Freehold Retail and Residential Investment with Majority Vacant Possession
Two retail units and two residential flats
Strategic High Street location with council car park located to the rear
Close to Baytree Shopping Centre
Planning permission for 3 storey building providing 2 retail units and 4 residential flats
Nearby occupiers include Barclays Bank, Boots, New Look, Dorothy Perkins, Starbucks and Superdrug
Lot 52
Auction 22nd May 2014
Rent £12,000 per Annum Exclusive
Status Sold
Price £710,000
Sector Development
Auction Venue The Millennium Hotel 44 Grosvenor Square London W1K 2HP
Property Information
Location
Miles
12 miles south-west of Chelmsford, 30 miles north-east of Central London
Roads
A12, A127, M25 (Junction 28)
Rail
Brentwood Rail Station
Air
London City and London Stansted Airports
Situation
The property is situated in a prominent location on the northern side of the High Street close to the Baytree Shopping Centre which houses retailers such as WH Smith, The Body Shop, Claire’s Accessories and Wilkinsons. The William Hunter Way Council Car Park providing spaces for 379 cars, is located to the rear of the property. Other nearby occupiers include Barclays Bank, Boots, New Look, Dorothy Perkins, Starbucks and Superdrug.
Tenure
Freehold.
Location
Miles
12 miles south-west of Chelmsford, 30 miles north-east of Central London
Roads
A12, A127, M25 (Junction 28)
Rail
Brentwood Rail Station
Air
London City and London Stansted Airports
Situation
The property is situated in a prominent location on the northern side of the High Street close to the Baytree Shopping Centre which houses retailers such as WH Smith, The Body Shop, Claire’s Accessories and Wilkinsons. The William Hunter Way Council Car Park providing spaces for 379 cars, is located to the rear of the property. Other nearby occupiers include Barclays Bank, Boots, New Look, Dorothy Perkins, Starbucks and Superdrug.
Tenure
Freehold.
Description
The property comprises two ground floor retail units with two self contained residential flats above (1 x two bed and 1 x three bed). The property benefits from a small yard to the rear and an alleyway to the side which provides access from the William Hunter Way Council Car Park (379 spaces) to the High Street and is included in the title.
Planning
Planning permission has been granted for the demolition of the existing buildings and the erection of a 3 storey building to provide two retail units and 4 residential apartments. For further information please go to Brentwood Borough Council (http://publicaccess.brentwood.gov.uk/online-applications/ Ref: 12/00180/EXT)
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises two ground floor retail units with two self contained residential flats above (1 x two bed and 1 x three bed). The property benefits from a small yard to the rear and an alleyway to the side which provides access from the William Hunter Way Council Car Park (379 spaces) to the High Street and is included in the title.
Planning
Planning permission has been granted for the demolition of the existing buildings and the erection of a 3 storey building to provide two retail units and 4 residential apartments. For further information please go to Brentwood Borough Council (http://publicaccess.brentwood.gov.uk/online-applications/ Ref: 12/00180/EXT)
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
No
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reversion
73
Ground
Retail
274.43 sq m
(2,954 sq ft)
B STAR LIMITED t/a Brand Choice
2 years from 01/08/2012 (1) (2)
£12,000
31/07/2014
73
Ground
Retail/ Storage
147.81 sq m
(1,591 sq ft)
VACANT POSSESSION
-
-
-
73
First
Residential
Not Measured
VACANT POSSESSION
-
-
-
73A
First
Residential
Not Measured
VACANT POSSESSION
-
-
-
Total Commercial Floor Area
422.24 sq m
(4,545 sq ft)
£12,000
(1) B Star Limited does not have the benefit of security of tenure under the Landlord & Tenant Act 1954. (2)The lease provides an option to determine on any date falling after 31st December 2012 on one month’s notice. The option is conditional on all rents being paid up to date and there being no outstanding breaches of the covenants in the lease. NB. With regard to the fruit and vegetable stall outside the property, the former Licensee has remained in occupation after the expiry of the licence period with no licence fee being accepted by the Seller in respect of any period after expiry of the Licence. On that basis, the Seller considers them to be occupying as bare Licensees. No warranty will however be given by the Seller in this regard.
