Executive Summary
- A three-storey mixed-use building with a retail unit arranged over ground floor and basement let to Costa Coffee, and the upper floors providing 2 x residential apartments (1 x 2 bed & 1 x 3 bed)
- The current total passing rent is £70,175 per annum
- Located in Southend town centre approximately 0.2 miles to Southend Victoria railway station (providing a direct service to London Liverpool Street) and Southend Central railway station (providing a direct service to London Fenchurch Street)
- Offers are invited in excess of £950,000 subject to contract and exclusive of VAT. This represents an approximate gross yield of 7.4%
Location
The building is situated in a prominent position on the High Street in the heart of the popular seaside town of Southend-on-Sea. It is 40 miles east of London. Southend Victoria railway station is 0.2 miles north of the property (providing a direct service to London Liverpool Street in approximately 58 minutes) and Southend Central railway station is 0.2 miles south of the property (providing a direct service to London Fenchurch Street in approximately 51 minutes). The main arterial road into the area is the A127 which links to the M25, A13 and A12. London Southend Airport is located 1.5 miles to the north of the town centre, providing regular flights to a number of European destinations. Southend-on-Sea boasts the largest leisure pier in the world.
Local occupiers include Holland & Barrett, McDonald’s, Burger King, WH Smith, Metro Bank, Starbucks, HSBC, Costa Coffee as well as a range of independent retailers and restaurants.
Please note all distances given are approximate only.
Description
The property is arranged over three floors and basement. The ground floor and basement are currently occupied by Costa Coffee who have been in occupation for over 10 years. The upper floors provide two high quality apartments (1 x 2 bed & 1 x 3 bed).
Tenancy
The commercial unit is let to Costa Ltd (01270695) on 5-year lease from April 2019 at a current passing rent of £47,375 per annum. They have served a Section 26 Notice on the landlord.
The apartments are both let on AST agreements at £950 per calendar month.
Please see brochure for schedule.
Terms
Offers are invited in excess of £950,000 subject to contract and exclusive of VAT. This represents an approximate gross yield of 7.4%.
Tenure
The freehold interest is to be sold subject to the existing tenancies.
VAT
The building is elected for VAT, although we expect the sale can be treated as a transfer of a going concern (TOGC). Interested parties are advised to seek appropriate professional advice on this point.
Data Room
A data room has been set up and access is available on request.
Viewings
Viewings are strictly by appointment through sole agents Harston&Co.
