66 - 70 High Street Braintree Essex CM7 1JP

66 - 70 High Street
Braintree
Essex
CM7 1JP

Freehold Retail Investment

Let to Costa Limited and Specsavers Optical Superstores Limited
Prominent town centre location on busy retailing thoroughfare
Close proximity to the George Yard Shopping Centre
Nearby occupiers include Boots the Chemist, WH Smith, Superdrug, New Look, Holland & Barrett and Vision Express
Grade II Listed
For the Seller's Legal Pack, please click the Property Documents tab below

Lot
27
Auction
13th October 2016
Rent
£51,000 per Annum Exclusive
Status
Sold
Price
£815,000
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Squafre
London W1H 7BG
On behalf of Receivers CBRE

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Freehold Retail Investment

Let to Costa Limited and Specsavers Optical Superstores Limited
Prominent town centre location on busy retailing thoroughfare
Close proximity to the George Yard Shopping Centre
Nearby occupiers include Boots the Chemist, WH Smith, Superdrug, New Look, Holland & Barrett and Vision Express
Grade II Listed
For the Seller's Legal Pack, please click the Property Documents tab below

Lot 27
Auction 13th October 2016
Rent £51,000 per Annum Exclusive
Status Sold
Price £815,000
Sector
High Street Retail
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Squafre
London W1H 7BG
On behalf of Receivers CBRE

Property Information

Location

Miles: 10 miles north of Chelmsford, 15 miles west of Colchester, 20 miles east of Harlow
Roads: A120, A12, M11 (Junction 8)
Rail: Braintree Railway Station (Approx 1 hour to London Liverpool Street)
Air: London Stansted Airport

Situation

The property is situated in a prominent retailing position in the heart of Braintree town centre on the south side of the High Street at its junction with Great Square and Bank Street. The property is close to George Yard Shopping Centre which houses retailers including Boots the Chemist, WH Smith, Superdrug and Cooperative Department Store. Other nearby occupiers include New Look, Holland & Barrett and Vision Express.

Tenure

Freehold.

Location

Miles: 10 miles north of Chelmsford, 15 miles west of Colchester, 20 miles east of Harlow
Roads: A120, A12, M11 (Junction 8)
Rail: Braintree Railway Station (Approx 1 hour to London Liverpool Street)
Air: London Stansted Airport

Situation

Tenure

Freehold.

Description

The property comprises two ground floor retail units with ancillary accommodation on the first and second floors. The property benefits from a rear yard with pedestrian access from a passageway fronting the High Street and vehicle access from St Michael’s Lane to the rear

VAT

VAT is not applicable to this lot.

Note

This property is being marketed for sale on behalf of Fixed Charge 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 Fixed Charge Receivers to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Fixed Charge Receivers are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.

Completion Period

Six Week Completion

EPC

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

Description

VAT

VAT is not applicable to this lot.

Note

Completion Period

Six Week Completion

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)
66	Ground First	Retail/Ancillary Ancillary	153.50 sq m 32.00 sq m	(1,652 sq ft) (344 sq ft)	COSTA LIMITED (1)	10 years from 25/12/2011 (2 )	£25,000	25/12/2016 (24/12/2021)
68-70	Ground First Second	Retail/Ancillary Office/Ancillary Ancillary	130.24 sq m 74.67 sq m 31.33 sq m	1,402 sq ft) (804 sq ft) (337 sq ft)	SPECSAVERS OPTICAL SUPERSTORES LIMITED (3)	10 years from 25/03/2012 (4)	£26,000	25/03/2017 (24/03/2022)
Total			421.74 sq m	(4,539 sq ft)			£51,000

(1) For the year ending 26th February 2015, Costa Limited reported a turnover of £735,974,000, pre-tax profits of £127,221,000 and a total net worth of £444,814,000 (Source: Experian Group 07/09/2016).
(2) The lease is subject to a tenant option to determine on 25th December 2016, on providing three months prior notice.
(3) For the year ending 28th February 2015, Specsavers Optical Superstores Limited reported a turnover of £433,826,000, pre-tax profits of £20,398,000 and a total net worth of £54,568,000 (Source: Experian Group 07/09/2016).
(4) The lease is subject to a tenant option to determine on 25th March 2017, on providing six months prior notice.