Woolwich retail investment handed £5m price tag
A retail block in Woolwich, London, has been placed on the market with an asking price of £5,000,000, reflecting a net initial yield of 8.4%.
68-72 Powis Street & Units 1-8, 68-86 Powis Street comprises 35,450 sq ft across eight retail units, with tenants including O2, Deichmann, and Savers.
The asset produces a rental income of £324,500 per annum and has a weighted average unexpired lease term of 3.7 years to expiry and 2.2 years to break.
Nearby retailers include Lidl, Iceland, Sports Direct, Tk Maxx, and Primark.
The wider property, which is a mixed-use block arranged over basement, ground, and three upper floors, includes 16 residential flats which have been sold off on a long lease.
Woolwich is designated as a major centre in London and has been identified as an “opportunity area”
for sustainable development in the London plan.
The vendor has taken advice from architects who have indicated options for the existing site, with the potential to add 15-32 new residential units.
Jackson Criss has been appointed to find a suitable purchaser.