386-390 Mare Street, Hackney, London, E8 1HR, Greater London, , London: East
The building is situated only 200 metres away from Hackney Central Station and will benefit from the proposed Hackney Walk development anticipated to provide c. 1 million sq ft of unique retail, office and residential space over the next 5 years
Opportunity to acquire a highly reversionary retail investment with development potential in Hackney
Opportunity to acquire a highly reversionary retail investment with development potential in Hackney.
The existing building is arranged over two storeys (ground and first), comprising c.3,229 sq. ft. GIA. The ground floor measures c.2,207 sq. ft. GIA and boasts a double fronted retail unit along on of East London's most prominent retail parades.
The whole building is currently let to Boots Ltd. for a term expiring in February 2019. The lease is inside the 1954 Landlord and Tenant Act, however, vacant possession can be provided on expiry of the lease if a redevelopment notice is served by the landlord.
The building possesses obvious development potential which has been explored by the vendor. A planning application has been submitted to Hackney Council under reference 2016/2407 for the 'Demolition of existing building and construction of new four-storey with basement building to provide retail space at ground and lower ground floor with five self-contained residential units on upper floors (1 x 1-bed 4 x 2 bed)'
We believe the existing income is under market value and therefore the current retail investment is reversionary. We would anticipate the unit being let for £100,000pax upon expiry of the existing term. This would be the case even if the new development is not built.
Retail - High Street