156B, 156C, 156D and 157 High Street Colchester CO1 1PG

156B, 156C, 156D and 157 High Street
Colchester
CO1 1PG

Freehold Retail and Residential Investment

Three retail units with residential above
Prominent historic building on Colchester’s High Street
Nearby occupiers include Williams & Griffin Department Store, Barclays Bank, Oasis Ladies Wear and Burger King
Close to Culver Square Shopping Centre and Colchester Town Hall
Buyer's Legal Report available <a href="/media/32613/buyers legal report v4.pdf" target="_blank" title="Buyers legal report available">here</a>

Lot
54
Auction
10th December 2015
Rent
£81,050 per Annum Exclusive
Status
Sold Prior
Price
Auction Venue
Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On behalf of Trustees

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Freehold Retail and Residential Investment

Three retail units with residential above
Prominent historic building on Colchester’s High Street
Nearby occupiers include Williams & Griffin Department Store, Barclays Bank, Oasis Ladies Wear and Burger King
Close to Culver Square Shopping Centre and Colchester Town Hall
Buyer's Legal Report available <a href="/media/32613/buyers legal report v4.pdf" target="_blank" title="Buyers legal report available">here</a>

Lot 54
Auction 10th December 2015
Rent £81,050 per Annum Exclusive
Status Sold Prior
Price
Sector
High Street Retail
Auction Venue
Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On behalf of Trustees

Property Information

Location

Miles: 19 miles south-west of Ipswich, 55 miles north-east of London, 45 miles south-east of Cambridge
Roads: A1124, A12, A134
Rail: Colchester Town Rail
Air: Southend Airport

Situation

The property is the former Essex & Suffolk Fire Office, a prominent historic building situated on the northern side of the High Street in Colchester town centre. The property is a short walk from Culver Square Shopping Centre, which houses retailers such as Debenhams, TK Maxx, H&M and Clarks. Other nearby occupiers include Williams & Griffin Department Store, Cooperative Bank, Barclays Bank, Oasis Ladies Wear, William Hill and Burger King.

Tenure

Freehold.

Location

Miles: 19 miles south-west of Ipswich, 55 miles north-east of London, 45 miles south-east of Cambridge
Roads: A1124, A12, A134
Rail: Colchester Town Rail
Air: Southend Airport

Situation

Tenure

Freehold.

Description

The property comprises three ground floor retail units with first floor ancillary accommodation and five recently refurbished residential units on the remaining first and second floors (one sold off on a long lease).

Six Week Completion

Buyer's Legal Report
For the ease and convenience of prospective buyers, to speed up the process of investigating a possible purchase and to minimise the legal costs an independent legal title report is available here.

VAT

VAT is applicable to this lot.

EPC

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

Description

VAT

VAT is 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)
156b	Ground First	Retail Ancillary	26.79 sq m 19.57 sq m	(288 sq ft) (211 sq ft)	INDIVIDUALS (t/a Sweet News)	Holding over (see note 1)	£15,000 (1)	Holding over
156c	Ground First	Retail Ancillary	40.50 sq m. 34.08 sq m	(436 sq ft) (200 sq ft)	INDIVIDUAL (t/a Roosters Peri Peri)	20 years from 29/01/2014 until 28/01/2034 (2)	£20,000	29/01/2019 and 5 yearly
156d	Ground/ First	Retail	51.30 sq m	(552 sq ft)	SUBWAY REALTY LTD (3)	15 years from 07/01/2005	£18,500	(06/01/2020)
Flat A	First	Residential	Two Bedroom Flat		INDIVIDUAL	AST for 1 year from 31/12/2014	£7,200	(30/12/2015)
Flat B	First	Residential	One Bedroom Flat		INDIVIDUAL	AST for 1 year from 09/09/2015	£6,900	(08/09/2016)
Flat C	Second	Residential	One Bedroom Flat		INDIVIDUAL	AST for 1 year from 30/10/2015	£6,600	(29/10/2016)
Flat D	Second	Residential	Studio		INDIVIDUAL	AST for 1 year from 17/09/2015	£6,600	(16/09/2016)
Flat E	Second	Residential	Not Measured		INDIVIDUAL	125 years from 01/08/2010	£250	25 yearly fixed uplifts
Total Commercial Areas			156.76 sq m	(1,687 sq ft)			£81,050

(1) The tenant is currently holding over on a previous lease. The seller has agreed to grant a new 10 year lease from 01/01/2015 at a rent of £15,000 p.a. with a fixed uplift to £17,000 from 01/01/2018 and open market reviews on 01/01/2020 and 01/01/2025. The lease will provide an option to determine on 31/12/2019.
(2)The lease provides a tenant’s option to determine on 29/01/2024, subject to 6 months’ notice.
(3)Subway is a global fast food provider with more than 37,000 Subway stores in 100 countries; all stores are independently owned and operated by franchisees. The UK is the largest market outside North America. (Source www.subway.com 21/09/2015)