Sold
- Mixed Use
- Tenure: Freehold
Call the team on 01473 558 888 for more information
Fully let commercial/residential investment with reversionary potential. Current rental income of £19,950 per annum.
Situated on the fringe of the town centre is this substantial freehold mixed use investment comprising 5 first/second floor flats which have been sold on long leases, 2 retail units and a social club all of which have established tenants in situ. In addition, there is an advertising hoarding on the gable end of the property which has been let on an informal basis for £1500 pa. The flats were sold during 1988 on 99 year leases and each produce an annual Ground Rent of £50 which is subject to a Rent Review in 2021. With 71 years unexpired, requests for lease extensions are likely in the short to medium term which adds another dimension to this investment.
Tenure
Freehold
The tenants of the three ground floor units have all been in occupation for several years and the leases comprise as follows: Ground Rents - £250 pa ‘The Club’ – 15 year lease from February 2010 @ £5200 pa ‘Moving Places’ Estate Agency – 15 year lease from February 2010 @ £5200 pa ‘Jig’s’ Convenience Store – 6 year lease from February 2013 @ £7800 pa Hoarding Income - £1500 pa Total Rent Reserved £19,950pa Secure multiple income stream investments of this nature rarely come to the market and the competitive auction pricing is sure to stimulate considerable interest.
Viewing
Please contact the Auctioneer - 01473 558888
Energy Efficiency Rating (EPC)
Current Rating C (Memorial Club)
Services
Interested parties are requested to make their own enquiries to the relevant authorities as to the availability of services.
Local Authority
Tendring District Council. Tel: 01255 686868
Solicitors
Ellisons, Headgate Court, Head Street, Colchester, Essex CO1 1NP, Ref: Toby Kramers, Tel: 01206 764477
Important Notice to Prospective Buyers:
We draw your attention to the Special Conditions of Sale within the Legal Pack, referring to other charges in addition to the purchase price which may become payable. Such costs may include Search Fees, reimbursement of Sellers costs and Legal Fees, and Transfer Fees amongst others.
Additional Fees
Administration Charge - 0.3% inc VAT of the purchase price, subject to a minimum of £1,200 (£1,000+ VAT), payable on exchange of contracts.
Disbursements - Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.
