FOR SALE, VIRTUAL FREEHOLD INVESTMENT - 999 YEAR LEASE, STAR LANE, WAKERING, ESSEX

Property Description

Yard & buildings on a secure site of approx. 0.585 acres currently let to Sortera for use as a waste handling centre. This occupation is by virtue of a 15-year lease expiring in 2028 which is subject to 5 yearly reviews and a current passing rent of £70,000 per annum The premises are located on the Star Lane Industrial Estate, an established commercial area which is located approx. approx. 3 miles north-east of Southend-on-Sea City Centre, and enjoys good access to the A127 Southend Arterial Road via the B1017 and A13.

Accommodation
A full measured survey has not been undertaken, and the summary of approx. floor areas are based on a desk top review of information obtained from other sources.

Yard 18,280 sq ft (1,698 sq ms)
Buildings 6,255 sq ft (581 sq ms)
Canopy 715 sq ft (66 sq ms)
Site Area 0.585 acre (0.24 Hectares)

Terms
The site is let to Sortera for use as a waste handling centre. This occupation is by virtue of a 15-year lease expiring in 2038 which is subject to 5 yearly reviews and a current passing rent of £70,000 per annum.

Our clients own the site by way of four 999 year leases which were granted between June 1987 and July 2024 at a peppercorn rent. Offers in the region of £1,275,000 are now sought for this virtual freehold interest. We are advised that the property is elected for VAT.

Business Rates
The site appears on the 2023 Rating List as “workshop & premises” with an adopted rateable value of £51,500.

Commercial Energy Performance Certificate
The premises have a Commercial Energy Performance Certificate (EPC) rating of C-75, valid until 28th February 2033.

Legal Costs
Each Party to bear their own.

Viewing Arrangements
Strictly via the Sole Selling Agents, Dedman Gray Commercial.

For more information or to arrange a viewing please contact:

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