• Highly Secure investment let to Boots UK Limited – Turnover of £6.79 billion

• New 10 year lease from February 2019, without breaks

• Boots have been in occupation for over 25 years

• Prime retailing location

• £2,400,000, subject to contact

• 4.51% net initial yield

The property occupies a prime retailing position on the east side of the pedestrianised part of Mare Street, the main retail thoroughfare in Hackney, opposite its junction with Kenmure Road. Hackney Central and Hackney Downs stations are respectively 300m and 400m from the property.

National operators nearby include; Primark, Greggs, McDonald’s, Holland & Barrett, Vodafone, Sainsbury’s Local, Tesco Superstore, Santander, Halifax, Shoezone and Timpson.

The Hackney Gardens development sits directly to the rear of the property and we understand will comprise 58 luxury apartments split between three buildings surrounded by landscaped pathways and gardens. The focal point of the development will be Prodigal Square, a semi-public space, accessed from Dispensary Lane, adjacent to the subject property.

Mare Street is at the heart of Hackney Central with an excellent offer of leisure, retail and creative businesses all grouped around Mare Street corridor, which links Shoreditch and Hackney Central.

The property comprises a retail unit arranged over ground and one upper floor. Internally the sales area is at ground floor level with ancillary accommodation to the first floor.

The property has been fitted out by Boots to their usual corporate style

The property is not listed and sits within a Conservation Area.

The property benefits from planning permission, granted 18th August 2017, to demolish the existing building and construct a new four storey building to provide retail space (Use Class A1) at ground and basement with five self-contained dwellings (Use Class C3) on the upper floors comprising 1 x one bedroom and 4 x two bedroom units. Planning Ref: 2016/2407.

Given the property currently benefits from planning permission for red-development, the opportunity exists to redevelop in a gentrifying location at the end of the current lease.

Freehold.

Boots UK Limited (Company No. 00928555) has reported the following figures.

Boots is the UK’s largest pharmacy-led health and beauty chain with over 55,000 employees and close to 2,500 stores ranging from local community pharmacies to large destination health and beauty stores. Boots also provide optician and hearing care within shops and as standalone practices. Boots run a highly successful loyalty card programme called the Boots Advantage Card offering personalised deals to its customers, facilitating market leading levels of customer retention.

The property has been registered for VAT. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).

1. The investment provides highly secure income being let to Boots UK Ltd;

2. Property occupies a prominent site within a London regeneration area

3. Located just 0.2 miles from Hackney Central station;

4. Boots have been in occupation for over 25 years;

5. Boots signed a new 10 year lease with no breaks or incentives;

6. Given the property currently benefits from planning permission for red-development, the opportunity exists to redevelop in a gentrifying location at the end of the current lease.

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