A unique investment opportunity, within an award-winning development for sustainable regeneration and design, earning multiple awards.
Location
Woodberry Down is in the heart of North London within the London Borough of Hackney, moments from Finsbury Park and Manor House. The development is uniquely positioned alongside the East and West Reservoirs, bounded by Seven Sisters Road to the south and surrounded by 42 acres of open water and parkland.
Once a post-war housing estate, Woodberry Down has been transformed into a 64-acre, award-winning mixed-use regeneration scheme delivering more than 5,500 new homes alongside retail, leisure and community uses. The project is being delivered in partnership between Berkeley Homes, Hackney Council, Notting Hill Genesis and the Woodberry Down Community Organisation.
Woodberry Down offers a vibrant mix of amenities and public spaces, including cafés, restaurants, fitness studios, a Sainsbury's Local, community facilities and access to the Woodberry Wetlands nature reserve. The development has become a thriving and inclusive community recognised for its sustainable design and placemaking excellence, with a range of new residential buildings, landscaped squares and active ground-floor frontages that bring life to the neighbourhood.
Accommodation
Ground Floor Net Internal Area: 1,775 sq ft (165 sq m)
Terms
Price: Offers in excess of £585,000 are sought for the long leasehold interest, reflecting a net initial yield of 8.00% after purchasers' costs of 6.80% and a low capital value of approximately £330 per sq ft.
Rent: £50,000 per annum
Tenure: Unit B1, KSS1 is held freehold under title numbers: AGL341091. The proposed leasehold will be a new 999 year lease at a peppercorn rent. Detail in relation to any applicable Section 5 notices will be available within the online data room.
VAT: The property is elected for VAT and will be treated as a Transfer of Going Concern (TOGC).
Planning: Woodberry Down is located within the London Borough of Hackney. The property is not listed nor is it located within a conservation area. Detail of the Planning Consent for the Woodberry Down development are provided in the online data room.
EPC: The unit has an Energy Performance Certificate, a copy of which are provided in the online data room.
Specification
- 999 year virtual freehold convenience store investment at a peppercorn ground rent in Woodberry Down, Zone 2 North London.
- Let to East Shack Limited trading as YoHome Oriental lifestyle on a 10 year lease from 17 February 2023, expiring 16 February 2033.
- No breaks, providing approximately 7 years term certain to expiry (as at Q1 2026).
- Modern ground floor unit extending to 1,775 sq ft (165 sq m).
- Passing rent of £50,000 per annum, equating to £28.17 per sq ft.
- Open market rent review on 17 February 2028, offering clear reversionary potential.
- Prominent position opposite Tesco, Sainsbury's, The Gym Group and Anytime Fitness, driving strong daily convenience footfall.