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35 Millharbour
London E14 9TX
The Icon Building · Office Property For Sale · 11,343 SF
Executive Summary
The property is situated on the ground floor of a modern 22 storey high-rise residential development of 270 apartments adjacent to Millwall Dock. Over the last 20 years the Isle of Dogs has witnessed significant regenerative development dominated by high-rise commercial led buildings on the Canary Wharf estate to the north and residential mixed-use schemes in the surrounding South Quay area. The building sits next to Ballymore Properties consented development at Millharbour Village which is a 2.6 hectare mixed-use scheme that will include 1,690 new apartments and two parks creating over 43,000 sq ft of green space, one of which ("Active Park") will sit immediately to the north of this property. The property occupies the ground floor and benefits from outside seating. There are residential apartments above and a private basement car-park below with 7 parking spaces allocated to this unit. The tenant air-conditioning plant is also situated within the car-park area. Yo Home carried out an extensive fit-out when they moved into the property in 2022 consisting of the supermarket area along with a café area serving light snacks and drinks.
PROPERTY FACTS
1 Unit Available
Unit 1 & 2
| Unit Size | 6,347 SF | Cap Rate | 6.76% |
| Condo Use | Retail | NOI | $196,362.71 |
| Sale Type | Investment | No. Parking Spaces | 7 |
| Tenure | Long Leasehold |
| Unit Size | 6,347 SF |
| Condo Use | Retail |
| Sale Type | Investment |
| Tenure | Long Leasehold |
| Cap Rate | 6.76% |
| NOI | $196,362.71 |
| No. Parking Spaces | 7 |
Description
The property occupies the ground floor and benefits from outside seating. There are residential apartments above and a private basement car-park below with 7 parking spaces allocated to this unit. The tenant air-conditioning plant is also situated within the car-park area.
Yo Home carried out an extensive fit-out when they moved into the property in 2022 consisting of the supermarket area along with a café area serving light snacks and drinks.
Sale Notes
The property is leased for 10 year from 23rd February 2022 on a Full Repairing and Insuring basis paying £165,000 pa (equivalent to £26 per sq.ft) with an upwards only rent review on 22nd February 2027.
With the increase in local residential population there is a good level of demand for ground floor commercial units.
Recent leasing evidence on inferior units without the benefit of dock frontage are at an average of £30 per sq.ft with dockside units in Harbour Exchange Square (opposite) are quoting £35 per sq.ft.
Recent sales evidence is dominated by selling vacant units to owner occupiers where evidence ranges between £450-600 per sq.ft.
The long-leasehold interest is for sale with the benefit of the income from the tenant at an asking price of £2,300,000 (+ VAT) the equivalent of £362 per sq.ft. A sale at this level represents a 6.76% Net Initial Yield after allowing for standard purchasers costs and a triple net yield of 6.6% after allowing for the additional payment of annual ground rent.
Amenities
- 24 Hour Access
- Controlled Access
- Fitness Center
- Raised Floor
- Storage Space
- Air Conditioning
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