Convenience store on the ground floor of the tower block with a well-known retail chain as the tenant.
Description
Total area of the property is 370 m².
Type of ownership — Virtual Freehold (986 years remaining). That is a form of long-termed property tenure where one buys a right to occupy a building paying an agreed rent to the land owner.
The cost of the property: 1,900,000 £.
Absolute annual income: 100,700 £.
The current net yield: 5.3%.
The store is leased by one of the top five British food retail chains. The company has more than 4,000 outlets in the UK.
The lease agreement is valid for 15 years until 2029.
The agreement stipulates an annual rental payment indexation at 2.25% since 2022.
The brokerage fee: 3%.
Canary Wharf is a business district located on the peninsula Isle of Dogs in the eastern part of London. This prestigious quarter is considered as the second financial center of the city. It is home to numerous
international financial institutions including Barclays, Citigroup, Credit Suisse, EY, HSBC.
The district has high demand for real estate. Its current 40,000 population is estimated to double in the next 10 years.
More than 100,000 people work in Canary Wharf. The average salary in the district is 38,000 pounds.
The shop is situated in the area with a well-developed infrastructure. There are DLR stations and a tube station in a 10-minute walk from the property.
