1 Cobblestone Square, London, E1W 3AY

Description
This unit occupies a prominent ground floor corner position with outside seating onto a piazza overlooking Tobacco Dock and ancillary basement.

Location
Situated in the heart of Wapping, this property benefits from its proximity to London Dock and Tobacco Dock, two iconic landmarks in East London. The area is experiencing a cultural renaissance, transforming from its industrial past into a vibrant hub for entertainment, dining, and residential living. Wapping has become a hotspot for nightlife and cultural events. Tobacco Dock, a Grade I listed warehouse, hosts various events and conferences, adding to the area's vibrancy.

Tenancy
Il Bianco, a well-established restaurant known for its authentic Italian cuisine, has been a tenant in the building for several years. Their consistent performance and strong reputation ensure a reliable income stream for investors.

Further information can be found on their website

The current lease expires in February 2032 and currently pay an annual rent of £55,000 p.a (equivalent to £20 psf overall for the internal area) which is subject to a rent review in 2027. There is a separate outside seating area of 916 sq.ft held on licence. The landlord holds a deposit of £13,592.

Proposal
Offers sought at £590,000 + VAT for a virtual freehold (999 years from 2020 at a peppercorn rent). A sale at this level will produce a Net Initial Yield of 8.9% and a capital value of £215 per sq.ft.

Anti Money Laundering
In accordance with the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017, the purchaser will be required to complete identity checks and provide evidence of the source of funds.