OLD BANK HOUSE, BILLERICAY HIGH STREET - A RARE FREEHOLD INVESTMENT OPPORTUNITY

This substantial FREEHOLD Commercial Property occupies a prime position on Billericay's highly desirable High Street, immediately adjacent to Waitrose!

'Old Bank House', formerly the Halifax Bank, presents an exceptional and compelling investment proposition comprising a newly refurbished ground floor retail/office space, along with three residential flats above (2 x two-bedroom and 1 x one-bedroom apartments), each being sold (prior/separately by the developer) with 199-year leases.


THE INVESTMENT

The ground floor retail space is available to let now at £25,000 per annum, offering immediate income potential if taken prior to the purchase, whilst the three residential units above provide additional smaller revenue streams via communal areas maintenance and from providing management packs and documentation when the flats are sold.

Thus this Freehold opportunity allows the discerning investor, complete control over this attractive building in one of Essex's most vibrant High Street locations.



THE PROPERTY

Actually constructed in the 1960s but to a traditional Victorian style, No.110 presents an attractive red brick frontage with period features including triple sash windows to the first floor and Dormer windows to the top floor, thus retaining character and charm yet benefiting from a recent comprehensive refurbishment and reconfiguration.



GROUND FLOOR RETAIL/OFFICE SPACE

The newly created commercial space has been finished to bare plaster throughout, ready for incoming tenants to fit out to their exact requirements.

The fully open-plan layout offers excellent flexibility and can be easily divided with partition walls if desired. Of particular note is the exceptional frontage visibility afforded by the large, glazed entrance door and adjacent full-height glazing, ensuring maximum exposure to the considerable footfall generated by the neighbouring Waitrose anchor tenant.



KEY FEATURES

Freehold ownership - complete control and long-term capital appreciation

Prime High Street location - next to Waitrose

A versatile space - suitable for retail or office use (Note: No permission for food use)

Strong rental income potential - £25,000 per annum present target for ground floor space

Three residential flats above, each being sold off prior with 199-year leases

Excellent transport links - Billericay Mainline Railway Station 6-7 minutes' walk (London Liverpool Street 35 minutes)



LOCATION

Billericay High Street offering a vibrant mix of national retailers and independent boutiques. The street benefits from strong daytime and evening footfall, supported by numerous restaurants, bars and pubs which create a bustling atmosphere throughout the week and particularly at weekends. The proximity to Waitrose ensures consistent pedestrian traffic, whilst the railway station's connectivity to London makes this an increasingly sought-after commuter town.

This is a rare opportunity to acquire a freehold mixed-use investment in an established and thriving High Street location.


The Premises in more detail:


Sturdy, anthracite grey powder coated aluminium entrance door, with twin obscured glazed panels through to:



MAIN AREA 30ft 6" x 10ft 9" (9.3m x 3.3m).


Notably bright due to the nine energy efficient LED batten lights and with plenty of sockets along the right wall.

The area measurements exclude a further space to the left at the rear, which lends itself to be partitioned off as a separate room/area.




SECOND AREA 12ft 6" x 9ft 1" (3.8m x 2.8m)

'Around the corner' from the main area, this area incorporates the plumbing for the WC and so we expect a small area to be partitioned off this secondary area for one.


Note the new consumer unit, several sockets and lighting.



VAT

All prices are exclusive of VAT under the Finance Act of 1989.



RATING

Interested parties are advised to make their own enquiries at the local authority, Basildon District Council, for verification of the rates payable



LEGAL COSTS

Each to pay their own legal costs.



AGENT DETAILS

Henton Kirkman's' Commercial Department



HOW THIS ALL WORKS IN SIMPLER TERMS

You're buying the whole building for £350,000. It's got a shop on the ground floor and three flats upstairs/behind.

The shop, you own it completely. You can rent it out to someone who wants to run a business there, and they'll pay you £25,000 per year.

Or of course you might have a business you can run from there and its would be nice to own it the premises yourself, rather than pay rent to someone else. A SIPP might be the order of the day for that, but that's something that you can speak to your financial advisor about...

The current owner (the builder/developer) is selling the three flats to other people on long Leases - basically 199-year contracts. So in a nutshell, those flat owners get to live there for the next 199 years. In reality as the leases get shorter they will pay you to extend them, but that's another story and years in the future, so not something to dwell on now.

But here's the thing: Even though they "own" their flats for 199 years, YOU still own the actual building. You are the Landlord of the whole building.

What does that mean for you? Well of course the developer will quite rightly take the sale proceeds of the flats when they are sold off, but the new flat owners will have to pay you for things like building insurance, fixing any roof repairs, external maintenance, keeping the communal areas nice - basically anything that affects the whole building. It's not going to be lots of money, but it's something, and it should be profit.

Of course you have the opportunity currently to buy any of the flats as well, as they are all currently available for sale.