Commercial property for sale in Kingsland Road, West Mersea, Colchester CO5
* Calls to this number will be recorded for quality, compliance and training purposes.
Property features
- To be offered on Thursday 30 May
- Investment let at £11,080
- P.a. (13% giy on guide)
- 1 commercial unit investment let at £9,840 p.a.
- 2 commercial units held on reversionary lease and self contained flat to be retained on a long leasehold interest
- Future development potential to add an additional floor over the No 39 or convert into residential use (subject to the requisite consents and existing lease)
- Car park at the rear of the property included in the sale.
- The tenant of No 39 has been trading on the site for over 20 years.
- VAT free investment
Property description
Strapline
Auction Sale - 29/05/2024
Of interest to Investors and Developers
A freehold parade of shops and car park to the rear (part sold off on a long lease). Future development potential to add an additional floor above 39 Kingsland Rd and change of use. (Subject to the requisite consents).
Investment let at £11,080 p.a.
Description
The property comprises of 3 retail units and a self contained flat on the upper floor. There is also a car park to the rear of the property. No 37 unit 1 & 2 Ground floor shops are held on reversionary leases ( approx. 65 years unexpired). Upper floor flat to be retained on a new 999 year lease on completion.
Location
The subject property is situated on the east side of Kingsland Road, one of the main routes into the centre of West Mersea and to the south of its junction with Rainbow Road.
Tenancy
37 (unit 1 & 2) Kingsland Road
- Sold off on Reversionary leases (an approx. 65 years unexpired)
- Ground Rent £1,240 p.a.
- Unit 1 Ground rent doubles every 33 years
39 Kingsland Road
- Let to a private individual (ta Galley Seafoods)
- Investment let at £9,840 p.a.
Accommodation
Please note that the property has not been inspected by Savills
37 (unit 1 & 2) Kingsland Road - Retail unit
39 Kingsland road - Single storey Shop Unit operating as a Fishmonger, with WC externally within separate block to the rear and external refrigerator
Flat - Part 1st and 2nd floor believed to be a 4 bedroom flat
For more information about this property, please contact
Savills - National Auctions, W1G on +44 20 8022 4160 * (local rate)
Disclaimer
Property descriptions and related information displayed on this page, with the exclusion of Running Costs data, are marketing materials provided by Savills - National Auctions, and do not constitute property particulars. Please contact Savills - National Auctions for full details and further information. The Running Costs data displayed on this page are provided by PrimeLocation to give an indication of potential running costs based on various data sources. PrimeLocation does not warrant or accept any responsibility for the accuracy or completeness of the property descriptions, related information or Running Costs data provided here.
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