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Investment opportunity for sale in Gants Hill

374-404 Eastern Avenue, Gants Hill, Ilford, IG2 6NQ
For sale
£2,000,000

COMMON USE CLASS: A3 Restaurants and Cafes

Strettons
This property is marketed by:
Strettons

Property Description

Offers invited in excess of £2,000,000 (Two Million pounds), representing a Net Initial Yield of 5.15% assuming purchaser’s costs of 6.38%.

The property is situated on the south side of Eastern Avenue (A12) dual carriageway in-between the Redbridge roundabout junction with the North Circular (A406) and the Gants Hill roundabout junction with Woodford Avenue (A1400). The area has good public transport links via Redbridge Station (1.24km west) and Gants Hill underground station (0.2km to the east), both giving access to the Central line.

The building is of steel framed construction and benefits from excellent natural light and active frontage to the A12. The building comprises of an open plan dining area, commercial kitchen with extract, associated WC and staff amenity space. The existing fitout is compliant with the most recent Burger King branding guidelines.

Property Features

  • Rare opportunity to acquire a secure long income roadside investment opportunity in a prime east London location
  • Located on the A12, in close proximity to the North Circular in Gants Hill
  • Purpose built drive-thru restaurant of 2,819 Ft2 GIA / 2,314 Ft2 NIA on a 0.377 acre site with a low 23% coverage
  • Let to Zing Leisure Ltd (t/a Burger King) on a new 20-year lease with 19.5 years unexpired, at a rent stepping to £110,000 per annum exclusive (subject to top up by the vendor)
  • Upward only rent reviews to Open Market Value every 5 years
  • Excellent covenant strength with a CreditSafe rating of B59, with the tenant holding cash at bank of £2,786,749 reflecting 25x rent cover

 


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