LOT 17

2-12 West Street, Rochford, Essex, SS4 1AJ

A SUBSTANTIAL FREEHOLD MIXED USE RETAIL AND OFFICE INVESTMENT PROPERTY CURRENTLY PRODUCING £67,115 PER ANNUM WITH POTENTIAL TO GENERATE CIRCA £71,615 WHEN FULLY LET

Result: Sold for £802,000 Guide price: £750,000 Plus*

Auction Date

Thursday, 8th April 2021 12:00pm

Situated in this prominent position on West Street in Rochford Town Centre. Rochford is a traditional market town with many fine historic buildings and is situated approximately one mile from London Southend Airport and three miles north of Southend. Rochford Train Station offers routes into London Liverpool Street and is situated a few minutes' walk from the property. There is public parking offered in Rochford Square and also pay and display car parks nearby.

Tenure

Freehold

Accommodation

The property comprises and unbroken freehold block arranged over ground and one upper floor.

The properties to the ground floor are currently used as retail, with occupiers including Londis (whose demise includes a first floor office), Greggs and the RSPCA.

The upper floors are arranged as various self contained office suites.

Tenancy Details

The property is fully let save for one of the office suites and produces an income of £67,115 per annum. The vacant office suite has an estimated rental value in the region of £4,500 per annum.

Planning

It is considered that the property, being located in such a prominent position on the main town square of Rochford and having the benefit of being an unbroken block, may be suitable for redevelopment at some future stage (subject to obtaining any necessary consents).

Note

Auction Surveyor: Andrew Brown
Contact: 0208 5094470

Prospective purchasers should note that floor areas are approximate only and have been compiled utilising data from the VOA and the EPC Register and should not be relied upon.

There is a cash machine located within the demise of unit 2/4. This was dealt with by way of a separate licence payment of £1,200 per annum. Upon the assignment of the lease from the previous tenant, this agreement fell away. a possible new license/arrangement for the benefit of the cash machine is being discussed with the tenant of unit 2/4.

Status

Sold for £802,000

Unit Use Floor Net Internal Area Tenant Lease Start Break Next Rent Review Lease Expiry Rent
2/4 Retail Ground 194.6 Sq M Anomila Richard 22/06/2016 N/A 22/06/2021 21/06/2026 £20,500
6 Retail Ground 35 Sq M RSPCA Essex 25/03/2014 N/A 25/03/2019 24/03/2024 £8,000
8 Retail Ground 36 Sq M Nayime Ercaliskan 24/06/2014 N/A 25/03/2019 23/06/2024 £7,500
Ground Floor No 10 Retail Ground 31.6 Sq M Lynn Peacher 25/03/2015 N/A 25/03/2020 24/03/2025 £7,250
Ground Floor No 12 Retail Ground 68.87 Sq M Greggs Plc 25/03/2015 N/A N/A 24/03/2025 £9,850
Suite 1 & Upper Rooms 2&3 Offices First 56.2 Sq M BLW Insurance Brokers Ltd 22/12/2020 22/12/2023 N/A 21/12/2025 £9,615
Upper Rooms 6 Offices First 29.8 Sq M Vacant N/A N/A N/A N/A N/A
Suite 4 1st Floor Offices First 18.8 Sq M Prittlewell Consulting Ltd 26/09/2019 N/A N/A 25/09/2024 £2,200
Suite 5 1st Floor Offices First 18.8 Sq M Prittlewell Consulting Ltd 26/09/2019 N/A N/A 25/09/2024 £2,200
Total £67,115

* The Notice to Bidders, which can also be seen on the inside front cover of the hard copy catalogue, includes a definition of Guide Price [section #17] Note that in addition to the purchase price there is a buyer’s administration fee [section #13] and there may be additional non-optional fixed or variable fees and costs [section #8]. To establish the full cost of purchasing a property, please inspect the legal documentation/special conditions. Please also check strettons.co.uk for updates.