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Long Let Sainsbury’s Retail Investment Opportunity 147 Woodberry Grove, London N4 2SB
Long Let Sainsbury’s Retail Investment Opportunity
147 Woodberry Grove, London N4 2SB
Investment Considerations
Prominent position fronting Woodberry Grove, London N4
Located in the London Borough of Hackney, one of London’s major growth areas
The property is held Long Leasehold for a term of 299 years from 3rd September 2013.
Long let retail investment located in the heart of one of Hackney’s largest regeneration schemes
The property totals approximately 468.78 sq m (5,046 sq ft) at ground floor.
The retail unit is let to Sainsbury’s Supermarkets Limited for a term of 15 years from July 2016 with a tenant only option to determine in July 2026
Initial rent passing of £82,500 per annum (£16.35 psf) with 5 yearly RPI linked rent reviews compounded annually, capped at 4% and collared at 1%
Offers are sought in excess of £1,786,000 for the Long Leasehold interest, providing a net initial yield of 4.35% assuming purchaser’s costs of 6.21%.
Woodberry Down 2
LocationWoodberry Down is located in the London Borough of Hackney, one of London’s major growth areas. The retail unit is located at a prominent location fronting Woodberry Grove. The property is within a short walking distance of Manor House underground station and Stamford Hill mainline train stations, providing access to the West End and the City.
Woodberry Down is an area undergoing major regeneration by Berkeley Homes, set over 64 acres alongside 42 acres of open waters of the Stoke Newington Reservoirs.
The development is set amidst a multitude of parks, squares and gardens, including Finsbury Park. The development boasts a range of onsite amenities including local cafes, dry cleaners and supermarkets as well as being located within close proximity to the bars, shops and restaurants of Stoke Newington’s Church Street.
15 Minutes from the City and the West End
5517 New Homes
£1BN regeneration investment
64 acres situated alongsidewater and green space
Woodberry Down 3
Woodberry Down 4
¹0 -
MIN
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DR
IVE
¹5 -
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DR
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HYDE PARK
LEYTON
REGENT S PARK
KING’S CROSS
SOHO
ISLINGTONHOXTON
DALSTON
HIGHBURY
SHOREDITCH
TEMPLE SHADWELL
STRATFORD
BROMLEYBY–BOW
CAMDEN
CITY OF LONDON
HAMPSTEADHEATH STOKE
NEWINGTON
HARRINGAY
WALTHAMSTOWRESERVOIRS
CANARY WHARF
WALTHAMSTOW
HORNSEY
HACKNEY
MARYLEBONE FITZROVIA
SISTERS RD
STRATFORD
STRATFORDINTERNATIONAL
TOWEROF LONDON
SOUTH BANK
VICTORIAPARK
CLISSOLDPARK
OPEN AIR THEATRE
LONDON FIELDS
KING’S CROSSST PANCRAS
INTERNATIONAL ANGEL
SHOREDITCH HIGH ST
SHOREDITCH HOUSE
BRICK LANE
COLUMBIA ROADFLOWER MARKET
LIVERPOOLSTREET
REGENT’S PARK
ROYAL ACADEMY OF ARTS
HOXTON SQUARE
LIMEHOUSEBASIN
EXMOUTH MARKET
BRITISHMUSEUM
CARNABY STREET
TELECOM TOWER
CENTRALST MARTIN’S
MUSEUM OF LONDON
GEFFRYE MUSEUM
REGENT’SCANAL
UNIVERSITY COLLEGE LONDON
UNIVERSITY OF LONDON
CITY UNIVERSITY
CHINA TOWN
CAMDEN MARKET
30 ST MARY AXE
HACKNEY EMPIRE
SOMERSET HOUSE
MARBLE ARCH
CAMDEN TOWN
KENTISH TOWN
PROUD GALLERIES
THE ROUNDHOUSE
PRIMROSE HILL
DALSTON JUNCTION
THE FORUM
HIGHBURY & ISLINGTON
ARSENAL
EMIRATES STADIUM
METROPOLITANUNIVERSITY
HACKNEYDOWNS
CANONBURY
CALEDONIANPARK
UPPER STREET
BUSINESS DESIGNCENTRE
ISLINGTONTOWN HALL
UNION CHAPEL
HIGHBURYFIELDS
OLD STREET
HAGGERSTON PARK
LONDON 2012OLYMPIC STADIUMWESTFIELD
BETHNALGREEN
STOKE NEWINGTON
BOND STREET
ST LUKE’S
PRIMROSE HILL
THE CASTLECLIMBING CENTRE
MANOR HOUSE
FINSBURYPARK
FINSBURYPARK
HARRINGAY
SEVEN SISTERS
HARRINGAYGREEN LANES
SOUTH TOTTENHAM
WALTHAMSTOWMARSHES
HACKNEYMARSHES
QUEEN ELIZABETHOLYMPIC PARK
WALTHAMSTOWCENTRAL
LEYTON
KENWOOD HOUSE
HIGHGATEWOOD
ST PAUL’S CATHEDRAL
TOTTENHAM HALE
POPLAREAST INDIA
STAMFORDHILL
ABNEY PARKCEMETARY
WOODGREEN
WESTRESERVOIR
CENTRE
WOODBERRYWETLAND
HIGHGATE
SPRINGFIELDPARK
BARBICAN CENTRE
FINCHLEYROAD
KENWOOD OPENAIR THEATRE
ISLINGTON ARTS & MEDIA SCHOOL
HACKNEYWICK
VICTORIA PARKVILLAGE
BROADWAYMARKET
HOLBORN
CHARINGCROSS
ARCOLA THEATRE
VORTEXJAZZ CLUB
HACKNEYDOWNS
NEWINGTONGREEN
ALDGATE
WATERLOWPARK
TURNPIKE LANE
EPPINGFOREST
EUSTON
STOKENEWINGTONHIGH STREET
WESTFERRY
CLAPTONCOMMON
DRAYTONPARK
BLACKFRIARS
MARYLEBONE
MILLENNIUMBRIDGE
GR
EE
N LA
NE
S
LORD
SHIP RD
SEVE
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CHURCHSTREET
HOLLO
WAY RO
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KIN
GS
LAN
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OA
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LEE BRIDGE ROAD
PENTONVILLE ROADCITY ROAD
MARLEYBONE ROAD
OXFORD STREET
CLERKENWELL ROAD
TE
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HGI
H H
CTI
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RO
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EDG
WARE RO
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EUSTON ROAD
UPP
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WHITECHAPEL
PADDINGTON
UNIVERSITY OF WESTMINSTER
Woodberry Downs will provide a further
4,645.15 sq m (50,000 sq ft) of flexible retail and
leisure space
Woodberry Down will see 5,557 new homes built,
creating a new community for North London
The area is expected to see a further £1billion
of investment over the next 20 years
The scheme will also encompass a 1.3 acre public park and a new
retail square in the heart of the scheme, due to open
in early 2025
• Tostato (Café)• Barbers• WDCO• Fruit & Veg Store
Hackney Council Tenants • Post Office• Newsagent• Fruit & Veg Store • Café • Estate Agent • Beautician
• Crem Yo (Frozen Yoghurt)• Butchers
Café/Restaurants
Dry Centre
Project Office / Marketing Suite
Young’s Pub
JLL (Estate Agents)
WO
OD
BE R
RY
GR
OV
E
Woodberry Down 6
Accommodation Tenure
Tenancy
The property is arranged over 468.78 sq m (5,046 sq ft) at ground floor with full height glazed frontage onto Woodberry Grove. The unit is serviced by a loading bay to the northern side of the property at ground floor.
The property is held on a Long Leasehold interest for a term of 299 years from 3rd September 2013 at £1 per annum.
The retail unit is let to Sainsbury’s Supermarkets Limited for a term of 15 years from 7th July 2016 with a tenant’s only option to determine on 20th July 2026.
The initial passing rent is £82,500 per annum (£16.35 psf) with 5 yearly RPI linked rent reviews compounded annually, capped and collared at 4% and 1% respectively.
The tenant benefits from a rent free period of 3 months. Any outstanding rent free will be topped up by the vendor at completion, by way of a deduction from the purchase price.
Covenant
Founded in 1869, J Sainsbury Plc is a leading presence on the high street and is the UK’s second largest food store operator with over 1,200 stores around the country, employing approximately 161,000 people.
During the financial year to March 2016, the company added a gross 454,000 sq ft of new selling space at a 1.7% increase since the start of the year.
March 2013
(£‘000,000)
March 2014
(£‘000,000)
March 2015
(£‘000,000)
Turnover 23,290 23,919 23,443
Pre-Tax Profit
616 810 -206
Total Net Worth
4,507 4,706 4,224
VAT EPC
Proposal
Contact
The property has been elected for VAT and it is envisaged the sale will be treated as a Transfer of a Going Concern (TOGC).
The property has an EPC rating of B(35).
We are instructed to seek offers in excess of £1,786,000 subject to contract and exclusive of VAT for the Long Leasehold interest. Assuming purchaser’s costs of 6.21% this reflects a net initial yield of 4.35% and a low capital value of £353 psf.
For further information or to arrange on inspection of the property please contact:
DISCLAIMER: Allsop LLP on its behalf and for the Vendors or Lessors of this property, whose Agents they are, give notice that: These particulars are set out as a general outline only for guidance to intending Purchasers or Lessees, and do not constitute any part of an offer or contract. Details are given without any responsibility and any intending Purchasers, Lessees or Third Parties 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. No person in the employment of Allsop LLP has any authority to make any representation or warranty whatsoever in relation to this property. Unless otherwise stated, all prices and rents are quoted exclusive of VAT. September 2016
James Abrahams
[email protected] 7588 4433
Jack Sawbridge
[email protected] 7588 4433
Marsha Rabinovich
[email protected] 7588 4433
