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For Sale: £490,000

42-46, Kingsway, Dovercourt, Essex, CO12

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  • Area

    area
    12449Sq Ft

The property comprises a substantial former department store prominently located on the corner of Dovercourt's two main thoroughfares, Kingsway and High Street. The building is arranged on basement, ground, first and second floors.
Nearby occupiers include Boots, Superdrug, Iceland Halifax and Nationwide.

Accommodation
The premises are arranged principally on ground and first floors with some basement and second floor space offering the following approximate gross internal floor area:
Basement 1,323 sq ft 123 sq m
Ground Floor 4,702 sq ft 437 sq m
First Floor 4,326 sq ft 400 sq m
Second Floor 2,098 sq ft 195 sq m

The above areas have been provided by a third party and any potential purchaser should rely on their own investigations.
The property is serviced by a goods handling area accessed from Hordle Street.

Planning
Whilst occupied for decades for retail purposes, pre-application planning advice from Tendring District Council confirms that residential use of the upper parts would be possible should retail use on the upper parts not be viable in the future.
Plans are available showing conversion of this space into 9 flats (8 x one bedroom and 1 x two bedroom).
The property is located within Dovercourt Conservation Area.

Tenancy
The entire property is let to The Factory Shop Ltd (Company No. 04176887) on a lease for a term of 15 years from 13th February 2009.
The passing rent is £51,480 exclusive fixed until lease end. Following a now lapsed C.V.A the tenants repairing obligations are limited.

Terms
Offers are invited in excess of £490,000 which reflects a yield in excess of 10%.

VAT
The property is elected to VAT, which will be payable on the purchase price.

Legal Costs
Each party to be responsible for their own legal costs.

Viewing
Strictly by prior appointment with the joint sole agents:-

Fenn Wright
882 The Crescent, Colchester CO4 9YQ
Contact:
Lewis Chambers E.lcc@fennwright.co.uk T. 01206 216562

Jamieson Mills
101 Charing Cross Road, London WC2H 0DP
Contact:
Jamie Simister E. jps@jamiesonmills.com T. 0203 746 6882

Features

  • Freehold Town Centre Investment/Development Opportunity
  • Fully income producing - £51,480 pa
  • Potential to convert the upper parts to residential (subject to planning)
  • GF/FF/2F and basement
  • EPC Rating: D-77

Map

Call

Lewis Chambers

01206 216565
Make an enquiry

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