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Agent's details

Dedham Arts And Craft Centre, High Street, Dedham, Essex, CO7

For sale: £1,100,000.00|6,948 Sq Ft|Retail - High Street, Retail - High Street, Residential, Retail - High Street, Shopping Centre Unit, Retail

Property details

FOR SALE£1,100,000.00
SIZE6,948 Sq Ft
ADDRESSDedham Arts And Craft Centre, High Street, Dedham, Essex, CO7
TYPERetail - High Street, Retail - High Street, Residential, Retail - High Street, Shopping Centre Unit, Retail
TENUREInvestment Opportunity, For Sale Freehold
POSTED ON24th May 2022

Description

The property comprises an impressive former United Reform Church built in 1872. Renovated and converted in 1984, the Craft Centre now offers 3 floors of retail space all benefitting from attractive period features and largely open plan floor plates.

A central staircase gives access to the upper parts. Each floor accommodates multiple occupiers offering a complimentary blend of arts, crafts, antiques and much more.

There are public W.C. facilities on the ground floor, whilst on the first and second floors there are additional W.C. facilities for the tenants.

Accommodation
The property is accessed over an attractive forecourt to a central doorway and offers the following gross internal floor areas:-
Ground Floor
Sales, Office 3,110 sq ft289.00 sq m
Entrance Lobby and W.C.s--
First Floor
Sales 2,622 sq ft243.65 sq m
Mezzanine Office and W.C--
Second Floor
Net Sales 1,216 sq ft112.98 sq m
Tower Store and W.C.- -
Total 6,948 sq ft645.63 sq m

The property sits on a rectangular shaped plot extending to approximately 0.15 of an acre (0.06 hec).
*Indicative floor plans are available upon request.

Existing Occupiers and Tenancies
Established in 1984 the Craft Centre has been successfully run by the existing owners since 2004, during which time the business has grown and achieved a settled and profitable financial platform.
The property is arranged to provide two anchor tenants on the ground floor, Charlie6 a lifestyle living showroom and secondly a large Tearoom with in excess of 50 covers.

The Tearoom occupies part of the ground floor on a renewed 3 year lease commencing April 2022. Charlie6, the vendors business occupies the remainder of the ground floor on a 6 month licence arrangement. Together these two tenancies generate £47,300 per annum.

On the first and second floors there are in excess of 55 tenants all on licence agreements which allow either the licensor or licencee to terminate giving 3 months' notice. All rent and licence payments are received by BACS on a monthly basis, the gross income generated is in excess of £100,000 per annum.

Management Arrangements and Outgoings
The freeholder is responsible for business rates, maintenance of the building, buildings insurance and utility costs to include the internet and provision of the credit card function for The Craft Centre, which is overseen by the First Floor/Second Floor tenants on a rota basis organised by the freeholder. The Centre opens 7 days a week and visitor numbers exceed 85,000 annually.

Planning
Planning consent was granted in 1980 for change of use of the former United Reformed Church to that of an arts studio and gallery with ancillary caretakers flatlet, Planning Ref: COL/1363/80. The property has traded successfully on this basis since 1984 and whilst sited within a Conservation Area and an Area of Outstanding Natural Beauty, the building is not subject to formal listing.

Business Rates
The property has an entry in the current rating list as 'Craft Centre' with a Rateable Value of £22,250.

Energy Performance Certificate (EPC)
We have been advised that the premises fall within class C (67) of the energy performance assessment scale. A full copy of the EPC assessment and recommendation report is available from our office upon request.

Terms
The freehold interest in the property is available for sale for the sum of £1.1 million.
The property is not VAT elected.

Legal Costs
Each party will be expected to meet their own legal costs in connection with the transaction. Purchasers will be required to pay a returnable legal deposit upon instructions being issued to solicitors.

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
01206 85 45 45
fennwright.co.uk

( Agency Pilot Software ref: 14869801 )

Location

marker
Location: Dedham Arts And Craft Centre, High Street, Dedham, Essex, CO7

Manningtree (3.2 miles)

Mistley (3.9 miles)

Colchester (5.9 miles)

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