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1 Fairmont Ave - Providence Tower 557 SF Retail Condo Unit Offered at $309,310 in London E14 9PB



INVESTMENT HIGHLIGHTS
- Heavy foot traffic
- Great transport links
- Great views of the River Thames
EXECUTIVE SUMMARY
Located in the vibrant heart of East London, New Providence Wharf is a prime commercial property investment opportunity situated on The Isle of Dogs, close to the bustling Canary Wharf and the historic Billingsgate Fish Market. Developed by the renowned Ballymore Group in the early 2000's, this local neighbourhood scheme boasts a Radisson Blue hotel and 1,700 residential apartments. The area is well-connected with excellent transport links, including nearby Canary Wharf and Blackwall stations, making it highly accessible for both residents and businesses. New Providence Wharf offers a range of amenities, including a riverside park, retail outlets, a health spa, and a gym, providing a comprehensive living and working environment. The development is part of a larger, thriving community with stunning riverside views, contemporary design, and a wealth of excellent facilities. Recent developments in the area include the completion of the Providence Tower, adding 43 storeys of luxury living with private balconies and breath-taking views. The ongoing transformation of the surrounding area continues to attract investment and interest, making this an ideal time to invest in this prime commercial property.
PROPERTY FACTS
| Total Building Size | 14,000 SF | Floors | 18 |
| Property Type | Retail (Condo) | Typical Floor Size | 778 SF |
| Property Subtype | Storefront Retail/Office | Year Built | 2008 |
| Building Class | B | Lot Size | 2.34 AC |
| Total Building Size | 14,000 SF |
| Property Type | Retail (Condo) |
| Property Subtype | Storefront Retail/Office |
| Building Class | B |
| Floors | 18 |
| Typical Floor Size | 778 SF |
| Year Built | 2008 |
| Lot Size | 2.34 AC |
AMENITIES
- Atrium
- Property Manager on Site
- Signage
- Waterfront
- Balcony
1 UNIT AVAILABLE
Unit 7
| Unit Size | 557 SF | Sale Type | Investment |
| Price | $309,310 | Tenure | Freehold |
| Price Per SF | $555.31 | Cap Rate | 5.30% |
| Condo Use | Retail | NOI | $16,393.44 |
| Unit Size | 557 SF |
| Price | $309,310 |
| Price Per SF | $555.31 |
| Condo Use | Retail |
| Sale Type | Investment |
| Tenure | Freehold |
| Cap Rate | 5.30% |
| NOI | $16,393.44 |
DESCRIPTION
La Mook is a café and deli celebrated for its delicious coffee, fresh sandwiches, pastries, and Italian-inspired dishes.
SALE NOTES
Prime investment opportunity near Canary Wharf is currently leased by La Mook. La Mook have been a tenant in the property since 2009 renewing their lease for 10 years from 5th June 2019 thus expiring June 2029. The current passing rent is £12,532 pa (equivalent to £22.50 per sq.ft) which is subject to an outstanding rent review from June 2024. The tenant provides a rent security deposit of £4,658. A virtual freehold (999 years from 2020) is available at an asking price of £230,000 (£274 per sq.ft) producing a NIY of 5.3%.
NEARBY MAJOR RETAILERS
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1 Fairmont Ave - Providence Tower
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