Substantial Industrial Opportunity
Substantial Industrial Opportunity
Colchester is a popular commuter town in the county of Essex. The property is located within the Whitehall Industrial Estate, just 1 mile south-east of Colchester town centre and 2 miles west of the University of Essex Colchester Campus. The property is approximately 2.5 miles from the A12, which provides direct access to the M25 (Junction 28). Nearby occupiers include Europcar, Suzuki and HSS Hire.
Long Leasehold. Held for a term of 199 years from 18 December 1996 at £8,689 p.a. The head lease provides fixed rental increases every 25 years, with the next fixed increase in 2031 rising to £16,109.
Colchester is a popular commuter town in the county of Essex. The property is located within the Whitehall Industrial Estate, just 1 mile south-east of Colchester town centre and 2 miles west of the University of Essex Colchester Campus. The property is approximately 2.5 miles from the A12, which provides direct access to the M25 (Junction 28). Nearby occupiers include Europcar, Suzuki and HSS Hire.
Long Leasehold. Held for a term of 199 years from 18 December 1996 at £8,689 p.a. The head lease provides fixed rental increases every 25 years, with the next fixed increase in 2031 rising to £16,109.
The property comprises a detached ground floor warehouse unit currently being used as a gym. The property benefits from roller shutter doors, a dedicated yard and parking for approximately 20 cars. The unit has recently been refurbished to include a new roof and vehicular access via seven dock level doors.
VAT is applicable to this lot.
Six Week Completion
The EPC will be available to view online in the solicitor’s legal pack.
The property comprises a detached ground floor warehouse unit currently being used as a gym. The property benefits from roller shutter doors, a dedicated yard and parking for approximately 20 cars. The unit has recently been refurbished to include a new roof and vehicular access via seven dock level doors.
VAT is applicable to this lot.
Six Week Completion
The EPC will be available to view online in the solicitor’s legal pack.
| Floor | Use | Floor Areas (Approx) | Tenant | Term | Rent p.a.x | Reviews | |
|---|---|---|---|---|---|---|---|
| Ground | Gym | 2,136 sq m |
(22,990 sq ft) |
PUMPGYMS LIMITED (1) with personal guarantee for 3 years |
15 years from 29/08/2017 until 28/08/2032 (2) (3) |
£100,000 | 29/08/2022 and 29/08/2027 |
| Total |
2,136 sq m |
(22,990 sq ft) |
£100,000 | ||||
(1) Pump Gyms is a 24-hour gym offering affordable gym memberships with branches in Colchester, Watford, Hatfield, Stourbridge and Northampton (Source: www.pumpgyms.com 18/09/2017).
(2) The tenant is currently benefitting from an effective 12 month rent free period. The seller has agreed to adjust the completion monies so that the unit will effectively produce £100,000 p.a.x. from completion of the sale.
(3) The lease provides an option to determine on 28/08/2027 subject to 6 months’ notice.
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