Substantial building comprising seven shops, a large medical centre, 17 flats (let on long leases) and a large car park to the rear
Shops all let to tenants including Domino's Pizza and Salvation Army
Other shops include a takeaway, a nail bar, a hair salon and a convenience store
Medical Centre on first floor let to Essex University Partnership University NHS Foundation Trust on new 5 year renewed lease from July 2022
Asset Management Opportunities including possible first floor conversion to residential (subject to lease)
Adjacent to Travelodge Clacton Central and opposite NCP Car Park
VAT-free investment
Lot 16
Auction 3rd November 2022
Rent £147,465 per Annum Exclusive
Status Withdrawn Prior
Price
Sector High Street Retail/Residential
Auction Venue Live Streamed Auction
Property Information
Location
Miles
16 miles south-east of Colchester, 70 miles north-east of Central London
Roads
A12, A120, A133
Rail
Clacton-on-Sea
Air
London Southend Airport
Situation
Clacton-on-Sea is a popular seaside resort on the Essex coast, 16 miles south-east of Colchester and 70 miles north-east of Central London. The property is located in Clacton town centre, adjacent to a large Travelodge Hotel and opposite an NCP Car Park, occupying a substantial site on Jackson Road. Nearby occupiers in the Town Centre include Papa John’s, Greggs, McDonald’s, WH Smith, CEX, Superdrug, Boots the Chemist and Sports Direct.
Tenure
Freehold.
Location
Miles
16 miles south-east of Colchester, 70 miles north-east of Central London
Roads
A12, A120, A133
Rail
Clacton-on-Sea
Air
London Southend Airport
Situation
Clacton-on-Sea is a popular seaside resort on the Essex coast, 16 miles south-east of Colchester and 70 miles north-east of Central London. The property is located in Clacton town centre, adjacent to a large Travelodge Hotel and opposite an NCP Car Park, occupying a substantial site on Jackson Road. Nearby occupiers in the Town Centre include Papa John’s, Greggs, McDonald’s, WH Smith, CEX, Superdrug, Boots the Chemist and Sports Direct.
Tenure
Freehold.
Description
The property comprises seven shops (including one double-fronted shop) arranged on the ground floor only, a health centre arranged on the first floor, and 17 residential flats on the second and third floors, all let on long leases. The property also benefits from a large secure car park to the rear accessed from Ellis Road.
VAT
VAT is not applicable to this lot.
Completion Period
Six Week Completion
EPC
See Legal Pack.
Description
The property comprises seven shops (including one double-fronted shop) arranged on the ground floor only, a health centre arranged on the first floor, and 17 residential flats on the second and third floors, all let on long leases. The property also benefits from a large secure car park to the rear accessed from Ellis Road.
VAT
VAT is not applicable to this lot.
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
27 Jackson Road
Retail
58.06
(625)
AN INDIVIDUAL (t/a Ree's Little Hair House)
10 years from 14/01/2016
£10,250
29 Jackson Road
Retail
64.85
(698)
AN INDIVIDUAL (t/a Jardine's Fabrics)
5 years from 29/09/2020
£10,475
31 Jackson Road
Retail
64.85
(698)
AAA FLAVOUR LIMITED with a guarantee from AN INDIVIDUAL (t/a Kings Flavour Takeaway)
15 years from 12/09/2022
£11,200
12/09/2027 and 12/09/2032 to RPI
33 Jackson Road
Retail
68.28
(735)
AN INDIVIDUAL (t/a Jackson Stores Convenience Store)
10 years from 06/02/2015
£11,000
37 Jackson Road
Retail
103.49
(1,114)
DP REALTY LIMITED (t/a Domino's Pizza)
20 years from 16/09/2008
£14,800
16/09/2023
39/41 Jackson Road
Retail
95.32
(1,026)
THE SALVATION ARMY TRUSTEE COMPANY (t/a Salvation Army)
6 years from 17/08/2017
£17,000
43 Jackson Road
Retail
64.85
(698)
TWO INDIVIDUALS (t/a K Nails)
5 years from 24/05/2018
£11,000
First (Suites 13-19)
Health Centre/Ancillary
464.14
(4,996)
ESSEX UNIVERSITY PARTNERSHIP UNIVERSITY NHS FOUNDATION TRUST
5 years from 21/07/2022 (1)
£60,000 rising to £62,500 in July 2025, rising to £65,000 in July 2026
Rear of 27/42 Jackson Road
Sub Station
-
(-)
EDF ENERGY NETWORKS PLC
20 years from 23/06/2003
£1,940.84
Second/Third
17 Flats
-
(-)
VARIOUS
All let on 999 year leases from October 2019
Peppercorn
Total Commercial Area
983.84
(9,965)
£147,665.84
(1) The lease is drawn outside of the Security of Tenure provisions of the Landlord and Tenant Act 1954.
If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
