Market Place, Romford

Prime ground floor retail investment (approx 6,984 square feet (649.11 square metres)) for sale, located in Romford town centre let to Iceland on a new 5-year lease from September 2024 with a rebased rent of £67,500 per annum. Offers are invited in excess of £775,000, which represents a gross yield of 8.7% and a very low capital value of approximately £110.97 per square foot.

Location - Located on Market Place fronting onto the historic Romford Market in the heart of Romford town centre. Romford is one of London’s key suburban commercial centres and lies 11 miles northeast of the City of London, 8 miles east of Stratford and 6 miles southwest of Brentwood. Romford town centre has a number of big-name tenants including Marks & Spencer, Primark, H&M, TK Maxx and Sainsbury’s. Nearby tenants include British Heart Foundation, Home Bargains, Primark, Travelodge and Sports Direct. Romford railway station is 0.2 miles away providing a regular service to Stratford and London Liverpool Street on the Elizabeth Line (Crossrail). The area benefits from excellent road connectivity with the A127, A12, A406, M11 and M25 all within easy reach. Romford town centre is well served by buses.

Please note all times and distances given are approximate only.

Description - A ground floor retail unit that forms part of a modern mixed-use block built between 2007-2008. The property has a gross internal floor area of 6,984 square feet (649.11 square metres). The property provides excellent frontage onto Romford Market. Please note that these sizes given are approximate only and the floor area has been provided by the Vendor. All interested parties are advised to rely on their own inspection and survey.

Tenancy - The property is let to Iceland Foods Ltd on 5-year lease from September 2024 with a current passing rent of £67,500 per annum, which equates to a rent of £9.66 per square foot.

Tenure - The property will be sold by way of a 999-year lease and subject to the existing occupational lease. The head lease will provide flexibility regarding future usage.

Vat - The property has been elected for VAT. We expect the sale can be treated as a transfer of a going concern (TOGC).

Terms - Offers are invited in excess of £775,000, which represents a gross yield of 8.7% and a very low capital value of approximately £110.97 per square foot.

Viewings - Viewings are strictly by appointment through sole agents Harston&Co.