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    Key features

    • To be offered on Tuesday 24 September
    • Well located in the town centre
    • Prominent 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)

    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

    Additional information

    Tenure

    Freehold

    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 voa.gov.uk

    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 www.preto.co.uk

    (3) A rent deposit of £17,500 is held

    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: www.colchester.gov.uk


    Rent

    £80,000 p.a.
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      All viewings at this property have now taken place prior to the auction. For further information on the property please download the legal pack or email the property contact.

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      Viewings are in the process of being finalised and will be online shortly, please click here for a notification when they go online.

      No set viewings will be available on this property prior to auction due to the tenants in situ. Please refer to the legal pack for further information.

      No set viewings will be available on this property prior to auction due to safety concerns within the property. Please refer to the legal pack for further information.

      There are no formal viewings for this property. You can visit during commercial trading hours as a customer.

      Local information

      • 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)

      Legal documents

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      EPC rating

      The EPC rating for this property is B

      Guide prices and common auction conditions

      •Guide prices given are indications within 10% upwards or downwards of where the reserve price may be set at the time of going to print. Please note they are not an indication of the anticipated sale price or a valuation.

      •The reserve price is the minimum price at which the property can be sold.

      •Both the guide price and reserve price may be subject to change up to and including the day of the auction.

      •For unsold properties after an auction an Available price may be listed. This is the price that the seller(s) are looking for post auction, subject to contract and no higher offers, and has no relation to the guide prices listed prior to the auction sale.

      Please note that all prices listed, whether prior to or post auction, are subject to contract.

      The Auctioneers and sellers accept no responsibility for any loss, cost or damage that a buyer may incur as a result of relying on any guide price. It is the buyer's responsibility to decide how much they should bid for any lot. Please check with us for regular updates as guide prices are subject to change prior to the auction.

      The guide price does not include the buyer's fee charged by the auctioneer or VAT which may apply to the sale or other amounts the seller may charge. The seller's Special Conditions of Sale will state whether there are other seller's charges and whether the seller has elected to charge VAT on the sale price.

      Addendums