The premises were constructed in 2021 as part of Phase 1 of the Eastwick and Sweetwater scheme. The premises are at ground floor level only.
Location
The property is situated at the southern end of East Bay Lane, opposite Mossbourne Riverside Primary Academy and close to the junction with Copper Street. East Bay Lane runs to the north to nearby Here East.
Approximately 100m to the south west is a footbridge crossing to Hackney Wick. Hackney Wick Overground Station is approximately 250m from the property.
Hackney Wick and Fish Island have been transformed in recent years. Numerous residential led mixed use schemes have been delivered providing thousands of new homes.
Copper Box Arena and Hackney Bridge are both within 100m of the property. Copper Box Arena has staged international and national sporting events, exhibitions, conferences and concerts. It also hosts a gymnasium and a range of sporting facilities.
Hackney Bridge is a successful meanwhile use scheme featuring a range of workspace, event space, restaurants, bars and a street food market.
Here East, a 1.2m sq. ft. business and educational campus is located approximately 100m to the north of the property.
The new V&A Storehouse Museum is scheduled to open at Here East in 2025, and will house conservation labs, reading rooms and galleries.
Accommodation
Approx. Unit Size (GIA) - 348.38 sq.m / 3,750 sq.ft
Terms
TENURE - The property is held on a 250 year lease from 1st December 2017 at a peppercorn ground rent.
PROPOSAL - We are instructed to seek offers in the region of £1,750,000 subject to contract and exclusive of VAT which reflects a net initial yield of 4.85%, rising to 5.12% when the rent rises to £94,860.85 per annum in 2025 upon practical completion of Phase 2, assuming purchaser’s costs of 5.90%
TENANCY - The property was originally let to the Co-operative Group Food Limited on a 15 year lease commencing 10th January 2023 without breaks. The lease has since been assigned to Tesco Stores Limited, completing in 27th October 2023. The passing rent is £89,880 per annum exclusive, equating to approximately £23.96 per sq. ft. based on the GIA.
Tesco will begin trading in December 2023.
The Tenant will have the option to renew the lease for term commencing 10th January 2038 and ending on 9th January 2053, subject to the Tenant serving an Option Notice during the Option Period, being 12 months prior to lease expiry.
RENT REVIEWS - Every 5th anniversary, index linked to RPI, annually compounding, with a cap of 4% and a collar of 1%.
EPC - The property is currently energy rating B.
VAT - The property is elected for VAT purposes. VAT will be payable on the purchase price, subject to contract and the buyers’ arrangements, the transaction may be treated as a Transfer of A Going Concern (TOGC). Please speak to the selling agent for more information.
SERVICE CHARGE - The property is subject to a service charge, which is recoverable from the tenant. The service charge is in contribution for the maintenance of the building, estate and any communal areas.
Specification
- The unit forms part of Phase 1 of the East Wick and Sweetwater scheme, at the western side of the 560-acre Queen Elizabeth Olympic Park, and just to the east of the River Lee Navigation canal near Hackney Wick.
- Phase 1 includes 302 new homes. Upon completion of the final phase around 1,800 new homes will have been built.
- Hackney Wick Overground station is approximately 250m to the south west of the property.
- Phase 2 is currently under construction and will comprise 210 homes. 165 units will be for open market sale, with a further 45 affordable homes to rent. Two public gardens will also be delivered.
- Here East, a 1.2m sq. ft. business and educational campus is located approximately 100m to the north. The new V&A Storehouse Museum is also scheduled to open at Here East in 2025.