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Grants Entertainment Centre, 12-32 High Street, Croydon CR0 1RE

Status: Sold

Date: 01 April, 2015

Type: Alternatives

Details: Download PDF

Grants Entertainment Centre, 12-32 High Street, Croydon

  • Central Croydon’s only dedicated leisure scheme.
  • Located on High Street, 50 metres from North End Croydon’s principal pedestrianised shopping street and conveniently accessible for numerous bus and tram routes through central Croydon.
  • Highly accessible location 2-3 minutes’ walk from The Whitgift Centre and Centrale, soon to be Westfield.
  • Prominent modern purpose built 160,840 sq ft leisure scheme comprising:
  • Virgin Active Health Club with 20m pool
  • 10 Screen Multiplex VUE cinema
  • Tiger Tiger and Reflex bar/nightclub
  • Lloyds No 1 bar and restaurant
  • Nando’s restaurant
  • Vacant restaurant unit
  • Let to 6 tenants on 7 leases producing an income of £2,830,636 per annum with contracted rental uplifts in March 2017 to £3,069,836 and March 2022 to £3,347,134.

  • Excellent income security with 82% of rental income from D&B 5 A1 rated covenants.

  • Highly attractive long term income with 12.36 years

  • AWULT with no break clauses.
  • Croydon is an exciting growth location with a proposed capital investment programme of over £5bn, with over 9,500 new homes expected over the next 5 years.
  • Numerous asset management opportunities to enhance the scheme.
  • Excellent provision of local town centre car parks.
  • Seeking offers in excess of £34,525,000 (thirty four million five hundred and twenty five thousand pounds), subject to contact and exclusive of VAT.
  • Attractive net initial yield of 7.75% with an anticipated reversion on letting vacant unit to 7.88% with further fixed rental increases (VUE fixed uplift) in March 2017 to 8.53% and in March 2022 to 9.29%, after purchasers’ costs of 5.8%.