Overview

Description

Executive Summary

A rarely available freehold site comprising of 21,163 sqft (0.48 acre) let to Iceland Foods Limited at a current low passing rent of £105,000.00 per annum until 2030 with a tenant break option in 2025.

Location

The site is situated within the Wealdstone area of the London Borough of Harrow. 11 miles north west of central London.

The site has a PTAL rate of 4/5 and is 0.3 miles from Harrow & Wealdstone Overground & Underground Station providing access into London Euston in 16 minutes.

Nearby retailers include Boots, Santander, Halifax and Asda.

The Site

The site offers a unique opportunity to an investor or developer who are looking to acquire a site in a significant regeneration area to let to a secure tenant (Creditsafe score 97 out of 100).

The site has low site coverage with the existing building at ground floor totalling 6,231 sqft.

Floor Area

Retail 6,231 sqft / 578.84 sqm
Loading & Stores 1,167 sqft / 108.41 sqm
First Floor W/C & Plant 360 sqft / 33.40 sqm

Total Retail Area 7,758 sqft / 33.40 sqm
Site Area 21,163 sqft /0.48 Acres

Transport & Connectivity

Overground, Bakerloo & The Southern Service (fast train into Euston in 16 mins)

Lease / Tenancies

The entire site is let to Iceland Foods Limited for a term of 25 years from 2005 subject to a tenant option to determine on 28 February 2025, subject to a minimum of 12 months’ notice. The current passing rent is £105,000.00 per annum exclusive.

Covenant Strength

We understand that Iceland Foods Limited (company no. 01107406) have a Creditsafe score of 97 out of 100 indicating low risk.

Planning

We understand that the site sits with the Harrow & Wealdstone Opportunity Area and is within the Primary Shopping Area.

We understand the site is not an allocated site in the Local Plan and is not protected.

To the best of our knowledge the existing use of the site falls within the new Use Class E which includes the former A1 (shops), A2 (financial and professional), A3 restaurants and cafes), B1 (office), as well parts of D1 (non-residential institutions) and D2 (assembly and leisure)

The site may be suitable for redevelopment STPP given the low site density and significant regeneration going on in the area.

Prospective purchasers should make their own enquiries with the Harrow Council Planning department in this regard.

Our client has had three feasibility studies prepared for the site in order to establish what may be able to be achieved on the site subject to discussions with the existing tenant and subject to planning

Feasibility Study 1

Residential

The scheme comprises of 85 residential units over a 12 storey, 5 storey, and 4 storey block from east to west. At ground floor to the front of the site was commercial space of 5,490 sqft.

Feasibility Study 2

Residential & Hotel

This scheme comprises of 75 residential units & 120 hotel rooms over a 12 storey, 5 storey and 4 storey block from east to west.

Feasibility Study 3

The scheme comprises of 182 student accommodation units over a 12 storey block, 5 storey block and 4 storey block again from east to west.

A copy of our clients architects 3 feasibility studies are available upon request.

Title

The property is registered at the Land Registry under Title Number NGL667079

Seeking Expression Of Interest

Offers are sought on an unconditional basis for the freehold interest of the site subject to the tenancies above and should be submitted electronically to retained sole agents

For further information, please contact:

George Moriarty

Location

Gallery