Home > Auctions > July 2022 19 July 2022 - 9:00am > Lot 77

July 2022: Tuesday 19 July 2022 - 9:00am
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    Key features

    • Comprises 5 units currently arranged as 3 self contained shops all currently let at a current total rent of £25,200 pa
    • Asset management potential to improve the passing rent.
    • Each unit comprises approximately 47 sq m (505 sq ft) therefore totalling approximately 235 sq m (2,529 sq ft)
    • Future development potential to add additional residential accommodation to the upper floors (subject to all necessary consents)
    • We have been informed that a planning application has been submitted to add 5 Maisonettes flats to the upper floors (each flat will be an approx. 71 sqm (764 sq ft)
    • Each unit benefits from a garage to the rear
    • Six Week Completion
    • VAT free investment

    Description

    The property comprises 5 ground floor retail units, currently arranged as three shops, each benefitting from a small rear store and demised WC. To the front of the property is a large forecourt and customer parking. Jeffreys Road currently benefits from no parking restrictions, so beyond the lay-by there is plentiful further customer parking close to the parade.

    To the rear of the parade is a large courtyard, with a garage and staff parking for each of the units. Each retail unit also has the benefit of one garage to the rear of the site each (5 garages total).

    Additional information

    Tenure

    Freehold.

    Accommodation

    Please note that the approximate floor areas have been taken from VOA and the property has not been inspected by Savills.


    55 Jeffreys Road - Retail/Office/Ancillary - 47 sq m (505 sq ft)

    57-61 Jeffreys Road - Retail/Office/Ancillary - 140.08 sq m (1,507 sq ft)

    63 Jeffreys Road - Retail/Office/Ancillary - 47 sq m (505 sq ft)


    Total Floor Area Approximately 234.08 sq m (2,517 sq ft)

    

    Tenancy

    55 Jeffreys Road - Let to tenant trading as The Hair Studio @ Cressing on an 8 year lease from 01/08/2014 expiring 31/07/2022 at a rent of £5,355 pa (The tenant did not exercise their break in 2018)

    57-61 Jeffreys Road - Let to tenant trading as Easy Mobility Services on a lease of approximately 8 years from 15/05/2015 expiring 31/05/2023 at a rent of £15,435 pa

    63 Jeffreys Road - Let to tenant trading as The Beauty Studio @ Cressing on a term of years from 02/02/2015 expiring 31/07/2022 at a rent of £5,145 pa (The tenant did not exercise their break in 2018)


    Total rent £25,935 pa

    Planning

    The site may be suitable for development subject to all necessary consents. For all enquiries please contact Braintree Planning Authority (www.braintree.gov.uk/planning-building-control).


    Rent

    £25,935 pa

    Notes

    Please note the site areas provided are approximate. The photos and red/yellow line drawings are for illustrative purposes only and may not reflect the exact boundary of the site. The property has not been internally inspected by Savills. Prospective purchasers must rely upon their own enquiries in this regard.


    VAT is not applicable to this sale.

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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.

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        Local information

        Cressing is a an attractive village approximately 3 miles south-east of Braintree and approximately 42 miles north-east of the City of London. The property is located within a primarily residential area close to Cressing Rail Station. Other nearby retailers include a Nisa Local & Post Office, and a One-Stop convenience store. Apart from these there is no other retail provision in the immediate area.

        Transport

        Train: Cressing (greateranglia)

        Roads: A120, A131, A12

        Legal documents

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        EPC rating

        The EPC rating for this property is D

        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.

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