213-214 Upper Street, Islington

Prime London foodstore investment with significant residential potential

Disposal of a prominent and rare foodstore located in the heart of London’s vibrant Islington. Situated on highly prominent and fashionable Upper Street.
The property is single let to Budgens Stores Ltd (no breaks) until September 2027. It offered good potential for rental growth alongside significant future residential redevelopment potential.
Bruce Gillingham Pollard advised on the sale at a time when the London foodstore market was experiencing high demand from potential investors. Bruce Gillingham Pollard achieved a sale price of £5,350,000 reflecting a net initial yield of 3.62%.

Project Detail

The property comprises two traditionally constructed buildings which have been converted to form a single property. One part of the property is four-storey retail property over basement, ground and three upper floors while the other part does not have fourth storey.

The upper floors are currently under-utilised by the tenant; there is an opportunity to consolidate this space and redevelop the upper floors into residential (subject to planning). Furthermore, there is a large area of undeveloped flat roof space which provides the opportunity, subject to planning, to create and develop residential or commercial massing. There is also the opportunity to add an additional floor to part of the building.

A retained private client.
Please contact Harry Wills or Jack Barratt.