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Lot 14 Click here for addendum

Commercial Investment – Gross Yield 10.5%
6 week completion

SITUATION

Located close to the junction with Bond Street in this pedestrianised retail thoroughfare amongst multiples such as John Lewis, Wagamama, ASK Italian, Tesco, Iceland, Costa Coffee and Pure Gym as well as a host of local retailers.
The property is within close proximity to the 300,000 sq ft retail and leisure mixed use Bond Street Development which was completed in December 2016, costing an estimated £37 million.
Chelmsford is a major retail and commercial centre which lies close to the main A12 some 14 miles north-east of Brentwood and enjoying easy access to the M25 (Junction 28) and the M11 (Junction 7).

PROPERTY

Forming part of a mixed use building comprising a Ground Floor Shop.
.

ACCOMMODATION

Ground Floor Shop
Gross Frontage 17'10"
Internal Width 16'8"
Shop Depth 40'2"
Built Depth 49'6"
WC
GIA Approx. 830 sq ft

VAT is applicable to this Lot

tenure

Leasehold for a term of 999 years from 29th September 2022 at a peppercorn ground rent.

tenancy

The property is let on a full repairing and insuring lease by way of service charge to Figleaf Limited t/a Rohan (clothing retailer - see Note 1) for a term of 10 years from 1st March 2018 at a current rent of £21,000 per annum exclusive.

Note 1: Figleaf Ltd are a franchisee of Rohan who in turn are a national outdoor and travel clothing retailer with 53 branches (visit: www.rohan.co.uk).

Note 2: The tenant did not exercise their March 2023 Break Clause.

Note 3: There is a £3,750 Rent Deposit held.

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*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 £1,500 including 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.

35 Springfield Road, Chelmsford, Essex CM2 6JE