Panners Parade Priory Lane, Great Notley Braintree Essex CM77 7AE

Panners Parade
Priory Lane, Great Notley
Braintree
Essex
CM77 7AE

Freehold Retail and Residential Investment

Four retail units with nine residential flats
Prominent corner position
Located in predominanty residential area
On-site car parking for approximately 26 cars
Six Week Completion

Lot
20
Auction
23rd May 2013
Rent
£58,940 per Annum Exclusive
Status
Sold
Price
£530,000
Auction Venue
The Dorchester Hotel
Park Lane Entrance
Mayfair
London W1K 1QA
On the instructions of R Hawes, D Wong and C Farrington of Deloitte LLP as Joint Administrators

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Freehold Retail and Residential Investment

Four retail units with nine residential flats
Prominent corner position
Located in predominanty residential area
On-site car parking for approximately 26 cars
Six Week Completion

Lot 20
Auction 23rd May 2013
Rent £58,940 per Annum Exclusive
Status Sold
Price £530,000
Sector
High Street Retail
Auction Venue
The Dorchester Hotel
Park Lane Entrance
Mayfair
London W1K 1QA
On the instructions of R Hawes, D Wong and C Farrington of Deloitte LLP as Joint Administrators

Property Information

Location

Miles: 11 miles north of Chelmsford, 18 miles west of Colchester, 42 miles north-east of Central London
Roads: A131, A120
Rail: Braintree Rail (60 mins to London Liverpool Street)
Air: London Stansted

Situation

The property is situated in a prominent corner position on the eastern side of Priory Lane at its junction with Bridge End Lane. This is a predominantly residential location close to the church and primary school in the modern Great Notley development.

Tenure

Freehold.

Location

Miles: 11 miles north of Chelmsford, 18 miles west of Colchester, 42 miles north-east of Central London
Roads: A131, A120
Rail: Braintree Rail (60 mins to London Liverpool Street)
Air: London Stansted

Situation

Tenure

Freehold.

Description

The property comprises a convenience store and three retail units to the ground floor and nine flats over the first and second floors. There is on-site parking for approximately 26 cars to the rear.

This property is being marketed for sale on behalf of the Administrators of Bell (Projects) Limited and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Administrators to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Administrators are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.

VAT

VAT is not applicable to this lot.

EPC

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

Description

VAT

VAT is not applicable to this lot.

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)
Convenience Store	Ground	Retail	139.73 sq m	(1,504 sq ft) (1)	INDIVIDUALS (t/a The Co-operative)	999 years from 01/01/2009	Peppercorn	(31/12/3007)
1	Ground	Retail	180.42 sq m	(1,942 sq ft) (1)	INDIVIDUAL (t/a Fusion Restaurant)	999 years from 01/01/2009	Peppercorn	(31/12/3007)
2	Ground	Retail	67.17 sq m	(723 sq ft))	SUN BEAUTIES LIMITED	20 years from 24/02/2012	£15,500 (2)	24/02/2017 and five yearly thereafter (23/02/2032)
3	Ground	Retail	70.23 sq m	(756 sq ft)	INDIVIDUAL (t/a Smiths)	15 years from 30/06/2012 (3)	£15,000	30/06/2017 and five yearly thereafter (29/06/2027)
Flat 2	Second	Residential – One Bed Flat	40.69 sq m	(438 sq ft)	INDIVIDUAL	AST for 1 year from 21/03/2013	£6,600	(20/03/2014)
Flat 3	Second	Residential – One Bed Flat	54.25 sq m	(584 sq ft)	INDIVIDUALS	AST for 1 year from 12/02/2013	£7,140	(11/02/2014)
Flat 7	First	Residential – Two Bed Flat	62.43 sq m	(672 sq ft)	INDIVIDUALS	AST for 1 year from 21/02/2013	£8,100	(20/02/2014)
Flat 9	Second	Residential – One Bed Flat	56.67 sq m	(610 sq ft) (4)	INDIVIDUAL	AST for 1 year from 17/01/2013	£6,600	(16/01/2014)
Flats 1, 4, 5, 6 and 8	First and Second	Residential	369.38 sq m	(3,976 sq ft) (4)	INDIVIDUALS	Five separate leases for terms of 999 years from 01/01/2009	Peppercorn	(31/12/3007)
Totals			1,040.97 sq m	(11,205 sq ft)			£58,940 (2)

(1) These areas have been provided by the VOA.
(2) Due to historical flooding caused by a nearby pond, the tenant is not currently trading from the unit and has temporarily suspended rental payments. The maintenance of the pond is the responsibility of the local council which is in the process of undertaking works of maintenance.
(3) The lease provides a tenant option to determine on the fifth and tenth anniversary of the term.
(4) These areas have been provided by Bell (Projects) Limited (in Administration) and have not been verified.
NB. Statutory Section 5B Notices have been served on all residential tenants – see legal pack for further details.