Substantial Retail and Commercial High Street & Ground Rent Investment
Includes two shops, let to tenants trading as ABI Food & Wine Convenience Store and Blackstone Kitchens
Convenience Store let on new 20 year lease from October 2020 (No breaks)
Prominent High Street location close to Colchester Castle Park
Nearby retailers include Primark, Marks & Spencer, Boots the Chemist, The Body Shop, Bang & Olufsen, British Heart Foundation and Toni & Guy
Lot 31
Auction 13th December 2021
Rent £40,200 per Annum Exclusive
Status Sold
Price £405,000
Sector High Street Retail
Auction Venue Live Streamed Auction
Property Information
Location
Miles
17 miles east of Braintree
60 miles north-east of Central London
Roads
A12, M25
Rail
Colchester Town
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 with frontages to High Street and Museum Street. The property is close by to Lion Walk Shopping Centre with retailers including Primark, Boots the Chemist and The Body Shop. Other nearby retailers include Marks & Spencer, Bang & Olufsen, British Heart Foundation and Toni & Guy.
Tenure
Freehold. Freehold (102 High Street & 6-12 (even) Museum Street)
&
Long Leasehold:
-101 High Street-Held for a term of 999 years from 25/03/2015 at £100 pa.
-103 & 104 High Street-Held for a term of 999 years from 25/03/2015 at £100 pa.
Location
Miles
17 miles east of Braintree
60 miles north-east of Central London
Roads
A12, M25
Rail
Colchester Town
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 with frontages to High Street and Museum Street. The property is close by to Lion Walk Shopping Centre with retailers including Primark, Boots the Chemist and The Body Shop. Other nearby retailers include Marks & Spencer, Bang & Olufsen, British Heart Foundation and Toni & Guy.
Tenure
Freehold. Freehold (102 High Street & 6-12 (even) Museum Street)
&
Long Leasehold:
-101 High Street-Held for a term of 999 years from 25/03/2015 at £100 pa.
-103 & 104 High Street-Held for a term of 999 years from 25/03/2015 at £100 pa.
Description
The property is predominantly arranged on the ground floor & basement to provide a double fronted convenience store and a kitchen shop. The property also provides a further shop fronting High Street (102 High Street) as well as two small shops and offices above (6-12 (even) Museum Street), all let on long leases.
Note
Please note the buyer will pay 1% plus VAT of the purchase price towards the Vendor's costs in addition to the cost of the searches. Please see Special Conditions of Sale.
Completion Period
Six Week Completion
EPC
See legal pack at www.acuitus.co.uk.
Description
The property is predominantly arranged on the ground floor & basement to provide a double fronted convenience store and a kitchen shop. The property also provides a further shop fronting High Street (102 High Street) as well as two small shops and offices above (6-12 (even) Museum Street), all let on long leases.
Note
Please note the buyer will pay 1% plus VAT of the purchase price towards the Vendor's costs in addition to the cost of the searches. Please see Special Conditions of Sale.
Completion Period
Six Week Completion
EPC
See legal pack at www.acuitus.co.uk.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews
101 High Street
Ground Basement
Retail/Ancillary Ancillary
103.70 sq m -
(1,116 sq ft) (-)
JR SALES LIMITED t/a Blackstone Kitchens (1)
10 years from 07/11/2017 until 06/11/2027 (2)
£20,000
07/11/2022
103-104 High Street (Part)
Ground
Retail/Ancillary
157.20 sq m
(1,692 sq ft)
S. SHANMUGANATHAN t/a ABI Food & Wine
20 years from 14/10/2020 until 13/10/2040
£20,000
14/10/2025 and five yearly thereafter
102 High Street, Part 103-104 High Street & 6-12 Museum Street
Ground
Retail/Ancillary
-
(-)
VARIOUS
Various long leases, please see legal pack
£200
-
Total
260.90 sq m
(2,808 sq ft)
£40,200
(1) Blackstone Kitchens are designers, manufacturers and installers of classic and contemporary English handmade cabinetry (www.blackstonekitchens.co.uk). (2) The lease is subject to a tenant option to determine on 07/11/2022.
If you are the successful bidder, Acuitus requires a separate payment of £1,250+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
