Available
Colchester – Premier Store
103/104 High Street, Colchester, Essex CO1 1THVirtual Freehold Retail Investment
Price
£350,000
Rent P.A.
£25,000
Yield
7.14%
Tenure
Leasehold
Lease Term
20 Years
Years Left on Lease
15y 10m
Area
1,692 SQ FT
VAT Applicable
Yes
Sector
Investment Consideration
- 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.
Key Features
Tenure
Leasehold
VAT
VAT is Applicable
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
Ground Floor: 157.20 sq m (1,692 sq ft)
Open plan retail, Storage, Office, WC
Tenancy Description
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.
* 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.
Tenancies & Accommodation
Location Description
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.
