• 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

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.

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.

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.

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

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 www.pavers.co.uk.

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

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 www.primark.com.

The property has been elected for VAT.

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.