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Lot 5

Freehold Commercial Investment – Gross Yield 10.3%
6 Week Completion

Situation

Occupying a prime trading position in the heart of the town's main pedestrianised retail thoroughfare close to the junction with Queens Road, adjacent to The Works, opposite HMV and amongst such multiple retailers as Sports Direct, McDonald's, Vodafone, Ryman, Costa and many others.
Southend-on-Sea is a popular tourist town situated some 17 miles south-east of Chelmsford and approx. 35 miles east of London, benefiting from good transport links with easy access to the A13 to London and the M25 (Junction 29).

Property

A mid-terrace building comprising a Deep Ground Floor Shop with a Basement and internal access to Ancillary Accommodation on the first and second floors. In addition, the shop benefits from access on to a rear service road.

Accommodation

Ground Floor Shop
Gross Frontage 22'1"
Internal Width 19'9" (max)
Shop Depth 122'11"
Built Depth 128'6"
Sales/Ancillary Area Approx. 2,325 sq ft
First Floor Ancillary
Area Approx. 645 sq ft
2 WCs
Second Floor Ancillary
Area Approx. 695 sq ft
Basement
Area Approx. 975 sq ft

Total Area Approx. 4,640 sq ft

VAT is applicable to this Lot (TOGC available subject to due compliance - see special conditions of sale)

FREEHOLD

Tenancy

The entire property is let on a full repairing and insuring lease to Sportswift Limited (t/a Card Factory) (having over 1,000 branches) (T/O for Y/E 31/01/22 £346.4m, Pre-Tax Profit £29.1m and Shareholders' Funds £62m) for a term of 10 years from 13th June 2016 at a current rent of £75,000 per annum exclusive.

Rent Review June 2021 (not yet activated)

Note: Potential exists to redevelop the property into Residential Use as evidenced by the adjoining 9 storey building.

*Please note:

RESERVE

The 'Reserve' is the minimum figure for which a property can be sold as agreed between the Seller and the Auctioneer. The 'Reserve' is not disclosed and remains confidential between the Seller and the Auctioneer.

GUIDE

Where a 'Guide' is stated, it is an indication of the Seller's current minimum acceptable price ('Reserve') at auction. A 'Guide' is published to assist prospective buyers in deciding whether or not to pursue a purchase.

A 'Guide' does not represent an anticipated sale price or a valuation and the eventual sale price may be higher or lower. The sale price is determined at auction and as such cannot be predicted in advance.

The 'Guide' can be published as follows:

a. 'Reserve below' which means the 'Reserve' will be below the shown amount.
b. A single price figure where the 'Reserve' is not to exceed it.
c. A single price figure with a + symbol where the 'Reserve' is not to exceed that figure by more than 10%.
d. A minimum and maximum price range where the 'Reserve' is to be within that range.

The Seller's expectation as to the sale price may change during the marketing period as a result of interest received from prospective Buyers. Therefore, the Seller may increase or decrease the 'Reserve' at any time up to just before bidding commences. If the 'Reserve' becomes fixed at a level that makes the 'Guide' misleading, the Auctioneers will subsequently issue a revised 'Guide' as soon as is practicable. Accordingly, prospective bidders should monitor the 'Guide' with the Auctioneers prior to the Auction taking place via this website.

In addition to the purchase price the Successful Buyer or Successful Bidder will be liable to pay Barnett Ross Ltd a non-refundable administration fee of £1,000 plus VAT or as specified on the Particulars of Sale and there may also be additional non-optional fixed or variable fees and costs. To establish the full cost of purchasing a property please inspect the special conditions of sale and all other documentation in the legal pack. Please also refer to any addendum that may be displayed on this page.

165/167 High Street, Southend-on-Sea, Essex SS1 1LL