Heathcote & Star, E11

09 November 2017


Dear Sir / Madam,

Please follow the below link for details of the above property which is available freehold subject to lease.

This attractive corner property has a gross internal area of approximately 1,056 sq m (11,372 sq ft) and a site area of 0.28 acres (12,127 sq ft) including a large trade garden.

The whole building is let to Genius Star Limited (multi-site pub operator) for a term of 25 years from August 2017. The commencing rent is £155,000 per annum increasing to £185,000 per annum over the first five years.

Genius Star Limited have recently refurbished the trade areas at an estimated cost of £400,000 and the tenant has future plans to open a hotel in the upper floor accommodation (subject to necessary consents).

The lease is subject to a personal guarantee and a rent deposit of £93,000 (gross). The Tenant, Genius Star Ltd (operator of the nearby Leyton Star), is linked to Electric Star Pubs (http:// electricstarpubs.co.uk/). They currently operate five pubs in east and north London.

We are instructed by the vendor to seek offers in excess of £3,100,000 (subject to contract) reflecting a capital value of £272 per sq ft. An offer at this level would reflect net initial yield of 4.7%, after standard purchaser’s costs, increasing to 5.6% in the fifth year.

If you have any questions, please contact Michael Penfold on 020 7836 7826 or michael.penfold@agg.uk.com



Heathcote & Star, Leytonstone (business not affected)
Region: London
Tenure: Freehold
Price: Offers in excess of £2,900,000