Waterside Marina Residential and Retail Complex Brightlingsea Essex CO7 0GB

Waterside Marina
Residential and Retail Complex
Brightlingsea
Essex
CO7 0GB

Freehold Landmark Residential and Retail Investment

  • Includes a 50 Berth Marina, 12 Retail Units, 125 Residential Flats (43 let on Assured Shorthold Tenancies) and 8 Town Houses (2 let on Assured Shorthold Tenancies)
  • Approximate site area of 3 hectares (7.44 acres)
  • Car parking for approximately 260 cars
  • Active Management Potential
  • Nearby occupiers include Colne Yacht Club, Brightlingsea Sailing Club and Brightlingsea Harbour
  • For the Seller's Legal Pack, please click the Property Documents tab below
  • Lot
    15
  • Auction
    19th May 2016
  • Rent
    £483,430 per Annum
  • Status
    Sold
  • Price
    £6,600,000
  • Sector
    Leisure
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
  • On the Instructions of the Joint LPA Receivers
Important Update
  • Expand
  • Photos
  • Map

* More information on the term "guide" can be found here

Freehold Landmark Residential and Retail Investment

  • Includes a 50 Berth Marina, 12 Retail Units, 125 Residential Flats (43 let on Assured Shorthold Tenancies) and 8 Town Houses (2 let on Assured Shorthold Tenancies)
  • Approximate site area of 3 hectares (7.44 acres)
  • Car parking for approximately 260 cars
  • Active Management Potential
  • Nearby occupiers include Colne Yacht Club, Brightlingsea Sailing Club and Brightlingsea Harbour
  • For the Seller's Legal Pack, please click the Property Documents tab below
  • Lot 15
  • Auction 19th May 2016
  • Rent
  • Status Sold
  • Price £6,600,000
  • Sector
    Leisure
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
  • On the Instructions of the Joint LPA Receivers

Property Information

Location
Miles
65 miles north-east of London, 10 miles south-east of Colchester, 28 miles north-east of Maldon
Roads
A12, A113, A120, M11
Rail
Clacton-on-Sea Railway, Great Bentley Railway
Air
London Stansted Airport, London Southend Airport, London City Airport, London Gatwick Airport
Situation

Brightlingsea is an Essex coastal town situated some 65 miles north-east of London on the River Colne and Blackwater Estuary. The town is popular with seasonal day trippers to its Blue Flag rated beach and is a haven for sailors. Waterside Marina is situated immediately to the south of the town centre, close to the popular Blue Flag Beach and adjacent to Brightlingsea Harbour.

Tenure

Freehold.

Location
Miles
65 miles north-east of London, 10 miles south-east of Colchester, 28 miles north-east of Maldon
Roads
A12, A113, A120, M11
Rail
Clacton-on-Sea Railway, Great Bentley Railway
Air
London Stansted Airport, London Southend Airport, London City Airport, London Gatwick Airport
Situation

Brightlingsea is an Essex coastal town situated some 65 miles north-east of London on the River Colne and Blackwater Estuary. The town is popular with seasonal day trippers to its Blue Flag rated beach and is a haven for sailors. Waterside Marina is situated immediately to the south of the town centre, close to the popular Blue Flag Beach and adjacent to Brightlingsea Harbour.

Tenure

Freehold.

Description

The property comprises a modern and substantial landmark development comprising a marina which can accommodate approximately 50 vessels, and 6 detached buildings comprising some 12 retail units, a terrace of 8 town houses and 125 self-contained residential flats. The property benefits from a subterranean car park for approximately 260 cars. The property also benefits from a site area of approximately 3 hectares (7.44 acres), which includes an area of beach and two separate areas of undeveloped land which is let on long leases. The marina has recently undergone a significant dredging programme that will facilitate larger vessels to use the marina, which may enhance the desirability of the flats and the retail units.

Note
The purchaser will pay 3% plus VAT of the purchase price towards the Vendor’s costs.

Six Week Completion

This property is being marketed for sale on behalf of the Joint Law of Property Act Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Joint Law of Property Act Receivers to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Joint Law of Property Act Receivers are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

The property comprises a modern and substantial landmark development comprising a marina which can accommodate approximately 50 vessels, and 6 detached buildings comprising some 12 retail units, a terrace of 8 town houses and 125 self-contained residential flats. The property benefits from a subterranean car park for approximately 260 cars. The property also benefits from a site area of approximately 3 hectares (7.44 acres), which includes an area of beach and two separate areas of undeveloped land which is let on long leases. The marina has recently undergone a significant dredging programme that will facilitate larger vessels to use the marina, which may enhance the desirability of the flats and the retail units.

Note
The purchaser will pay 3% plus VAT of the purchase price towards the Vendor’s costs.

Six Week Completion

This property is being marketed for sale on behalf of the Joint Law of Property Act Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Joint Law of Property Act Receivers to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Joint Law of Property Act Receivers are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Building Unit Floor Use (2) Floor Areas (Approx)
sq m (sq ft)
Tenant Term Rent p.a.x
Marina           GOING CONCERN
(5)
  £57,200
(3)
Building A. The Hard 1 and 2   2 x Town Houses
3 to 4 Rooms
INDIVIDUALS Let on Separate Assured Shorthold
Tenancies
£24,540
Building A. The Hard 3 – 8   6 x Town Houses
3 to 4 Rooms
INDIVIDUALS Each let for a term of 199 years from 24th
April 2004 until 2203
£1,500
Building B. The Boat
House
1 to 12 and 14 to 23
and 25 to 39
Ground to
2nd
18 x 2 Bedroom, 9 x 3
Bedroom
and 10 x 1 Bedroom Flats
INDIVIDUALS Each let for a term of 199 years from 24th
April 2004 until 2203
£9,250
Building B. The Boat
House
13 and 24 Ground and
1st
2 x 1 Bedroom Flats
INDIVIDUALS Let on Separate Assured Shorthold
Tenancies
£14,280
Building D. The Colne 2 to 16 and
18 to 39
Ground to
2nd
17 x 2 Bedroom, 8 x 3
Bedroom
and 12 x 1 Bedroom Flats
INDIVIDUALS Each let for a term of 199 years from 24th
April 2004 until 2203
£9,250
Building D. The Colne 1 and 17 Ground and
1st
1 x 2 Bedroom and 1 x 3
Bedroom Flats
INDIVIDUALS Let on Separate Assured Shorthold
Tenancies
£17,640
Building G. Harbour
Square West
Unit 3 to 6 Ground 4 x Retail Units
275.28 sq m
(2,963 sq ft)
VACANT
POSSESSION
   
Building G. Harbour
Square West
Unit 7 and 8, 11 to
20 and
22 and 24 to 29
Ground to
2nd
13 x 2 Bedroom, 4 x 1
Bedroom
and 2 x 3 Bedroom Flats
INDIVIDUALS Let on Separate Assured Shorthold
Tenancies
£156,120
Building G. Harbour
Square West
Unit 9 and 10 Ground 2 x 1 Bedroom Flats
VACANT
POSSESSION
   
Building G. Harbour
Square West
21 and 23 2nd 2 x 2 Bedroom Flats
INDIVIDUALS Let for a term of 199 years from 24th April
2004 until 2203
£500
Building H. Harbour
Square East
Unit 1 Ground Retail
TRISCINI LIMITED Let for a term of 5 years from 28th March
2014 until 2019
£9,500
Building H. Harbour
Square East
Unit 2 Ground Retail
340.86 sq m
(3,669 sq ft)
VACANT
POSSESSION
   
Building H. Harbour
Square East
30 to 35 and 37
and 40
1st and 2nd 3 x 1 Bedroom and 5 x 2
Bedroom Flats
INDIVIDUALS Let on Separate Assured Shorthold
Tenancies
£67,200
Building H. Harbour
Square East
36, 38, 39, 41 2nd 1 x 1 Bedroom and 3 x 2
Bedroom Flats
INDIVIDUALS Each let for a term of 199 years from 24th
April 2004 until 2203
£1,000
Building K. 165 Sydney
Street
F1 and F2 Ground 2 x Retail Units
155.70 sq m
(1,676 sq ft)
VACANT
POSSESSION
   
Building K. 165 Sydney
Street
F3 to F6 1st and 2nd 4 x 2 Bedroom Flats
INDIVIDUALS Let on Separate Assured Shorthold
Tenancies
£28,740
Building L. 42-48
Waterside
42 Ground Retail
92.61 sq m
(997 sq ft)
HAMPSTEAD
HOMES LTD
Let for a term of 199 years from 24th April
2004 until 2203
£300
Building L. 42-48
Waterside
44 Ground Retail
74.55 sq m
(802 sq ft)
HAMPSTEAD
HOMES LTD
Let for a term of 199 years from 24th April
2004 until 2203
£300
Building L. 42-48
Waterside
46 Ground Retail
69.00 sq m
(743 sq ft)
VACANT
POSSESSION
   
Building L. 42-48
Waterside
48 Ground Retail
73.50 sq m
(791 sq ft)
INDIVIDUAL
(t/a AJ Newsagent)
5 years from 1st March 2010. Holding over £10,000
Building L. 42-48
Waterside
1 to 8 1st and 2nd 8 x 2 Bedroom Flats
INDIVIDUALS Let on Separate Assured Shorthold
Tenancies
£57,240
Transformer Chamber     Electricity Substation
  Let for a term of 199 years from 24th April
2004 until 2203
 
Sites
(To be buildings E, F, I,
J, & M) (6)
2 x Undeveloped Sites with consent applied for
47 Residential Flats and 5 Town Houses (6)
    PURELAKE NEW
HOMES LIMITED
(5)
Subject to a Development Agreement £13,250 (6)
Beach           INDIVIDUAL
(t/a Terry’s Fresh
Fish)
Rolling Licence Agreement £1,300
Car Parking   Lower
Ground
6 x Car Parking Spaces     INDIVIDUALS Majority let on Periodic Tenancies £4,320
Totals               £483,430
(3) (6)

(1) The Seller has served notices on the residential long leases pursuant to Section 5b of the Landlord and Tenant Act 1987.
(2) Each unit has at least 1 car parking space allocation. See legal pack for details.
(3) The rent stated above assumes the £57,200 income produced from the Marina for the year ending 31st March 2015.
(4) The Assured Shorthold Tenancy income stated above is correct at the time of going to print and is subject to change.
(5) The running of the marina is managed by agent directly for the seller.
(6) There are 2 sites within the Freehold site being offered for sale that are subject to a Development Agreement between the Receivers and Purelake New Homes Limited. The Development Agreement is subject to planning consent (Application Nos 15/01332/NMA, 15/01331/NMA, 15/01330/NMA and 15/01328/FULL), which is anticipated by the Receivers to be granted imminently. Upon completion of this development and sale of the individual units, the buyer will benefit from ground rents totalling £13,250.

Property Documents

  • Catalogue Page
    Updated Date
    30.10.19
    File Size
    1 MB
    View PDF
  • Common Auction conditions
    Updated Date
    10.06.21
    File Size
    168 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
John MehtabJohn Mehtab +44 (0)20 7034 4855 +44 (0)7899 060 519john.mehtab@acuitus.co.uk
Associate Auctioneers
Fenn Wright 20 Duke Street
Chelmsford
Essex
CM1 1HL
Roger Hayward 01245 292825rphh@fennwright.co.uk
Seller's Solicitors
Brecher LLP 4thFloor, 64 North Row
London
W1K 7DA
Judith Stacy 020 7563 1030jstacy@brecher.co.uk

Useful Links

Acuitus Finance
Stuart BuchananStuart Buchanan +44 (0)20 7034 4850 +44 (0)7879 432868stuart.buchanan@acuitus.co.uk

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