Co-op Food, 1485-1489 London Road (A23), Norbury, London SW16 4AE

London, SW16 4AE

Sold

Price £1,750,000

Rent (pa) £93,000

Yield 5%

Investment Summary

Prominent convenience store investment in busy London suburb of Norbury
Recently completed conversion providing a modern convenience store and residential apartment
Located in a bustling London commuter suburb, adjacent to Norbury Station (less than half an hour direct to Waterloo)
Well configured supermarket providing 3,953 sq ft over ground and first floor
Let to Co-Operative Group Food Limited
Co-op have been in occupation of a larger foodstore to the rear for over 50 years
Downsize and re-site to the busier pitch with Sunday trading and modern format
New 15-year unbroken FRI lease at £93,000 per annum (£23.53 psf)
Five yearly upwards only rent reviews linked to CPI annually compounded – collared and capped at 1% and 3% per annum
Undoubted Covenant, D&B rated 5A1 – Net worth of over £10bn
1 x 1 bed apartment sold off on new 250-year lease at a peppercorn rent
Freehold
Offers over £1,750,000 (STC)
5.00% Net Initial Yield
5.66% Estimated Reversionary yield in 2025
6.41% Estimated Reversionary yield in 2030