Retail premises for sale in Stoke Newington High Street, London N16

£2,475,000 (£395.11/sq. ft)
Interested in this property? Call +44 20 8128 4245 * or Request Details

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Retail premises for sale From 6,264 - 11,478 sq. ft*
Tenure: Not available Council tax band: Not available

Property description

Summary
Located in a vibrant and gentrified London suburb

Prominent position on Stoke Newington High Street

Let to Iceland Foods Limited

Highly secure income – Pre-Tax Profits £73m, Net Assets £722m

Long unexpired lease term - let until Sept 2031, without breaks

£2,475,000, subject to contract

5.0% Net Initial Yield

Location
Stoke Newington is a popular, vibrant area within the London Borough of Hackney in north London, centred around the shops and cafes of Stoke Newington High Street and Stoke Newington Church Street. It has become increasingly affluent and has been a beneficiary of gentrification. As reported by Hackney Council at the time of the 2011 census, Stoke Newington was home to 13,658 people, it was reported that over 55% of residents are between the ages of 20 and 44, two thirds of the working age population are in employment with over half of these possessing degree level qualifications. The area is known for having a youthful demographic and an increasing popularity amongst young professionals.

Stoke Newington is located approximately 5 km (3 miles) north of the City of London, 6.4 km (4 miles) north east of the West End, 6.4 km (4 miles) west of Stratford, 1.6 km (1 mile) north of Dalston and 2.6 km (1.6 miles) east of Finsbury Park.

Stoke Newington benefits from good road communications. The A10 (Stoke Newington High Street) provides direct access south to the City of London, as well as to the North Circular road 6.9 km (4.3 miles) to the north. Stoke Newington is also situated approximately 14 km (8.8 miles) from Junction 25 of the M25 Motorway, which in turn provides access to the A1(M), M1 and M11 Motorways.

Stoke Newington is well served by public transport. Stoke Newington Overground Station is situated just north of Stoke Newington High Street and Rectory Road Overground Station is situated on Evering Road, both providing London Overground services with an approximate journey time to London Liverpool Street of 20 minutes. Numerous bus routes provide access to London via Dalston and for air travel, London City Airport is situated approximately 13 km (8 miles) to the south east.

Situation
Stoke Newington itself is centred around the shops, cafes, restaurants and bars of the popular Stoke Newington High Street and Stoke Newington Church Street. The tenant mix in the area provides a selection of national multiple retailers along with independent shops, cafes, restaurants and pubs that give Stoke Newington its popularity.

The subject property is situated in the heart of Stoke Newington High Street occupying a prominent position on the western side of the street, close to the junction with Stoke Newington Church Street. Other nearby retailers include Savers (adjacent), Costa, Sports Direct, Sainsbury’s Local, NatWest, kfc, William Hill and Franco Manca. Stoke Newington train station is less than 500 metres to the north and Dalston Kingsland train station is less than one mile to the south.

Description
The property comprises a retail unit arranged over ground floor and basement level.

The unit benefits from an extensive frontage and internally has been fitted out by the tenant to their usual corporate style with an open plan retail area, plus additional staff and storage accommodation.

The property benefits from a rear service entrance and loading bay via Lawrence Buildings.

The upper parts comprise residential flats which are not included in the sale.

Accommodation
The property has been measured by bkr Floor Plans and provides the following accommodation:

Net Frontage 12.80m 42’0”
Gross Frontage 14.86m 48’9”

Gross Internal Area
Ground Floor 581.93 sq m 6,264 sq ft
Lower Ground Floor 484.38 sq m 5,214 sq ft
Total 1,006.31 sq m 11,478 sq ft

Net Internal Area
Ground Floor 546.07 sq m 5,878 sq ft
Lower Ground Floor 430.50 sq m 4,634 sq ft
Total 976.56 sq m 10,512 sq ft
A set of floor plans is available to download and the measured survey report will be re-addressed to a purchaser at a cost of £395 + VAT.

Tenure
Virtual Freehold. 999 year lease from 16th August 2018 at a peppercorn rent.

Tenancy
The ground floor and basement are let to Iceland Foods Limited on a full repairing and insuring lease for a term of 15 years from 28th September 2016, expiring on 17th September 2031 (approximately 9.25 years unexpired). The lease is outside 1954 Act protection.

The current passing rent is £131,675 per annum (£130.85 per sq m / £11.47 per sq ft overall). The lease benefits from an upwards only open market rent review on 28th September 2026.

Covenant
Iceland was established in 1970 and specialises in frozen foods but also offers convenience and value. The company operates from over 900 stores and experienced a 16.4% rise in sales in the year ending March 2021.

Iceland is one of Britain’s fastest growing and most innovative retailers, recognised as one of the best companies to work for in the UK.

Iceland has experienced substantial growth in recent years and its share of the market is expected to continue to grow, after it became the first major retailer globally to commit to eliminating plastic packaging from all own brand products by the end of 2023.

Iceland Foods Limited (01107406) has reported the following figures:

26 March 2021 27 March 2020 29 March 2019
Turnover £3,715,300,000 £3,191,500,000 £3,022,800,000
Pre-Tax Profits £73,100,000 £1,400,000 £31,200,000
Net Assets £721,700,000 £810,000,000 £810,700,000
For further information visit .


VAT


The property has been opted for tax and it is anticipated that the sale will be treated as a Transfer of a Going Concern (togc).

Proposal
We are instructed to seek a figure of £2,475,000 (Two Million, Four Hundred and Seventy- Five Thousand Pounds), subject to contract, reflecting a net initial yield of 5.0%, assuming purchaser’s costs of 6.38%.

Please note that a purchaser will be re-charged the costs of the measured survey (£395 + VAT) and searches (£929.15) which are provided in the data room.

Please note a purchaser will be charged a transaction fee of £10,000 + VAT.

Investment Considerations
An opportunity to acquire a London food store investment;

The investment provides highly secure income, being let to Iceland Foods (Net Assets £722 million);

Long income investment with in excess of 9 years unexpired lease term;

The property occupies a highly prominent position on Stoke Newington High Street;

A purchase at the asking price reflects an attractive net initial yield.

For full details please visit our website or view PDF brochure below

* Sizes listed are approximations. Please contact the agent to verify actual sizes.

Property info

* Sizes listed are approximate. Please contact the agent to confirm actual size.

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For more information about this property, please contact
Singer Vielle, W1C on +44 20 8128 4245 * (local rate)

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Property descriptions and related information displayed on this page, with the exclusion of Running Costs data, are marketing materials provided by Singer Vielle, and do not constitute property particulars. Please contact Singer Vielle for full details and further information. The Running Costs data displayed on this page are provided by PrimeLocation to give an indication of potential running costs based on various data sources. PrimeLocation does not warrant or accept any responsibility for the accuracy or completeness of the property descriptions, related information or Running Costs data provided here.

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