Investment Consideration:
Gross Initial Yield: 7.69%
Rental Income: £25,000 p.a.
VAT is applicable to this property
Comprises ground floor retail shop with rear access
Rent reviews linked to RPI every 5 years (uncapped)
Town centre location with occupiers nearby including Lion Walk Shopping Centre, Santander, Sainsburys and Primark, amongst others.
Property Description:
Comprises ground floor retail shop with rear access, providing the following accommodation and dimensions:
Ground Floor: 110 sq m (1,184 sq ft)
Open plan retail, Storage, Kitchenette, WC
Tenancy:
The property is at present let to AS Rock Ltd for a term of 15 Years from 1st January 2023 at a current rent of £25,000 p.a. Uncapped rent reviews linked to RPI every 5th Years and tenant option to determine in January 2033 with min 6 months notice. Deposit held of £6,250.
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 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.
