High-Yielding and Almost Fully Let Mixed-Use Investment
Comprises four shops, a dentist and various office suites
Almost fully-let investment (3)
Approximately 11,385 sq ft
VAT-free investment
Opposite large town centre car park
Nearby occupiers include Asda Superstore, Co-op Convenience Store, Rowlands Pharmacy and a number of eclectic independent retailers and restaurants
Lot 15
Auction 27th March 2024
Rent Gross: £111,000 per Annum Exclusive Net: £86,000 plus one vacant office suite under offer (3)
Status Sold Post
Price
Sector High Street Retail
Auction Venue Live Streamed Auction
Property Information
Location
Miles
15 miles north-west of Southend-on-Sea, 42 miles north-east of Central London
Roads
A12, A130, A132, A1245
Rail
South Woodham Ferrers Train Station (50 minutes to London Liverpool Street)
Air
London Southend Aiport
Situation
South Woodham Ferrers is a popular Essex town approximately 8 miles south-east of Chelmsford and 42 miles north-east of Central London. The property is prominently situated in the town centre, opposite a large car park. Nearby occupiers include Co-op Convenience Store, Rowlands Pharmacy and a number of eclectic independent retailers and restaurants.
Tenure
Leasehold. from SW Investments Limited for a term of 125 years from 29th September 1985 (approx. 86 years unexpired) at a rent of £25,000 pa (based on 22.5% of rents receivable), subject to 5-yearly rent reviews, the next in 2025.
Location
Miles
15 miles north-west of Southend-on-Sea, 42 miles north-east of Central London
Roads
A12, A130, A132, A1245
Rail
South Woodham Ferrers Train Station (50 minutes to London Liverpool Street)
Air
London Southend Aiport
Situation
South Woodham Ferrers is a popular Essex town approximately 8 miles south-east of Chelmsford and 42 miles north-east of Central London. The property is prominently situated in the town centre, opposite a large car park. Nearby occupiers include Co-op Convenience Store, Rowlands Pharmacy and a number of eclectic independent retailers and restaurants.
Tenure
Leasehold. from SW Investments Limited for a term of 125 years from 29th September 1985 (approx. 86 years unexpired) at a rent of £25,000 pa (based on 22.5% of rents receivable), subject to 5-yearly rent reviews, the next in 2025.
Description
Substantial mixed-use parade comprising four shops arranged on the ground floor and a dentist, various office suites and a flat arranged on the first and second floors.
VAT
VAT is not applicable to this lot.
Note
Please note the buyer will pay 1% excluding 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
Description
Substantial mixed-use parade comprising four shops arranged on the ground floor and a dentist, various office suites and a flat arranged on the first and second floors.
VAT
VAT is not applicable to this lot.
Note
Please note the buyer will pay 1% excluding 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
Tenancy & Accommodation
Floor
Use
Floor Areas Approx sq m
Floor Areas (Approx sq ft)
Tenant
Term
Rent p.a.x.
Rent Review
1 & 5 REEVES WAY
Ground Second
Retail/Ancillary Residential
65.03 112.04
(700) (1,206)
CMXF LIMITED (t/a Hot Wok)
7 years from 21/07/2021
£15,000
21/07/2026
3 REEVES WAY
First
Office
88.90
(957)
STAR BROKERS LIMITED (1)
5 years from 01/08/2023 (1)
£7,000
-
First
Office
96.52
(1,039)
K. PRYMA (t/a Owl Financial)
5 years from 01/08/2023 (2)
£7,000
-
7 REEVES WAY (accessed from 13 Reeves Way)
Second
Office
69.77
(751)
VACANT & UNDER OFFER (3)
-
-
-
9 REEVES WAY
Second
Office
11.79
(127)
A. WALKER & S. SALIM
2 years from 30/05/2023 (4)
£2,000
-
11 REEVES WAY
Ground
Retail/Ancillary
223.98
(2,411)
K. SULLIVAN (t/a Essex Properties Lettings) (5)
7 years less one day from 25/12/2021
£27,000
25/12/2024
13 REEVES WAY
First/Part Second
Dentist
57.97
(624)
R. CORREIRA DE MENDONCA (t/a Oakland Dental Care)
5 years from 30/06/2021
£9,000
-
Part Second
Office
15.79
(170)
FRONT MANAGEMENT LIMITED
2 years from 26/04/2023
£3,500
-
Part Second
Office
13.00
(140)
EAST COUNTIES CONSTRUCTION LIMITED
2 years from 16/02/2023
£2,250
-
Part Second
Office
20.90
(225)
EXSWIFT FUELS LTD
2 years from 02/10/2023 (6)
£5,000
-
15/17 REEVES WAY
Ground
Retail/Ancillary
56.94
(613)
B. TUGA & F. PALAZ (t/a Istanbul Vip Barber)
15 years from 07/05/2019 (7)
£12,500
07/05/2024 and 07/05/2029
First
Office
57.22
(616)
PULLMAN CONSTRUCTION (LONDON) LIMITED
2 years from 10/07/2022
£4,750
-
Second
Office
54.81
(590)
BNS SCREEDING LIMITED
2 years from 24/06/2022
£4,750
-
19 REEVES WAY
Ground/First/Second
Retail/Ancillary
112.97
(1,216)
C & H PREMIER HOMES LIMITED (t/a Church & Hawes Estate Agent)
15 years from 24/06/2014
£11,250
24/06/2024
Total
1,057.62
(11,385)
£111,000 rising to £118,500 (3)
(1) www.starbrokers.co.uk. The lease is subject to a tenant only option to determine on 01/08/2026. (2) The lease is subject to a tenant only option to determine on 01/08/2026. (3) Heads of Terms have been agreed based on a new 3-year lease to Automotive Software Solutions commencing on 30/06/2024 at a commencing rent of £7,500 p.a.x. rising to £7,875 p.a.x. at year 3 - please see legal pack. (4) The lease is subject to a tenant only option to determine on 30/05/2024. (5) Essex Properties Limited are residential management and letting specialists that have been established for over 40 years (www.essexproperties.co.uk) (6) The lease is subject to a tenant only option to determine on 02/10/2024. (7) The lease is subject to a tenant only option to determine on 07/05/2024. NB: Please note that a number of leases are contracted outside of the Security of Tenure Provisions of the Landlord & Tenant Act 1954. Please see legal pack.
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.
