38 - 42 Long Wyre Street, Colchester, Essex, CO1 1LJ
Guide Price
£575,000
£88.45 per sq ft
Business rates & charges may apply
- SIZE AVAILABLE
6,501 sq ft
604 sq m
- SECTOR
High street retail property for sale
- USE CLASSUse class orders: Class E
E
Key features
- Two shops let, producing £38,625pax.
- Self-contained, first floor office and 40 Long Wyre Street vacant.
- Once all shops let, income from the ground floor is estimated to be £55,625pax.
- Vacant first floor office suitable for conversion to residential (subject to planning).
Description
LOCATION & SITUATION
Colchester is a City in Essex, located circa. 60 miles northeast of London and 30 miles east from London Stansted Airport. The City has a residential population of circa 200,000 and estimated catchment population in excess of 300,000. The catchment area extends over a densely populated rural area being bounded by Ipswich, Braintree and Chelmsford and includes towns such as Harwich and Clacton-on-Sea.
The subject property is located in the town centre, in a semi-pedestrianised pitch. Nearby occupiers include Specsavers Opticians, Greggs the bakers, Escape Colchester, Cremaa Coffee, Savers Health & Beauty and Romano Lounge Restaurant.
DESCRIPTION
The property comprises a two-storey terrace of 3 ground floor shops with ancillary first floor storage/offices to the rear, beneath a pitched tile roof. To the front there are self-contained vacant first floor offices accessed from Long Wyre Street.
ACCOMMODATION (approximate)
38 Long Wyre Street 1,676 sq. ft. NIA 690 sq. ft. ITZA
40 Long Wyre Street 1,616 sq. ft. NIA 683 sq. ft. ITZA
42 Long Wyre Street 1,535 sq. ft. NIA 640 sq. ft ITZA
FF 38/42 Long Wyre Street 1,674 sq. ft. NIA
(self-contained)
Total 6,501 sq. ft. NIA
TENANCIES
Let to Colchester PDSA (People's Dispensory for Sick Animals) on an FRI lease for a term of 5-years commencing 25 December 2015 at a passing rent of £23,625pax. (PDSA Balance Sheet circa. £90 million)
40 Long Wyre Street Vacant
42 Long Wyre Street Let to Sense (a regulated charity for people with complex disabilities) on an FRI lease for a term of 10-years commencing 5 Jan. 2021 at a passing rent of £15,000pax, subject to rent review 05 Jan 2026. (Sense Balance Sheet circa. £45 million)
ENERGY PERFORMANCE CERTIFICATEs
The property has the following EPCs:
38 Long Wyre Street E 113 (valid until 05 June 2033)
40 Long Wyre Street D 79 (valid until 05 June 2033)
42 Long Wyre Street D 88 (valid until 05 June 2033)
Copies of the certificates can be found on the GOV.UK non-domestic energy performance certificate register.
RATEABLE VALUEs | BUSINESS RATES
The property has the following rating assessments as of 1 April 2023:
38 Long Wyre Street £21,500
40 Long Wyre Street £24,250 (includes First Floor 38/42)
42 Long Wyre Street £19,500
VAT
The property is elected for VAT.
TENURE
Freehold.
GUIDE PRICE
Offers are invited at a Guide Price of £575,000 STC (Five hundred and seventy-five thousand pounds, subject to contract).
LEGAL COSTS
Each party will bear their own legal costs in relation to any transaction.
ANTI-MONEY LAUNDERING REGULATIONS
Anti-Money Laundering Regulations require Nicholas Percival to formally verify prospective purchaser's identity, residence and source of funds prior to instructing solicitors.
VIEWING
Strictly by prior appointment with the sole agents, Nicholas Percival Chartered Surveyors.
Colchester is a City in Essex, located circa. 60 miles northeast of London and 30 miles east from London Stansted Airport. The City has a residential population of circa 200,000 and estimated catchment population in excess of 300,000. The catchment area extends over a densely populated rural area being bounded by Ipswich, Braintree and Chelmsford and includes towns such as Harwich and Clacton-on-Sea.
The subject property is located in the town centre, in a semi-pedestrianised pitch. Nearby occupiers include Specsavers Opticians, Greggs the bakers, Escape Colchester, Cremaa Coffee, Savers Health & Beauty and Romano Lounge Restaurant.
DESCRIPTION
The property comprises a two-storey terrace of 3 ground floor shops with ancillary first floor storage/offices to the rear, beneath a pitched tile roof. To the front there are self-contained vacant first floor offices accessed from Long Wyre Street.
ACCOMMODATION (approximate)
38 Long Wyre Street 1,676 sq. ft. NIA 690 sq. ft. ITZA
40 Long Wyre Street 1,616 sq. ft. NIA 683 sq. ft. ITZA
42 Long Wyre Street 1,535 sq. ft. NIA 640 sq. ft ITZA
FF 38/42 Long Wyre Street 1,674 sq. ft. NIA
(self-contained)
Total 6,501 sq. ft. NIA
TENANCIES
Let to Colchester PDSA (People's Dispensory for Sick Animals) on an FRI lease for a term of 5-years commencing 25 December 2015 at a passing rent of £23,625pax. (PDSA Balance Sheet circa. £90 million)
40 Long Wyre Street Vacant
42 Long Wyre Street Let to Sense (a regulated charity for people with complex disabilities) on an FRI lease for a term of 10-years commencing 5 Jan. 2021 at a passing rent of £15,000pax, subject to rent review 05 Jan 2026. (Sense Balance Sheet circa. £45 million)
ENERGY PERFORMANCE CERTIFICATEs
The property has the following EPCs:
38 Long Wyre Street E 113 (valid until 05 June 2033)
40 Long Wyre Street D 79 (valid until 05 June 2033)
42 Long Wyre Street D 88 (valid until 05 June 2033)
Copies of the certificates can be found on the GOV.UK non-domestic energy performance certificate register.
RATEABLE VALUEs | BUSINESS RATES
The property has the following rating assessments as of 1 April 2023:
38 Long Wyre Street £21,500
40 Long Wyre Street £24,250 (includes First Floor 38/42)
42 Long Wyre Street £19,500
VAT
The property is elected for VAT.
TENURE
Freehold.
GUIDE PRICE
Offers are invited at a Guide Price of £575,000 STC (Five hundred and seventy-five thousand pounds, subject to contract).
LEGAL COSTS
Each party will bear their own legal costs in relation to any transaction.
ANTI-MONEY LAUNDERING REGULATIONS
Anti-Money Laundering Regulations require Nicholas Percival to formally verify prospective purchaser's identity, residence and source of funds prior to instructing solicitors.
VIEWING
Strictly by prior appointment with the sole agents, Nicholas Percival Chartered Surveyors.
Brochures
38 - 42 Long Wyre Street, Colchester, Essex, CO1 1LJ
NEAREST STATIONS
Distances are straight line measurements from the centre of the postcode- Colchester Town Station0.2 miles
- Colchester Station0.9 miles
- Hythe Station1.1 miles
About Nicholas Percival Commercial, Colchester
Beacon End Farmhouse London Road, Stanway, Colchester, CO3 0NQNotes
These notes are private, only you can see them.
Disclaimer - Property reference C2719. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by Nicholas Percival Commercial, Colchester. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.
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