Queen’s Park is an affluent and popular residential suburb in North West London. The area is well served by public transport with Queen’s Park station providing underground and overground services.
Central London is located 4.3 miles (6.5 km) to the south east, and the suburb is conveniently located for access to the M1, M4 and M40.
The subject property is located on the Eastern side of Salusbury Road within 50 metres south of Queen’s Park station. 5.58 million commuters use the underground station annually and 4.10 million people use the overground station annually. M&S Simply Food will be the dominant convenient food store offer to the immediate catchment using Queen’s Park station.
Retailers on Salusbury Road to the north of the station tend to be made up of convenience shopping or restaurant/bar users.
Queen’s Park has a thriving and affluent population within a 5 minute drive time of the subject property. The area is predicted to witness projected population growth of 17% by 2032, signifcantly above the national average of 11%.
Construction has started on Queen’s Park Place, a 144 luxury apartment development including a ground floor retail unit let to Marks & Spencer Simply Food. Bouygues Development is delivering the residential element in partnership with Londonewcastle, who are selling the apartments on an individual basis. More information is available on request.
The property is held long leasehold for 250 years from 3rd December 2013 at a mdoest rental yield. The freehold for the property is held by the London Borough of Brent. 1-5 Albert Road will provide a Gross Internal Area of 5,580 sq ft (518.38 sq m) with a mezzanine of 747 sq ft (69.40 sq m) reflecting £30.82 psf on an overall basis.
The property will be let to Marks and Spencer PLC on a new 15 year full repairing and insuring lease, at a rent of £195,000 per annum. The lease will provide for 5 yearly rent reviews which will be linked to RPI, collared and capped at 1% & 4%.
Marks and Spencer PLC total food sales increased 4.2% to £5.1bn in the year to 29th March 2014, resulting in a UK market share of 3.9%. Food sales now accounts for 56% of the company’s total turnover. In the year to 29th March 2014 UK like-for-like food sales increased 1.7%. There are 185 Simply Food stores owned and 262 stores franchised. Marks & Spencer PLC have a Dun and Bradstreet Risk Assessment rating of 5A 1 representing a ‘Minimum risk of business failure’.