Prime Well Secured Greater London Retail Investment

133A High Road | Ilford, London | Greater London  | IG1 1DE


subject to contract



  • Greater London retail investment opportunity

  • Ground & basement let to Pavers; Net Assets £39m

  • First & second floors let to Primark; Net Assets £349m

  • Approximately 48 yrs unexpired on Primark lease at only £3.51 per sq ft

  • 100% prime retail location

  • Crossrail Beneficiary

  • Offers in excess of £1,250,000, subject to contract

  • 6.64% net initial yield

133A High Road | |  | | Greater London  | Ilford, London | | IG1 1DE


Ilford is situated in the London Borough of Redbridge, approximately 16 km (10 miles) north east of Central London, 3.2 km (2 miles) north of Barking and 9.6 km (6 miles) west of Romford.

The town benefits from good road communications being situated within the M25 London Orbital Motorway and close to the M11 Motorway, A12 and A406 North Circular. Ilford is connected to the national railway network with direct services to London Liverpool Street within 15 minutes. In addition, the London Underground Network is accessible from Stratford station (Central and Jubilee Lines plus the Docklands Light Railway) which is 7 minutes away on the Overground. In addition, London City Airport is located 9 km (5.5 miles) to the south.

Rail communications are set to be further enhanced in 2019 when Ilford station will be fully served by Crossrail. There will be up to 12 services an hour passing through Ilford into Central London by May 2019.

Key Journey Times From Ilford Station

To Current Journey Time Crossrail Journey Time
Paddington 43 mins 27 mins
Bond Street 33 mins 24 mins
Canary Wharf 26 mins 17 mins
Heathrow 2 & 3 1 hr 6 mins 52 mins

 (Source: Crossrail)


The subject property is situated in a 100% prime position in between Marks & Spencer and Primark, on the north side of the pedestrianised High Road which is Ilford’s main retail provision. The High Road is dominated by multiple retailers; other occupiers within the immediate vicinity include Boots, Bonmarche, Virgin, Starbucks, Lloyds, Carphone Warehouse and Foot Locker.

The subject property also benefits from being in close proximity to the main entrance to The Exchange Shopping Centre, Ilford’s only covered shopping centre which is anchored by Debenhams and Marks & Spencer. Other retailers include H&M, Next, River Island, Sports Direct, TK Maxx and Wilko. The centre has three trading levels with 77 units providing 27,970 sq m (300,000 sq ft) of retail space and a multi-storey car park with over 1,000 spaces. In March 2017 it was announced that Capital & Regional had completed the purchase of The Exchange Centre from Meyer Bergman for £78 million.

In addition, Ilford Railway Station is approximately 200 metres to the north-west of the subject property. In January 2017, Redbridge Council gave the go-ahead for a major overhaul of the station as part of the Crossrail programme. The works will include a new station entrance, better ticket hall and new lifts. Further improvements will also be delivered to prepare the station for the start of Elizabeth line services including improved lighting, signage, customer information points, CCTV and overhead information screens. From December 2019, when the route fully opens, passengers will be able to travel through central London without having to change trains.

133A High Road | |  | | Greater London  | Ilford, London | | IG1 1DE
133A High Road | |  | | Greater London  | Ilford, London | | IG1 1DE


The property comprises a prominent three storey building arranged to provide well configured accommodation at basement, ground, first and second floor.

The ground floor and basement consists of a retail unit benefitting from its own self-contained entrance directly from the High Road. The unit has been fitted out by the tenant to their usual corporate style.

The first and second floors are let to Primark and primarily comprise retail use, plus a small amount of ancillary accommodation. Both floors are accessed through the adjoining Primark store.


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

Ground Floor Zone A 38.09 sq m 410 sq ft
  Zone B 40.32 sq m 434 sq ft
  Zone C 40.13 sq m 432 sq ft
  Zone D 36.70 sq m 395 sq ft
  Remainder 19.23 sq m 207 sq ft
  ITZA   797
Total Ground Floor   174.47 sq m  1,878 sq ft 
Basement Ancillary 142.42 sq m 1,533 sq ft
First Floor (Primark)   199.64 sq m 2,149 sq ft
Second Floor (Primark)   197.23 sq m 2,123 sq ft
TOTAL   713.75 sq m 7,683 sq ft
Basement long leasehold area   110.37 sq m 1,188 sq ft

A set of floor plans is available to download and the measured survey report can be re-addressed to a purchaser.

133A High Road | |  | | Greater London  | Ilford, London | | IG1 1DE
133A High Road | |  | | Greater London  | Ilford, London | | IG1 1DE


We understand the entire property benefits from permission for Use Class A1.  Interested parties should make their own enquiries.


Freehold and part long leasehold.

Part of the basement is held on a long lease for a term of 99 years from 7th February 1966, expiring 6th February 2065 at a peppercorn rent.

133A High Road | |  | | Greater London  | Ilford, London | | IG1 1DE
133A High Road | |  | | Greater London  | Ilford, London | | IG1 1DE


The ground floor and basement are let to Pavers Limited for a term of 5 years from 12th November 2014, expiring 11th November 2019.  The current passing rent is £73,000 per annum.  The lease is subject to a Schedule of Condition. 

The 12th November 2017 break option was removed in return for a 6 month rent free period from 25th December 2016.  The vendor will cover any remaining shortfall by way of an adjustment to the purchase price on completion.

The first and second floors are let to Primark Stores Limited for a term of 99 years from 7th February 1966, expiring 6th February 2065 (approximately 48 years unexpired lease term).  The current passing rent is £15,000 per annum (£37.80 per sq m / £3.51 per sq ft).  The lease benefits from 21 yearly rent reviews by reference to open market value.  The 7th February 2008 rent review is currently outstanding.   

Therefore, an investor will benefit from a total passing rent of £88,000 per annum.


Pavers Limited (Co. No. 01014213), has reported the following figures;

  30th Jan 2016 30th Jan 2015
Turnover  £81,780,000 £82,150,000
Pre-Tax Profit £10,794,000 £10,082,000
Net Assets £39,094,000 £40,554,000

Established in 1971 in York, Pavers is one of the UK’s leading comfort shoe retailers, with a focus on quality and affordability. The company has over 115 outlets in the UK and Eire. For further information visit

Primark Stores Limited (Co. No. 453448), has reported the following figures;

  12th Sept 2015 12th Sept 2014
Turnover £2,890,892,000 £2,786,250,000
Pre-Tax Profit £295,854,000 £273,952,000
Net Assets £349,227,000 £293,718,000

The principal activity of the company is the operation of retail outlets. Primark opened its first store in Dublin in 1969 under the name Penneys and today operates in over 320 stores in eleven countries across Europe and America. The company offers a diverse range of products, stocking everything from baby and kids, to womens, mens, home ware, accessories, beauty products and confectionery. For further information visit

133A High Road | |  | | Greater London  | Ilford, London | | IG1 1DE
133A High Road | |  | | Greater London  | Ilford, London | | IG1 1DE

Value Added Tax

The property has been elected for VAT.


Our client is seeking offers in excess of £1,250,000 (One Million Two Hundred and Fifty Thousand Pounds), subject to contract, reflecting a net initial yield of 6.64% assuming purchasers’ costs of 5.96%.

133A High Road | |  | | Greater London  | Ilford, London | | IG1 1DE
133A High Road | |  | | Greater London  | Ilford, London | | IG1 1DE

Investment Considerations

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

  2. The investment provides highly secure income, being let to established national tenants – Pavers and Primark;

  3. Primark has approximately 48 years unexpired lease term providing long dated highly secure income at only £3.51 per sq ft;

  4. The property occupies a prominent position in a prime retail location;

  5. Ilford is set to benefit from the arrival of Crossrail in 2019;

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

  7. The investment provides a purchaser with an attractive lot size.

Contact Us

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
Faye Langoulant +44 (0) 203 478 9122
Louanne Malan +44 (0) 203 701 1386

Vendors Solicitor

Joelson Solicitors +44 (0) 20 7438 0998
Atalay Sevket  

Joint Agent

Atlantic Business Centre
1 The Green
E4 7ES
+44 (0) 20 371 0061

Nick Harston: