service Charge VAT
Since the property was constructed in The property is elected for VAT. January 2019
2008, limited expenditure has been It is assumed this transaction will be
required except for lighting / cleaning of structured as a transfer of a going concern.
the residential communal areas and
servicing of the lift. Proposal
Offers sought in excess of £6,000,000
EPC Rating (Six Million Pounds) subject to contract
A schedule of EPCs is available on request. and exclusive of VAT.
10Bidwells 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 may 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.
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