East London mixed-use block handed £2.7m price tag
A mixed-use block on the Royal Albert Wharf in East London has been placed on the investment market with a price tag of £2.74m, reflecting a net initial yield of 9%.
Gallions Place spans 15,906 sq ft and comprises 11 commercial units across three buildings, including retail and leisure spaces alongside a nursery. The development also features 240 homes.
Held on a virtual freehold of 250 years, the asset has a weighted average unexpired lease term of 14.84 years to expiry.
Gallions Place produces a total income of £263,425 per annum, with Co-op, Alphabet Nursery, and Starbucks accounting for 54% of the total income.
Located next to the University of East London and Gallions Reach DLR Station, the development also forms part of a wider commercial investment in the surrounding area, following construction of the new Elizabeth Line station at Custom House.
Green & Partners have been appointed to find a suitable buyer.