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Co-op, Rotherhithe Street, SE16

Long Let Convenience Store secured to Co-op
  • Long Let Convenience Store secured to Co-op.
  • Prominent location in a highly densely populated residential catchment area of Rotherhithe.
  • Canada Water Station (TFL Zone 2) and Rotherhithe Station (TFL Zone 2) within circa 10 minutes walk.
  • The unit forms part of a new build development completed in 2018.
  • The property comprises of 4,110 sq ft (GIA) over ground floor.
  • A new 999 year lease.
  • Let to Co-operative Group Food Ltd on an FRI lease with 10.7 years term certain.
  • Current Passing rent of £70,000 p.a (£17.03 psf)
  • 5 yearly upward only rent reviews linked to the Consumer Price Index (1% & 3% cap and collar).
  • The vendor will top up to the October 2023 review equating to £81,149 p.a (£19.74 psf)
  • Co-operative Group Food Ltd are rated D&B 5A1.
  • We are instructed to seek offers in the region of £1,450,000 (One Million, Four Hundred and Fifty Thousand Pounds), subject to contract.
  • A purchase at the asking price would reflect 5.28% Net Initial Yield, assuming standard purchasers’ costs of 6.08%, based on the October 2023 rent, and a potential reversionary yield in 2028 of 6.12%.
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