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For Sale: £725,000
1, 2, 3 & 3a Oyster Park, Greenstead Road, Colchester, Essex, CO1
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Area
4242Sq Ft
A detached block of four units of steel portal frame construction under a pitched roof with part brick and part clad elevations. Each unit benefits from a pedestrian entrance, large loading door, and WC facilities. Eaves height approx. 3.7m and apex approx. 5.1m. Allocated on site parking is provided along with land for an advertising display.
Accommodation
(Approximate gross internal measurements)
Unit 1 Approx. 1,227 sq ft 114.0 sq m
Unit 2 Approx. 981 sq ft 91.1 sq m
Unit 3 Approx. 1,017 sq ft 94.5 sq m
Unit 3a Approx. 1,017 sq ft 94.5 sq m
Total Approx. 4,242 sq ft 394.1 sq m
Tenancy
Unit 1 is let to Mr S Swaine t/a JB Spares on a nine year FRI lease which commenced 25.12.2016. The current passing rent is £14,400 per annum with a fixed uplift to £15,000 per annum from 25.12.2023 and further rent reviews on the 7th and 8th anniversaries. Tenant since 2007.
Unit 2 is let to Osprey Performance Ltd on a six year FRI lease from 13.12.2021. The current passing rent is £13,000 per annum with a rent review due on 13.12.2024. A deposit is held.
Unit 3 is let to Mr K Dyer on a six year FRI lease from 06.03.2023. The current passing rent is £11,000 per annum with a rent review due 25.03.2027. Tenant since 2013.
Unit 3a is let to Mr S Giles on a six year FRI lease from 06.03.2023. The current passing rent is £11,000 per annum with a rent review due 25.03.2027. Tenant since 2017.
A small section of land is let on licence to Radiant Media Ltd t/a Alight Media for a term of twenty years from 21.12.2020 at an initial license fee of £5,000 per annum with five yearly fixed uplifts to £5,750, £6,500, and £7,250.
Copies of the leases and licence agreement are available upon request.
Terms
The freehold interest is available at a guide price of £725,000 (no VAT) which is a gross initial yield of 7.5%.
Service Charge
A service charge is applicable to cover; maintenance of the estate communal areas, landscaping, lighting and car parking areas. Each tenant is responsible for this cost as per the terms of their lease.
Business Rates
We have been informed that the rateable value are as follows; Unit 1 - £9,000, Unit 2 - £7,600, Unit 3/3a (combined)- £15,750 (An application has been submitted to split the assessment). Interested parties are advised to make their own enquiries direct with the local rating authority.
Energy Performance Certificate (EPC)
We have been advised that the premises fall within class C-D of the energy performance assessment scale. Full copies of the EPC assessments and recommendation reports are available from our office upon request.
VAT
We are advised that VAT is not applicable.
Legal Costs
Each party will bear their own legal costs.
Anti-Money Laundering Regulations
Anti-Money Laundering Regulations require Fenn Wright to formally verify prospective purchaser's identify, residence and source of funds prior to instructing solicitors.
Viewing
Strictly by appointment via agents:
Fenn Wright
01206 85 45 45
colchestercommercial@fennwright.co.uk
Features
- Multi Let Light Industrial Investment Opportunity
- Four Light Industrial Units
- Well Established Tenants
- Producing Total Income of £54,400 PA
- EPC Ratings of C & D
- Not Elected For VAT
- Easy Access To A12 / A120
Floor plan
Map
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1, 2, 3 & 3a Oyster Park, Greenstead Road, Colchester, Essex, CO1
A detached block of four units of steel portal frame construction under a pitched roof with part brick and part clad elevations. Each unit benefits from a pedestrian entrance, large loading door, and WC facilities. Eaves height approx. 3.7m and apex approx. 5.1m. Allocated on site parking is provided along with land for an advertising display.
Accommodation
(Approximate gross internal measurements)
Unit 1 Approx. 1,227 sq ft 114.0 sq m
Unit 2 Approx. 981 sq ft 91.1 sq m
Unit 3 Approx. 1,017 sq ft 94.5 sq m
Unit 3a Approx. 1,017 sq ft 94.5 sq m
Total Approx. 4,242 sq ft 394.1 sq m
Tenancy
Unit 1 is let to Mr S Swaine t/a JB Spares on a nine year FRI lease which commenced 25.12.2016. The current passing rent is £14,400 per annum with a fixed uplift to £15,000 per annum from 25.12.2023 and further rent reviews on the 7th and 8th anniversaries. Tenant since 2007.
Unit 2 is let to Osprey Performance Ltd on a six year FRI lease from 13.12.2021. The current passing rent is £13,000 per annum with a rent review due on 13.12.2024. A deposit is held.
Unit 3 is let to Mr K Dyer on a six year FRI lease from 06.03.2023. The current passing rent is £11,000 per annum with a rent review due 25.03.2027. Tenant since 2013.
Unit 3a is let to Mr S Giles on a six year FRI lease from 06.03.2023. The current passing rent is £11,000 per annum with a rent review due 25.03.2027. Tenant since 2017.
A small section of land is let on licence to Radiant Media Ltd t/a Alight Media for a term of twenty years from 21.12.2020 at an initial license fee of £5,000 per annum with five yearly fixed uplifts to £5,750, £6,500, and £7,250.
Copies of the leases and licence agreement are available upon request.
Terms
The freehold interest is available at a guide price of £725,000 (no VAT) which is a gross initial yield of 7.5%.
Service Charge
A service charge is applicable to cover; maintenance of the estate communal areas, landscaping, lighting and car parking areas. Each tenant is responsible for this cost as per the terms of their lease.
Business Rates
We have been informed that the rateable value are as follows; Unit 1 - £9,000, Unit 2 - £7,600, Unit 3/3a (combined)- £15,750 (An application has been submitted to split the assessment). Interested parties are advised to make their own enquiries direct with the local rating authority.
Energy Performance Certificate (EPC)
We have been advised that the premises fall within class C-D of the energy performance assessment scale. Full copies of the EPC assessments and recommendation reports are available from our office upon request.
VAT
We are advised that VAT is not applicable.
Legal Costs
Each party will bear their own legal costs.
Anti-Money Laundering Regulations
Anti-Money Laundering Regulations require Fenn Wright to formally verify prospective purchaser's identify, residence and source of funds prior to instructing solicitors.
Viewing
Strictly by appointment via agents:
Fenn Wright
01206 85 45 45
colchestercommercial@fennwright.co.uk