1-19 Reeves Way South Woodham Ferrers Chelmsford Essex CM3 5XF

1-19 Reeves Way
South Woodham Ferrers
Chelmsford
Essex
CM3 5XF

High-Yielding and Almost Fully Let Mixed-Use Investment

Comprises four shops, a dentist and various office suites
Almost fully-let investment (3)
Approximately 11,385 sq ft
VAT-free investment
Opposite large town centre car park
Nearby occupiers include Asda Superstore, Co-op Convenience Store, Rowlands Pharmacy and a number of eclectic independent retailers and restaurants

Lot
15
Auction
27th March 2024
Rent
Gross: £111,000 per Annum Exclusive
Net: £86,000
plus one vacant office suite under offer (3)
Status
Sold Post
Price
Auction Venue
Live Streamed Auction

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High-Yielding and Almost Fully Let Mixed-Use Investment

Comprises four shops, a dentist and various office suites
Almost fully-let investment (3)
Approximately 11,385 sq ft
VAT-free investment
Opposite large town centre car park
Nearby occupiers include Asda Superstore, Co-op Convenience Store, Rowlands Pharmacy and a number of eclectic independent retailers and restaurants

Lot 15
Auction 27th March 2024
Rent Gross: £111,000 per Annum Exclusive Net: £86,000 plus one vacant office suite under offer (3)
Status Sold Post
Price
Sector
High Street Retail
Auction Venue
Live Streamed Auction

Property Information

Location

Miles: 15 miles north-west of Southend-on-Sea, 42 miles north-east of Central London
Roads: A12, A130, A132, A1245
Rail: South Woodham Ferrers Train Station (50 minutes to London Liverpool Street)
Air: London Southend Aiport

Situation

South Woodham Ferrers is a popular Essex town approximately 8 miles south-east of Chelmsford and 42 miles north-east of Central London. The property is prominently situated in the town centre, opposite a large car park. Nearby occupiers include Co-op Convenience Store, Rowlands Pharmacy and a number of eclectic independent retailers and restaurants.

Tenure

Leasehold. from SW Investments Limited for a term of 125 years from 29th September 1985 (approx. 86 years unexpired) at a rent of £25,000 pa (based on 22.5% of rents receivable), subject to 5-yearly rent reviews, the next in 2025.

Location

Miles: 15 miles north-west of Southend-on-Sea, 42 miles north-east of Central London
Roads: A12, A130, A132, A1245
Rail: South Woodham Ferrers Train Station (50 minutes to London Liverpool Street)
Air: London Southend Aiport

Situation

Tenure

Description

Substantial mixed-use parade comprising four shops arranged on the ground floor and a dentist, various office suites and a flat arranged on the first and second floors.

VAT

VAT is not applicable to this lot.

Note

Please note the buyer will pay 1% excluding VAT of the purchase price towards the Vendor's costs in addition to the cost of the searches. Please see Special Conditions of Sale.

Completion Period

Six Week Completion

EPC

See Legal Pack

Description

Substantial mixed-use parade comprising four shops arranged on the ground floor and a dentist, various office suites and a flat arranged on the first and second floors.

VAT

VAT is not applicable to this lot.

Note

Please note the buyer will pay 1% excluding VAT of the purchase price towards the Vendor's costs in addition to the cost of the searches. Please see Special Conditions of Sale.

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
1 & 5 REEVES WAY
Ground Second	Retail/Ancillary Residential	65.03 112.04	(700) (1,206)	CMXF LIMITED (t/a Hot Wok)	7 years from 21/07/2021	£15,000	21/07/2026
3 REEVES WAY
First	Office	88.90	(957)	STAR BROKERS LIMITED (1)	5 years from 01/08/2023 (1)	£7,000	-
First	Office	96.52	(1,039)	K. PRYMA (t/a Owl Financial)	5 years from 01/08/2023 (2)	£7,000	-
7 REEVES WAY (accessed from 13 Reeves Way)
Second	Office	69.77	(751)	VACANT & UNDER OFFER (3)	-	-	-
9 REEVES WAY
Second	Office	11.79	(127)	A. WALKER & S. SALIM	2 years from 30/05/2023 (4)	£2,000	-
11 REEVES WAY
Ground	Retail/Ancillary	223.98	(2,411)	K. SULLIVAN (t/a Essex Properties Lettings) (5)	7 years less one day from 25/12/2021	£27,000	25/12/2024
13 REEVES WAY
First/Part Second	Dentist	57.97	(624)	R. CORREIRA DE MENDONCA (t/a Oakland Dental Care)	5 years from 30/06/2021	£9,000	-
Part Second	Office	15.79	(170)	FRONT MANAGEMENT LIMITED	2 years from 26/04/2023	£3,500	-
Part Second	Office	13.00	(140)	EAST COUNTIES CONSTRUCTION LIMITED	2 years from 16/02/2023	£2,250	-
Part Second	Office	20.90	(225)	EXSWIFT FUELS LTD	2 years from 02/10/2023 (6)	£5,000	-
15/17 REEVES WAY
Ground	Retail/Ancillary	56.94	(613)	B. TUGA & F. PALAZ (t/a Istanbul Vip Barber)	15 years from 07/05/2019 (7)	£12,500	07/05/2024 and 07/05/2029
First	Office	57.22	(616)	PULLMAN CONSTRUCTION (LONDON) LIMITED	2 years from 10/07/2022	£4,750	-
Second	Office	54.81	(590)	BNS SCREEDING LIMITED	2 years from 24/06/2022	£4,750	-
19 REEVES WAY
Ground/First/Second	Retail/Ancillary	112.97	(1,216)	C & H PREMIER HOMES LIMITED (t/a Church & Hawes Estate Agent)	15 years from 24/06/2014	£11,250	24/06/2024
Total		1,057.62	(11,385)			£111,000 rising to £118,500 (3)

(1) www.starbrokers.co.uk. The lease is subject to a tenant only option to determine on 01/08/2026.
(2) The lease is subject to a tenant only option to determine on 01/08/2026.
(3) Heads of Terms have been agreed based on a new 3-year lease to Automotive Software Solutions commencing on 30/06/2024 at a commencing rent of £7,500 p.a.x. rising to £7,875 p.a.x. at year 3 - please see legal pack.
(4) The lease is subject to a tenant only option to determine on 30/05/2024.
(5) Essex Properties Limited are residential management and letting specialists that have been established for over 40 years (www.essexproperties.co.uk)
(6) The lease is subject to a tenant only option to determine on 02/10/2024.
(7) The lease is subject to a tenant only option to determine on 07/05/2024.
NB: Please note that a number of leases are contracted outside of the Security of Tenure Provisions of the Landlord & Tenant Act 1954. Please see legal pack.

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.