A town centre development opportunity with planning for 4 flats and retention of retail elements

Situated in the very heart of the town centre is this substantial detached building offering a prime mixed use redevelopment opportunity. Colchester is a garrison town with a comprehensive range of amenities on offer, home to the University of Essex and benefits from excellent transport links to the City by road on the easily accessible A12 and by mainline rail to London Liverpool Street Station which is less than an hour away. The property on offer had outline Planning Permission granted in February 2018 by Colchester Borough Council under Application No. 171972 for conversion into 4 flats (1 x 2 bedroom with en-suite & 3 x 1 bedroom) together with the retention of app. 1000 sq ft of retail space plus storage and the existing hairdressing salon. There is parking space for 3 cars to the side of the property and full drawings are available for download within the online Legal Pack. The hairdressing salon has been trading since 2016 and generates a rent of £400 per calendar month £4,800 pa), a new 3 year lease is currently being prepared with the provision for a rent increase to £450 per calendar month (£5,400 pa) in April 2019. The first floor is currently configured as a particularly spacious 2 bedroom flat and let on an Assured Shorthold Tenancy which is holding over and at a rent of £700 per calendar month. In our opinion there’s no doubt this represents an unmissable opportunity and strong interest from developers/investors is anticipated.

Tenure

Freehold

Viewing

Open days

Energy Efficiency Rating (EPC)

Current Rating D

Services

Interested parties are requested to make their own enquiries to the relevant authorities as to the availability of services.

Local Authority

Colchester Borough Council. Tel: 01206 282222

Solicitors

Ellisons Solicitors, 63-65 Station Road, Clacton on Sea CO15 1SD, Ref: Karen Healy, Tel: 01255 224623

Additional Fees

Administration Charge - 0.3% including VAT subject to a minimum of £840.00 including VAT

Disbursements - Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.