123 HIGH STREET NORTH EAST HAM, LONDON E6 1HZ - FREEHOLD HIGH STREET INVESTMENT AND RESIDENTIAL DEVELOPMENT OPPORTUNITY - Allsop
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PRIVATECLIENT
123 HIGH STREET NORTH
EAST HAM, LONDON E6 1HZ
FREEHOLD HIGH STREET INVESTMENT AND
RESIDENTIAL DEVELOPMENT OPPORTUNITY
JD SPORTS 123 HIGH STREET NORTH, EAST HAM, LONDON E6 1HZ FREEHOLD HIGH STREET INVESTMENT AND RESIDENTIAL DEVELOPMENT OPPORTUNITY
RTH
T NO
REE
H ST
HIG
>
4,424 SQ FT
2 2 1ST & 2ND FLOOR
1,502 SQ FT
(VACANT)
WAY
3 ROOF SPACE TON
4,000 SQ FT LEIGH
RON
3
Outlines for indicative purposes only.
JD SPORTS 123 HIGH STREET NORTH, EAST HAM, LONDON E6 1HZ FREEHOLD HIGH STREET INVESTMENT AND RESIDENTIAL DEVELOPMENT OPPORTUNITY
INVESTMENT CONSIDERATIONS PROPOSAL
• Located in East Ham in the London Borough of Newham • JD Sports produces a rental income of £110,000 per • We are instructed to seek offers in excess
• The ground floor retail unit is let to the 5A1 covenant of JD annum and is subject to a rent review in year five of £2,000,000 (Two Million Pounds),
Sports Fashion PLC for 10 years certain with no breaks • Freehold subject to contract and exclusive of VAT.
A purchase at this level would reflect a
• The property comprises 4,424 sq ft of well configured • JD Sports have relocated from a smaller store at 131 High
net initial yield of 5.18% after allowing for
retail in a prime trading position on High Street North Street North, demonstrating their commitment to the pitch
purchaser’s costs of 6.28%.
• The uppers comprise a vacant 1st and 2nd floor of • A Permitted Development application has been submitted
1,502 sq ft and there is significant development for the first and second floor for 3 flats.
potential to the vacant roof space of approximately • JD Sports reported a record yearly profit in the
4000 sq ft (STP) 53 weeks to 3 February 2018 with a 24 per cent rise
in pre-tax profits.
JD SPORTS 123 HIGH STREET NORTH, EAST HAM, LONDON E6 1HZ FREEHOLD HIGH STREET INVESTMENT AND RESIDENTIAL DEVELOPMENT OPPORTUNITY
Stratford International
QUEEN ELIZABETH Stratford
EAST HAM
OLYMPIC PARK
LONDON
STADIUM
WEST HAM East Ham Barking
Upton Park
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West Ham
PLAISTOW
BOROUGH OF NEWHAM
Bromley-by-Bow
BROMLEY
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Beckton
BECKTON
Canning
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Prince Regent Gallions
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Royal Victoria
BLACKWALL Royal Albert Dock
Royal Victoria Dock
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COMMUNICATIONS LOCATION
East Ham benefits from strong road communications with the East Ham is a lively and popular suburb situated within the London
A13 situated within close proximity to the south and the A406 Borough of Newham, north of the River Thames. The district has an
oss 10m
Charring Cr (North Circular Road) running parallel to the east. Both the estimated population of approximately 76,000 alongside a primary
6m District and the Hammersmith & City Underground Lines can catchment population of 222,000. The area was identified within the
on
Lond be accessed via the East Ham Underground station offering London Plan as one of 35 Major Centres. East Ham is conveniently
y of
Cit regular services to Stratford (15mins) and Liverpool Street located between Barking and the City of London with easy access to
5m
London
Station (20mins). There are also a number of city wide bus the West End, London City Airport, The Olympic Stadium, Westfield
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routes in the local vicinity. Stratford, the O2 Arena, and The Excel Exhibition.
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JD SPORTS 123 HIGH STREET NORTH, EAST HAM, LONDON E6 1HZ FREEHOLD HIGH STREET INVESTMENT AND RESIDENTIAL DEVELOPMENT OPPORTUNITY
DEMOGRAPHICS
East Ham is an established retail centre with a
total population within the primary catchment
area of 222,000. The area benefits from a young
population which includes a particularly high
proportion of adults aged 25-44 within the primary
catchment population. East Ham is projected
to see an above average growth in population
over the period 2017-21 and the area is already
experiencing an above average rise in residential
values.
RETAIL IN EAST HAM
East Ham is a popular retailing location and High
Street North is the principal retailing pitch in the
area. There are a large number of national retailers
located in the street which include Primark, Foot
Locker, Holland & Barrett, Wilko, Boots, Argos,
McDonalds, Costa Coffee and Specsavers amongst
many others.
The town boasts an excellent mix of national and
local occupiers which serve the local community
and catchment area. The East Ham Market Hall is
particularly popular with its quirky and unique mix
of local and international market stalls. In terms of
total floorspace East Ham retail is estimated to be
at approximately 0.51 million sq ft and total in-store
comparison retail expenditure (2016) for the area is
above the national average for comparable centres
at £496m million.
JD SPORTS 123 HIGH STREET NORTH, EAST HAM, LONDON E6 1HZ FREEHOLD HIGH STREET INVESTMENT AND RESIDENTIAL DEVELOPMENT OPPORTUNITY
®
SITUATION ACCOMMODATION
The property is situated on the west side
Accommodation* Sq m Sq Ft
of High Street North approximately a three
minute walk from East Ham underground Ground Floor 411 4,424
station. The unit benefits from strong
pedestrian flow located in East Ham’s ITZA 127.6 1,373
prime retailing pitch. WH Smith is located
adjacent to the subject property with First Floor 83.7 902
Boots and Deichmann Shoes located Second Floor 55.7 600
immediately opposite.
*Measurements are approximate, any interested
party should carry out their own measured survey.
DESCRIPTION
The property comprises a mid-terrace retail
unit arranged over ground, first and second
TENURE
floors. The property provides a ground floor Freehold.
retail sales area with ancillary storage and
staff accommodation to the rear. There is
a vacant building to the front of the first TENANCY
floor roof arranged over first and second The ground floor is let to JD Sports Fashion
floors. The upper floors are currently vacant, PLC for a term of 10 years from 15 August 2017
in shell condition and in need of complete on an effective full repairing and insuring lease
refurbishment. expiring 14 August 2027 without break at a
There is access to the property from the rear passing rent of £110,000 pa. There will be an
via Ron Leighton Way. There is currently upward only open market rent review in 2022.
no access to the roof or the upper floors,
however part of the ground floor space
has been excluded from JD Sport’s lease to
potentially provided access in the future -
please see the lease plan in the data room.
JD SPORTS 123 HIGH STREET NORTH, EAST HAM, LONDON E6 1HZ FREEHOLD HIGH STREET INVESTMENT AND RESIDENTIAL DEVELOPMENT OPPORTUNITY
DEVELOPMENT POTENTIAL
Subject to obtaining the necessary planning consents
the property provides a significant development
opportunity for residential extension to the rear of
the building. There is the potential to create additional
residential accommodation on the vacant first floor roof
space above the retail unit measuring approximately
4000 sq ft. There is also further potential to increase
the density of the development to the rear and to the
side of the building STP.* A Permitted Development
application has been submitted for the first and
second floor for 3 flats.
The subject property’s parade has seen considerable
residential development granted in recent years:
• In 2018, planning permission was granted for 133A
High Street for the change of use from a vacant
ancillary store unit to a 1 bed flat at first floor.
• In 2015 planning permission was granted for
128-130 High Street (parade opposite) for the
proposed alteration for the erection of second
and third floor extensions to create 3 x 2 bed,
1 x 3 bed and 1 x 1 bed flats including cycle storage
and amenity space.
• Currently in planning: the redevelopment of the
former Co-op. The site will provide two retail units
(totalling 2,120sq.m), a gym (1,871sq.m.) and
98 residential units to be operated within the
private rented sector.
EAST HAM DEVELOPMENT:
East Ham is set to undergo significant redevelopment
in the foreseeable future. Dransfield properties have
partnered up with Land Management and Barratt
London to transform the 1.9 acre Market Hall site
to create new homes and jobs in the area.
Plans have been submitted to Newham Council to
create 21,500 sq ft of retail and restaurant space, 277
flats and duplexes, new areas of public space, the
relocation of the existing local authority car park as well
as a landscaped courtyard and roof gardens.
Furthermore, Bellway Homes have earmarked
£100million dedicated to transforming an industrial
estate off Newham Way in East Ham into 400 new
homes, a co-working space for small and medium
companies and a new public square.
*121 High Street North has a right of way over part of the land in order to access their property from the rear.
JD SPORTS 123 HIGH STREET NORTH, EAST HAM, LONDON E6 1HZ FREEHOLD HIGH STREET INVESTMENT AND RESIDENTIAL DEVELOPMENT OPPORTUNITY
COVENANT INFORMATION
HISTORY BUCKING THE UK RETAIL TREND
JD Sports Fashion Plc, more commonly known as just JD Sports reported pre-tax profits of £294.5m in the 53 weeks to 3 February 2018, a record for the fashion chain. In-store sales
JD Sports, is a sports-fashion retail company founded rose 3 per cent on a like-for-like basis, while online sales jumped 30 per cent. Whilst the retail market in general has struggled
in 1981 in Bury, Greater Manchester. The company now this year JD have continued to profit from the “athleisure” trend towards wearing good quality athletic clothes outside the gym
has over 1,200 stores across a number of retail fascias and by offering high end special and limited edition versions of their leisurewear and footwear.
and benefits from its own roster of highly sought-after JD Sports Fashion plc has a current D&B rating of 5A1 and reported the following financial information for the last three years*:
worldwide exclusive product releases. It is listed on the
London Stock Exchange and is a constituent of the FTSE Year Ending 28 Jan 2017 30 Jan 2016 31 Jan 2015
250 Index. In 2016, JD Sports acquired Go Outdoors for
Turnover 2,378,694,000 1,821,652,000 1,522,253,000
£112 million.
Pre-Tax Profit 238,368,000 131,631,000 90,496,000
Tangible Net Worth 361,348,000 08,809,000 195,414,000
*At the time of print the 2018 accounts had yet to be made fully available.
JD SPORTS 123 HIGH STREET NORTH, EAST HAM, LONDON E6 1HZ FREEHOLD HIGH STREET INVESTMENT AND RESIDENTIAL DEVELOPMENT OPPORTUNITY
VAT PROPOSAL
The property is elected for VAT and it is anticipated We are instructed to seek offers in excess of £2,000,000 (Two Million Pounds),
the transaction will be treated as a transfer of a going subject to contract and exclusive of VAT. A purchase at this level would reflect
concern (TOGC).
a net initial yield of 5.18% after allowing for purchaser’s costs of 6.28%.
EPC
For further information or to make arrangements for viewing please contact:
The EPC is available upon request.
DATAROOM PRIVATE CLIENT TEAM
For access to the Allsop Dataroom
Liam Stray Ronnie Morgan
please use the following link:
020 7543 6769 020 7543 6808
https://datarooms.allsop.co.uk/register/EastHam liam.stray@allsop.co.uk ronnie.morgan@allsop.co.uk www.allsop.co.uk
PRIVATECLIENT
Misrepresentation Act: 1. Allsop LLP and Aston Rose on its own behalf and on behalf of the instructing party of this portfolio whose agent Allsop and Aston Rose is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in
these particulars as to the property are to be relied on as statements or representations of fact; and (c) the instructing party does not make or give, and neither Allsop or Aston Rose nor any of their members or any person in its employment has any authority to make or give, any representation or warranty whatsoever
in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the instructing party are those contained and expressly referred to in the written contract for sale or agreement for lease between the instructing party and a purchaser or tenant. 2.
Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural
(and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design: Command D - www.commandHQ.co.uk 04.18
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