Auction Venue Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
On behalf of Trustees
Property Information
Location
Miles
19 miles south-west of Ipswich, 55 miles north-east of London, 45 miles south-east of Cambridge
Roads
A1124, A12, A134
Rail
Colchester Town Rail
Air
Southend Airport
Situation
The property is the former Essex & Suffolk Fire Office, a prominent historic building situated on the northern side of the High Street in Colchester town centre. The property is a short walk from Culver Square Shopping Centre, which houses retailers such as Debenhams, TK Maxx, H&M and Clarks. Other nearby occupiers include Williams & Griffin Department Store, Cooperative Bank, Barclays Bank, Oasis Ladies Wear, William Hill and Burger King.
Tenure
Freehold.
Location
Miles
19 miles south-west of Ipswich, 55 miles north-east of London, 45 miles south-east of Cambridge
Roads
A1124, A12, A134
Rail
Colchester Town Rail
Air
Southend Airport
Situation
The property is the former Essex & Suffolk Fire Office, a prominent historic building situated on the northern side of the High Street in Colchester town centre. The property is a short walk from Culver Square Shopping Centre, which houses retailers such as Debenhams, TK Maxx, H&M and Clarks. Other nearby occupiers include Williams & Griffin Department Store, Cooperative Bank, Barclays Bank, Oasis Ladies Wear, William Hill and Burger King.
Tenure
Freehold.
Description
The property comprises three ground floor retail units with first floor ancillary accommodation and five recently refurbished residential units on the remaining first and second floors (one sold off on a long lease).
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 three ground floor retail units with first floor ancillary accommodation and five recently refurbished residential units on the remaining first and second floors (one sold off on a long lease).
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.
Review/(Reversion)
156b
Ground First
Retail Ancillary
26.79 sq m 19.57 sq m
(288 sq ft) (211 sq ft)
INDIVIDUALS (t/a Sweet News)
Holding over (see note 1)
£15,000 (1)
Holding over
156c
Ground First
Retail Ancillary
40.50 sq m. 34.08 sq m
(436 sq ft) (200 sq ft)
INDIVIDUAL (t/a Roosters Peri Peri)
20 years from 29/01/2014 until 28/01/2034 (2)
£20,000
29/01/2019 and 5 yearly
156d
Ground/ First
Retail
51.30 sq m
(552 sq ft)
SUBWAY REALTY LTD (3)
15 years from 07/01/2005
£18,500
(06/01/2020)
Flat A
First
Residential
Two Bedroom Flat
INDIVIDUAL
AST for 1 year from 31/12/2014
£7,200
(30/12/2015)
Flat B
First
Residential
One Bedroom Flat
INDIVIDUAL
AST for 1 year from 09/09/2015
£6,900
(08/09/2016)
Flat C
Second
Residential
One Bedroom Flat
INDIVIDUAL
AST for 1 year from 30/10/2015
£6,600
(29/10/2016)
Flat D
Second
Residential
Studio
INDIVIDUAL
AST for 1 year from 17/09/2015
£6,600
(16/09/2016)
Flat E
Second
Residential
Not Measured
INDIVIDUAL
125 years from 01/08/2010
£250
25 yearly fixed uplifts
Total Commercial Areas
156.76 sq m
(1,687 sq ft)
£81,050
(1) The tenant is currently holding over on a previous lease. The seller has agreed to grant a new 10 year lease from 01/01/2015 at a rent of £15,000 p.a. with a fixed uplift to £17,000 from 01/01/2018 and open market reviews on 01/01/2020 and 01/01/2025. The lease will provide an option to determine on 31/12/2019. (2)The lease provides a tenant’s option to determine on 29/01/2024, subject to 6 months’ notice. (3)Subway is a global fast food provider with more than 37,000 Subway stores in 100 countries; all stores are independently owned and operated by franchisees. The UK is the largest market outside North America. (Source www.subway.com 21/09/2015)