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Mixed Commercial and Residential Investment For Sale

For sale: POA|0.34 Acres|Residential, Retail

PROPERTY DETAILS

FOR SALEPOA
SIZE0.34 Acres
ADDRESS50 & 38 North Road, Great Clacton, Clacton-on-Sea
TYPEResidential, Retail
TENUREInvestment Opportunity, For Sale Freehold
POSTED ON30th July 2020

DESCRIPTION

PROPERTY DESCRIPTION
*** Mixed Commercial and Residential Investment *** Ground Floor retail unit let to Jennings Bookmakers and 3 bedroom first and second floor maisonette.

LOCATION
The coastal resort town of Clacton-on-Sea has a population of approximately 45,000, which in peak season increases markedly. The town is located some 25 miles south of Ipswich, 13 miles east of Colchester and has access to the A12 via the A133 and the A120. The A12 connects with the M25 motorway (Junction 28) some 35 miles to the south-west.

The property is situated within Great Clacton occupying a prominent corner position on North Road at the junction with Ravensdale, within the Great Clacton Neighbourhood Shopping Centre. Local occupiers include Reg’s Fish and Chip and Village Café, independent Off Licence, Favourite Grill, Boots Pharmacy, Abbey Funeral Directors, Martin McColls, St Helena Hospice, Dominos Pizza’s, Anytime Fitness and Welcome Chinese Takeaway and an Indian Restaurant.

DESCRIPTION
The site is irregular in shape extending to approximately 0.34 acres and comprises a three-storey mixed commercial with self-contained duplex first and second floor three-bedroom maisonette above. To the rear of the property there is forecourt providing customer car parking for both the commercial and residential element.

The property comprises a terrace purpose-built building constructed in the 1970s of cavity brick and block walls under a flat asphalt roof with vertically hung tiling to front elevation. The property is arranged on ground, first and second floors to provide a ground floor shop trading as Jennings Bookmakers with two storey maisonette above with separate access via a communal walkway. The three-bedroom duplex maisonette above is accessed from the rear via an external communal staircase. The maisonette benefits from gas central Heating via Radiators and UPVC Double Glazed windows and is currently under refurbishment and nearing completion with a view to being let on an Assured Shorthold Tenancy.

ACCOMMODATION
Ground Floor – 50 North Road Jennings Bookmakers The retail shop premises occupied and trading as Jennings Bookmakers is arranged to provide open plan customer service area, counter, rear staff room, kitchen, and WC facilities. We estimate the ground floor commercial premises has a total net internal floor area (NIA) of approximately 69.5m2 (748 sq. ft).

The ITZA we have calculated is 53.1m2 (572 sq ff)

First & Second Floor Apartment 38 North Road First and second floor duplex maisonette comprises 3 bedrooms on the second floor with entrance lobby, kitchen, and separate lounge at first floor level benefitting from UPVC double glazed windows and gas central heating throughout.

We calculate the total floor area is approximately 79m² (850 sq. ft.).

TERMS
COMMERCIAL LEASE
A new letting to Betting Shop Operations Limited for a term of 10 years from 5th March 2020 at an initial rent of £18,000 per annum exclusive, on effective full repairing and insuring terms via a service charge. Rent reviews upwards only to market rent on the 5th & 10th anniversary of the term subject to the usual assumptions and disregards. The tenant has the option to break the lease on 5th March 2025 on six months prior written notice with time to be of the essence.

RESIDENTIAL TENANCY The three bedroom maisonette is soon to be placed on the market to let by way of an Assured Shorthold Tenancy Agreement at a market rent of £750 pcm (£9,000 per annum)

We are instructed to seek offers of £350,000 Freehold, subject to contract and the Commercial Lease to Betting Shop Operations Limited and a new Assured Shorthold Tenancy on the residential maisonette producing a total rental income of £27,000 per annum. The purchase price at £350,000 would reflect a Gross Initial Yield of 7.7%.

TENURE Freehold

VAT
The property is not elected for VAT; therefore, VAT will not be applicable to the purchase price.

LEGAL COSTS
Each party to bear their own legal costs in connection with this transaction.

OTHER
ENERGY PERFORMANCE CERTIFICATE
50 North Road CO15 4DD (Non-domestic) B 40
38 North Road CO15 4DD (Domestic) D 63

VIEWING
Strictly by prior appointment with the sole agents Nicholas Percival Chartered Surveyors: T: 01206 563222 Email: info@nicholaspercival.co.uk FAO: Thomas Noble Ref. C.829

LOCATION

Location: 50 & 38 North Road, Great Clacton, Clacton-on-Sea

Clacton on Sea (0.8 miles)

Thorpe-le-Soken (3.0 miles)

Kirby Cross (3.6 miles)

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