Streatham High Road, London, SW16

SIZE AVAILABLE

47,143 sq ft

4,380 sq m

SECTOR

Leisure facility for sale

2

Key features

• Strategically located on a 0.82 acre (0.33ha) site on Streatham High Road, situated in close proximity to both Streatham and Streatham Hill stations in South London.
• Streatham is a district in Lambeth benefitting from a growing population and a high population density, comprising a diverse demographic and socio-economic mix.
• Odeon is the dominant operator in the area facing limited competition from more expensive boutique operators such as Picturehouse, West Norwood (4 screens) circa 2 miles east and Everyman, Crystal Pal
• The property is held Freehold (382934) and comprises an 8-screen cinema with 1,364 modern seats arranged within a 47,143 sq ft (4,380 sq m GIA) building.
• Asset management opportunity to contribute to a 'LUXE' upgrade in return for a lease restructure.
• Let to Odeon Cinemas Ltd (1854132) on a 25-year lease expiring 30/06/2038, offering 13.3 years term certain. The Tenant has an option to renew the lease for a further 10 years at expiry.
• The rent is reviewed annually in July to RPI with a collar and cap of 1% and 5%.
• Odeon Cinemas Ltd offer a D&B Rating of 4A2.
• The current rent passing with effect from 1st July 2024 is £483,392.12pa, reflecting a rate psf (NLA) of £13.82, the next review will fall due on 1st July 2025 where we have assumed a 3.25% uplift
• £6,475,000 (Six Million Four Hundred and Seventy Five Thousand Pounds), reflecting a Net Initial Yield of 7.00% once standard purchaser's costs have been deducted. Exclusive of VAT.

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