243 - 245 Heathway Dagenham Essex RM9 5AN

243 - 245 Heathway
Dagenham
Essex
RM9 5AN

Freehold Retail and Residential Investment

Entirely let to Power Leisure Bookmakers Limited t/a Paddy Power until 2029 (no breaks) with guarantee
Two self-contained maisonettes located on upper floors
February 2019 rent review outstanding
Located approximately 100m from Dagenham Heathway Station
Popular East London suburb

Lot
31
Auction
4th April 2019
Rent
£65,000 per Annum Exclusive
Status
Sold
Price
£952,000
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

Interested?

Expand
Photos
Map

Freehold Retail and Residential Investment

Entirely let to Power Leisure Bookmakers Limited t/a Paddy Power until 2029 (no breaks) with guarantee
Two self-contained maisonettes located on upper floors
February 2019 rent review outstanding
Located approximately 100m from Dagenham Heathway Station
Popular East London suburb

Lot 31
Auction 4th April 2019
Rent £65,000 per Annum Exclusive
Status Sold
Price £952,000
Sector
High Street Retail
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

Property Information

Location

Miles: 3 miles south-east of Romford, 6 miles east of Stratford, 12 miles north-east of Central London
Roads: A12, A13, A406 (North Circular Road), M25 (Junction 28, 29), M11 (Junction 12)
Rail: Goodmayes and Chadwell Heath Railway Stations, Becontree (District Line), Dagenham Heathway (District Line)
Air: London City Airport

Situation

Dagenham is a popular East London suburb some 12 miles north-east of Central London. The property is situated in a highly prominent position on Heathway (A1240), opposite the Heathway Shopping Centre. The centre houses occupiers including Boots the Chemist, JD Sports and Wilko. Other nearby occupiers include Greggs, Iceland, Lidl and Tesco Express.

Tenure

Freehold.

Location

Miles: 3 miles south-east of Romford, 6 miles east of Stratford, 12 miles north-east of Central London
Roads: A12, A13, A406 (North Circular Road), M25 (Junction 28, 29), M11 (Junction 12)
Rail: Goodmayes and Chadwell Heath Railway Stations, Becontree (District Line), Dagenham Heathway (District Line)
Air: London City Airport

Situation

Tenure

Freehold.

Description

The property comprises a ground floor retail unit with part first floor ancillary accommodation. Part of the first floor and the entire second floor provide two self-contained two bedroom maisonettes which are accessed via dedicated entrances at the rear.

VAT

VAT is not applicable to this lot.

Completion Period

Six Week Completion

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

VAT

VAT is not applicable to this lot.

Completion Period

Six Week Completion

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Floor	Use	Floor Areas(Approx)		Tenant	Term	Rent p.a.x	Reviews
Ground First First/Second	Retail Ancillary Residential	153.60 sq m 10.06 sq m 2 x 2 bed maisonettes	(1,653 sq ft) (120 sq ft)	POWER LEISURE BOOKMAKERS LIMITED guaranteed by Paddy Power plc (1) (2)	15 years from 21/02/2014 until 20/02/2029 (3)	£65,000	21/02/2019 (outstanding) 21/02/2024
Total Commercial Area		163.66 sq m	(1,773 sq ft)			£65,000

(1) For the year ending 31 December 2017, Power Leisure Bookmakers Limited reported a turnover of £909,634,526, pre-tax profits of £98,717,065 and a total net worth of £41,015,809 (Source: Experian Group 19/02/2019).
(2) We understand the two residential flats have been sublet.
(3) The tenant did NOT exercise its February 2019 break option.