Iceland, Hornchurch, Greater London

23 North Street, Hornchurch, Essex, RM11 1RL

Basic Facts

Freehold Blue-Chip Supermarket Investment in Greater London
The property is arranged on ground and part first floor to provide a large, 7,696 sq.ft. ground floor shop unit with office, storage and a loading area with a goods lift.
The property benefits from 24 marked car parking spaces.
The remainder of the 1st floor is occupied as a Church with D1 usge.

Hornchurch is situated in the London Borough of Havering, approximately 3 miles south-east of Romford and 15 miles east of Central London.
The town is located between the A12 and A13 trunk roads and the M25 is situated approximately 3 miles to the east and is accessed via the A127 dual carriageway.
Hornchurch is also served by both rail and underground services (District Line).
The property is situated at the southern end of North Street and is accessed via Leather Lane.
Occupiers close by include McColl’s, Burton, Bairstow Eves, Nando’s, Boots the Chemist, Greggs and Paddy Power.

Ground and part first floor let to Iceland Foods Ltd with guarantor on a lease expiring in 2030 (no breaks).
The 2020 rent review has been agreed at £124,000 per annum, with this rent commencing immediately.
The rent is to be reviewed to the higher of the open market rental value or 2.5% compounded annually over the five year period based on the initial rent payable. The minimum rent following the 2025 review will therefore be £140,295 per annum.
The remainder of the first floor provides a Baptist Church which has been let to The Baptist Union Corporation Ltd on a long lease expiring in May 2137 at a peppercorn rent.