Mixed use investment opportunity for sale in Colindale

This property is marketed by:
Colliers

The Northern Quarter is a 4.29 acre development comprising residential, retail, leisure and foodstore provision in the established London suburb of Colindale.

Key features

• Rare opportunity to acquire a freehold, modern mixed-use estate totalling 4.29 acres and anchored by Aldi and an M&S Foodhall.
• The Northern Quarter was completed in 2021 with a programme of improvement works completed in 2023.
• Situated on a prominent corner of Edgware Road, one of London’s busiest arterial roads, with over 20,000 vehicles passing on average each day.
• The estate comprises 64,758 sq ft GIA of modern commercial floorspace as well as 460 residential apartments across five buildings (all sold off on long leases) with dedicated car parking.
• Attractive foodstore income with 61% derived from Aldi (14.6 years unexpired) and M&S Foodhall (13.2 years unexpired) once all units are fully let. Other occupiers include Nando’s, Starbucks, Anytime Fitness and a Montessori Pre School.
• This is the largest Aldi in London totalling 25,500 sq ft having recently acquired the adjoining former Wilko’s unit.
• The property produces a total rental income of £1,166,382 per annum which will be topped up by the vendor to £1,331,382 per annum.
• Over 48% of the commercial income benefits from fixed or index linked rental uplifts providing guaranteed future income growth.
• The residential element produces a total ground rent of £53,499 per annum which benefits from 25 yearly RPI linked rent reviews.
• Excellent security of income with a WAULT of 13.6 years (10.8 years to break).

Location

Colindale is a rapidly growing London suburb, strategically situated in the London Borough of Brent in north west London. Colindale lies at the centre of a triangle with Edgware to the north, Harrow to the west and Brent Cross to the south. It is approximately 8 miles (13km) from Central London.