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Hallsville Quarter
Click Here and scroll down to see all the nearby businesses and street traders plan for all phases.
Hallsville Quarter is one of the largest London town centre regeneration projects, a partnership between Linkcity and the London Borough of Newham. This project forms part of the £3.7 billion Canning Town and Custom House Regeneration Programme.
The scheme is being delivered over five phases and will provide approximately 1,100 new homes, 30,000 sq.m / 322,917 sq ft of retail and leisure accommodation, new pedestrian links, cyclist provisions and 1,100 parking spaces.
After successfully opening Phases 1 and 2 of the development, Hallsville Quarter is now an active location, benefitting from a high level of footfall, partly supported by the 12 million annual footfall at Canning Town Station (opposite).
Phase 3 is currently underway, and the first phase completes in July 2023. This phase brings a further 620 new homes a new large food store, additional retail accommodation, and a 3-screen boutique cinema.
This is an exciting and brand-new neighbourhood in the heart of Canning Town which is already exceptionally busy and set to grow as the last three phases complete.
Accommodation
The property has been measured by BKR Floor plans and provides the following net initial floor areas:
| Net Frontage | 7.67 m | 25’2” |
| Gross Frontage | 8.31 m | 27’3” |
| Ground Floor NIA | 297,74 sq m | 3,205 sq ft |
| Zone A | 45.43 sq m | 489 sq ft |
| Zone B | 46.26 sq m | 498 sq ft |
| Zone C | 46.64 sq m | 502 sq ft |
| Remainder | 159.42 sq m | |
| Total GIA | 306.20 sq m | 3,296 ft |
A measured survey and set of floor plans are available to download. This will be assigned to a purchaser at a cost of £590 + VAT.
Tenure
The property is held on a long leasehold for 250 years less 10 days from 14th December 2012, expiring 4th December 2262 at a peppercorn rental. Therefore, there are over 239 years unexpired.
Further information can be downloaded from the data room.
Tenancy
The property is let to Superdrug Stores Plc on a new full repairing and insuring lease for a term of 10 years from 17th October 2018, expiring 16th October 2028.
The lease incorporates a tenant break option in October 2023, however the tenant did not exercise the break option. This demonstrates the tenant’s commitment to the location and property.
There is an upwards only rent review effective 17th October 2023.
Therefore, there are in excess of 5 years unexpired with no breaks.
The passing rent is £110,000 per annum.
Covenant
Superdrug Stores Plc (co. No. 00807043), has reported the following figures.
| 1 January 2022 | 26 December 2020 | 28 December 2019 | |
| Revenue | £1,167,828,000 | £1,111,403,000 | £1,303,797,000 |
| Pre-Tax Profits | £45,282,000 | £18,763,000 | £89,398,000 |
| Net Worth | £345,407,000 | £321,635,000 | £316,911,000 |
Founded in 1964, Superdrug is the second largest beauty and health retailer in the UK, with over 795 stores across the UK and Republic of Ireland – including 200 in-store pharmacies.
The company’s online channel saw significant growth over the last year with a 48.5% increase. Superdrug utilise their stores as centralised distribution centres for online business as well as retail shops. The company have also incorporated a ‘store to door’ delivery service providing customers with local deliveries within 2 hours. The Company’s pharmacy is also an important part of the customer offering with 198 NHS pharmacies across the UK.
For further information see www.superdrug.com.
Superdrug is part of the A.S. Watson Group, the world’s largest international health and beauty retailer with over 16,000 stores in 28 markets.
VAT
The property has been registered for VAT and it is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC) so that VAT will not be payable on the purchase price.
Proposal
We are instructed to seek offers of £1,480,000 (One Four Hundred and Eighty Thousand Pounds), subject to contract, reflecting a net initial yield of 7%, assuming standard purchaser’s costs of 6.09%.
Please note that a purchaser will be re-charged the costs of the measured survey (£590 + VAT), the searches (£1,985) which are provided in the data room and a Transaction Fee of £5,000 plus VAT.
Investment Considerations
An opportunity to acquire a property in the heart of one of London’s biggest regeneration schemes;
Well located property just 150 metres from Canning Town Station;
Next door to a Morrisons Superstore;
Superdrug Stores Plc reported – Revenue of £1.16 billion, Pre-Tax Profit of £45 million and a Net Worth of £345 million;
Over 5 years unexpired with no beaks remaining;
Superdrug did not exercise the October 2023 break option;
There are 3 more phases planned for Hallsville Quarter set to further improve Canning Town, the immediate vicinity and property;
The property was developed in 2018;
