Montagu Evans advised Canmoor on the disposal of their long leasehold interest (173 years unexpired) to Golden Eye Developments for £4,430,000 in May 2019, reflecting a capital value of £447 psf and Net Initial Yield of 4.24%.
A unique opportunity to acquire an inner London warehouse on a secure, self-contained site of 0.51 acres. Montagu Evans’ industrial agency team acted for Canmoor on the occupational deal prior to the sale
• Positioned in an exceptionally well connected location, just 1 mile from the A13, providing direct access to Central London in just 20 minutes.
• The unit comprises 9,902 sq ft of industrial accommodation, comprehensively refurbished in 2018. Total income of £200,000, which reflects an immediately reversionary rent of £20.20 sq ft.
• Let to The Hireman (London) Limited on a brand new lease for a 10 year term expiring 6th November 2028.
• The property is held by way of a Long Leasehold interest from the Mayor and Burgesses of the London Borough of Newham for a term of 200 years from 25 March 1992 (173 years unexpired) at a peppercorn rent.
• The purchase reflected a capital value of £447 per sq ft; the highest value per sq ft achieved in Canning Town for industrial accommodation at the time of sale.