FOR SALE - FREEHOLD MIXED USE INVESTMENT - SOUTHEND CITY CENTRE

Property Description

The freehold of the building comprising Grd & 1st Floor offices along with a vacant Café held together under a single lease of the commercial premises which will be included in the sale, plus eight upper floors containing 52 residential apartments which have been sold on long leases. To the rear of the building there is a moderately sized car park which is used by the residents and commercial occupiers.

The property is located on the west side of Victoria Avenue, a short distance from its junction with Victoria Circus and the London Road (A13) and close to Southend City Centre. Mainline train services are available at Southend Victoria (to London Liverpool Street) and Southend Central (London Fenchurch Street).



Accommodation    We have not had an opportunity to undertake a full measured survey but understand that the commercial areas are arranged to provide the following Net Internal (NIA Areas):

Grd Floor
Café (Vacant)                               829 sq ft       77 sq ms
Offices (Let to NHS)                  4,300 sq ft    399 sq ms
Office (Vacant)                            619 sq ft       57 sq ms
Storage Area (Let to A Gordon)   516 sq ft       48 sq ms

1st Floor
Offices (Let to Plaza BC)             5,688 sq ft    528 sq ms
TOTAL                                       11,952 sq ft 1,110 sq ms

Occupancy Profile    • NHS Trust - 10 year lease from 6 March 2019.
• Mr A Gordon - 5 year lease from October 2018.
• Plaza Business Centre Ltd – 2 x 5 year leases from October 2021.
• AP Wireless II (UK) Ltd – 50 year (rooftop) lease from July 2014.
• 52 Self Contained Apartments with various leaseholders – 999 year leases from 1st January 2002.

Income    The occupied commercial parts are understood to currently produce a total rent of £134,950 pax. Once let, the vacant café and ground floor office will provide additional income.

Grd rents of £100 per annum, per flat, are receivable with provision for this to be doubled every 25 years for first 99 years of the term

Energy Performance Certificate (EPC)    Available for inspection on request.

Terms    We are instructed to seek offers in the region of £1,400,000 (One Million, Four Hundred Thousand Pounds) for the freehold interest in the property, plus VAT if applicable.

Viewing Arrangments    Strictly via prior appointment with the sole selling agents, Dedman Gray Commercial.

For further information or to arrange a viewing contact:

Roy Horton T: 01702 311039
E: royhorton@dedmangray.co.uk

Mike Gray T: 01702 311132
E: mikegray@dedmangray.co.uk