£551,000
(£989.23/sq. ft)
Property for saleNew Providence Wharf, Fairmont Avenue, London E14
From 557 - 2,229 sq. ft
Freehold
About this property
Local neighbourhood scheme
Close to Canary Wharf
Also available in two separate lots
Description
The commercial units, situated on the ground floor, are currently leased to high-quality tenants including La Mook café and Our Village Nursery, ensuring a steady income stream.
The building has undergone all fire safety checks (ESW1) associated with the cladding and no further remedial works are required.
Location
Located in the vibrant heart of East London, New Providence Wharf is a prime commercial property investment opportunity situated on The Isle of Dogs, close to the bustling Canary Wharf and the historic Billingsgate Fish Market. Developed by the renowned Ballymore Group in the early 2000's, this local neighbourhood scheme boasts a Radisson Blue hotel and 1,700 residential apartments.
The area is well-connected with excellent transport links, including nearby Canary Wharf and Blackwall stations, making it highly accessible for both residents and businesses.
New Providence Wharf offers a range of amenities, including a riverside park, retail outlets, a health spa, and a gym, providing a comprehensive living and working environment. The development is part of a larger, thriving community with stunning riverside views, contemporary design, and a wealth of excellent facilities.
Recent developments in the area include the completion of the Providence Tower, adding 43 storeys of luxury living with private balconies and breath-taking views. The ongoing transformation of the surrounding area continues to attract investment and interest, making this an ideal time to invest in this prime commercial property.
La Mook
La Mook is a café and deli celebrated for its delicious coffee, fresh sandwiches, pastries, and Italian-inspired dishes. La Mook have been a tenant in the property since 2009 renewing their lease for 10 years (outside the security of tenure provisions of the Landlord & Tenant Act) from 5th June 2019 thus expiring June 2029. The current passing rent is £12,532 pa (equivalent to £22.50 per sq.ft) which is subject to an outstanding rent review from June 2024. The tenant provides a rent security deposit of £4,658.
A virtual freehold (999 years from 2020) is available at an asking price of £230,000 + VAT (£412 per sq.ft) producing a niy of 5.3%.
Proposal
Both units on offer are available individually at the prices quoted above or combined for £551,000 + VAT (equivalent to £247 per sq.ft) producing a 7.37% niy.
No ground rent is payable with these units.
Anti Money Laundering
In accordance with the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017, the purchaser will be required to complete identity checks and provide evidence of the source of funds.
The commercial units, situated on the ground floor, are currently leased to high-quality tenants including La Mook café and Our Village Nursery, ensuring a steady income stream.
The building has undergone all fire safety checks (ESW1) associated with the cladding and no further remedial works are required.
Location
Located in the vibrant heart of East London, New Providence Wharf is a prime commercial property investment opportunity situated on The Isle of Dogs, close to the bustling Canary Wharf and the historic Billingsgate Fish Market. Developed by the renowned Ballymore Group in the early 2000's, this local neighbourhood scheme boasts a Radisson Blue hotel and 1,700 residential apartments.
The area is well-connected with excellent transport links, including nearby Canary Wharf and Blackwall stations, making it highly accessible for both residents and businesses.
New Providence Wharf offers a range of amenities, including a riverside park, retail outlets, a health spa, and a gym, providing a comprehensive living and working environment. The development is part of a larger, thriving community with stunning riverside views, contemporary design, and a wealth of excellent facilities.
Recent developments in the area include the completion of the Providence Tower, adding 43 storeys of luxury living with private balconies and breath-taking views. The ongoing transformation of the surrounding area continues to attract investment and interest, making this an ideal time to invest in this prime commercial property.
La Mook
La Mook is a café and deli celebrated for its delicious coffee, fresh sandwiches, pastries, and Italian-inspired dishes. La Mook have been a tenant in the property since 2009 renewing their lease for 10 years (outside the security of tenure provisions of the Landlord & Tenant Act) from 5th June 2019 thus expiring June 2029. The current passing rent is £12,532 pa (equivalent to £22.50 per sq.ft) which is subject to an outstanding rent review from June 2024. The tenant provides a rent security deposit of £4,658.
A virtual freehold (999 years from 2020) is available at an asking price of £230,000 + VAT (£412 per sq.ft) producing a niy of 5.3%.
Proposal
Both units on offer are available individually at the prices quoted above or combined for £551,000 + VAT (equivalent to £247 per sq.ft) producing a 7.37% niy.
No ground rent is payable with these units.
Anti Money Laundering
In accordance with the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017, the purchaser will be required to complete identity checks and provide evidence of the source of funds.
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