Restore - Silvertown, City of London_Property for Sale
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.

...

Attributes

Building area gross
3,779 m²
Land area gross
0.72 ha
Number of units
1

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).

 


Restore - Silvertown, City of London 4_Property for Sale
Restore - Silvertown, City of London 4_Property for Sale

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Restore - Silvertown, City of London (0 Properties)

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Last updated
15 Nov 2024