Substantial Freehold Retail Investment with Future Development Potential
Located fronting Southend Central Station and South Essex College/University of Essex
Freehold Island Site let to River Island and a newly let Sushi Restaurant
Recently renewed River Island lease from June 2023 - tenant in occupation for about 30 years
Sushi Restaurant - new 10 year lease from May 2023 (no breaks)
Approximately 12,199 sq ft
Future Development Potential (subject to leases and consents) to include possible residential or student accommodation
Nearby retailers include Primark, Marks and Spencer, H&M, JD Wetherspoon and Superdrug
Lot 31
Auction 13th July 2023
Rent £110,000 per Annum Exclusive
Status Sold Prior
Price
Sector High Street Retail
Auction Venue Live Streamed Auction
Property Information
Location
Miles
20 miles south-east of Chelmsford, 41 miles south-west of Colchester, 43 miles east of London
Roads
A13, A127, A1160
Rail
Southend Central Station (54 minutes to London Fenchurch Street)
Air
London Southend Airport
Situation
The property is situated in a prominent corner location on the western side of the pedestrianised Southend High Street at its junction with Station Approach. Southend Central Railway Station and South Essex College both lie directly to the rear of the property, with nearby retailers including Primark, Marks and Spencer, H&M, JD Wetherspoon and Superdrug.
Tenure
Freehold.
Location
Miles
20 miles south-east of Chelmsford, 41 miles south-west of Colchester, 43 miles east of London
Roads
A13, A127, A1160
Rail
Southend Central Station (54 minutes to London Fenchurch Street)
Air
London Southend Airport
Situation
The property is situated in a prominent corner location on the western side of the pedestrianised Southend High Street at its junction with Station Approach. Southend Central Railway Station and South Essex College both lie directly to the rear of the property, with nearby retailers including Primark, Marks and Spencer, H&M, JD Wetherspoon and Superdrug.
Tenure
Freehold.
Description
The property comprises two shops arranged over the ground, first and second floors with both shops benefitting from trading areas on the first floors. The Sushi Restaurant has just commenced shop fitting with an anticipated opening date in mid-July.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
See Legal Pack
Description
The property comprises two shops arranged over the ground, first and second floors with both shops benefitting from trading areas on the first floors. The Sushi Restaurant has just commenced shop fitting with an anticipated opening date in mid-July.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
See Legal Pack
Tenancy & Accommodation
Address
Floor
Use
Floor Areas Approx sq m
Floor Areas Approx sq ft
Tenant
Term
Rent p.a.x.
Rent Review
117 High Street
Ground First Second
Retail/Ancillary Retail/Ancillary Ancillary
281.90 241.05 394.36
(3,026) (2,595) (4,245)
RIVER ISLAND FASHION LIMITED (1) (t/a River Island)
5 years from 24/06/2023 (2)
£70,000
-
117a High Street
Ground First
Retail/Ancillary Retail/Ancillary
105.82 110.95
(1,139) (1,194)
OOLALA SUSHI LTD
10 years from 19/05/2023
£40,000 (3)
19/05/2028
Total
1,134.08
(12,199)
£110,000
(1) For the year ending 25th December 2021, River Island Fashion Limited reported a turnover of £82,000,000, a pre-tax profit of £4,800,000 and a net worth of £3,400,000 (www.northrow.com). (2) The lease is subject to a tenant only option to determine on 24/06/2024 with rolling annual break options thereafter, subject to 6 months notice. The previous rent paid by River Island was £70,000 p.a.x. and they have had the ability to break either annually or 6 monthly for a number of years. (3) The tenant benefits from a 3 month rent free period until 19/08/2023 and then half rent until 19/02/2024, after which the rent rises to £40,000 p.a.x. The Seller will pay the Buyer the total rent that would have been due from Completion of the sale until 19/02/2024. A rent deposit of £10,000 plus VAT is held by the vendor.
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.
