420-446 Holloway Road, London N7 6QA
Unbroken Retail Block and Office Investment with Significant Development Potential
- The London Borough of Islington is an established residential and commercial centre, situated within close proximity of Central London.
- Prime position on the northern side of Holloway Road, close to Holloway Road underground station (Piccadilly Line) and Holloway mainline station, between the entrance to Nags Head Shopping Centre and Seven Sisters Road.
- Unbroken block of seven retail units with selfcontained office accommodation predominantly arranged over basement, ground and 3 upper floors totalling 74,977 sq ft (6,965.6 sq m).
- The retail accommodation is fully let to Be More Mobile Limited, Lidl UK GmbH, Bargain Den One Limited, EE Limited and Iceland Foods Limited with a weighted average unexpired lease term of 16.9 years to expiry and 10.9 years to break which accounts for 83% of the total rental income.
- 69% of the total rental income is derived from the 5A1 rated covenants of Lidl UK GmbH and Iceland Foods Limited with a weighted average unexpired lease term of 18.9 years to expiry and 12.6 years to break, subject to minimum rental increases.
- The office accommodation is let to Ottolenghi Limited at a low initial rent equating to an average of £9.55 per sq ft which provides a low base for future rental growth.
- Current rent of £977,467 per annum which equates to a low average rent of £13.04 per sq ft.
- Various asset management opportunities.
- The vendor is seeking offers in excess of £18,300,000 (Eighteen Million and Three Hundred Thousand Pounds) subject to contract. A purchase at this level would reflect a net initial yield of 5.00% and a reversionary yield of 8.60% after allowing for purchaser’s costs of 6.8% and a low capital value of £244 per sq ft.