25/07/2024 10:28:00
Fleurets have been instructed to dispose of 113-117 South Street in Romford as an investment sale. Located within the main leisure strip and surrounded by major leisure and retail operators including Wetherspoons, Yates, McDonalds and Marks & Spencer. Romford Station, 80 metres away, has the Elizabeth Line to Paddington in 39 mins, the Overground Line, and trains to London Liverpool Street in 18 mins.
The site includes the ground floor leisure unit which produces £120,000 p.a. and the long leasehold interest in the above two floors comprising of 11 flats. The ground floor is operated as a gastropub, brasserie and lounge bar called The Ivy House. This is due to open shortly, after a major refurbishment.
Elysia Wilson-Gunn, Divisional Director of Fleurets said, "Fleurets has been instructed to seek offers of £1,500,000 for our client's interest. The in-situ tenant pays £120,000 p.a. on a lease ending in December 2030. A purchase at this level would reflect a Net Initial Yield of 7.55%. With the original Guarantor being Whitbread PLC being in place until the term ends, the income is secure."
The Ivy Tree is located on the ground floor offering open plan trading space with dining and standing area with a bar servery alongside a DJ booth. In addition to a fully equipped new trade kitchen, the whole ground floor has been refurbished in a contemporary style with living plant walls, neon signage and marble floors.
The first and second floor comprise 11 residential flats with common areas with both floors on a Long Leasehold Lease of 999-year term from 17th December 2004 at a peppercorn rent.
Mark Avery, Chief Executive Officer of Habro added, "The Ivy Tree is a solid investment opportunity, the next upwards only rent review is on 25th June 2025 and the original Whitbread PLC guarantee is still in place, an attractive opportunity to investors."
Click here to view the sales details.
For further information or to arrange a viewing contact Fleurets on 020 7280 4700 or email london@fleurets.com.