67 / 70 North Hill
Colchester
Essex
CO1 1PX

Substantial Freehold Opportunity with Asset Management and Mixed Use Development Potential

  • Entirely let to Post Office Limited (not in occupation)
  • Substantial building - approximate Gross Internal Area 1,262.98 sq m (13,595 sq ft) with rear loading/car parking area
  • Asset management opportunities including change of use to mixed use/leisure/offices/residential (subject to planning)
  • Potential for lease surrender and dilapidations settlement
  • Established leisure and retail destination with nearby operators including Odeon Cinema, Walkabout, Yates's, Nando's, Costa Coffee, Fenwick Department Store, Sports Direct and H&M
  • Important Essex commercial centre
  • Lot
    21
  • Auction
    11/Dec/2019
  • Rent
    £135,000 per Annum Exclusive
  • Status
    Sold Prior
  • Price*
     
  • Sector
    Development
  • Auction Venue
    The Montcalm Hotel
    2 Wallenberg Place
    London W1H 7TN
Important Auction & Property Update
  • 67 / 70 North Hill<br>Colchester<br>Essex<br>CO1 1PX
  • Expand
  • Photos
  • Map

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

Property Information

Location
Miles
17 miles east of Braintree
60 miles north-east of Central London
Roads
A12, A120
Rail
Colchester
Air
London Southend
Situation

Colchester is an attractive and historic market town in Essex, some 60 miles north-east of Central London. The property is located in a prominent position on the western side of North Hill, opposite the western end of High Street. The property is a short walk from Culver Square Shopping Centre, where retailers including Costa Coffee, JD Sports, Superdry and Jojo Maman Bébé are represented. Other nearby leisure operators and retailers on North Hill and High Street include Odeon Cinema, Walkabout, Yates's, Nando's, Fenwick Department Store, Sports Direct and H&M. The area immediately to the north-west of the property is predominantly residential. To the south-west of the property is a designated cultural facility which includes The Mercury Theatre.

Tenure

Freehold.

Description

The property comprises a large and well configured triple-fronted shop with office/ancillary accommodation on the basement, first and second floors, which was fully refurbished in 2014. The property benefits from a single storey extension to the rear and self-contained upper parts, accessed from North Hill. The property benefits from a loading area and staff car parking at the rear. The property lends itself to multiple change of use opportunities, including leisure, office and residential use, subject to planning.

VAT

VAT is applicable to this lot.

Planning

For more information please contact Essex County Council T: 0345 603 7630.

EPC

Band D. See legal pack at acuitus.co.uk

Tenancy & Accommodation

FloorUseFloor Areas (Approx)TenantTermRent p.a.x
Ground
Basement
First
Second
Retail/Ancillary
Ancillary
Office/Ancillary
Office/Ancillary
624.06 sq m
292.25 sq m
214.38 sq m
132.29 sq m
(6,717 sq ft)
(3,146 sq ft)
(2,308 sq ft)
(1,424 sq ft)
POST OFFICE LIMITED (1)10 years from
25/12/2011 on a full
repairing and insuring
lease
£135,000 (uplift
from 2016 Rent
Review)
Total 
1,262.98 sq m
(13,595 sq ft)
  £135,000

(1) For the year ending 31st March 2018, Post Office Limited reported a turnover of £1,031,000,000, pre-tax profits of £8,000,000 and a total net worth of -£61,000,000. Please note the tenant is not currently in occupation and recent interest has been expressed by a national bar operator to take 3,500 sq ft at ground floor.

If you are the successful bidder Acuitus requires a separate payment of £500 plus VAT (£600 inclusive of VAT) buyer's administration charge payable to Acuitus Limited

Property Documents

  • Solicitors Legal Pack
    Updated Date
    03.12.19
    File Size
    18 MB
    Login to View
  • Catalogue Page
    Updated Date
    20.11.19
    File Size
    1 MB
    View PDF
  • Site Plan
    Updated Date
    20.11.19
    File Size
    2 MB
    View PDF
  • Common Auction conditions
    Updated Date
    19.09.19
    File Size
    150 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF
  • Money Laundering Regs
    Updated Date
    19.09.19
    File Size
    36 KB
    View PDF

Contacts

Acuitus
David MargolisDavid Margolis +44 (0)20 7034 4862 +44 (0)7930 484 440david.margolis@acuitus.co.uk
George GoucherGeorge Goucher +44 (0)20 7034 4860george.goucher@acuitus.co.uk
Associate Auctioneers
Fawcett Mead 7 - 8 Conduit Street
London
W1S 2XF
Graham Fawcett 02071 827 482graham@fawcettmead.co.uk
Seller's Solicitors
Richard Pearlman & Co Patman House, 23 - 27 Electric Parade, George Lane, South Woodfrod
London
E18 2LS
Richard Pearlman 0207 739 6100rkp@rpandco.com

Useful Links

By clicking the Submit button I confirm that I would like to register my interest in this Property. Please email me updates when they are published.

If you have a query, please fill in the box below, otherwise click the Submit button.

You have 200 character(s) left.

Are you sure you want to remove this property from My Catalogue?

Are you sure you are no longer interested in this property?

Are you sure you want to delete your Account?

Making the buying and selling of property a seamless experience
Everything you need to know whether you are a buyer or sellerHelp Centre
How can Acuitus Finance help you with bridging finance
How can Acuitus Finance help you with bridging financeObtain bridging finance now