Retail premises for sale in High Street, Colchester CO1

Investment Consideration:
Gross Initial Yield: 7.14%
Rental Income: £25,000 p.a.
VAT is applicable to this property
Let until 2040 (no breaks)
Rent reviews linked to rpi every 5th year (uncapped)
Comprises ground floor convenience store t/a Premier
Nearby occupiers include Santander, Sainsburys and Primark, amongst others.

Property Description:
The property comprises ground floor retail shop t/a convenience store, providing the following accommodation and dimensions:
Ground Floor: 157.20 sq m (1,692 sq ft)
Open plan retail, Storage, Office, WC

Tenancy:
The property is at present let to an Individual t/a Premier for a term of 20 years from 14th October 2020 at a current rent of £25,000* p.a. And the lease contains full repairing and insuring covenants. Uncapped rent reviews linked to rpi every 5th Year. No breaks.

* Tenant currently pays rent of £20,000 p.a. Vendor will top up rent, so the buyer receives the equivalent of £25,000 p.a. From completion until October 2025. Vendor expects rent to be higher than £25,000 p.a. At the rpi linked review in October 2025.

Tenure:
Long Leasehold. Held on a 999 Year lease from 24th March 2015 at a ground rent of £100 p.a.

Location:
Colchester is an attractive and historic market town in Essex, some 60 miles north-east of Central London. The property is located in a prominent position with frontages to High Street and Museum Street. The property is close by to Lion Walk Shopping Centre with retailers including Primark, Boots the Chemist and The Body Shop. Other nearby retailers include Santander, Sainsburys and Primark, amongst others.