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Flat C 6
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Studio 3
Studio 6
Flat A 6
  • For Sale
  • Offers Over £775,000
  • 189 High Street, Southend, Essex, SS1 1LL
  • Prime Mixed-Use Investment Opportunity

Prime Mixed-Use Investment Opportunity

| August 12, 2020

Executive Summary

  • Freehold four-storey mixed-use building with a current total passing rent of £62,540 per annum, rising to £77,540 per annum in January 2022.
  • The property consists of a ground floor and basement retail unit and three upper floors providing 3 x residential apartments.
  • Located in central Southend approx. 0.2 miles to Southend Victoria station & Southend Central with direct services to London.
  • Offers are invited in excess of £775,000 for the freehold interest, subject to contract and exclusive of VAT.

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. Southend-on-Sea is home to over 174,000 residents (according to the 2011 Census) and receives millions of visitors each year. 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 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 four floors and basement. The ground floor and basement are currently occupied by clothing retailer Maronmarch Ltd t/a Brother2Brother (est. 1985, in occupation since 2015, 7 UK Stores). The upper three floors have recently been converted to provide three high quality apartments all of which are let on AST agreements (see brochure for further details).

Terms
Offers are invited in excess of £775,000 for the freehold interest, subject to contract and exclusive of VAT. This represents an approximate gross initial yield of 8%, with a reversion to approximately 10.7% in May 2021.

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.

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The Site and all the content on the Site is provided for use "as is" and "as available" and any reliance upon the same is at your sole risk. Whilst We take all reasonable care to ensure that the content on this Site is accurate, We cannot guarantee its accuracy and We reserve the right to change the content on this Site at any time. We make no representations or warranties of any kind with respect to this Site or the content of the Site, including any text, graphics, advertisements, links or other items. Further more, neither We nor any other contributor to this website make any representation or gives any warranty, condition, undertaking or term either expressed or implied as to the condition, quality, performance, accuracy, fitness for purpose, completeness or freedom from viruses of the content contained on the Site or that such content will be accurate, up to date, uninterrupted or error free.