Freehold Retail Investment with Planning Consent for Redevelopment
Let to various tenants including William Hill Organization Limited
Potential redevelopment and conversion opportunity – majority let without Security of Tenure
Planning permission for refurbishment and change of use to A3
Potential to convert to residential (subject to planning and the necessary consents)
Asset management opportunities
Popular Restaurant & Leisure destination with nearby tenants including Prezzo, Pizza Express and Café Rouge
For the Seller's Legal Pack, please click the Property Documents tab below
For a Buyer's Legal Report please click <a href="/media/32613/buyers legal report v4.pdf" target="_blank" title="Buyers legal report available">here</a>
Lot 39
Auction 11th February 2016
Rent £88,300 per Annum Exclusive
Status Sold
Price £875,000
Sector High Street Retail
Auction Venue Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
20 miles north-east of Romford, 38 miles north-east of Central London
Roads
A12, A4060, A414
Rail
Chelmsford Railway Station
Air
London Stansted Airport
Situation
The property occupies a prominent position on the northern side of Baddow Road, close to its junction with Moulsham Street and Parkway. Meadows Shopping Centre is located close by, housing occupiers including an Odeon Cinema, BHS, Wilko, Sports Direct, and other nearby occupiers include Prezzo, Pizza Express, Café Rouge, Hugo Boss and a number of independent restaurant and bar operators.
Tenure
Freehold.
Location
Miles
20 miles north-east of Romford, 38 miles north-east of Central London
Roads
A12, A4060, A414
Rail
Chelmsford Railway Station
Air
London Stansted Airport
Situation
The property occupies a prominent position on the northern side of Baddow Road, close to its junction with Moulsham Street and Parkway. Meadows Shopping Centre is located close by, housing occupiers including an Odeon Cinema, BHS, Wilko, Sports Direct, and other nearby occupiers include Prezzo, Pizza Express, Café Rouge, Hugo Boss and a number of independent restaurant and bar operators.
Tenure
Freehold.
Description
The property comprises five shops (arranged as four units) on the ground, part first and second/attic floors, with a self-contained restaurant arranged on the part first and part second attic floors accessed from Baddow Road.
Planning
The property is offered with the benefit of planning permission (dated 24/12/2014) for the refurbishment of 11-19 Baddow Road to comprise the part demolition and part removal of upper floor accommodation, change of use from part A1, part A2 and part A3 to A3 restaurant along with related works. For further information: Chelmsford City Council (Tel: +44 (0)1245 606826) (Application number 14/01625/FUL).
Six Week Completion
Buyer's Legal Report
For the ease and convenience of prospective buyers, to speed up the process of investigating a possible purchase and to minimise the legal costs an independent legal title report is available here.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises five shops (arranged as four units) on the ground, part first and second/attic floors, with a self-contained restaurant arranged on the part first and part second attic floors accessed from Baddow Road.
Planning
The property is offered with the benefit of planning permission (dated 24/12/2014) for the refurbishment of 11-19 Baddow Road to comprise the part demolition and part removal of upper floor accommodation, change of use from part A1, part A2 and part A3 to A3 restaurant along with related works. For further information: Chelmsford City Council (Tel: +44 (0)1245 606826) (Application number 14/01625/FUL).
Six Week Completion
Buyer's Legal Report
For the ease and convenience of prospective buyers, to speed up the process of investigating a possible purchase and to minimise the legal costs an independent legal title report is available here.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Unit
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reversion
11
Ground
Retail/Ancillary
34.00 sq m
(366 sq ft)
DESIGNER SECRET LIMITED (t/a Designer Secret)
Approximately 1 year and 8 months from 13/10/2015
£6,000
30/06/2017
13/15
Ground
Betting Office/Ancillary
87.98 sq m
(947 sq ft)
WILLIAM HILL ORGANIZATION LIMITED (1)
10 years from 25/12/2008
£32,750
24/12/2018
11/13/ 15
First Second/ Attic
Restaurant/ Ancillary
176.23 sq m 14.52 sq m
(1,897 sq ft) (156 sq ft)
YC CHENG & ML CHENG (t/a Imperial Restaurant)
20 years from 25/12/1997
£25,000
24/12/2017
17
Ground First Second/ Attic
Retail/Ancillary Retail/Ancillary Ancillary
31.80 sq m 26.10 sq m 5.11 sq m
(342 sq ft) (281 sq ft) (55 sq ft)
T. FRANKEL (t/a Now and Then)
2 years from 25/12/2014 (2) at £1,083.33 pcm
£13,000(3)
24/12/2016
19
Ground First Second/ Attic
Retail/Ancillary Ancillary Ancillary
40.05 sq m 25.30 sq m 5.11 sq m
(431 sq ft) (272 sq ft) (55 sq ft)
ITEK IPHONES LIMITED (t/a Mobile Phones Sales & Repair)
2 years from 01/07/2015
£11,550
30/06/2017
Totals
446.10 sq m
(4,802 sq ft)
£88,300 (3)
(1) For the year ending 30th December 2014, William Hill Organization Limited reported a turnover of £895,275,000, pre-tax profits of £284,209,000 and a total net worth of £-685,427,000. (Source: www.riskdisk.com 05/01/2016) (2) The lease is subject to a landlord or tenant break option at any time after 25th December 2014, subject to three months’ written notice. The tenant served notice on 15th December 2015 requesting to vacate the property by 14th March 2016. (3) Annual Equivalent Rent.
