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34 Heygate St - Barnard House 1,855 sq ft Retail Unit Offered at £4,000,000 in London SE17 1FX
Investment Highlights
- The total rent is £325,000 per annum with 5 yearly OMV reviews with the next in September 2029.
- The immediate area is densely populated with over 290,000 people living within a 10 minute drive
- The block is made up of 3 purpose built retail units, with two having been sold off
Executive Summary
Strategically located next to Elephant & Castle tube and train stations. Elephant & Castle tube station is currently undergoing a significant multi-million pound upgrade to improve capacity, accessibility, and prepare for the projected increases in passenger demand (25%-40% by 2041) due to extensive new development. 2 stops via the Bakerloo line to Waterloo, 8 mins to the West End, 5 mins to the City. Direct links to: King’s Cross St Pancras, Bank, Oxford Circus, Farringdon and London Bridge.
Property Facts
| Total Property Size | 132,872 sq ft | Floors | 18 |
| Property Type | Build-to-Rent (Unit) | Typical Floor Size | 6,497 sq ft |
| Property Subtype | Apartment | Year Built | 2018 |
| Costar Property Class | B | Total Plot Size | 1.00 ac |
| Total Property Size | 132,872 sq ft |
| Property Type | Build-to-Rent (Unit) |
| Property Subtype | Apartment |
| Costar Property Class | B |
| Floors | 18 |
| Typical Floor Size | 6,497 sq ft |
| Year Built | 2018 |
| Total Plot Size | 1.00 ac |
1 Unit Available
Unit H3
| Unit Size | 1,855 sq ft | Sale Type | Investment |
| Price | £4,000,000 | Tenure | Long Leasehold |
| Price Per sq ft | £2,156.33 | Net Initial Yield | 6.75% |
| Unit Use | Retail | NOI | £270,000 |
| Unit Size | 1,855 sq ft |
| Price | £4,000,000 |
| Price Per sq ft | £2,156.33 |
| Unit Use | Retail |
| Sale Type | Investment |
| Tenure | Long Leasehold |
| Net Initial Yield | 6.75% |
| NOI | £270,000 |
Description
The subject property, Block H3, is situated on the corner of Walworth Road and Heygate Street. The block is made up of 3 retail units and is situated beneath 228 residential units.
Sale Notes
The asset is an established retail destination, illustrated by the low vacancy rate and strong tenant demand. As the tenant and estate has become more established, representation and interest from national tenants has grown, which is driving rental levels. There has been significant recent letting activity on the estate, justifying increased rental levels, providing an opportunity for rental growth. The Gym rent was agreed several years ago and it’s our opinion that their rent is now revisionary.
Interior
Interior
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34 Heygate St - Barnard House
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