HIGH YIELDING RETAIL INVESTMENT FOR SALE
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.
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)