Retail premises for sale in Jackson Road, Clacton-On-Sea CO15

POA
Retail premises for sale 10,979 sq. ft*

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Clacton-On-Sea - Freehold Mixed Use Block Of Shops, Offices And Newly Built Apartments

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Property features

  • Freehold Mixed Use Block of Shops, Offices and Newly Built Apartments
  • Comprising 8 ground floor commercial units
  • 2 large office suites on the first floor
  • 9 self-contained flats on the second floor
  • 8 self-contained flats on the third floor
  • Erv over £255,000 p.a. At full occupancy
  • Planning recently submitted for 2 houses in the car park
  • Located within a 1/2 of a mile from Clacton Train Station

Property description

Investment Consideration:
Rental Income: £142,465.84 p.a.
VAT is not applicable to this property
Comprising 8 ground floor commercial units, 2 large office suites on the first floor, 9 self-contained flats on the second floor and 8 self-contained flats on the third floor.
Brand new flats. Separately serviced utilities.
Erv over £255,000 p.a. At full occupancy
Planning recently submitted for 2 houses in the car park
Located on Jackson Road, the property is situated within a 1/2 of a mile from Clacton Train Station with a direct route to London Liverpool Street Station.

Property Description:
A substantial 4 storey blocks of 8 ground floor commercial units, 2 large office suites on the first floor and 9 self-contained flats on the second floor and 8 self-contained flats on the third floor.

The property provides the following accommodation and dimensions:
Ground Floor: 8 commercial units 523.00 sq m (5,629 sq ft)
First Floor: 2 large office suites 497.00 sq m (5,350 sq ft)
Second Floor: 9 self-contained units
Third Floor: 8 self-contained units

Tenancy:
No.27 is at present let to individual for a term of 10 years from 15th January 2016 at a current rent of £10,250 per annum and the lease contains full repairing and insuring covenants.

No.29 is at present let to individual for a term of 10 years from 29th September 2010 at a current rent of £10,475 per annum and the lease contains full repairing and insuring covenants. Vendor has agreed with the tenant a new 5 year lease, no breaks, starting 29.09.20. Rent of £10,475 per annum.

No.31 is at present let to individual for a term of 10 years from 14th March 2014 at a current rent of £11,000 per annum and the lease contains full repairing and insuring covenants.

No.33 is at present let to individual for a term of 10 years from 6th February 2015 at a current rent of £11,000 per annum and the lease contains full repairing and insuring covenants.

No. 35 is at present let to nhs Foundation Trust for a term of 3 years from 21st July 2019 at a current rent of £55,000 per annum and the lease contains full repairing and insuring covenants. The tenant has option to determine on 20.07.21 and next rent review is on 21.07.21. Rent to increase to £58,000 in 2021.

No.37 is at present let to dominoes pizza for a term of 20 years from 16th September 2008 at a current rent of £14,800 per annum and the lease contains full repairing and insuring covenants. Next rent review on 16.09.23.

No.39-41 is at present let to salvation army for a term of 6 years from 17th August 2017 at a current rent of £17,000 per annum and the lease contains full repairing and insuring covenants. The tenant has option to determine on 17.08.20. Next rent review 17.08.22.

No.43 is at present let to individual for a term of 10 years from 24th May 2013 at a current rent of £11,000 per annum and the lease contains full repairing and insuring covenants.

Sub station is at present let to edf Energy Networks (epn) plc for a term of 20 years from 24th June 2003 at a current rent of £1,940.84 per annum and the lease contains full repairing and insuring covenants. Rpi linked rental increases.

There are 17 flats set over the second and third floor, four of which have been sold on long leases for average sale price of £125,000 each. The 13 other flats remain vacant and we estimate that when let, the flats would generate approximately £114,000 p.a. Making the fully let erv over £255,000 p.a.

Location:
Located on Jackson Road, the property is situated within a 1/2 of a mile from Clacton Train Station with a direct route to London Liverpool Street Station. Clacton has a pleasure pier, arcades, a golf course, caravan parks and an airfield. The town and its beaches are still popular with tourists in the summer and there is an annual entertainment programme including the Clacton Carnival and Clacton Air show. Clacton has a shopping area with many of the usual national chains represented, and a Factory Shopping Village in the north of the town.

Property info

* Sizes listed are approximate. Please contact the agent to confirm actual size.

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For more information about this property, please contact
Blue Alpine Partners, SW1P on +44 20 3641 9157 * (local rate)

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Property descriptions and related information displayed on this page, with the exclusion of Running Costs data, are marketing materials provided by Blue Alpine Partners, and do not constitute property particulars. Please contact Blue Alpine Partners for full details and further information. The Running Costs data displayed on this page are provided by PrimeLocation to give an indication of potential running costs based on various data sources. PrimeLocation does not warrant or accept any responsibility for the accuracy or completeness of the property descriptions, related information or Running Costs data provided here.

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