long let investment, london, da1 7ld starbucks drive...
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LONG LET INVESTMENT, LONDON, DA1 7LDSTARBUCKS DRIVE-THRU
OVER 14.50YRS TO LEASE EXPIRY (MAY 2033)FREEHOLD, ISLAND SITE
INVESTMENT SUMMARY Freehold
Long lease to Starbucks Coffee Company UK Ltd
Lease expiry May 2033
5 yearly, indexed, rent reviews
New build – opened in September 2018
New drive-thru design
Rent reviews compounded in line with RPIX
Rent review collar of 1.00% pa and cap of 4.00% pa
YA
RN
TON
WA
Y
END
4.5m x 160m
Visibility Splay
4.5m x 160m
Visibility Splay
Brewers Fayre & 92 BedPremier Travel Inn(5 storeys)
NO
RM
AN R
OAD
EASTERN WAY
PICARDY MANORWAY
PIC
ARD
Y M
ANO
RW
AY
BRONZE AGE WAY
87 Bed Hotel & Restaurant
LOCATION Belvedere is located 16 miles directly East of the City of London, in Zone 5 (TFL). The M25 is 7 miles away and the M2, M20 and M26 all within 25 miles.
The drive-thru is within Belvedere Park, a prominent, modern, mixed-use development fronting directly onto the busy A2016. The property is a short walk north from Belvedere train station, which is one stop from the new Abbey Wood Crossrail Terminal.
SITUATION The property is highly visible from the A2016 and easily accessible. Belvedere Park comprises 402 new homes, developed by Bellway Homes, a 52-bed Travelodge, a Marston‘s pub (The Morgan) that opened in May 2015 and a Snap Fitness. Lidl have also started working on a 20,000 sq ft (approx.), ground floor unit immediately to the east of the Starbucks drive-thru.
The drive-thru opened for trade in September 2018. It is the first design of its kind in the UK and will be Starbucks’ flagship drive-thru as they continue to open drive-thru’s throughout the UK.
Misrepresentation Act 1967 Glenny LLP and Hindwoods for themselves and the Vendors or Lessors of this property whose agents they give notice that: 1. All descriptions, reference to condition and necessary permissions for use and occupation, and other details are given without responsibility and any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them. 2. Any services mentioned have not been tested and therefore prospective occupiers should satisfy themselves as to their operation. 3. These particulars are produced in good faith, and set out as a general guide only and do not constitute part of any o�er or contract. 4. No person in the employment of Glenny LLP and Hindwoods has any authority to make or give representation or warranty whatsoever in relation to this property. 5. All prices and rents are quoted exclusive of VAT unless otherwise stated. Maps are reproduced under © Crown Copyright 2010. All Rights reserved. Licence number 100020449.
November 2017 © Designed and Produced by Barbican Studio +44 (0) 20 7634 9573
LOCATIONVeridion Park is located immediately adjacent to Bexley’s Innovation Centre at the heart of the Erith Industrial Zone. The scheme bene�ts from excellent access via the A206 to Junction 1A M25 (6.5 miles) and excellent links to the Blackwall Tunnel (7 miles), the City (10.5 miles) and Canary Wharf (8 miles). Rail services are provided by Belvedere and Abbey Wood with direct services to central London with Crossrail services commencing December 2018 (Elizabeth Line) from Abbey Wood which will link to Canary Wharf (11 minutes) and Bond Street (25 minutes).
DESCRIPTIONConstructed in 2009, Unit 6 Veridion Park comprises the middle unit of a terrace of 3 units set within a secure fenced site with automatic entry gates. The unit is of a steel portal frame construction with an attractive front elevation to the o�ces with timber panelled detailing and double glazed windows that look over the allocated parking spaces and landscaped areas. The warehouse has insulated steel pro�led clad elevations under a pitched roof. The accommodation bene�ts from excellent natural light and double glazed windows. The �rst �oor o�ces are fully �tted with comfort cooling, suspended ceilings, recessed lighting, full access raised �oors and fully �tted kitchen. The ground �oor ancillary space o�ers the �exibility to provide additional o�ce, showroom or high tech workspace use. The warehouse has good clear span space with excellent natural light from translucent roof panels, a minimum clear internal eaves height of 7m, �oor loading of 35Kn/Sqm, Gas and 3 phase power (100 KVA). Loading is via an electrically operated sectional overhead loading door accessible via the secure, �oodlit block paved yard to the rear.
TERMSA new lease is available on an e�ective FRI basis for a term to be agreed. Rent, service charge and EPC (C54) details are available on request. VAT wil be applicable.
ACCOMMODATIONThe property has the following approximate Gross Internal Area:
Ground Floor 656.50 sq m 7067 sq ft
First Floor 113.30 sq m 1220 sq ft
Total 769.80 sq m 8287 sq ft
9 car spaces are demised.
PLANNINGThe Premises may be used for purposes falling within Use Class B1 or B8 of the Town & Country Planning Act Use Classes Order 1987.
BUSINESS RATESUnit 6 is to be re-assessed but the rateable value is anticipated to be in the region of £68,000.
AccommodationUnits Ground �oor (GIA) First �oor (GIA) TOTAL sq ft sq m sq ft sq m sq ft sq m
Unit 4 7,120 661.45 1,217 113.06 8,337 774.51
Unit 6 7,019 652.07 1,189 110.46 8,208 762.53
Unit 8 7,122 661.64 1,209 112.32 8,331 773.95
TOTAL 21,261 1,975.16 3,615 335.84 24,876 2,310.99
8 6 4Unit
First Floor O�ces
Unit Unit
VERIDION WAY
THAMES INNOVATION
CENTRE
WA
LDRI
ST W
AY
To Yarnton Way
FUTURE PHASE
Kevin Brightk.bright@hindwoods. co.uk
Katie [email protected]
FURTHER INFORMATIONTo arrange a viewing or for further information, please contact the Joint Sole Agents:
Richard ClementsT: 0203 1413621r.clements@glenny. co.uk
Andrew HughesT: 0203 [email protected]
GREENWICH WOOLWICH
DARTFORD
CRAYFORD
WESTTHURROCK
EXCELLONDON
BlackwallTunnel
WoolwichFerry
DartfordTunnel
QueenElizabeth
Bridge
River ThamesCITYAIRPORT
ABBEY WOODBELVEDERE
ERITH
A13
A12
M25
A205
A102
A207
A209
A220
A206
A2016
A2016
A206
A206
A2
A2 A2
A2
A13
A13
A13
A13
M25
1A
31
BELVEDERE
BELVEDERE
EY ROAD
GILBERT RD
A2016 EASTERN WAY
YARNTON WAY
WAL
DRIS
T W
AYVERIDION WAY
NOR
MA N
WAY
A2016 BRONZE AGE WAY
PICA
RDY
MAN
ORW
AY
DRIVE
EASTTHAMESMEAD
PICA
RDY
RD
DESCRIPTION & ACCOMMODATIONA purpose-built, modern, drive-thru restaurant on an island site, extending to approximately ½ acre.
The restaurant is arranged over ground fl oor only and extends to approximately 211.20 sq m (2,267 sq ft). There are 19 dedicated car parking bays including 4 electric charging stations.
TENUREFreehold.
TENANCYTenant Starbucks Coffee Company (UK) Ltd
Start Date 14th September 2017
Term 15 years and 8 months
Lease expiry 13th May 2033
Break Options n/a
Rent £125,000 pax
Rent Reviews 5 yearly, linked to RPIX
Next Rent Review 14th January 2024
Indexation Collar of 1.00% pa and Cap of 4.00% pa.
COVENANTSTARBUCKS COFFEE COMPANY UK LTD – Company Number 2959325
For the year ending October 2016 Starbucks Coffee Company (UK) Limited reported a turnover of £379,863,586, pre-tax profi ts of £13,382,364 and a total net worth of £66,198,800. Experian gives a Delphi score of 100/100 which is deemed as very low risk.
CAPITAL ALLOWANCESThe Purchaser can benefi t from some Capital Allowances. More information available on request.
EPCThe property has an energy performance rating of B with a score of 33. A certifi cate is available upon request.
TRAVEL TIMES & CROSSRAILBelvedere train station runs regular services to Charing Cross with a journey time of 35 minutes. Crossrail (The Elizabeth Line) will operate to and from Abbey Wood station. Belvedere station is 1 stop from Abbey Wood and the improvement in travel times from Belvedere to Central London is highlighted below.
Paddington (Minutes)
Bond Street (Minutes)
Liverpool Street (Minutes)
Canary Wharf (Minutes)
Current 61 51 46 38
Post Crossrail opening 28 25 18 13
Improvement (Minutes) 33 26 28 25
Misrepresentation Act 1967MMX Retail as agents for the vendor, or as the case may be, Lessor (the “Vendor”) and for themselves, give notice that: (1) These particulars are given merely as a general guide to the property. They are not and shall not hereafter become part of any offer or contract. (2) The statements herein are made in good faith but without any responsibility whatsoever on the part of the Vendor, MMX Retail or their servants. It is for the purchaser or as the case may be Lessee (the “Purchaser”) to satisfy himself by inspection or otherwise as to their accuracy and fullness, he must not in entering into contract or otherwise rely upon these particulars as statements or representations of fact. (3) The Vendor does not make or give and neither MMX Retail nor their servants has any authority, express or implied, to make or give any representations or warranties in respect of the property. (4) In the event of any inconsistency between these Particulars and the Conditions of Sale, the latter shall prevail. 2018
October 2018 © Produced by Barbican Studio T: 020 7634 9573
VATWe understand the property is elected for VAT and therefore VAT will be chargeable on the purchase price. We anticipate that the transaction will be treated as a going concern (TOGC).
ANTI MONEY-LAUNDERINGIn accordance with Anti-Money Laundering Regulations in the UK, two forms of identification and confirmation of the source of funding will be required from the successful purchaser.
PROPOSAL Offers are sought in excess of £2,500,000 (Two Million Five Hundred
Thousand Pounds) subject to contract and exclusive of VAT. This price reflects a Net Initial Yield of 4.70%, after allowing for standard purchaser’s costs at 6.38%.
CONTACTNick Stewart
Tel: 020 3130 [email protected]
Scott Mitchell
Tel: 020 3130 [email protected]
4th Floor 41-43 Maddox Street
London W1S 2PD
Tel: +44 (0)20 3130 4650Fax: +44 (0)20 7499 7735
www.mmxretail.co.uk