Greenwich is an affluent London suburb located in the Royal Borough of Greenwich and benefits from excellent road, rail, underground and air transport links. Central London is approximately 9.6 km (6 miles) to the north-west and Junction 3 of the M25 Motorway is 24 km (15 miles) to the south-east.
Greenwich and Mazel Hill Rail Stations provide access to London Cannon Street within 15 minutes. North Greenwich Underground Station (Jubilee Line) provides access to the City and West End.
London City Airport is approximately 6.4 km (4 miles) to the north-east and London Heathrow Airport is 37 km (23 miles) to the west.
Greenwich is a world heritage site and is notable for its maritime history and for giving its name to the Greenwich Meridian and Greenwich Mean Time. Steeped in history, the town was the birthplace of many Tudors including Henry VIII and Elizabeth I. Famous landmarks include the Cutty Sark, The National Maritime Museum, The Royal Observatory, Sir Christopher Wren’s Old Royal Naval College and the O2 Arena.
Across the river from Greenwich is Canary Wharf, Europe’s premier business centre which is also home to over 300 shops, cafes, bars and restaurants.
The property occupies a prominent position fronting the A206 (Trafalgar Road), at its junction with Tyler Street. Maze Hill station is less than 0.8 km (0.5 miles) to the south-west.
The property is conveniently positioned between Greenwich Village and the Greenwich Peninsula. The A206 connects directly with Woolwich to the east and Greenwich Village to the west.
Other surrounding occupiers include Iceland (adjacent), The Co-Operative Food, Boots, Domino’s and Greggs.
Greenwich Park, one of the capital’s eight Royal Parks which is visited by millions of Londoner’s and tourists every year, is within a few minutes’ walk of the subject property. The Park hosts the Prime Meridian Line and Royal Observatory as well as being part of the Greenwich Maritime World Heritage Site which is home to The National Maritime Museum and Old Royal Navy College.
The property is also within a few hundred metres of Greenwich Square, a £250 million three hectare regeneration scheme by Hadley and Mace. The development provides 686 new homes, alongside a new community hub with facilities including a leisure centre, library, health centre, adult education college and shops, all designed around an attractive town square. Retailers on the site include Sainsbury’s, a pharmacy, a dentist, a hairdresser and a coffee shop. This new community hub has proved to be a very popular attraction with local residents, with almost one million visitors using the facilities in its first year. (Source: www.macegroup.com/projects/greenwich-square).
The surrounding area is currently experiencing a huge amount of development with several large regeneration projects changing the landscape throughout Greenwich. The £5 billion regeneration of the Greenwich Peninsula aims to offer 190 acres of new business and leisure space and 10,000 new homes. It has been labelled one of the most exciting regeneration projects in Europe and is set to transform Greenwich Peninsula into London’s most exciting riverside community.
The property comprises a ground floor retail unit which has been fitted out by the tenant to their usual corporate style.
The ground floor is let to Ladbrokes Betting & Gaming Limited on a full repairing and insuring lease for a term of 10 years from 22nd May 2012, expiring 21st May 2022. The current passing rent is £35,000 per annum which based on our analysis equates to £46.42 Zone A. The lease benefits from an upwards only rent review on 22nd May 2017.
The permitted use is as a Betting Shop within Use Class A2 of the Town and County Planning (Use Classes) Order 1987 or such other use within Class A2 or Class A1.
On 27th October 2016 the ultimate parent company, Ladbrokes PLC, announced the completion of its £2.7 billion merger with certain businesses of Gala Coral Group, including Coral Retail, Eurobet Retail and Gala Coral’s online businesses. The merger makes Ladbrokes Coral Group the leading British bookmaker with over 3,500 shops across England, Wales and Scotland under the Ladbrokes and Coral brands.
Our client is seeking £650,000 (Six Hundred and Fifty Thousand Pounds), subject to contract, reflecting a net initial yield of 5.12%, assuming purchasers’ costs of 5.18%.
3. The property occupies a prominent position in sought after Greenwich with immediate access to Central London;
4. The property is situated in an area undergoing significant regeneration;
5. The investment provides a purchaser with an attractive lot size.
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