The property comprises three new build commercial units which are are currently being fitted out. The upper floors, which do not form part of the sale, contain contemporary apartments sold separately via private treaty.
Location
The units are prominently positioned on Halewood Way and benefit from extensive frontages.
The properties will form part of the new Beam Park community, close to to an array of other essential services and amenities that add to the neighbourhood feel, from the onsite medical centre and shops, to the nearby proposed school.
Accommodation
Arranged as per the below measured GIA areas:
Proposed Pharmacy - Unit NR3 - Block K4 - 98.8 sq m (1,063 sq ft)
Sainsbury’s - Unit NR4-5 - Block - K5 - 418.9 sq m (4,509 sq ft)
Nero Lounge - Unit NR7-8 - Block L - 188.4 sq m (2,028 sq ft)
TOTAL - 706.1 sq m (7,600 sq ft)
Terms
Tenancy - see attached brochure for more information.
Planning - The property is located within the London Borough of Havering. The property was developed by Countryside in partnership with L&Q as part of planning consent reference 17/01307/OUT granted on 7 Feb 2019.
The property is not listed and does not sit within a conservation area. The current planning use for the property is E(a), E(b) & E(e).
Tenure - The property is available by way of a virtual freehold interest for a term of 999 years at a peppercorn rent.
EPC - An EPC is available upon request.
VAT - The property has been elected for VAT and it is assumed the sale will be conducted via a Transfer of a Going Concern (TOGC).
AML - In accordance with Anti-Money Laundering Regulations, two forms of identification and confirmation of the source of funding will be required from the successful purchaser.
Proposal - THE VENDOR IS SEEKING OFFERS IN EXCESS OF £3,250,000 (Three Million Two Hundred and Fifty Thousand Pounds), exclusive of VAT and subject to contract.
A purchase at this level would reflect a net initial yield of 6.52% assuming graduated purchaser’s costs of 6.48%.
Specification
- Newly developed Greater London investment;
- Beam Park is a joint venture mixed-use development between Countryside and L&Q which will deliver 3,900 homes upon completion;
- Three attractive new build units arranged over ground floor totalling 7,600 sq ft;
- 69% of the income secured against undoubted Sainsbury’s Supermarkets Limited covenant;
- New 15 year leases without break;
- 100% index linked income;
- Total income of £225,744 per annum;
- Virtual freehold interest for a term of 999 years at a peppercorn rent.