High Street, Brentwood, Essex CM14

DESCRIPTION:

The existing property comprises a 2-storey Grade II listed commercial building consisting of 2 x ground floor retail units which extend to 2,296ft².

The first floor comprises vacant ancillary commercial space extending to 661ft² with access taken via the rear on William Hunter Way.

LOCATION:

The property occupies a prominent position along High Street, within Brentwood.

Brentwood benefits from excellent access to the motorway network being location 2 miles from junction 28 of the M25.

Brentwood train station is location 0.6 miles from the property providing frequent services into London via the Elizabeth Line.

PLANNING & DEVELOPMENT:

The property is Grade II listed and located within Brentwood Town Centre conservation area.

The vacant first floor offers potential for future redevelopment or change of use subject to obtaining the necessary consents. Plans have been prepared and available upon request which show how this space can be converted to a 1 bedroom flat but a formal application has not been made.

TENANCY:

The property is part let as per the tenancy schedule at a passing rent of £70,000 per annum. There is an outstanding rent review due with Timpson Ltd from 11th February 2024.

TENURE:

The property is being sold freehold subject to the existing tenancies remaining in situ.

VAT:

The property is elected for VAT, the sale will be carried out by way of a Transfer Of Going Concern (TOGC).

TERMS:

Offers invited in the region of £800,000 for the freehold interest which reflects 8.3% Net Initial Yield and £270psf on the existing areas.