Retail and leisure investment opportunity in London’s ‘Tech Belt’ handed £16m price tag
A retail and leisure investment opportunity in the heart of London’s ‘Tech Belt’ has been placed on the market with a price tag of £15.95m, reflecting a net initial yield of 7.75%.
The subject property is located within Goodman’s Fields, a 7-acre mixed-use estate, and comprises 12 commercial units at ground floor level providing 38,717 sq ft of accommodation.
The 12 units are primarily let to retail, leisure, and food and beverage brands, with tenants including Amazon Fresh, Pizza Union, Boom Battle Bar, Power-Up Tavern, Kova Patisserie, 12X3 Boxing, Movement Labs, Zia Lucia, DanDan Noodle, Tian Tian Market, Sai Pharmacy, and Knife-Sliced Noodles.
Together the units generate an income of £1,320,462 per annum and have a weighted average unexpired lease term of 12.65 years to expiry and 8.91 years to break.
Located in Aldgate in close proximity to London’s financial district, the wider Goodman’s Fields estate is based on the site of a former check clearing office and comprises over 1 million sq ft of mixed-use accommodation, including more than 1,000 homes, a 250-bed hotel, and over 600 beds worth of student accommodation.
The surrounding area is home to a number of tech firms, such as Blockchain, Uber, Lebara, BT, Monzo, and Onfido.
CBRE and GCW have been appointed to market the property.