The Woodford Greet asset has an MLA of 12,599 sq ft with 565 sq ft of office space. Romford has an MLA of 14,135 sq ft.
The Woodford Green store is located on a light industrial/trade park just off the busy Southend Road surrounded by several big stores including Tesco and Screwfix.
The store in Romford is easily accessible on a light industrial/trade estate and benefits from electric car charging points.
Each store has a goods lift and are bright, clean and in excellent condition. The business is run with all the necessary fire, health & safety and compliance procedures in place.
Both stores have a current occupancy of 92-93% which remains consistently above 90% throughout the year.
The Romford asset has 15 years remaining on lease and the Woodford Green asset has 17 years remaining on the lease. Both are inside the 1954 Act.
The current owners employ part-time staff however there is an opportunity to introduce an unstaffed model.
Currently there is no structured price increase system with significant room to grow rents from day one.
At both sites there are some larger units which can be split to increase the yield across the sites.
There could be potential to expand Romford as the lease for the warehouse opposite has not been extended by the current occupier.