14/16 And 14A And 16A Torquay Road, Chelmsford, Essex, CM1

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Description

The property comprises a ground floor food store with two separate flats above, as follows:

Ground Floor - Retail Co-op Store
Internal Width 37ft 10 ins 11.31 m
Shop Depth 66ft 6 ins 20.30 m
Ground Floor Sales 2,345 sq ft 217.9 sq m
Ground Floor Ancillary 322 sq ft 29.9 sq m
Total Ground Floor 2,667 sq ft 247.8 sq m

First and Second Floors - 2 residential flats comprising 3 bedrooms each.

Location

Chelmsford is the principal commercial and administrative centre in Essex located approximately 30 miles north-east of London. It has a large and well-established business community as well as being a major London commuter hub. The city benefits from excellent communication links with the A12 providing dual carriageway access to Central London, the M25 and Colchester. The A414 provides access to the M11approximately 17 miles to the west. The subject property is situated in the residential neighbourhood of Springfield to the north of the city centre. Torquay Road houses the principal neighbourhood parade offering a range of retail and service offers anchored by the Co-op and Boots.

Terms

14/16 Torquay Road (ground floor) is let to Chelmsford Star Co-Operative Society on a 10 year lease from 09.09.2023 at a passing rent of £32,500pax subject to an upward only rent review in the 5th year.
The first and second floors are separately let on two ASTs:

14A Torquay Road - £10,620pa expiring 16.07.2024
16A Torquay Road -£14,100pa expiring 08.09.2023

Proposal - We are instructed to seek offers in excess of £800,000 (Eight Hundred Thousand Pounds), subject to contract and exclusive VAT. A purchase at this level would reflect a Net Initial Yield of x% after allowing for standard purchaser's costs.

VAT - The property has been elected for VAT purposes. It is anticipated that the investment will be treated as a Transfer of a Going Concern (TOGC).

Rates

The valuation office agency website indicates that as from April 2023 the rateable values are as follows:

14/16 Torquay Road - £26,000
14A Torquay Road - Council Tax Band B
16A Torquay Road - Council Tax Band B ( Agency Pilot Software ref: 166893 )