132-134 Essex Rd 2,489 SF Retail Building London N1 8LX $1,582,170 CAD ($635.66 CAD/SF) 6.76% Cap Rate

Location:
This property is located at the southern end of Essex Road, positioned within a bustling local parade that features a blend of national and independent retailers. It benefits from excellent public transport links, with Essex Road Railway Station just a 3-minute walk away, Highbury and Islington Underground Station approximately 12 minutes on foot, and several bus routes servicing the area.
Description:
A freehold investment opportunity featuring a prominent convenience store in the heart of Islington, supported by a strong covenant.
Accommodation:
Ground Floor: 2,489 sq. ft. (231 m²)
(Note: The above measurements are approximate and based on net internal area.)
Tenure:
Freehold, subject to commercial tenancy.
Tenancy Information:
The property is leased to Nisa Enterprises for a term of 10 years commencing June 2018, through an assignment with the Co-op Group, subject to an Authorised Guarantee Agreement (AGA). It is noted that the lease falls within the Landlord and Tenant Act 1954.
Passing Rent:
£57,500 per annum exclusive.
Covenant:
Co-operative Group is one of the largest consumer co-operatives globally, owned by millions of members. It ranks as the sixth-largest food retailer in the UK, operating over 2,500 local, convenience, and medium-sized stores. Additionally, they are the UK’s leading funeral services provider, a significant general insurer, and a growing legal services provider. With nearly 70,000 employees, Co-operative Group is recognized for its clear financial and operational objectives, as well as its leadership in social goals and community-focused initiatives.
Price:
Offers are invited in the region of £850,000, subject to contract and existing tenancies. This price reflects a net investment yield of 6.5% and a gross yield of 6.8%.
VAT:
The property is not registered for VAT.