Retail property (high street) for sale
Property description & features
LOCATION
The property is located in Sudbury, an attractive historic market town that benefits from a population of around 25,000 (including Cornard), but services a much wider catchment area. Sudbury has transport links to the M11 leading to Stansted Airport and the A14 which leads to the county town of Ipswich. Sudbury is placed northwest of Colchester which is home to the main line railway station with travel times to London of approx. 50 mins. There is also a branch line train service from Sudbury to Marks Tey linking to the main line into Liverpool Street, London.
The property is situated on a prominent corner position within the busy town centre on the east side of Friars Street at its junction with Station Road. Nearby occupiers include Pizza Express, Boots the Chemist, Natwest, Oxfam, Javelin Ladies & Menswear, Specsavers and Atkins Solicitors.
DESCRIPTION
The property comprises a ground floor ‘E’ Class retail shop that benefits from an open plan main sales area, further storage to the rear, a WC and has a large glass frontage that achieves a great prominence on both Station Road and Friars Street in the town centre.
There is also an opportunity to purchase 3 Friars Street which is adjacent to this property. Both properties are owned by the same Landlord so could be purchased as a whole.
ACCOMMODATION
ACCOMMODATION (approximate)
ITZA - 38.66 m2 (416 sq. ft.)
NIA - 52. 69 m2 (567 sq. ft.)
TERMS
We are instructed to seek offers of £160,000 subject to contract.
(Long Leasehold)
OUTGOINGS
Rateable Value
1 Friars Street, Sudbury, CO10 2AA £7,400
VAT
The property is not elected for VAT.
LEGAL COSTS
Each party is to be responsible for their own legal fees in relation to any transaction.
OTHER
TENANCY
1 Friars Street is currently Let to Alvitas Boutique LTD for term of seven years commencing 1st March 2020 (expiring Feb 2027) at a passing rent of £12,000 per annum exclusive. There are index linked rent reviews every third anniversary of the term, and the Tenant benefits from a Tenant only break option on the 1st March 2023 (which was not exercised) and the 1st of March 2025.
TENURE
The property is available For Sale by way of a 999 year Long Leasehold interest from purchase at a Peppercorn Ground Rent.
REF: C5063
VIEWING
Strictly by prior appointment with the sole agents, Nicholas Percival Chartered Surveyors.
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