High Street, Ongar, Essex, CM5

LOCATION:
Central House is a Grade II Listed building situated at the northern End of the commercial section of the High Street, adjacent a Tesco Express. The High Street is primarily occupied by local businesses however the likes of Sainsbury's & William Hill are represented. The surrounding Parishes of Chipping Ongar, Greensted, Greensted Green, Marden Ash and Shelley are all easily assessable.

ACCOMMODATION:
Comprising a modern single storey brick-built unit located to the rear of Central House laid out in clear space, measuring approximately 665sq ft with disabled WC facilities and 2 demised car parking spaces immediately outside.

LEASE:
Available by way of an Assignment of our clients existing FRI Lease which was for a term of 5 years from 22nd March 2022. The Lease is drawn outside the provisions of the Landlord & Tenant Act.


Alternatively

A new FRI Lease can be made available subject to Landlords consent, conditional on the simultaneous surrender of the existing lease.


PASSING RENT:
Currently subject to a rent review where notice has been served at £13,500 pax, paid quarterly in advance.
Alternatively, if a new lease is entered into, the commencing rent will be £13,500pax.
VAT is applicable.


BUSINESS RATES:
Rateable Value 2024/2025 - £7,200
Business Rates are not payable on properties with a Rateable Value up to £12,000. From £12,001 to £15,000 there is tapered relief. If a company occupies a second property where the RV is over £12,001 then relief is lost on the first property although the benefit may remain for a short period. It is a tenant's responsibility to make their own enquiries & satisfy themselves whether they are eligible for rate relief in part or whole.


LEGAL COSTS:
Assignment - Each party are to be responsible for their own legal costs & will be jointly responsible to meet the Landlords costs to obtain consent to the Assignment.
New Lease - The ingoing tenant will be responsible for the Landlords legal costs to grant a new Lease.

ADMINISTRATION FEE:
Upon terms being agreed and prior to Solicitor's being instructed, the prospective tenant or purchaser is to pay an administrative fee of £500 plus VAT to Bennett Phillips Luton. This fee will cover all associated administrative costs including any referencing fees incurred. In the event that the Landlord or Vendor withdraws from the transaction once solicitors are instructed, 50% of the fee will be refunded.

POSSESSION:
Immediate upon completion of legal formalities & subject to the simultaneous surrender & grant of the new Lease if applicable.