Property for sale

Location:
The premises form part of the new the River Gardens development; a luxury mixed-use scheme in the heart of Royal Greenwich which includes 400 residential units are almost entirely sold. The unit occupies a prime corner position on the river frontage, benefitting from a direct and unobstructed view of the River Thames. Maze Hill Station (South-eastern Railway and Thameslink) is within 0.5 miles, and the Cutty Sark DLR is within 0.9 miles. Nearby units in the development are now occupied, including Kido Nursery, Co-op, CrossFIT GMT and River Gardens Café.

Description:
Newly constricted ground floor unit, with extensive river views,  which is in the process of being fitted into a private dentist’s practice. The unit has access to a commercial bin store with fob access, and cycle parking spaces within a short walk of the premises. Extraction may be installed in the unit subject to all necessary consents.

Accommodation & Tenancy Schedule
TenantSq. ft.Sq. m.Passing RentStart DateRent ReviewEnd DateCommentsBoarway Care Ltd77572.0£20,000 pax.25/09/2023Upward-only, 5th yearly24/09/2038No breaks
Tenancy:
There is an underlease vested to Boarway Care Ltd for the ground floor commercial unit at a passing rent of £20,000 per annum exclusive. The underlease is full repairing and insuring for a term of 15 years from 25th September 2023, expiring on and including 24th September 2038. There is an upward-only 5th yearly rent review pattern which is RPI-linked (capped at 8% and collared at 2%), compounded annually. There is a deposit equivalent to 6 months of the headline rent plus VAT that is held by the landlord for the duration of the term. The underlease benefits from two personal guarantees which are in place for the duration of the lease term. Upon completion of the lease there was an upfront rent payment equivalent to one years’ rent, plus VAT.

Total income currently received is £20,000 per annum.

Rateable Value:
We are advised by the VOA website that the current rateable value is £13,500. All interested parties should make their own enquiries of the rates payable.

User:
We believe the premises fall under Class E of The Town & Country Planning (Use Classes) (Amendment) (England) Regulations 2020.

Local Council:
Royal Borough of Greenwich.

EPC:
The commercial premises has an EPC rating of B (49). A copy of the EPCs are available upon request.

Legal Fees:
Each party to bear its own legal costs.

VAT:
The property has been elected for VAT purposes. It is anticipated that the investment sale will be subject to VAT unless the sale can be treated as a Transfer of a Going Concern (TOGC).

Tenure:
The premises are held on a 999-year long lease (less 10 days) beginning on 1st January 2016. A sale will be subject to the existing occupational tenancy as described above.

Ground Rent:
There are no ground rents payable.

Service Charge:
There is a service charge payable to the freeholder, however as per the existing underlease these costs are fully recoverable by the landlord from the undertenant.

Price:
Offers invited in excess of £310,000 (three hundred and ten thousand pounds), a purchase at this level will reflect a Net Initial Yield of 6.17%, assuming standard purchaser’s costs of 4.5%.

AML:
In accordance with Anti-Money Laundering Regulations, two forms of identification and confirmation of the source of funding will be required from any successful Purchaser.

Contacts:
Huseyin Zafer
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E: [use Contact Agent Button]Emily Bradshaw
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E: [use Contact Agent Button]Varol Zafer
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E: [use Contact Agent Button] Shahid Sadiq
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