Five New Row, Covent Garden, London

Property Features

• Prime Covent Garden Freehold.
• Grade II listed building with entrances onto the historic Goodwin’s Court.
• Located within the Covent Garden conservation area.
• 2,757 sq ft (256.2 sq m) of retail space (1,011 sq ft) arranged over basement and ground floors and two residential flats on the 1st & 2nd floors with a further maisonette on the 3rd & 4th floors (1,746 sq ft).
• The retail is let to WA Cafe, a Japanese Patisserie, for a term of 15 years expiring on the 3rd July 2029 leaving an unexpired term of 2.83 years. The current passing rent is £91,000 per annum. This equates to a low ground floor Zone A rate of £217 per sq ft.
• All three residential apartments are let on assured periodic tenancies producing a total current rent of £106,200 per annum with monthly rents ranging from £2,350- £4,000 pcm.
• The total combined passing rent is £197,200 per annum.
• Strong ESG credentials with the commercial element of the building scoring an EPC of B.
• The building benefits from retail frontage on New Row and onto Goodwin’s Court to the rear. There is a separate residential entrance located at the rear of the building via Goodwin’s Court.
• There is an opportunity to add further value in the future by extending and reconfiguring the third and fourth floors resulting in a 110 sq ft GIA increase.