This commercial property for sale in London's Zone 1, Elephant & Castle, was acquired by Athena Advisers on behalf of a client interested in expanding his commercial property portfolio with assets located in areas of high footfall, but also those with potential for capital gain. This investment afforded both.
Situated at the junction of New Kent Road and Harper Road, approx. 1/4 mile east of Elephant & Castle underground, rail station and shopping centre the location was perfect for a well-geared retail property tenanted by a known brand.
On a main arterial route through central London and dense surrounding residential population this property was perfect for a convenience store.
The property totalled around 4,176 sq ft of brand new, purpose built retail space across a ground floor & basement.
The entire commercial property is let to Tesco Stores Ltd from 05/11/2012 for a term of 20 years with a tenant-only option to determine after the 10 year period.
With initial rent of £57,000 per annum, this yield will be compunded by 5 yearly RPI linked reviews with a capped range of between 0-4%. The property is leasehold for a term of 999 years.
The property forms part of a five floor mixed-use development, which was not included in the sale.
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