Colchester, Essex

VACANT FREEHOLD SHOP & TENANTED 1 BEDROOM FLAT
PRICE: OIRO £250,000
LOCATION: COLCHESTER, ESSEX
REF: I0149E
VACANT FREEHOLD SHOP & TENANTED 1 BEDROOM FLAT FOR SALE, comprising a recently closed and vacant fitted former butchers measuring approximately 908 SQ. FT., occupying a PRIME CORNER PROPERTYwithin a DISTINCTIVELY RESIDENTIAL AREA and positioned DIRECTLY OPPOSITE A SCHOOL in COLCHESTER, ESSEX. The ground floor commercial premises were formerly operated as a traditional butchers and retain a useful retail layout and existing fit-out, providing an incoming purchaser with an excellent opportunity to either recommence a similar operation or adapt the premises for a VARIETY OF ALTERNATIVE USES, subject to any necessary planning and other consents. Potential uses could include a COFFEE SHOP, CAFÉ, SANDWICH BAR, BAKERY, GROCERY SHOP, CONVENIENCE STORE, RETAIL SHOP, TAKEAWAY or potentially an OFF LICENCE. The property also includes a SELF-CONTAINED 1-BEDROOM FLAT, which is currently let and producing a rental income of £675 PCM (£8,100 PER ANNUM). We understand this rental is slightly below current market value, providing a potential opportunity for an incoming freeholder to review the rent in due course, subject to the existing tenancy and applicable legislation. We believe an asking rental of approximately £12,500 PER ANNUM for the commercial premises represents a realistic and attractive rental commitment for a property of this size and position. Based on the anticipated commercial rental together with the existing residential income, the property offers POTENTIAL TOTAL RENTAL INCOME OF APPROXIMATELY £20,600 PER ANNUM. In addition to the existing income streams, the property may offer DEVELOPMENT & CONVERSION OPPORTUNITIES, subject to planning permission and all necessary consents. The prominent corner position and existing configuration could provide scope for an owner-occupier, investor or developer to explore alternative uses and potentially enhance the property's overall income-producing potential.

The commercial element is also currently being marketed separately as a LEASEHOLD BUSINESS SALE, offered at a £25,000 PREMIUM with an asking rental of £12,500 PER ANNUM, under reference G0148E. This provides prospective purchasers with the flexibility to consider either the freehold investment opportunity or the established business proposition. Sole agents ESSEX AND SUFFOLK BUSINESS SALES are delighted to offer this VACANT SHOP & TENANTED FLAT to the open market and strongly recommend that an EARLY VIEWING IS ADVISED.