marketing particulars 2 merrow street,...
TRANSCRIPT
INVESTMENT AGENCY Marketing Particulars
Copping Joyce Surveyors Limited
Registered Office 27 Phipp Street, London EC2A 4NP
www.coppingjoyce.co.uk
Professional Department 020 7749 1040
Commercial Agency 020 7749 1041
Fax 020 7749 1042
Commercial Agency – Valuation – Landlord & Tenant – Development/ Investment – LPA Recoveries – Expert Witness
2 MERROW STREET, WALWORTH, SOUTHWARK, LONDON SE17 2NJ Approximately 1,018 sq.ft.
RETAIL INVESTMENT FOR SALE Ground floor retail investment
New 999 year lease
Let to Harvey and Thompson Limited (Trading as H & T
Pawnbrokers)
Attractive 7.07% net initial yield
INVESTMENT AGENCY Marketing Particulars
Copping Joyce Surveyors Limited
Registered Office 27 Phipp Street, London EC2A 4NP
www.coppingjoyce.co.uk
Professional Department 020 7749 1040
Commercial Agency 020 7749 1041
Fax 020 7749 1042
Commercial Agency – Valuation – Landlord & Tenant – Development/ Investment – LPA Recoveries – Expert Witness
INVESTMENT AGENCY Marketing Particulars
Copping Joyce Surveyors Limited
Registered Office 27 Phipp Street, London EC2A 4NP
www.coppingjoyce.co.uk
Professional Department 020 7749 1040
Commercial Agency 020 7749 1041
Fax 020 7749 1042
Commercial Agency – Valuation – Landlord & Tenant – Development/ Investment – LPA Recoveries – Expert Witness
LOCATION The property is well located at the western end of
Merrow Street, close to the junction with Walworth
Road, a busy retail thoroughfare in the London
Borough of Southwark. Nearby occupiers include
Marks and Spencer, Argos, Holland and Barrett
and an Iceland supermarket.
TRANSPORT
Elephant & Castle (Piccadilly, Circle and District
Lines) – 15 min walk (Bakerloo and Northern
Lines and National Rail Services)
Numerous bus routes also service the
immediate area
All walking distances/ times are approximate.
DESCRIPTION
The property comprises a ground floor retail unit
forming part of an end of terrace Victorian property.
The building is of solid brick construction under a
mansard roof.
The unit is currently occupied by Harvey &
Thompson Limited (trading as H & T Pawn Brokers)
who also occupy the adjacent building at 389
Walworth Road SE17.
TENANCY
Tenant: Harvey & Thompson Limited
Lease: 15 year lease from 21st
November 2012
(inside the security of tenure provisions of the
1954 L & T Act)
Passing rent: £9,000 per annum exclusive
Review: 21st
November 2017 & 21st
November
2022.
TENANT COVENANT
2015 Revenue of £89.2m (2014 £87.7m)
2015 profit before tax results of £6.8m (2014: £5.5m)
Experian Credit Risk score – Very Low Risk
Over 180 pawnbroker stores nationwide
APPROXIMATE FLOOR AREAS*
Floor Sq ft Sq m
Ground 1,018 94.70
Please note these floor areas have been taken
from the VOA website.
TENURE
New 999 year lease.
VAT TBC
RATES
We understand the rateable value is £5,900,
however all interested parties should make their
own enquiries London Borough of Southwark.
EPC
EPC rating of D (81).
PROPOSAL
We have been instructed to seek offers in excess
of £125,000 (One Hundred and Twenty-Five
thousand pounds) exclusive and subject to
contract for the long leasehold interest. This
equates to an attractive net initial yield of 7.07%
taking into account purchasers’ costs of 1.8%.
LEGAL COSTS
Each party to be responsible for their own legal
costs incurred in the transaction.
PLEASE CONTACT
Copping Joyce Tel: 020 7749 1041
John Giblin: [email protected]
Jessica Furlong: [email protected]
Misrepresentation Act 1967: Copping Joyce Surveyors Limited for themselves, for any joint agents and for the vendors, lessors or assignors of this property whose agents they are given notice that: (i) The particulars are set out as a general guide only for the guidance of intending purchasers or lessees and do not constitute, nor constitute part of, an offer or contract (ii) All descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given in good faith and are believed to be correct but any intending purchasers or tenants should not rely on them as statements or representations of fact but satisfy themselves by inspection or otherwise as to the correctness of each of them.(iii) No person in the employ of Copping Joyce Surveyors Limited or any joint agents has any authority to make or give any representation or warranty whatever in relation to this property (iv) All rentals and prices are quoted exclusive of VAT(v) All plant, machinery, equipment, services and fixtures and fittings referred to in these particulars were present at the date of publication. They have however not been tested and therefore we give no warranty as to their condition or operation. May 2016: subject to contract