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Unit 2, 37b Millharbour

836 SQ FT



The property is located in the South Quay district of the London Docklands, accessed via Millharbour road or by foot along the dock walkway.


The Docklands property market has seen significant growth in the last 20 years and is now an established vibrant working and living environment.

The Canary Wharf estate currently comprises over 16 million sq.ft. of offices and over 200 shops, restaurants and bars accommodating over 100,000 workers that is planned to expand a further 5 Million sq.ft at Wood Wharf, Riverside South and North Quay. The Crossrail link at Canary Wharf is due to open in 2018.

South Quay currently consists of over 3 Million sq.ft. of offices occupied by the likes of Barclays, The Financial Ombudsman Service, British American Tobacco and Equinix. The area has seen a number of recent new developments of luxury residential tall towers that will continue with a significant future pipeline.

Local Retail

The main shopping centre on the Canary Wharf estate has attracted a number of high street fashion brands as well as food operators providing over 1 Million sq.ft. The area in South Quay tends to attract more convenience stores serving the local residential and office occupiers such as Pret-a –Manger, Tesco and Subway who are located immediately opposite Pan Peninsula in the South Quay Shopping Centre.

Retail rents in South Quay currently range between £35-37 per sq.ft. on an overall depending on size, location and use. Estate Agency (A2) units are becoming scarcer in the area and we would suggest an Estimated Rental Value of at least £40 per sq.ft.


The property is in the courtyard area on the ground floor of a modern high-rise residential development adjacent to Millwall Dock.

The unit is currently occupied as an estate agency (A2). Other permitted uses within the long-lease allow retail (A1) and office (B1) that may require additional Local Authority consent for change of use.

The unit measures 836.sq.ft. NIA (670 sq.ft ITZA)


Long-leasehold of 125 years from 1st January 2009 thus expiring on 1st January 2134. The Ground Rent is £3,025 p.a.

The unit is owed in a UK Special Purchase Vehicle (SPV) company. The sale of the long-leasehold may be offered by way of transfer of the share capital help in the SPV Company thus saving on Stamp Duty by separate negotiation.

Business Rates

The tenant is responsible for the payment of business rates. We are informed that the unit has a Rateable Value of £10,000 currently paying £4,460 for the year from April 2017.

Service Charge

The current charge for the unit for contribution towards the running on the estate is £2,000 for the year.

Tenancy Information

The unit is currently occupied by John D Wood who are park of Countrywide Estate Agents who are the Licensees of the property since 6th November 2016 for 36 months thus expiring on 5th November 2019 with a tenant only break at any time on or after 5th November 2017 subject to no less than 3 months’ notice. The Licensee pays a rent of £60,000 p.a exclusive of business rates. Therefore the net rent received by the long-leaseholder after paying ground rent and service charge is £54,975 p.a. (equivalent to £65.75 per sq.ft).

Covenant Information

Countrywide Estate Agents (UK Reg No.00789476) employs over 6,000 staff trading across 716 locations in the UK. The last reported accounts showing a turnover of £353 Millions and pre-tax profit ofr £42 Million. An Experian credit check provides a “Very Low Risk” rating. Further information can be viewed at


Offers are invited for the purchase of the SPV Company owning the long-leasehold interest in excess of £500,000 (£598 per sq.ft). This reflects an attractive Net Initial Yield of 10.5% allowing for normal purchase costs of 4.7%.


The property is elected for VAT and will be payable on this transaction. It is anticipated that the transaction may be treated as a Transfer of a Going Concern (TOGC).


The unit holds a “C” EPC rating (scoring 75). The EPC is available on request.