Iceland, Hornchurch, Greater London


23 North Street, Hornchurch, Essex, RM11 1RL

Offers in excess of
Type - Commercial
Tenant type - Supermarket
  • Tenure: Freehold
  • Gross Rent: £124,000
  • Lease Term: 25 years from 28th Feb '05
  • VAT applicable?: Y

Property Description

  • Freehold Blue-Chip Supermarket Investment in Greater London
  • The property is arranged on ground and part first floor to provide a large, 7,696 sq.ft. ground floor shop unit with office, storage and a loading area with a goods lift.
  • The property benefits from 24 marked car parking spaces.
  • The remainder of the 1st floor is occupied as a Church with D1 usge.

Location Description

  • Hornchurch is situated in the London Borough of Havering, approximately 3 miles south-east of Romford and 15 miles east of Central London.
  • The town is located between the A12 and A13 trunk roads and the M25 is situated approximately 3 miles to the east and is accessed via the A127 dual carriageway.
  • Hornchurch is also served by both rail and underground services (District Line).
  • The property is situated at the southern end of North Street and is accessed via Leather Lane.
  • Occupiers close by include McColl’s, Burton, Bairstow Eves, Nando's, Boots the Chemist, Greggs and Paddy Power.

Additional Notes

  • Ground and part first floor let to Iceland Foods Ltd with guarantor on a lease expiring in 2030 (no breaks).
  • The 2020 rent review has been agreed at £124,000 per annum, with this rent commencing immediately.
  • The rent is to be reviewed to the higher of the open market rental value or 2.5% compounded annually over the five year period based on the initial rent payable. The minimum rent following the 2025 review will therefore be £140,295 per annum.
  • The remainder of the first floor provides a Baptist Church which has been let to The Baptist Union Corporation Ltd on a long lease expiring in May 2137 at a peppercorn rent.

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