Location The property is situated at the junction of London Road with Queensberry Avenue approximately 1 mile east of the A120 junction at Marks Tey.
In addition the property benefits from easy access to Marks Tey railway station which is on the mainline to London's Liverpool Street Station.
Description The property comprises a former Skoda main dealership and includes workshops, showrooms and extensive secure rear yard plus a self contained three bedroom bungalow.
Tenancies The property is let in six parts as set out in the accommodation and tenancy schedule herewith. Currently the leases generate an annual rent of £94,500 per annum with stepped increases from February 2024 and outstanding rent reviews.
Planning The property was previously a Skoda main dealership for many years and we understand the current planning designation is sui generis car showroom and vehicle servicing with repair premises and ancillary offices.
This is a longstanding arrangement without a specific planning consent. The property is not listed or within a Conservation Area so far as we are aware.
Utilities Electricity and water supplies are provided to a single landlords account and apportioned between tenants.
Environmental Issues The property previously included some fuel sales. We have correspondence confirming the underground tanks were cement slurry filled to the satisfaction of Essex County Council's Petroleum Officer in 1999.
A Groundsure Siteguard Environmental Risk Report has recently confirmed the site to carry an 'Acceptable Environmental Risk' for banking security.
VAT The property is VAT elected.
Terms The property is available for sale subject to the existing tenancies for the sum of £1.3 million which will deliver a gross initial yield of circa 7.25%.
Legal Deposit The buyer will be required to pay a non-refundable deposit when purchase terms are agreed.
Anti-Money Laundering Regulations Anti-Money Laundering Regulations require Fenn Wright to formally verify prospective purchaser's identify, residence and source of funds prior to instructing solicitors.
Viewing Strictly by appointment via sole agents:
Fenn Wright Tel: 01206 85 45 45 Email: email@example.com