For Sale £2,700,000.00 - Investment
Prime Investment Let to Bank of Scotland plc t/a Halifax
45 George Street
Ground Floor and Basement
Croydon is located approximately 10 miles south of central London on the A23 trunk road, and approximately 7 miles north of both J7 of the M25, and J8 of the M23 motorway.
Croydon is able to offer exceptional accessibility by rail, bus and tram. The area is strategically connected to major international transport hubs, including Heathrow Airport which is some 17 miles to the north-west, and Gatwick Airport which is approximately 16 miles to the south-west. Also, Croydon benefits from first class rail communications from 3 mainlines stations – East Croydon, West Croydon and South Croydon. In addition, there some 20 bus routes operating in and out of central London to Croydon, as well as the Croydon tram link.
The property occupies a prominent corner position on the northern side of George Street at its junction with Wellesley Road. East Croydon station is a mere 500m to the east, and West Croydon station is approximately 0.5 miles to the north.
George Street is a recognised A2 location within the town centre, and benefits from a number of other banks and building societies being situated close by. Nearby occupiers include the likes of All Bar One, Wagamama, Bradford & Bingley, Sainsburys, Barclays Bank, Moss, Northern Rock, Greggs, William Hill, Santander, Skipton, Caffe Nero, etc.
Croydon has a booming economy which has largely been the result of a multi-billion-pound town centre regeneration program, that is transforming the area. Considerable investment and resources have recently already gone into Croydon and more is to come following the announcement in 2016 that Croydon Council and the Greater London Authority secured Government permission to create a £350 million growth zone fund to further invest in the Borough’s infrastructure.
Hammersmith and Westfield have entered into a joint venture to transform Croydon’s 2 main shopping centres, Centrale and Whitgift, into the best and most modern retail and leisure destinations in London. The £1.4 million redevelopment will provide circa 1.5 million sq ft of retail and leisure space including a major department store, creating over 7,000 new jobs and new public rail and road improvements, and up to 1,000 new homes.
The property is held long-leasehold from Northern Feather Trading Limited for a term of 999 years from 29 September 2004 at a peppercorn rent.
DESCRIPTION / ACOMMODATION
The property comprises a ground floor retail unit with ancillary accommodation at basement level. Internally, the property has been fitted out in the corporate Halifax style, and provides the following accommodation:
Ground floor retail area: 2,733.06 sq m (2,939 sq ft)
ITZA: 145.95 sq m (1,571 sq ft)
Basement ancillary: 150.32 sq m (1,618 sq ft)
The property is entirely let to Bank of Scotland plc t/a Halifax, on a full repairing and insuring lease for 20 years from 6 March 2008, expiring on 5 March 2028 at a current passing rent of £170,000 pa, which equates to approximately £105 per sq ft Zone A. The lease benefits from 5 yearly upward only rent reviews. There is approximately 9 years unexpired on the lease.
Bank of Scotland plc offers an undoubted Triple A covenant.
The property has been registered for VAT and it is anticipated the sale will be treated as a TOGC.
In accordance with Anti-Money Laundering Regulations, two forms of identification and confirmation of the source of funding will be required from the successful purchaser.
Our clients are seeking offers in the region of £2,700,000 (Two Million Seven Hundred Thousand Pounds), which would show a purchaser a net initial yield of 6% allowing for normal purchaser’s costs.