Restore - Silvertown, City of London_Property for Sale

2 Oriental Road, London, Greater London, E16 2BZ, UK

Restore - Silvertown, City of London

Asset Description

Description

The property comprises a single let warehouse and 1st floor offices totalling 40,678 sq ft. Externally there is a secure fenced yard area, which provides a generous lorry and car parking provision.

The asset is of steel portal frame construction and benefits from 1 level access door and 7 dock loading doors, with an 8m clear eaves height. The tenant has recently undertaken a substantial capex programme, which includes installing 11 electric chargers and a new alarm and security systems.

Site Area

The total site area is 1.77 acres (0.72 hectares).

Tenure

Long Leasehold (Leasehold Title Number: EGL341853) at a ground rent of £0.05 per annum.

The ultimate Freeholder is London Borough of Newham (Title Number: EGL4384).

EPC

The property benefits from an EPC rating of C.

EPC certificate can be made available upon request.

We are instructed to seek offers in excess of £16,590,000 for our client’s long leasehold interest, subject to contract and exclusive of VAT. A purchase at this level reflects a Net Initial Yield of 4.50% (net of acquisition costs of 6.80%) and a Reversionary Yield in excess of 5.75% based off our conservative opinion of ERV.

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Attributes

Building area gross

3,779 m²

Land area gross

0.72 ha

Number of units

Media

Investment Highlights

Ultra Urban Logistics warehouse located in the popular Zone 3 London area of Silvertown, adjacent to London City airport.
Immediate access to the A12/ A13 road network, providing direct access to Central London.
Last Mile storage facility totalling 40,678 sq ft of warehouse accommodation, with a secure open storage yard. The total site area comprises 1.77 acres (0.72 ha).
Let to Harrow Green Limited on an FRI lease expiring 30th January 2032 at a passing rent of £797,500 per annum, reflecting a low rental rate of £19.61 per sq ft.
The lease is subject to Open Market Rent Reviews, with the Next Review on 31st January 2027.
Prime Quoting Rents in the Silvertown area are now in excess of £30.00 per sq ft, demonstrating the asset’s reversionary potential.
Long Leasehold (c.171 years unexpired at a ground rent of £0.05 per annum).