Withdrawn
Withdrawn Prior
Sold
Sold Prior
Sold Post
The property comprises a high yielding retail parade investment occupying a prominent corner site in Felixstowe.
Arranged as a parade of five, ground floor, retail units with a garage and yard area to the rear, the property is let in its entirety to Felixstowe Auto Centre Limited. The lease is on full repairing and insuring terms, expiring 19/06/2026. The initial rent was £45,000 per annum, rising to £50,000 per annum in 2018. However we understand the tenant is currently paying £42,000 by informal agreement. This was agreed during the Covid-19 pandemic and there is no formal variation to the lease to reflect this rent reduction.
We understand the tenant originally occupied the entire premises and it was used as a car showroom. However now the tenant uses the yard area for storage of vehicles in conjunction with an adjacent business and sub-lets the retail units to individual occupational tenants.
We consider the property offers evident asset management potential and rental reversion by directly letting the individual units upon expiry of the lease. We estimate the rental value of the property to be in the order of £60,000 per annum.
The property previously obtained planning consent under reference DC/15/2471/FUL for the development of a single ground floor retail unit with 18 residential apartments to the upper floors.
Tenure
Freehold
Tenancy
The property is let in its entirety to Felixstowe Auto Centre Limited. The lease is on full repairing and insuring terms, expiring 19/06/2026. The initial rent was £45,000 per annum, rising to £50,000 per annum in 2018. However we understand the tenant is currently paying £42,000 by informal agreement. This was agreed during the Covid-19 pandemic and there is no formal variation to the lease to reflect this rent reduction.
There was a rent review on 29th June 2021 and we understand this was not exercised.
Planning
The property previously obtained planning consent under reference DC/15/2471/FUL for the development of a single ground floor retail unit with 18 residential apartments to the upper floors. The proposed scheme offered the below accommodation:
Ground Floor
Retail - 4,095 sq ft (380.5 sq m)
First Floor
Residential - 3 x One Bedroom Flats & 3 x Two Bedroom Flats
Second Floor
Residential - 3 x One Bedroom Flats & 3 x Two Bedroom Flats
Third Floor
Residential - 3 x One Bedroom Flats & 3 x Two Bedroom Flats
Rent