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129-131, High Street, Harwich, CO12 3AX

Guide price: £180,000.00|Auction date: 2021-04-28|Lot: -|Retail - High Street, Retail

PROPERTY DETAILS

ADDRESS129-131 High Street, Harwich, CO12 3AX
TYPERetail - High Street, Retail
TENUREFor Sale Freehold
TENANCYInvestment
POSTED ON23rd March 2021

DESCRIPTION

High Street Retail Investment
Betting shop investment with upper parts
Let to Coral (Ladbrokes) with seven years unexpired
Producing an annual rent of £14,029
Upcoming rent review to £15,872 per annum or greater
Guide Price reflects an attractive NIY of 7.63% and a reversionary yield of 8.63%
DESCRIPTION
The property is arranged on ground and two upper floors to provide a ground floor betting office together with two floors of self-contained offices above which are separately accessed via an external staircase to the rear and are not presently used by the tenants.

We understand the property provides the below accommodation:

Ground Floor - 992 sq ft (92.2 sq m)
First Floor - 323 sq ft (30.0 sq m)
Second Floor - 292 sq ft (27.1 sq m)

LOCATION
The property is located in Harwich, Essex a coastal town with the North Sea located to the east. The high street is populated with other national retailers including Boots, Halifax and Iceland.

Dovercourt Railway Station is located to the north of the property, providing access to Harwich Town and London Liverpool Street via Manningtree.

TENURE
Freehold

PLANNING
Tendring District Council - www.tendringdc.gov.uk

TENANCY
The property is let to Coral Racing Limited on a lease expiring 27/02/2027 and producing an income of £14,029 per annum

There is an upcoming rent review, due 24/06/2021 at which point the rent is reviewed to the greater of 2.5% compounded per annum or open market rent. We therefore expect the rent to be reviewed to £15,872 per annum.

Please consult the legal pack for further information.

CONTACT
Brontie Peacock Call me 07591 384 573
* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.
ADMINISTRATION FEE The successful purchaser will be required to pay the auctioneers administration fee of £1,200 inclusive of VAT on purchases of £20,000 and above and £360 inclusive of VAT for purchases below £20,000.

LOCATION

Location: 129-131 High Street, Harwich, CO12 3AX

Dovercourt (0.1 miles)

Harwich Town (0.5 miles)

Harwich International (1.3 miles)

AGENT'S DETAILS

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