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Commercial Property for sale

Magdalen Street, Colchester, Essex

Offers in Region of £55,000

Property Description

Key features

  • MIXED RESI/COMM' INVESTMENT
  • EDGE OF TOWN CENTRE
  • INVESTOR OPPORTUNITY
  • PROMINENT LOCATION
  • GROUND RENT INCOME
  • SOLE AGENTS
  • SHOP INCOME
  • SHOP EPC - D

Full description

Tenure: Freehold

A superb opportunity to acquire the freehold of a mixed residential/commercial property. The ground floor shop unit is let on a 3 year agreement with a break clause after 12 months. The new tenants moved in on 1st June 2019 and is being let as a retail unit specialising in the sale of African goods. The rent is £300 PCM exclusive.

Behind the shop is a newly converted ground floor flat, 8C which will retain the rear garden. It is being sold or let separately on a new 125 year lease with a ground rent set at £100 per annum. The purchasers will enjoy the ground rent income from the 3 leasehold flats, one behind and two above. An imposing, three storey, end-terraced, Victorian building with red facing brickwork to the side and rear elevations with Suffolk white bricks to the front elevation with stone sills/lintels under a pitched, slate covered roof. A single storey extension to rear rendered finish to outer walls under a pitched, interlocking concrete tiled roof.

LOCATION -
A prominent eastern edge of town centre position close to the Mersea Road roundabout overlooking the St Botolph's Colchester Town railway station, court, church and grounds, and further views over the town in the distance. There are other mixed commercial retail shops in Magdalen Street, and residential units, mainly terraced houses or buildings converted to flats.

ACCOMMODATION:-

(1) 8 MAGDALEN STREET - GROUND FLOOR LOCK UP SHOP:-

Approximately 19 Sqm.

FLATS 8A & 8B (First and Second Floor) -
These are understood to be approximately 51' Sqm. Both flats were sold on 125 year leasehold interests. Current ground rent £50.00 per annum. The Leases are dated February 2010. Land Registry copies are available upon request from the Selling Agents.

FLATS 8C (Rear Ground Floor) -
Recent conversion with rear garden/yard.

SERVICES -
All mains services are connected with the exception of Gas.


Energy Performance Certificate (EPC) graphs

Nearest stations

  • Colchester Town (0.0 mi)
  • Hythe (1.0 mi)
  • Colchester (1.1 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Boydens, Colchester

Aston House, 57-59 Crouch Street Colchester CO3 3EY

01206 916226 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Floorplans


To view this property or request more details, contact:

Boydens, Colchester

Aston House, 57-59 Crouch Street Colchester CO3 3EY

01206 916226 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Map & Street View

Nearest stations

  • Colchester Town (0.0 mi)
  • Hythe (1.0 mi)
  • Colchester (1.1 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Boydens, Colchester

Aston House, 57-59 Crouch Street Colchester CO3 3EY

01206 916226 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

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