The property is prominently positioned on Rennie Street, close to the Four Acre Ecology Park and is arranged over ground and first floors. The upper floors do not form part of the sale but contain contemporary apartments sold previously via private treaty.
Greenwich Millennium Village is a joint venture between Taylor Wimpey and Countryside Partnerships, in partnership with the Greater London Authority, and has delivered 2,233 of 2,841 homes since the joint venture was formed in 1999. Greenwich Millennium Village won Best Development – 500+ homes at the Inside Housing Awards 2023.
Location
Situated in increasingly popular South-East London commuter suburb.
The Greenwich Peninsular extends south of the O2 Arena down to Greenwich Millennium Village and will provide over 15,000 new homes. The area is also well served by public transport with easy access to the Tube (Jubilee Line), DLR, Overground and the IFS Cloud Cable Car across the Thames.
Accommodation
The property provides the following gross internal areas:
Ground Floor - 211 sq m (2,273 sq ft)
First Floor - 245 sq m (2,640 sq ft)
First Floor External Space* - 97 sq m (1,044 sq ft)
TOTAL - 456 sq m (4,913 sq ft)
* Not included in total area
Terms
Tenancy - The property is let on a new lease to N Family Greenwich Ltd (Company Number 13305209) t/a N Family Club on a full repairing and insuring lease for a term of 25 years without break.
The initial rent is £126,000 per annum and is subject to five yearly rent reviews to RPI compounded annually, capped at 4% per annum and collared at 2% per annum.
By way of additional security, the lease includes a parent company guarantee from N Family Holdings Ltd (Company Number 11986090) along with a 3 month rent deposit.
Tenure - The property is available by way of a new 999-year virtual freehold interest.
Planning - The property is located within the Royal Borough of Greenwich and was developed by Countryside and Taylor Wimpey as part of the planning consent reference 19/3036/R granted on 18 March 2020.
The property is not listed and does not sit within a conservation area. The current planning use for the property is E(f) (formerly known as D1).
EPC - Available upon request.
VAT - The property is elected for VAT and it is expected that the sale will be treated as a TOGC.
AML - The successful purchaser will be required to fulfil anti-money laundering requirements in accordance with the Money Laundering Regulations.
Proposal - SEEKING OFFERS IN EXCESS OF £1,950,000 (One Million Nine Hundred and Fifty Thousand Pounds) exclusive of VAT and subject to contract. A purchase at this level would reflect the following yield and capital value profile:
Net Initial Yield: 6.08% (assuming graduated purchaser’s costs of 6.26%)
Capital Value: £397 psf
Specification
- Increasingly popular South-East London commuter suburb;
- New community spanning 72 acres and providing 2,800 homes;
- Significant ongoing regeneration of Greenwich Peninsula;
- Attractive new build overlooking Southern Park & Latimer Square;
- Virtual Freehold;
- Single let to N Family Club Nursery on new 25 year lease without break;
- Parent company guarantee (81/100 Experian Rating);
- Bespoke nursery accommodation totaling 4,913 sq ft over ground and first floors plus outside space;
- Initial rent of £126,000 per annum;
- RPI reviews (collar & cap of 2% & 4%)