Commercial property for sale in High Street, Colchester CO1
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Property features
- To be offered on Tuesday 24 September
- Well located in the town centre
- Promient position with return frontage in an established trading location
- Entirely let on a lease expiring 2036 (no further breaks)
- Providing 3,419 sq ft of accommodation
- Redevelopment potential subject to consents(1)
- VAT is not applicable
- Current Rent Passing £80,000 p.a.
- Guide Price £850,000 (reflecting 9.4% giy)
Property description
Strapline
Auction Sale - 24/09/2024
Prominent Freehold Restaurant Investment with Development Potential
Description
The property is arranged over basement, ground and three upper floors to provide a ground floor restaurant with ancillallary accommodation throughout the remainder of the property.
Accessed can be provided via the side return off St Nicholas Passage, providing an option to self-contain the upper parts
Location
- Colchester is a historic town situated adjacent to the A12, midway between Chelmsford and Ipswich and approximately 60 miles north-east of Central London. The town benefits from good road communications, being at the junction of the A12, A120 and A133, and regular rail services (London Liverpool Street in approximately 55 minutes).
- The property is located in a prominent corner position fronting High Street, with a significant return frontage down to St Nicholas Passage, in an established trading location.
- Nearby occupiers include The Entertainer (adjacent), Wimpy, Slug & Lettuce, Koru Asian Restaurant and gdk amongst many others
Transport
- Colchester benefits from good road communications via the A12, A120 and A133
- Colchester Rail Station provides regular rail services to London Liverpool Street (Journey time approx 55 mins)
Tenancy
The entire property is let to Preto Colchester Limited(2)(3) for a term of 20 years from 18.03.2016 at a current rent of £80,000 per annum.
The lease provides for Rent Reviews every 5th year, with the next Review being on the 8th March 2026 and contains Full Repairing & Insuring Covenants
The lease provided for a tenant break option at the 5th anniversay which was not exercised.
(2) Preto operate out of 6 locations accross London and Colchester and specialise in Brazilian food offerings. Website
(3) A rent deposit of £17,500 is held
Accommodation
Ground Floor 105.0 sq m (1,130 sq ft)
Basement 100.90 sq m (1,086 sq ft)
First Floor 44.40 sq m (478 sq ft)
Second Floor 45.50 sq m (490 sq ft)
Third Floor 21.80 sq m (235 sq ft)
Total 317.60 sq m (3,419 sq ft)
Not measured by Savills. Floor areas sourced from
Planning
(1)Part of the property maybe suitable for residential conversion subject to the existing lease and obtaining all relevant consents.
All enquiries should be made with the local council, Colchester Borough Council
Website:
Property info
For more information about this property, please contact
Savills - National Auctions, W1G on +44 20 8022 4160 * (local rate)
Disclaimer
Property descriptions and related information displayed on this page, with the exclusion of Running Costs data, are marketing materials provided by Savills - National Auctions, and do not constitute property particulars. Please contact Savills - National Auctions 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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