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AGENT'S DETAILS


Clacton-on-Sea - Freehold Mixed Use Block of Shops, Offices and Newly Built Apartments

For sale: POA|10979 Sq Ft|Office, Flat, General Retail, Mixed Use, Offices, Residential, Retail, Other Property Types & Opportunities

PROPERTY DETAILS

FOR SALEPOA
SIZE10979 Sq Ft
ADDRESSReunion House, Jackson Road, Clacton-on-Sea CO15 1JA
TYPEOffice, Flat, General Retail, Mixed Use, Offices, Residential, Retail, Other Property Types & Opportunities
TENUREFor Sale Freehold
POSTED ON28th July 2020

DESCRIPTION

Investment Consideration:
Rental Income: £142,465.84 p.a.
VAT is NOT applicable to this property
Comprising 8 ground floor commercial units, 2 large office suites on the first floor, 9 self-contained flats on the second floor and 8 self-contained flats on the third floor. Flats are brand new. Separately serviced utilities.
ERV over £255,000 p.a. at full occupancy
Planning recently submitted for 2 houses in the car park
Located on Jackson Road, the property is situated within a 1/2 of a mile from Clacton Train Station with a direct route to London Liverpool Street Station.

Property Description:
A substantial 4 storey blocks of 8 ground floor commercial units, 2 large office suites on the first floor and 9 self-contained flats on the second floor and 8 self-contained flats on the third floor. The property provides the following accommodation and dimensions:

Ground Floor: 8 commercial units 523.00 sq m (5,629 sq ft)
First Floor: 2 large office suites 497.00 sq m (5,350 sq ft)
Second Floor: 9 self-contained units
Third Floor: 8 self-contained units

Tenancy:
No.27 is at present let to MRS. ANNE MARIE INGRAM for a term of 10 years from 15th January 2016 at a current rent of £10,250 per annum and the lease contains full repairing and insuring covenants.

No.29 is at present let to MISS J. JARDINE for a term of 10 years from 29th September 2010 at a current rent of £10,475 per annum and the lease contains full repairing and insuring covenants. Vendor has agreed with the tenant a new 5 year lease, no breaks, starting 29.09.20. Rent of £10,475 per annum.

No.31 is at present let to MR. S. VELAUTHAM for a term of 10 years from 14th March 2014 at a current rent of £11,000 per annum and the lease contains full repairing and insuring covenants.

No.33 is at present let to MR. VIJAYAKANTHN NAKARASA for a term of 10 years from 6th February 2015 at a current rent of £11,000 per annum and the lease contains full repairing and insuring covenants.

No. 35 is at present let to NHS Foundation Trust for a term of 3 years from 21st July 2019 at a current rent of £55,000 per annum and the lease contains full repairing and insuring covenants. The tenant has option to determine on 20.07.21 and next rent review is on 21.07.21. Rent to increase to £58,000 in 2021.

No.37 is at present let to DOMINOES PIZZA for a term of 20 years from 16th September 2008 at a current rent of £14,800 per annum and the lease contains full repairing and insuring covenants. Next rent review on 16.09.23.

No.39-41 is at present let to SALVATION ARMY for a term of 6 years from 17th August 2017 at a current rent of £17,000 per annum and the lease contains full repairing and insuring covenants. The tenant has option to determine on 17.08.20. Next rent review 17.08.22.

No.43 is at present let to HOANG HUY & THU ANH LE for a term of 10 years from 24th May 2013 at a current rent of £11,000 per annum and the lease contains full repairing and insuring covenants.

Sub station is at present let to EDF Energy Networks (EPN) PLC for a term of 20 years from 24th June 2003 at a current rent of £1, 940.84 per annum and the lease contains full repairing and insuring covenants. RPI linked rental increases.

There are 17 flats set over the second and third floor, four of which have been sold on long leases for average sale price of £125,000 each. The 13 other flats remain vacant and we estimate that when let, the flats would generate approximately £114,000 p.a. making the fully let ERV over £255,000 p.a.

Location:
Located on Jackson Road, the property is situated within a 1/2 of a mile from Clacton Train Station with a direct route to London Liverpool Street Station. Clacton has a pleasure pier, arcades, a golf course, caravan parks and an airfield. The town and its beaches are still popular with tourists in the summer and there is an annual entertainment programme including the Clacton Carnival and Clacton Air show. Clacton has a shopping area with many of the usual national chains represented, and a Factory Shopping Village in the north of the town.

LOCATION

Location: Reunion House, Jackson Road, Clacton-on-Sea CO15 1JA

Clacton on Sea (0.3 miles)

Thorpe-le-Soken (4.1 miles)

Kirby Cross (4.6 miles)

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