86 High Street

Description

Investment Summary
• Lewisham is a vibrant and densely populated borough in south east London, located approximately 6 miles south east of Central London.
• The area benefits from strong transport infrastructure, with fast travel to Central London and surrounding boroughs.
• Lewisham is one of the most densely populated London local authorities and was designated the Mayor’s London Borough of Culture.
• The Borough has undergone substantial regeneration, with recent and planned developments totalling approximately £2 billion.
• The property is let entirely to Power Leisure Bookmakers Ltd t/a Paddy Power until 10 October 2034 at a current rental of £88,000 per annum.
• The lease is guaranteed by Flutter Entertainment PLC, a company with $15.44 billion of revenue (Financial Times).
• There is a tenant break option on 11 October 2029.
• The lease is subject to an upwards-only open market rent review on 11 October 2029.
• We would apply an ERV of £100,677 per annum to the unit, reflecting £111 Zone A. Further information available upon request.

We are instructed to seek offers in excess of £1,040,000 (One Million and Forty Thousand Pounds Pounds), subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 8%, assuming standard purchaser’s costs. Adopting an ERV of £100,677 per annum, a purchase at quoting terms would reflect a reversionary yield of 9.15% in October 2029.