COMMERCIAL RD LIMEHOUSE LONDON E14

No657 663

Central London Mixed Use

Investment Property

• Freehold

• Mixed use restaurant and residential investment.

• Modern - newly rebuilt behind a retained period façade just over 4 years ago.

• Arranged over ground to 4th fl oors.

• Located directly opposite the DLR Limehouse with 6 mins to Bank Station.

• 18 highly specifi ed residential apartments of various sizes let on a single lease.

• 11,366 sq ft total area which includes 9,860 sq ft of residential.

• Total current income of £356,850 p.a.

• Offers in excess of £7,100,000 (Seven Million, One Hundred Thousand Pounds) for the asset which is 4.70% net yield after purchasing costs of 6.8% on the commercial income and £624psf capital value overall.

The Summary

No 657-663 CommerCial road limehouse e14

o2 CanaryWharf

Poplarstation

CanaryGateway

royalQuay

657-663Commercial rd

isle ofdogs

TheBoatyard

Greenwichlimehousestation

ropemakersWharf

No 657-663 CommerCial road limehouse e14

657-663 Commercial Road is well positioned in Limehouse to the east of the City of London, west of Canary Wharf and 100m north of the Limehouse Basin. The area surrounding Shadwell and Limehouse has become increasingly popular with young professionals and families, increasing the presence of recognisable occupiers (such as Tesco) and a rise in services for residential occupiers, such as restaurants and bars, as well as the facilities in the Limehouse Basin a short distance to the south. Strategically placed between both the City of London and Canary Wharf, the location is popular with professionals looking to access work in a quick and efficient manner.

The Location

A12

A406

RoyalVictoria

CustomHouse

WestSilvertown

Greenwich

STRATFORD

POPLAR

DEPTFORD

STEPNEY

ISLE OFDOGS

CITY OFLONDON Canning

Town

Canary Wharf

All Saints

DevonsRoad

West Ham

Bromley-By-Bow

PuddingLane

Bermondsey

LimehouseShadwell

TowerHill

LondonBridge

AldgateEast

Whitechapel

BethnalGreen

Aldgate

LiverpoolStreet

FenchurchStreet

Royal Albert

GallionsReach

Beckton

WOOLWICH

EAST HAM

ILFORD

EXCEL

O2CITY AIRPORT

A1020

A102

A100

A13

A13

A12

A13

A11

A10

A206

A206NorthGreenwich

EmiratesAir Line

BlackwallTunnel

A1020A2

A201

A20

A1203

No657/663 COMMERCIAL ROAD

The property is within very close proximity to Limehouse DLR Station and C2C Station, (3 minutes walk) providing quick and direct journey times into the City of London at Bank Station (6 minutes) and the fi nancial hub of Canary Wharf (4 minutes).

The speed of access to the City of London and Canary Wharf is a unique selling point for the location. The C2C train provides services between Fenchurch Street to the West and Southend-on-Sea to the east.

limehouse station mins transport

Canary Wharf 4 dlr

Bank Station 6 dlr

Canning Town 8 dlr

Chancery Lane Station 15 dlr CENTRAL

London City Airport 15 dlr

Kings Cross Station 21 dlr NORTHERN

Fenchurch Street 4 c2c NORTHERN

Liverpool Street 15 c2c NORTHERN

Southend Central 47 c2c NORTHERN

Surrounding Developments Limehouse and the wider location has been the subject of unprecedented levels of residential development in recent years as the search for housing in more central locations becomes increasingly unaffordable. East London and particularly Limehouse, have become popular due to their proximity to key fi nancial hubs in the City of London and Canary Wharf. Some of the local developments include Ropemakers Wharf, 6 Boulcott Street, Canary Gateway, Royal Quay, Stepney Green, The Boatyard and The Junction at 448 Cable Street.

Transport Communications

DLR

Tower Gateway

Shadwell

LimehouseWest India Quay

Heron Quays

IslandGardens

ElversonRoad

GreenwichCrossharbour

Canary Wharf

South QuayDeptford

BridgeCutty Sark

(Maritime Greenwich)Mudchute Lewisham

Westferry

Bow ChurchDevons Road

Langdon ParkAll Saints

Poplar Blackwall East India

CanningTown

Bank

ZONE 1 ZONE 2 ZONE 3

WoolwichArsenal

KingGeorge V

LondonCity Airport

WestSilvertown

Royal Victoria(Emirates Air-line)

Custom House(ExCel)

Star Lane

West Ham

StratfordInternational

StratfordHigh StreetStratford

PontoonDock

PrinceRegent

RoyalAlbert

BecktonPark

GallionsReachCyprus Beckton

Pudding Lane

AbbeyRoad

Canary Gateway, E14

The Boatyard, Stainsby St, E14 Royal Quay, E14 6 Boulcott St, E1 Ropemakers Wharf, E14

No 657-663 CommerCial road limehouse e14

667 Commercial Road £624psf

Berglen Court £804psf

1990s flat £754psf

Limeview Apartments £690psf

Tequila Wharf £690psf

Period flat (1 bed) £995psf

Caspian Apartments £747psf

Mission Building £760psf

Island Row £802psf

Basin Approach £780psf

Mettalica Court Ropemakers £778psf

Dundee Wharf £736psf

Residential Values

A13

LimehouseBasin

Mile EndPark

WhitehorseRoad Park

BUR

DEN

T RO

AD

BE

LGR

AVE

STR

EE

T

EAST INDIA DOCK RD

W INDIA DOCK RD

THE HIGHWAY

BEN JONSON ROAD

STEPNEY GREEN

COMMERCIAL ROAD

CABLE STREET

SALTER RD

ST PAUL

’S WAY

LIMEH

OU

SE LINK TU

NN

EL

A1203

A1261

A13

BU

TCH

ER R

OW

RO

THER

HITH

E TUN

NEL

Limehouse

Westferry

No657/663

1

13 16 17

9

2018

23

14

21 22

7

24

19

8 10

15

25

11

2 43 65

12

WES

TFER

RY

RD

11

9

6

7

7

8

8

10

12

9

11

2

3

4

2

3

1

5

6

4

5

10

12

Dundee Wharf

Basin ApproachTequila Wharf

Berglen Court

The property is freehold over ground and 4 upper floors. The ground floor comprises 2 retail units, one of which is sold off (Tesco) and one which is a let restaurant unit.

The property is glazed over ground floor, whilst the upper parts are set back from the frontage, with white elevations.

On the western side of the ground floor, access is provided to a total of 18 apartments arranged over the upper floors, all serviced by a single stair and lift core. The apartments include a mix of studio to three bedroom accommodation and totals 916.03 sq m / 9,860 sq ft NSA.

The apartments are of recent construction and present to an extremely high standard, benefitting from the following specification:

• Timber floors

• Granite work surfaces

• Inbuilt Neff kitchen appliances

• Comfort Cooling

• Under floor heating

• Lift to all floors

• Majority of apartments include outside space in the form of terraces or balconies

• Top floor is partially duplex apartments with excellent views

• Landlord spec furniture is included in the sale

The Description

4th Floor

3rd Floor

2nd Floor

1st Floor

No 657-663 CommerCial road limehouse e14

The accommodation schedule is

set out below:

Type Units

Studios 4

1 Bed 8

2 Bed 3

2 Bed Duplex 2

3 Bed Duplex 1

Total 18

Residential Accommodation

Not to scale. For identification purposes only.

Cn

Cycle

Hire S

tation

MoPs

FB

MoP

Flamborough

k

Walk

MP

RAB

YST

ET

SL

SL

Lock

Com

mer

cial R

oad

64

1 to 8

62

13

183 to 241

3

667

242 to 262

School

8

6

11

15

Caledonia House

Works

El Sub Sta

1 to 8

7 El Sub Sta

1

2

House

31

2

2

653

1

17

Stephen

PH

PH

61

7

1614

596 598594

6

59

2

Cambria

3

649 to 651

12

Ha king

SaloonHouse

1c

w

MaxHouse

YORK

SHIR

E RO

ADFLAM

BOR

OU

GH

STR

EET

BRU

NTO

N PLAC

E

COMMERCIAL ROAD

CHASELEY STREET

657-663 Commercial Road is held freehold under title number 295720.The total area extends to approximately 0.18 acres (0.07 hectares).

Planning657-663 Commercial Road is situated within the London Borough of Tower Hamlets. It is not listed but does lie within the York Square Conservation Area.

The Tenure

No 657-663 CommerCial road limehouse e14

Demise Tenant Use Floor Area Lease Start Rent Review Break Option Lease Expiry Passing Comments (sq ft) Rent (p.a)

657-663 Valet Residential 9,860 25/03/2018 25/03/2019 24/03/2023 318,000 18 fl ats, serviced1st - 4th Apartments 25/03/2020 apartment operator.Floors Ltd 25/03/2021 Outside the Act. Rent 25/03/2022 deposit of £50k held. Reviewed annually to RPI with a cap and collar of 1.50% & 4.00%

657-661 Tesco Retail 23/12/2011 22/10/3010 £100 Long leasehold interest sold off. Tenant is t/a Tesco Express. N/A is 3,953 sq ft.

663 Rob Miah Restaurant 1,506 29/09/2013 29/09/2018 28/09/2033 £25.000 Refl ects Ground fl oor £16.60psf overall

Roof Aerial UK Telecommucications 28/01/2014 28/01/2019 28/01/2019 27/01/2024 £13,750 Rent is payable Broadband (rolling 12 month annually Ltd break)

TOTAL 11,366 £356,850

The Tenancy Schedule

The Tenant Covenant

Valet Apartments LtdRegistered address; 104 Oxford Street Level 2, 104 Oxford Street, London, England, W1D 1LP

Kirvem RestaurantKirvem Restaurant has been running for circa 18 months having taken over from Rajistani restaurant that had been running for 15 years. Kirvem is a Turkish restaurant and has been attractively fi tted out and has received excellent reviews on trip advisor so far. Its ranked 251 out of 18,000 restaurants in London which is no mean feat for a relatively new restaurant.

ProposalWe are seeking offers in excess of £7,100,000 (Seven Million, One Hundred Thousand Pounds) which refl ects 4.70% net yield after purchasing costs of 6.8% on the commercial income and £624psf on an overall capital value basis.

ContactFor further information or to arrange an inspection, please contact:

Gregor Wallacet: 020 7408 1114m: 07525 595 526e: gregor@coh.eu

Investment Rational:

• Located directly opposite Limehouse DLR rail station with 7 minutes to Liverpool Street

• Modern development built in 2013 which requires no capital expenditure

• Rare mixed-use asset

• The Landlord holds a rent deposit of £50,000

• 89% income derived from the single residential tenant subject to an RPI-linked lease reviewed annually (subject to cap and collar of 1.50% & 4.0%).

• The Tenant has expressed interest in extending the lease by a further 5 years

• The Property has strong occupancy levels

• Low capital value compared to nearby residential

• Attractive high yield for Central London residential compared to West London yields of 2.5%

• Limehouse is forecast to have 26% growth over the next 5 years making it one of the highest in London

• Potential to break up the residential units and sell off individually

• Potential to change use to serviced apartments subject to planning

• Residential accommodation can be run as a PRS property

No 657-663 CommerCial road limehouse e14

Misrepresentation Act 1967: Crossland Otter Hunt for themselves and for the vendor(s) or lessor(s) of this property whose agents they are, give notice that: 1. These particulars do not constitute, nor constitute any part of, an offer or contract. 2. None of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact. 3. Any intending purchaser or lessee must satisfy himself by inspection or otherwise as to the correctness of each of the statements contained in these particulars. 4. The vendor(s) or lessor(s) do not make or give and neither Crossland Otter Hunt nor any person in their employment has any authority to make or give, any representation or warranty whatever in relation to this property. Finance Act 1989: Unless otherwise stated all prices and rents are quote exclusive of VAT. Property Misdescriptions Act 1991: These details are believed to be correct at the time of compilation but may be subject to subsequent amendment. October 2019