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For Sale: £340,000
2 & 3a Freebournes Precinct, Newland Street, Witham, Essex, CM8
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Area
2821Sq Ft
BEST OFFERS INVITED 12NOON WEDNESDAY 3RD MAY 2023
The property comprises two storeys and the ground floor provides open plan retail/office accommodation benefitting from a glazed retail frontage and full glazed return frontage. The ground floor is of an open plan configuration with lightweight demountable partitioning to the rear providing office accommodation and kitchen facilities. The unit benefits from a suspended ceiling with recessed lighting and air conditioning. To the rear of the unit is a separate access to the first floor and male and female WCs.
The first floor is subject to a Long Leasehold interest and has not been inspected.
Location
The property is situated on Newland Street in Witham Town Centre. Witham is a well-established town in Essex situated between Chelmsford and Colchester on the A12.
Junction 22 of the A12 is less than a mile from the subject property and provides North and South bound access. Witham railway station is approximately 0.5 miles away and provides a frequent services to London Liverpool Street with journey times from approximately 45 minutes.
The neighbouring occupier is a Lloyds Pharmacy and other nearby units comprise independent retailers, restaurants and professional service providers. The Town's two major shopping centres, Newland Shopping Centre and The Grove Shopping Centre are a short distance away.
Accommodation
We have measured the property in accordance with the RICS Code of Measuring Practice (6th Edition) to provide the following net internal areas:
Ground Floor: 2,821 sq. ft. (262.22 sq. m.)
First Floor: Not measured
Total: 2,821 sq. ft. (262.22 sq. m.)
Services
We understand the property is connected to mains water, drainage and electricity. We have not tested any of the services and all interested parties should rely upon their own enquiries with the relevant utility company in connection with the availability and capacity of all of those serving the property including IT and telecommunication links.
Business Rates
The ground floor unit is listed on the VOA rating list under a single assessment as follows:
2023 Rateable Value: £26,250
Approx. Rates Payable (2023/24): £13,125
EPC
Ground Floor: C - 58
Local Authority
Braintree District Council
Tenure
The property is held freehold under title no.: EX725359. The first floor is subject to a long leasehold interest to Shaftesbury Housing Association on a 99 year term from 8th March 2002 at a peppercorn ground rent.
Tenancy
The ground floor is let to The Secretary of State for Communities and Local Government and we understand that a rent of £27,500 per annum exclusive is being paid, subject to an upwards only rent review on 2nd April 2023. The Lease commenced on 2nd April 2018 for a term of 10 years expiring on 1st April 2028. There is a Break Clause on 2nd April 2023 subject to at least 6 months' prior written notice and we are advised that notice has not been served. The Lease is held on internal repairing and insuring terms and the Tenant is to contribute to a service charge for the upkeep of the building and communal areas. A copy of the Lease is available upon request.
Service Charge
A service charge is payable towards the upkeep of the scheme. Further information is available upon request.
Terms
The Freehold of 2 & 3a Freebournes Precinct is for sale by way of private treaty and offers are invited in the region of £340,000 and a sale at this level would reflect an 8.09% Gross Initial Yield on the ground floor income. A sale will be subject to the ground and first floor Leases.
Best offers are invited by midday on Wednesday 3rd May 2023. Please contact us for further information.
VAT
We understand that the property is not elected to VAT.
Legal Costs
Each party to bear their own legal costs incurred in this transaction.
Features
- Ground Floor Let to The Secretary of State T/A Job Centre Plus Until April 2028
- Let at £27,500 Per Annum Exclusive Subject to Review in April 2023
- Glazed Full Return Frontage
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2 & 3a Freebournes Precinct, Newland Street, Witham, Essex, CM8
BEST OFFERS INVITED 12NOON WEDNESDAY 3RD MAY 2023
The property comprises two storeys and the ground floor provides open plan retail/office accommodation benefitting from a glazed retail frontage and full glazed return frontage. The ground floor is of an open plan configuration with lightweight demountable partitioning to the rear providing office accommodation and kitchen facilities. The unit benefits from a suspended ceiling with recessed lighting and air conditioning. To the rear of the unit is a separate access to the first floor and male and female WCs.
The first floor is subject to a Long Leasehold interest and has not been inspected.
Location
The property is situated on Newland Street in Witham Town Centre. Witham is a well-established town in Essex situated between Chelmsford and Colchester on the A12.
Junction 22 of the A12 is less than a mile from the subject property and provides North and South bound access. Witham railway station is approximately 0.5 miles away and provides a frequent services to London Liverpool Street with journey times from approximately 45 minutes.
The neighbouring occupier is a Lloyds Pharmacy and other nearby units comprise independent retailers, restaurants and professional service providers. The Town's two major shopping centres, Newland Shopping Centre and The Grove Shopping Centre are a short distance away.
Accommodation
We have measured the property in accordance with the RICS Code of Measuring Practice (6th Edition) to provide the following net internal areas:
Ground Floor: 2,821 sq. ft. (262.22 sq. m.)
First Floor: Not measured
Total: 2,821 sq. ft. (262.22 sq. m.)
Services
We understand the property is connected to mains water, drainage and electricity. We have not tested any of the services and all interested parties should rely upon their own enquiries with the relevant utility company in connection with the availability and capacity of all of those serving the property including IT and telecommunication links.
Business Rates
The ground floor unit is listed on the VOA rating list under a single assessment as follows:
2023 Rateable Value: £26,250
Approx. Rates Payable (2023/24): £13,125
EPC
Ground Floor: C - 58
Local Authority
Braintree District Council
Tenure
The property is held freehold under title no.: EX725359. The first floor is subject to a long leasehold interest to Shaftesbury Housing Association on a 99 year term from 8th March 2002 at a peppercorn ground rent.
Tenancy
The ground floor is let to The Secretary of State for Communities and Local Government and we understand that a rent of £27,500 per annum exclusive is being paid, subject to an upwards only rent review on 2nd April 2023. The Lease commenced on 2nd April 2018 for a term of 10 years expiring on 1st April 2028. There is a Break Clause on 2nd April 2023 subject to at least 6 months' prior written notice and we are advised that notice has not been served. The Lease is held on internal repairing and insuring terms and the Tenant is to contribute to a service charge for the upkeep of the building and communal areas. A copy of the Lease is available upon request.
Service Charge
A service charge is payable towards the upkeep of the scheme. Further information is available upon request.
Terms
The Freehold of 2 & 3a Freebournes Precinct is for sale by way of private treaty and offers are invited in the region of £340,000 and a sale at this level would reflect an 8.09% Gross Initial Yield on the ground floor income. A sale will be subject to the ground and first floor Leases.
Best offers are invited by midday on Wednesday 3rd May 2023. Please contact us for further information.
VAT
We understand that the property is not elected to VAT.
Legal Costs
Each party to bear their own legal costs incurred in this transaction.