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For Sale: £825,000

80-82 High Street, Maldon, East Of England, CM9

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  • Area

    area
    3623Sq Ft

The property comprises a two storey mid terrace premises which is prominently situated on Maldon High Street. The ground floor is primarily open plan and provides customer seating together with a sales counter and toilets. To the rear of the sales area is an office and kitchen with a staircase leading to the first floor. The first floor is also primarily open plan and is currently used for storage

Location
Maldon is an affluent Essex commuter town located 50 miles north east of London with Colchester 20 miles to the north east and Chelmsford 10 miles to the west. Maldon serves as an important commuter destination for those working in the City of London. There is a direct mainline railway service from Witham (6 miles to the north) to London Liverpool Street with a fastest journey time of 45 minutes. Maldon also enjoys good road communications, being located on the A414 which connects to the A12 (7 miles to the west) which in turn leads directly to the M25 at Junction 28.

The town of Maldon has a population of approximately 15,000 however the wider Maldon District has an approximate population of 64,000. This figure is expected to rise considerably over the next few years with a number of large scale residential developments currently under construction. Two notable developments being the South Maldon and North Heybridge Garden Suburbs.

Situation
The property lies in a busy location at the eastern end of the High Street, opposite Poundstretcher. Other notable occupiers on the High Street include Boots, M & S Simply Food, Superdrug and Greggs.

Accommodation
We understand from information provided by our client the Net Internal Areas are as follows:
Ground Floor 1,892 sq. ft 177.82 sq. m.
First Floor 1,731 sq. ft 160.81 sq. m.
Total 3,623 sq. ft. 338.63 sq. m.       
Please note Fenn Wright have not measured the property and cannot verify the figures provided.

Services
We understand the property is connected to mains water, drainage, gas and three phase 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
Rateable Value - £40,500
Rates Payable (2022/23) - £20,209.50 Approx.

Tenancy
The property is let to Costa Limited (Company Number 01270695) who have been in occupation since 2010. Costa Limited reported for the year ending 31st December 2020 a turnover of £603,588,000 and a net worth of £257,650,000. (Source: Experian 20.07.2022.)

A new Full Repairing and Insuring lease commenced December 2021 at a current passing rent of £42,500 per annum. The lease is for a term of 5 years with a tenant only break on the 3rd anniversary of the lease term, subject to 6 months written notice.

Our client informs us the tenant was previously paying £53,000 per annum. Due to the lease renewal negotiations taking place during the Covid 19 pandemic the rent agreed was £42,500 per annum.

Planning
The property was granted a change of use on appeal in 2010 from A1 retail to a coffee shop (mixed A1/A3) with external seating.

Local Authority
Maldon District Council
T. 01621 854477

Title Number
EX613836.

Terms
The property is available For Sale Freehold subject to the existing lease.
Offers are invited in excess of £825,000.

VAT
We understand VAT is not applicable.

Legal Costs
Each party to bear their own legal costs.

Anti-Money Laundering Regulations
Anti-Money Laundering Regulations require Fenn Wright to formally verify prospective purchaser's identity, residence and source of funds prior to instructing solicitors.

EPC
We have been advised the unit falls within band C (59) of the energy performance assessment scale. A full copy of the EPC assessment and recommendation report is available upon request.

Viewing
Strictly by appointment with the sole agent:
James Wright E: jw@fennwright.co.uk
John Logan E: jdl@fennwright.co.uk

Features

  • Prime High Street Investment
  • Let to Costa Limited
  • For Sale Freehold
  • Prominent Trading Location
  • 338.63 Sq M. (3,623 Sq. Ft.)
  • Affluent Market Town

Map

Call

James Wright

01245 261226
Make an enquiry

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