Commercial - Essex
01206 216 565
1 St Botolphs Street, Colchester, Essex CO2 7DX
Retail Investment For Sale
Rent reserved £16,000 per annum
10 year lease renewal from July 2016 to established local businessman
Tenant to keep the property in good repair and condition
Prominent and busy corner location in the town centre
No lease breaks
6.95% Gross Initial Yield
Most active agency in Suffolk and North Essex Estates Gazette (February 2014)
Details A copy of the lease is available upon request.
Location The property occupies a prominent corner position at the junction of Short Wyre Street with Queen Street/St Botolphs Street to the eastern side of the town centre were various national occupiers are represented including Peacocks, Ladbrokes, Subway, Premier, Argos and Sainsbury’s. Colchester is an important regional centre located on the A12 trunk road and having a Borough population of approximately 155,000 and a catchment of 450,000 within a 20 minute drive. Colchester has a main line railway station with direct trains to London Liverpool Street Station.
Energy Performance Certificate The property has an EPC rating of D. Price Offers in the region of £230,000 are sought for the freehold interest. A sale at this level would generate a gross initial return of 6.95%.
Description
VAT
The property comprises a two storey Victorian building which provides an air conditioned open plan retail unit to the ground floor with staff and storage facilities to both the first floor and loft area which has been boarded out and fitted with a w.c. and wash hand basin.
The property is not VAT elected.
We also understand there is a small basement area which was inaccessible at the time of our inspection. Accommodation The premises provide the following accommodation and approximate net internal floor areas: Ground Floor Retail Area First Floor Loft area
382 sq ft 35.49 sq m 320 sq ft 29.73 sq m 242 sq ft 22.48 sq m
Total Floor area
944 sq ft
Viewing Strictly by prior appointment with the sole agents: Fenn Wright 1 Tollgate East, Stanway, Colchester, CO3 8RS
01206 216 565 fennwright.co.uk Contact: Steven Donnelly T. 01206 216557 E.
[email protected] Lewis Chambers T. 01206 216562 E.
[email protected] 87.7 sq m
Tenancy The property is let to a local businessman who we understand has been involved in the retail market in Colchester for some 35 years. The property is held by way of a lease renewal for a term of 10 years from the 29th June 2016 at a current rental of £16,000 per annum exclusive subject to upward only review on the 24th June 2021. The lease provides for the tenant to keep the property in good repair and condition and there are no break clauses. The lease is excluded from the Security of Tenure provisions under Sections 24—28 of the Landlord & Tenant Act 1954. Fenn Wright for themselves and for the vendors or lessors of this property whose agents they are give notice that: i.
The particulars are set out as a general outline for the guidance of intending purchasers or lessees; and do not constitute, nor constitute part of, an offer or contract.
ii. All descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given in good faith and are believed to be correct but any intending purchasers or lessees should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them. iii. The vendor or lessor does not make or give, and neither Fenn Wright nor any person in their employment has the authority to make or give, any representation or warranty whatsoever in relation to this property. iv. All statements contained in these particulars as to this property are made without responsibility on the part of Fenn Wright or the vendor/lessor. v. All quoting terms may be subject to VAT at the prevailing rate from time to time. vi. Fenn Wright have not tested any electrical items, appliances, any plumbing or heating systems and therefore, cannot give any warranty or undertaking as regards their operation or efficiency.
Particulars for 1 St Botolphs Street, Colchester, Essex CO2 7DX
Fenn Wright have Essex and Suffolk covered