Retail property (high street)

LOCATION
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
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

TERMS
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)

OUTGOINGS
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.

LEGAL COSTS
Each party will bear their own legal costs in relation to any transaction.

OTHER
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.

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).