Romford Property Sold by RIB’s Investment Team
Our highly successful Investment department have sold a Romford property located at 99-103 South Street, RM1 1NX.
About the property
Romford is located in East London within the London Borough of Havering. Romford is a major metropolitan centre with a population of approximately 36,000. It has been identified as one of the major metropolitan centres within the London Plan along with Brixton and many other well-known London districts. Romford as an area is first recorded in 1177 and its name means “the wide ford” and the regionally important Romford Market was first established in the area in 1247. Romford first became part of Greater London in 1965, having previously been part of Essex.
The subject Romford property totals approximately 5,495 square feet and is mixed use. The ground floor sales floor totals 3,150 square feet, with a first floor office totalling 665 square feet, a second floor office comprising 725 square feet, and a first and second floor self-contained flat totalling 955 square feet. The property is let to JD Wetherspoon PLC who are trading as the Moon and Stars. JD Wetherspoon had a strong covenant with a turnover of £1.54bn and a pre tax profit of £58.73m and shareholders’ funds of £222.89m. The ground floor premises has an A4 use and JD Wetherspoon’s lease expires on 31st January 2024 with a reversion on 1st February 2014.
The passing rent for this Romford property is £113,250 per annum (£29 psf) which at a price of £2,490,000 (capital value 453 psf) gives a yield of 4.28%. We were delighted to have sold this mixed use property in Romford as our investment team continues to conduct business throughout Greater London and the rest of the UK.
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