144-146 high road wood green, london - allsop · 144-146 high road . wood green london ... clapton...

BUSY LONDON RETAIL INVESTMENT WITH POTENTIAL RESIDENTIAL DEVELOPMENT OPPORTUNITIES

144-146 HIGH ROAD WOOD GREEN, LONDON

N22 6EB

PRIVATECLIENT

INVESTMENT CONSIDERATIONS

■ Located in the heart of the retailing centre of Wood Green in North London

■ Situated in a busy thoroughfare 46 metres from The Mall Wood Green and 150 metres from Wood Green Tube Station.

■ Freehold

■ Significant development potential to the rear of the property (STP)

■ Current total passing rent of £152,200 p.a.

■ Passing rent for the retail units reflect a low market Zone A rent of £82-£90 psf

■ Total ERV of £169,200 pa based on a Zone A rent of £110 for the retail units

■ Retail rent review due next year

■ Part of the retail let to the strong covenant of JenningsBet for a further 5.5 years

■ Wood Green is part of Haringey Council’s £3.5 billion Regeneration Project which includes 7,700 new homes, one million sq ft of new employment space and a proposal to be part of Cross Rail 2

■ The property measures approximately 4,396 sq ft

■ Offers sought in excess of £3,000,000 (Three Million Pounds), subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 4.75% and a reversionary yield of 5.3% assuming purchasers costs of 6.49%.

144-146 HIGH ROAD WOOD GREEN LONDON N22 6EB

LOCATIONWood Green is a densely populated retailing centre located in the Greater London suburb of Haringey approximately 7 miles north of Central London. The suburb is located approximately 3 miles (4.8km) north of Holloway, 5 miles (8km) south of Enfield, 7 miles (11.2km) east of Brent Cross and 5 miles (8km) west of Walthamstow.

Wood Green has excellent road communications being located 2 miles south of the Northern Circular (A406), 7 miles east of the M1 (J1) and 7 miles south of the M25 (J24). Wood Green tube station is on the Piccadilly Line and provides access to Central London. National rail services to Central London run from Alexandra Palace with approximate journey times to London Kings Cross and Moorgate of 19 and 21 minutes respectively. Numerous bus routes are also in operation along the High Road. Heathrow Airport is located approximately 23 miles to the south west of Wood Green.

CROSS RAIL 2 & PICCADILLY LINE IMPROVEMENTSWood Green is currently earmarked as one of the proposed routes for the new Crossrail 2 railway serving London and the wider south east. If the development is progressed it is hoped

that the line could be operational by the early 2030’s. There are also further planned improvements to the Piccadilly Line that will increase capacity by up to 60% by 2025 and further investment is planned on the Great Northern line which runs through Alexandra Palace.

DEMOGRAPHICSWood Green is an established retail and commercial centre with a total population within the primary catchment area of 477,000 and a shopping population of 186,000. Wood Green benefits from a young population which includes a particularly high proportion of adults aged 25-44 within the primary catchment population. Wood Green is projected to see significantly above average growth in population over the period 2017-21 with the majority of this growth coming from adults of working age.


BUSY LONDON RETAIL INVESTMENT WITH

POTENTIAL RESIDENTIAL DEVELOPMENT OPPORTUNITIES

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A13 Comm ercial Road

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Alexandra Park

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Bowes Park

Hornsey

StokeNewington

HampsteadHeath

Harringay

Finsbury Park

Harringay Green Lanes

Turnpike Lane

Chalk Farm

Regents Park

Kings Cross St Pancras

Baker Street

Stratford International

Walthomstow Central

Euston

Bond Street

Oxford Circus

Tottenham Court Road

Leicester Square

Picadilly Circus

ManorHouse

Arsenal

RedbridgeWanstead

M11

VictoriaPark

WansteadFlats

Millenium Park

HackneyMarsh

AlexandraPark

FinsburyPark

EastFinchley

StokeNewington

LowerClaptonHighbury

Square

Harringay SouthTottenham

StamfordHill

WalthamstowCoppermill Lane Water Works

Woodford

CrouchEnd

ChalkFarm Camden

St Pancras

London Zoo

Barbican

StratfordWestHam

BromleyBy Bow

CambridgeHeath

Limehouse

Canary Wharf

West End

Cityof London

WaterlooLondon Bridge

Tower BridgeMillenium

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Regent’sPark

Parliament Hill

HampsteadHeath

OlympicSiteKings Cross

Wood Green

®

SITUATIONThe property is located on the east side of the High Road in the very centre of Wood Green. The pitch benefits from substantial footfall being strategically located on the main thoroughfare from The Mall Wood Green and Wood Green Tube Station. Occupiers in close proximity include Boots, Metro Bank and Subway and the retailing centre boasts a wide selection of national multiples including Primark, Argos, Cineworld, Boots, New Look, H&M, Next and WH Smith.

DESCRIPTIONThe property comprises two ground floor retail units with frontages onto Wood Green High Road and 2 upper floors of self-contained residential accommodation accessed via Gladstone Mews to the rear. The building is of masonry construction and measures approximately 4,396 sq ft (408 sq m).

The residential accommodation comprises 2 well-presented first and second floor three bedroom maisonettes with bathroom, lounge and kitchen to the first floor and sleeping accommodation above.

© Crown Copyright, ES 100004106. For identification purposes only.




TENUREFreehold.

SCHEDULE OF TENANCY ACCOMMODATION

Unit Tenant Accommodation Size (NIA) ITZA Lease Start Lease Review Lease End Rent p.a ERV Comments

Sq Ft Sq M

144 High Road (Front) Jennings Racing (2006) Limited Ground Floor Only 1,211 112 626

15th April 2008 15th April 2018 14th April 2023 £42,500£62,200

144 High Road (Rear) 1st June 2010 15th April 2018 14th April 2023 £14,000

146 High Road Zloty Deli Limited Ground Floor Only 1,301 121 638 10th June 2010 9th June 2020 £52,500 £63,800

Flat A 144/146 High Road Individuals First and Seconds Floors 925.69 86 8th March 2012 Holding Over £21,000 £21,000

AST initial 12 month tenancy. A deposit of £2000 is lodged with the Deposit Protection Service.

Flat B 144/146 High Road Individuals First and Seconds Floors 958 89 1st October 2012 Holding Over £22,200 £22,200

The tenants have been in occupation since 2007. A deposit of £1500 is lodged with the Deposit Protection Service.

Total 4,395.69 408.379 £152,200 £169,200

®

RETAILINGWood Green provides a thriving retail and commercial centre in north London which has greatly benefited from the £30 million rebuilding program as part of ‘The Mall Wood Green’ development in the late 2000’s. The development, which includes a 12 screen cinema, is located in the centre of Wood Green just metres from the subject property and comprises approximately 540,000 sq ft of leisure and retail accommodation. The development has resulted in the growth of the original Wood Green Shopping City to 123 commercial units subsequently ensuing the new scheme has overtaken Brent Cross Shopping Centre (110 shops) to be one of the largest shopping centres in the region. In terms of total floorspace Wood Green retail is estimated to be at approximately 0.88 million sq ft and total in-store comparison retail expenditure (2016) for the area is above the national average at £1,126 million.

RENTAL VALUEThe rent passing of £56,500 pa on the Jennings unit and £52,500 pa on the Zlotys unit devalues to a Zone A rent of £90 psf and £82 psf respectively. Based on the ITZAs of 626 sq ft and 638 sq ft, it is our opinion that the estimated rental values of the retail premises is in the region of £62,600 pa and £63,800 pa, which reflects a Zone A rent of £110 psf.

The principal evidence can be set out as follows:

Address Tenant Event Date £ Zone A

57 High Road To Let Available Sep-17 Quoting £128

72 High Road To Let Available Sep-17 Quoting £137

10 Cheapside High Road

Dunkin’ Donuts Open Market Nov-16 £133

77-79 High Road Hawes and Curtis

Open Market Jul-16 £112




Address Tenant Event Date £ Zone A

64 High Road Betfred Rent Review Dec-15 £152

62 High Road Barclays Rent Review Jun-15 £128

48-50 High Road Peacocks Assignment May-15 £130

42a High Road Kaspa’s Deserts Open Market Mar-15 £112

95 High Road Herb China Open Market May-14 £132




DEVELOPMENT POTENTIALSubject to obtaining the necessary planning consents the property provides a significant development opportunity for residential extension to the rear of the building. There is the potential to create additional residential accommodation on the vacant first floor roof space above the two retail units measuring approximately 164.7 sq m (1,773 sq ft).

The subject property’s parade has seen considerable residential development granted in recent years:

• In 2012 planning permission was granted for 138 High Road for the conversion of part of the first floor to form a 2 bedroom flat and the formation of a loft extension to existing first and second floor flat.

• In 2003 142 High Road was granted permission to convert the upper floors to create 2 one bedroom flats.

• In 2003 planning permission was granted to build the Gladstone Mews to the rear of the subject property.

WOOD GREEN DEVELOPMENTAs part of Haringey Council’s Regeneration Project a proposal has been put forward that will see Wood Green receive a radical makeover as part of a £3.5 billion retail and residential development. The plans include the building of 7,700 new homes, the creation of over 4,000 new jobs, increasing the existing retail space, and producing more than one million square feet of new employment space, including offices and workshops. Further details can be found by visiting the Haringey Council website: www.haringey.gov.uk/regeneration/wood-green

PRIVATECLIENT

Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design CommandD www.commandHQ.co.uk 10.17

www.allsop.co.uk

For further information or to make arrangements for viewing please contact:

PRIVATE CLIENT TEAM

DATAROOMFor data room access, please use the following link: https://datarooms.allsop.co.uk/register/WoodGreen

PROPOSALOffers sought in excess of £3,000,000 (Three Million Pounds), subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 4.75% and a reversionary yield of 5.3% assuming purchasers costs of 6.49%.

Liam Stray020 7543 [email protected]

Ciaran McGivney 020 7543 [email protected]

EPCEPC is available on the data room.

VATThe property is elected for VAT and it is anticipated that the transaction will be treated as a transfer of a going concern (TOGC).

144-146 high road wood green, london - allsop · 144-146 high road . wood green london ... clapton...

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