Description
The commercial units, situated on the ground floor, are currently leased to high-quality tenants including La Mook café and Our Village Nursery, ensuring a steady income stream.
The building has undergone all fire safety checks (ESW1) associated with the cladding and no further remedial works are required.
Location
Located in the vibrant heart of East London, New Providence Wharf is a prime commercial property investment opportunity situated on The Isle of Dogs, close to the bustling Canary Wharf and the historic Billingsgate Fish Market. Developed by the renowned Ballymore Group in the early 2000's, this local neighbourhood scheme boasts a Radisson Blue hotel and 1,700 residential apartments.
The area is well-connected with excellent transport links, including nearby Canary Wharf and Blackwall stations, making it highly accessible for both residents and businesses.
New Providence Wharf offers a range of amenities, including a riverside park, retail outlets, a health spa, and a gym, providing a comprehensive living and working environment. The development is part of a larger, thriving community with stunning riverside views, contemporary design, and a wealth of excellent facilities.
Recent developments in the area include the completion of the Providence Tower, adding 43 storeys of luxury living with private balconies and breath-taking views. The ongoing transformation of the surrounding area continues to attract investment and interest, making this an ideal time to invest in this prime commercial property.
La Mook
La Mook is a café and deli celebrated for its delicious coffee, fresh sandwiches, pastries, and Italian-inspired dishes. La Mook have been a tenant in the property since 2009 renewing their lease for 10 years (outside the security of tenure provisions of the Landlord & Tenant Act) from 5th June 2019 thus expiring June 2029. The current passing rent is £12,532 pa (equivalent to £22.50 per sq.ft) which is subject to an outstanding rent review from June 2024. The tenant provides a rent security deposit of £4,658.
A virtual freehold (999 years from 2020) is available at an asking price of ÂŁ230,000 + VAT (ÂŁ412 per sq.ft) producing a NIY of 5.3%.
Our Village Nursery
Our Village Nursery provides high-quality childcare services for toddlers and pre-schoolers. Following the Curiosity Approach to early learning, the nursery offers a warm, nurturing environment with natural play spaces and authentic resources.
Further information can be viewed on their website
The original business was established in the unit in 2012 that was sold with the new owner recently renewing the lease.
10 year lease (held inside the security of tenure provisions of the Landlord & Tenant Act) from 6th August 2023 thus expiring on 5th August 2033. There is a tenants break option on 6th August 2028. The current passing rent is ÂŁ30,000 pa (equivalent to ÂŁ17.95 per sq.ft) with a rent review in August 2028. There is a rent deposit of ÂŁ5,400.
A virtual freehold (999 years from 2020) is available at an asking price of ÂŁ332,000 + VAT (ÂŁ200 per sq.ft) producing a NIY of 8.78%.
Proposal
Both units on offer are available individually at the prices quoted above or combined for ÂŁ551,000 + VAT (equivalent to ÂŁ247 per sq.ft) producing a 7.37% NIY.
No ground rent is payable with these units.
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.
