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
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%.