Retail Investment Opportunity Roche Bobois Units A & B ... - Propex

DescriptionThe properties form part of a modernpurpose built development constructed in2007 with 130 apartments and comprisea retail unit and a gym arranged at groundfloor. The Roche Bobois has an extensivefrontage of some 120 ft and the units havethe following approximate floor areas:Sq ftsq mUnit A 3,709 344.57Unit B 653 60.67Total 4,362 405.24TenureThe property is held on a lease for a termof 150 years from 1st June 2005 at apeppercorn.The Roche Bobois Unit has the benefit of 1 carparking space in a secure basement car park.Customer parking is on street as the residentscar parking restrictions are not in force withintrading hours.TenanciesThe property currently produces a totalincome of £72,000 pax as follows:Unit AThe property is let on an FRI basis to RocheBobois Ltd for a term of 15 years from 7thMay 2008 at a current rental of £60,000 paxsubject to 5 yearly upward only rent reviews.There is a tenant break clause on 6th May 2018.The Roche Bobois is let off a modest rent of£16/sq ft which we believe is reversionary to£20 psf which equates to £74,000 pax.Unit BThe property is let on FRI terms to IntegratedCore Exercise (ICE) Ltd for a term of 10 yearsfrom 1st October 2010 subject to an upwardonly rent review at the 5th year at a currentrental of £12,000 pax. The rent increases asfollows:1st October 2012 – 30th September 2013£14,000 pax1st October 2013 -£16,000 paxPlanningThe units both have the benefit of planningconsent for A2, A3, B1 or D1 uses whilstUnit A has also planning for A1 retail.UNITS A & B, EAST HILL, WANDSWORTH LONDON, SW18