Freehold Office and Residential Ground Rent Investment
Offices let to The Secretary of State for the Home Department until 2027 (subject to options)
52 apartments above producing ground rent
Established office location close to other local government offices and professional occupiers
Directly opposite the Police Station and Crown, County and Magistrates' courts
Close to Southend Victoria Station and main shopping thoroughfare
Nearby retailers include Fitness First, Sainsbury's, Homebase and Currys
Six week completion available
Lot 34
Auction 9th December 2010
Rent £146,000 per Annum
Status Withdrawn Post
Price
Sector Office
Auction Venue Millennium Hotel 39-44 Grosvenor Square London W1K 2HP
Property Information
Location
21 miles south-east of Chelmsford
43 miles east of Central London
Roads
A13, A127, B1016
Rail
Southend Victoria Rail
Air
Southend Airport, Stansted Airport, City Airport
Situation
The property is located on the busy A127 which is the main arterial route to London. The property is situated in an established office location directly opposite the Police Station and Crown, County and Magistrates' courts, a short distance from the pedestrianised High Street and shopping precinct. The building is in close proximity to other local government offices and professional occupiers. Nearby retailers include Fitness First, Sainsbury's, Homebase and Currys.
Tenure
Freehold.
Location
21 miles south-east of Chelmsford
43 miles east of Central London
Roads
A13, A127, B1016
Rail
Southend Victoria Rail
Air
Southend Airport, Stansted Airport, City Airport
Situation
The property is located on the busy A127 which is the main arterial route to London. The property is situated in an established office location directly opposite the Police Station and Crown, County and Magistrates' courts, a short distance from the pedestrianised High Street and shopping precinct. The building is in close proximity to other local government offices and professional occupiers. Nearby retailers include Fitness First, Sainsbury's, Homebase and Currys.
Tenure
Freehold.
Description
The property comprises a substantial multi-storey building with OFFICE ACCOMMODATION on the ground and first floors and 52 RESIDENTIAL FLATS on the remaining upper floors. The OFFICE ACCOMMODATION is self-contained and includes perimeter trunking, double glazing and part raised floors. The property benefits from 12 on-site car parking spaces.
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 a substantial multi-storey building with OFFICE ACCOMMODATION on the ground and first floors and 52 RESIDENTIAL FLATS on the remaining upper floors. The OFFICE ACCOMMODATION is self-contained and includes perimeter trunking, double glazing and part raised floors. The property benefits from 12 on-site car parking spaces.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews
Ground First
Offices
653.09 sq m 641.48 sq m
(7,030 sq ft) (6,905 sq ft)
THE SECRETARY OF STATE FOR THE HOME DEPARTMENT (t/a Probation Office)
25 years from 21/06/2002 until 2027 on a full repairing and insuring lease (1)
£140,000
2012 and 5 yearly
Second to Eleventh
Residential - 52 Flats
Not Measured
INDIVIDUALS (3)
Individual 999 year leases from 2002-2004 (2)
£6,000
Totals
1,294.57 sq m
(13,935 sq ft)
£146,000
(1) The lease is subject to a tenant’s option to determine the lease on the 15th and 20th anniversaries of the term.(2) There are 52 flats which are let on individual 999 year leases from 2002-2004 at a rent of £6,000 per annum.(3) In accordance with section 5B of the Landlord & Tenant Act 1987, Notices have been served on the lessees and they have not reserved their rights of first refusal.
