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Acquisition of an East Ham investment property located at 1 Pilgrims Way, E6 1HT
We are delighted to announce the acquisition of an East Ham investment property located at 1 Pilgrims Way, E6 1HT.
About the property
The subject property is located on the south side of Pilgrims Way immediately west of the intersection with the High Street which is East Ham’s principal retail pitch. East Ham benefits from fantastic transport links with both the Hammersmith & City Line and the District Line easily accessible from the property. East Ham is one of the 35 Major Hubs identified in the London Plan.
The subject East Ham investment property is held freehold and is let to Tesco Stores Ltd. For an unexpired term of 14 years. It has a passing rent of £104,586.30 per annum and 5 yearly retail price index (RPI) linked rent reviews with a collar and cap of 1% and 4% per annum. The next review is on 14th October 2023. The property totals 4,272 square feet and is in a highly prominent location with large frontage in an exciting part of East London which is undergoing significant regeneration.
In the immediate vicinity of the property is a major mixed-use scheme being developed by East Ham Regeneration Ltd. and Barratt London. The new development will provide 227 new apartments and homes as well as 21,500 square feet of retail space with an anticipated completion date of late 2021. The investment property purchased is well located to take advantage of this increased residential massing and we anticipate increased footfall to the area as a direct result of this scheme.
The subject East Ham Investment property also benefits from an excellent covenant from Tesco Stores Ltd (company no: 00519500) which is a wholly owned subsidiary of Tesco PLC – the UK’s leading food retailer which has a 27% share of the UK grocer market. With 7,000 stores worldwide, they are one of the world’s top 10 retailers and a FTSE 100 listed company with a market capitalisation of approximately £23.5bn.
Speaking to our Board Director Damien Field, he stated: “We were delighted to have completed on the acquisition of this property benefitting from an excellent covenant. We look forward to completing more transactions throughout Greater London as the department continues to search across the country in order to find the properties which best fit each client’s specific requirement. I would also like to thank James Routledge of Matthews & Goodman who acted for the vendor.