For Sale

Unit 5, 5 Milliners House, Eastfields Avenue, Riverside Quarter, Wandsworth, SW18 1LP

  • Area1,316 sq ft (122 sqm)
  • Sale Price£880,000

SUPERB RETAIL INVESTMENT FORMING PART OF THE SUCCESSFUL WANDSWORTH RIVERSIDE QUARTER SCHEME

Amenities

  • Successful Riverside Development
  • Wandsworth Town (BR) - 10 mins walk
  • East Putney (tube) - 15 mins walk
  • A1 / A2 retail consent
  • Current rental income £57,370 pa
  • Four Basement Parking Spaces included
  • Rear Service Access.
  • On-site Visitor Parking

Location

The property is situated in the highly successful Riverside Quarter mixed use scheme by Frasers Developments situated in Eastfields Avenue, just off Point Pleasant (accessed via Putney Bridge Road).

Local occupiers include Youngs’ Brewery & Osborne & Little HQ offices and a number of architectural/design/planning practices and adjacent business include Hudson's supermarket and Marco Polo restaurant.

Wandsworth Town mainline station (offering direct access to Vauxhall and Waterloo and Victoria via Clapham Junction) and East Putney underground (District Line) stations are each approximately 10-15 minutes’ walk from the property.

The scheme is located adjacent to the Riverside Quarter Pier offering Thames Clipper boat Services to Central London.

Description

The property comprises a superb high spec A1/A2 retail unit let to Strawberry Star Letting & Sales Ltd on an FRI lease expiring in August 2024 (c.6 years remaining) at an annual rent of £57,370 per annum exclusive, equating to a net rent of approximately £39.00 per sq ft overall (after allowing for 4 parking spaces at £1,500 pa exclusive of VAT and rates per space). Strawberry Star will put up a surety deposit of £34,422 (representing six months rent plus an amount equivalent to VAT). The property is currently sublet to London Property Guru on an under-lease lease expiring on 25 October 2021.

The lease provides for fixed rental uplifts every two years, therefore the rent will rise to £60,240 pax in August 2020 and £63,250 pax in August 2022.

The vendor is seeking offers in the region of £880,000, equating to a net initial yield of 6.10% rising up to 6.7% by August 2022 (yields quoted after allowance of purchaser’s costs of 6.80%).

Use Class A1 / A2 / D1 Tenure type

Tenanted Investment

VAT

Applicable

Rates Payable

£14,400 pa

Rates Payable

Available upon request

EPC

Available upon request

Tenure

The property is held on a 999 ground lease from 2012 and is let to Strawberry Star Letting and Sales Ltd (part of the Strawberry Star Group) for a term to expire in August 2024 (6 years remaining) at an annual rent of £57,370 per annum, equating to a rent of £43.59 per sq ft overall. The lease provides for fixed uplifts every two years rising to £60,240 pax in August 2020 and £63,250 pax in August 2022. The property is currently sub let to London Property Guru – copies of all the leases are available on Request.

Viewing

By appointment with Houston Lawrence

Documents

Agents

Chris Jago
  • T 0207 801 9023
  • M 07775 620 499
  • @ Email me
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