ADDRESS103-104 High Street, Colchester, Essex, CO1 1TH
TYPERetail, General Retail, Retail - High Street, Office, Offices
TENUREInvestment Opportunity, For Sale Leasehold
POSTED ON1st February 2022
Investment Consideration: Gross Initial Yield: 6.45% Rental Income: £20,000 p.a. Let until 2040 (no breaks) The Tenant soon to be rebranding shop as Premier Rent reviews linked to RPI every 5th year (uncapped) VAT is applicable to this property Comprises ground floor convenience store Nearby occupiers include Santander, Sainsburys and Primark, amongst others
Property Description: The property comprises ground floor retail shop t/a convenience store, providing the following accommodation and dimensions: Ground Floor: 157.20 sq m (1,692 sq ft) Open plan retail, Storage, Office, WC
Tenancy: The property is at present let to an Individual t/a ABI Food & Wine for a term of 20 years from 14th October 2020 at a current rent of £20,000 per annum and the lease contains full repairing and insuring covenants. Uncapped rent reviews linked to RPI every 5th Year. No breaks.
Tenure: Long Leasehold. Held on a 999 Year lease from 24th March 2015 at a ground rent of £100 p.a.
Location: Colchester is an attractive and historic market town in Essex, some 60 miles north-east of Central London. The property is located in a prominent position with frontages to High Street and Museum Street. The property is close by to Lion Walk Shopping Centre with retailers including Primark, Boots the Chemist and The Body Shop. Other nearby retailers include Santander, Sainsburys and Primark, amongst others.