1 November 2023: Wednesday 01 November 2023 - 9:00am
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    Key features

    • High Yielding Retail Investment Opportunity
    • Let to Natwest, Clarks and Cancer Research
    • Asset Management Potential
    • Producing £131,400 per annum
    • 7,207 sq ft (669.53 sq m)
    • Upper Parts Offer short/Medium Term Development Potential (stp)
    • Draft Plans For Conversion of Upper Parts to Six Flats Available
    • High Footfall High Street Location in Attractive Market Town
    • Guide Price Reflects a Gross Yield of 10.1%

    Description

    The property comprises three prominent high street retail units with substantial upper parts.

    The property is fully let to the well known high street brands of Natwest, Clarks and Cancer Research producing a total aggregate income of £131,400 per annum.

    Situated a short walking distance from Rayleigh Rail Station, the property occupies a prominent position on the High Street, enjoying high footfall. Nearby occupiers include Costa, Boots, Clarks and Barclays.

    The property includes substantial upper parts (2,208 sq ft), which are let on a separate lease to Natwest and used as office space, staff areas and storage. However, there may be potential for conversion to alternative uses subject to the existing leases and any requisite consents. There may also be the possibility to add an additional floor given the height of surrounding properties (subject to obtaining the requisite consents).

    The property benefits from a large rear service yard with car parking accessed from Websters Way and the principal town centre car park is also directly to the rear of the property.

    Additional information

    Tenure

    Freehold

    Tenancy

    Please see the tenancy schedule and legal pack for more information.

    Planning

    Whilst there are no extant planning consents, the upper parts may be suitable for conversion to alternative uses, including residential (subject to existing leases and any requisite consents)


    To this end, plans have been drawn up for a potential conversion to provide six residential units. These can be provided upon request.


    There may also be opportunity to create an additional floor given the height of the adjacent property and the remainder of the high street.


    Any planning potential is subject to the existing leases and any other requisite consents.

    Rent

    £131,400 per annum

    Notes

    Please note Savills Auctions have not inspected the property. Any drawings, plans, areas and photographs are for illustrative purposes only and purchasers should rely on their own enquiries.

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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.

      Savills are not holding any viewings for this property. For further information please download the legal pack or email the relevant Savills Contact directly.

      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.

      Accommodation / Tenancy Schedule

      Local information

      The property occupies a prime, high footfall, position on Rayleigh High Street, situated on the southern side of the street at the junction with Bellingham Lane.

      This area enjoys a wider pavement and is also the position of a regular street market.

      Transport

      • Rayleigh Station - 0.4 miles
      • London Liverpool St (by rail) - 42 mins
      • Southend-on-Sea - 5.8 miles

      Legal documents

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      EPC rating

      If no EPC rating appears please refer to the legal pack.

      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