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Lot 18

Freehold Commercial Investment – Gross Yield 12.5%
6 Week Completion

Situation

Close to the junction with Rosemary Road, occupying a prime position in the heart of the town centre, adjacent to Nationwide and Boots and amongst other multiples such as Specsavers, EE, JD Sports, Costa and more.
Clacton-on-Sea is a popular coastal town approximately 14 miles south-east of Colchester, with good road access via the A12 and the A133 and rail links via Clacton-on-Sea Station (Greater Anglia).

Property

A mid terrace building comprising a Ground Floor Shop with Ancillary Accommodation on the first and second floors.

Accommodation¹

Ground Floor Shop
Gross Frontage 24'0”
Sales Area Approx. 665 sq ft
First Floor
Ancillary Area Approx. 571 sq ft
Second Floor
Ancillary Area Approx. 406 sq ft

_______________

Total Area Approx. 1,642 sq ft

¹Not inspected by Barnett Ross. Areas taken from VOA.

VAT is NOT applicable to this Lot

FREEHOLD

Tenancy

The entire property is let on a full repairing and insuring lease to TUI UK Retail Limited as a Travel Agent (having approx. 300 branches) (See Tenant Profile) for a term of 5 years from 5th June 2018 (Holding Over - in occupation since 2013 - see Note 1) at a current rent of £18,750 per annum exclusive.

Note 1: Heads of Terms have been agreed with Tui for a new 5 year Lease from 24th September 2023 at a rent of £14,000 per annum exclusive, with a Tenant's Break Option on the 3rd anniversary of the commencement of the term. This is in solicitors hands, but has not yet been completed.

Note 2: No end of term Schedule of Dilapidations has been served yet.

Tenant Profile

TUI UK Retail Limited are part of the TUI Group who provide vacations to approx. 27 million customers annually in 180 regions around the world. They operate 5 Airlines with around 150 Aircraft, over 400 Hotels and 16 Cruise Liners.
Visit www.tui.co.uk

*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.

64 Pier Avenue, Clacton-on-Sea, Essex CO15 1QN