1-5 Cobblestone Sq - Park Vista Tower 2,744 SF Retail Unit Offered at £590,000 in London E1W 3BA
INVESTMENT HIGHLIGHTS
- Outside Seating
- Commercial restaurant investment
- Long established tenant
- Next to Tobacco Dock in Wapping
- Let until 2032
EXECUTIVE SUMMARY
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.
PROPERTY FACTS
| Price | £590,000 |
| Unit Size | 2,744 SF |
| No. Units | 1 |
| Total Building Size | 12,559 SF |
| Property Type | Retail (Unit) |
| Property Subtype | Restaurant |
| Sale Type | Investment |
| Building Class | B |
| Number of Floors | 1 |
| Typical Floor Size | 12,559 SF |
| Year Built | 2020 |
| Lot Size | 1.97 AC |
1 UNIT AVAILABLE
Unit 1
| Unit Size | 2,744 SF |
| Price | £590,000 |
| Price Per SF | £215.01 |
| Unit Use | Retail |
| Sale Type | Investment |
| Tenure | Long Leasehold |
| Net Initial Yield | 8.90% |
| NOI | £52,510 |
DESCRIPTION
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.
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.
SALE NOTES
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.
AMENITIES
- Courtyard
- Restaurant
- Storage Space
NEARBY MAJOR RETAILERS
