London Retail Investment

102 High Street | Bromley | London | BR1 1EY |


subject to contract



  • London retail investment opportunity

  • Prime trading location close to Intu Bromley Shopping Centre

  • Let to The Works Stores Limited – SF £19,728,000

  • New letting in August 2016

  • 10 year lease, no breaks

  • Freehold

  • £1,460,000 subject to contract

  • 5.5% net initial yield

102 High Street | | Bromley | |  | London | | BR1 1EY |


The Greater London suburb of Bromley, London’s largest borough, is located approximately 17.5 km (11 miles) south east of Central London and 11 km (7 miles) north east of Croydon. Bromley benefits from first class communications being located off the A21 which provides direct access to Junction 4 of the M25 Motorway approximately 11 km (7 miles) to the south east.

The town benefits from two railway stations; Bromley South and Bromley North, which provide direct services to and from Blackfriars, Charing Cross, London Cannon Street, London St Pancras and London Victoria with varying journey times between 17 minutes and 1 hour.

London Gatwick is location approximately 40 km (25 miles) to the south west.


The subject property occupies a prime trading location on the western side of High Street in the busiest pedestrianised section between then entrance to Intu Bromley and Marks & Spencer.

The property immediately adjoins Office and Halifax and is surrounded by branches of Russell & Bromley, HMV, Pret a Manger, H&M, Gap, Clarks, Next, Paperchase, Burger King, Topshop / Topman, Fat Face, Caffe Nero and Boots.

Intu Bromley is the principal shopping centre for Bromley and the surrounding conurbations and comprises some 42,735 sq m (460,000 sq ft) of retail, catering and leisure space providing 132 units. Key retailers include Apple, Joules, Kuoni, Massimo Dutti, Skechers, Superdry and Zara. In 2015 the scheme underwent extensive refurbishment and the construction of a new restaurant expansion which has attracted operators including Byron, Carluccio’s, Giraffe, Wagamama and YO! Sushi.  For further information please visit

Bromley Council are promoting a town centre development proposal in accordance with their “Bromley Town centre Area Action Plan”. The suggested site encompasses the south west of Bromley High Street, proposed to be a “high quality, residential-led mixed-use development”.

102 High Street | | Bromley | |  | London | | BR1 1EY |
102 High Street | | Bromley | |  | London | | BR1 1EY |


The property is comprised of a large ground floor sales area with ancillary accommodation at first floor. Internally, the property has been fitted out to a high standard in the tenant’s latest corporate image.


The property has been measured by BKR Floor Plans and provides the following Net Internal floor areas:

Net Frontage    5.64 m  18’6” ft
Gross Frontage    6.09 m  20’0” ft
Ground Floor Zone A  31.12 sq m  335 sq ft
  Zone B  36.60 sq m  394 sq ft
  Zone C  42.08 sq m  453 sq ft
  Remainder   59.18 sq m   637 sq ft
  ITZA    725
  Total   168.99 sq m  1,819 sq ft
First Floor Ancillary  28.98 sq m  312 sq ft
Total     197.97 sq m  2,131 sq ft

A set of floor plans is available to download and the measured survey report is available for assignment to a purchaser.

102 High Street | | Bromley | |  | London | | BR1 1EY |
102 High Street | | Bromley | |  | London | | BR1 1EY |




The property is let to The Works Stores Limited on a Full Repairing and Insuring lease from 15th August 2016 for a term of 10 years expiring on 14th August 2026, with no break option. The commencing rent is £85,000 per annum and the lease benefits from an upwards only rent review on 15th August 2021,

Based on our analysis of the passing rent the Zone A is £115 applying £5 per sq ft to the first floor ancillary accommodation.

As part of the letting the tenant has received a capital incentive of £20,000 and a rent free period of 12 months. In order that a purchaser does not suffer an income shortfall the vendor will top up the rent on completion by way of adjustment to the purchase price.

The tenant is permitted to pay rent monthly pursuant to a personal side letter.


The Works Stores Limited (Co. No. 06557400), has reported the following figures;

  26th April 2015 27th April 2014
Turnover £141,684,000 £127,960,000
Pre-Tax Profit £ 6,733,000 £ 5,838,000
Equity Shareholders’ Funds £ 18,728,000 £ 12,159,000

Originally established in 1981 as a discount bookstore today The Works is the United Kingdom and Ireland’s leading value retailer of art materials, books, craft materials, gifts, hobbies, stationery and toys. With more than 350 stores and expanding the company also has a website from which customers can purchase products. For more information visit

102 High Street | | Bromley | |  | London | | BR1 1EY |
102 High Street | | Bromley | |  | London | | BR1 1EY |

Value Added Tax

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


Our client is seeking offers in the region of £1,460,000 (One million, four hundred and sixty thousand pounds), subject to contract, reflecting a net initial yield of 5.5% assuming purchaser's costs of 6.08%.

102 High Street | | Bromley | |  | London | | BR1 1EY |
102 High Street | | Bromley | |  | London | | BR1 1EY |

Investment Considerations

  1. An opportunity to acquire a Greater London freehold retail investment;

  2. The property occupies a prime location in the busiest part of the pedestrianised section of High Street between Intu Bromley and Marks & Spencer;

  3. The property has been let in August 2016 on a 10 year lease with no break options;

  4. The property benefits from secure income from a national retailer with over 350 stores;

  5. A purchase at the asking price reflects an attractive net initial yield.

Singer Vielle   +44 (0) 207 935 7200
Neil Singer +44 (0) 203 478 9120
Dale Henry +44 (0) 203 701 1356
Richard Wolfryd +44 (0) 203 701 1353
Graham Waddell +44 (0) 141 221 4545
Faye Langoulant +44 (0) 203 478 9122
Louanne Malan +44 (0) 203 701 1386

Stephenson Harwood LLP  
Alexander Chadwick +44 (0)20 7809 2263