LOT 15

Prettygate Library, 44 Prettygate Road, Colchester, Essex, CO3 4EQ

FREEHOLD COMMERCIAL GROUND RENT INVESTMENT

Result: Sold for £161,000 Guide price: £80,000 - £100,000*

Auction Date

Thursday, 16th December 2021 12:00pm

IN SAME OWNERSHIP FOR OVER 35 YEARS

A detached two storey library close to the junction with The Commons, adjacent to a local parade and within an established residential area about two miles from Colchester town centre. Colchester lies south of the A12 about 18 miles from Ipswich and 24 miles from Chelmsford.

Accommodation

Ground & First Floor Library:
370 sq m (Based on EPC)

Tenancy Details

Let on a repairing and insuring lease to Essex County Council for 150 years from 25.03.1968 at a current rent of £3,750 p.a. (agreed at 2010 rent review) subject to 14 yearly rent reviews based on the higher of the previously reviewed rent or the open market rental value as a site assuming the erection thereon of 2 shops with vacant possession (please refer to lease).

EQUIVALENT TO £3,750 p.a.

EPC Rating

D

Note

Auction Surveyor: Steven Cane
Contact: 020 8509 4472 steven.cane@strettons.co.uk

Status

Sold for £161,000

Addendum

The guide price is now £80,000 - £100,000

* 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.