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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.
| 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 |
| 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 |
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.
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.
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