Retail premises for sale in High Street, Colchester CO1

Investment Consideration:
Gross Initial Yield: 7.41%
Rental Income: £50,000 p.a.
VAT is applicable to this property
Comprises 5 Retail Shops at Ground Floor (3 sold-off) and 17 Apartments above (sold-off)
Shop No.103/104 let until 2040 (No breaks). Shop No.101 let until 2038.
Nearby occupiers include Santander, Sainsburys and Primark, amongst others.

Property Description:
Mixed-use block comprising 3 Ground Floor Shops on High Street (1 sold-off), 2 Ground Floor Shops on Museum Street (both sold-off) and 17 Apartments above (sold-off), providing the following accommodation and dimensions:

No. 101 High Street
Ground Floor Shop: 110.08 sq m (1,184 sq ft)
No. 103/104 High Street
Ground Floor Shop: 157.20 sq m (1,692 sq ft)

No. 102 High Street (sold-off)
Restaurant/Takeaway
No. 6-12 Museum Street (sold-off)
17 Apartments
No. 6,10,12 Museum Street (sold-off)
1 Shop and 1 Café

Tenancy:
Shop No. 103-104 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.

Shop No. 101 is at present let to as Rock Ltd for a term of 15 Years from 1st January 2023 at a current rent of £25,000 p.a. Uncapped rent reviews linked to rpi every 5th Years and tenant option to determine in Jan 2033 with min 6 months notice. Deposit held of £6,250.

Shop No. 102 has been sold off on long leasehold for a term of 999 years from 25th August 2011 at a ground rent of peppercorn.
Apartments and Shops at No. 6-12 Museum St. Have been sold off on long leaseholds for a term of 999 years from 29th March 2007 at a ground rent of peppercorn.

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.