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For Sale: £1,300,000

Under Offer

The Queensberry Centre, London Road, Copford, Colchester, Essex, CO6

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Property Image
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  • Area

    area
    11750Sq Ft

Location
The property is situated at the junction of London Road with Queensberry Avenue approximately 1 mile east of the A120 junction at Marks Tey.

In addition the property benefits from easy access to Marks Tey railway station which is on the mainline to London's Liverpool Street Station.

Description
The property comprises a former Skoda main dealership and includes workshops, showrooms and extensive secure rear yard plus a self contained three bedroom bungalow.

Tenancies
The property is let in six parts as set out in the accommodation and tenancy schedule herewith.
Currently the leases generate an annual rent of £94,500 per annum with stepped increases from February 2024 and outstanding rent reviews.

Planning
The property was previously a Skoda main dealership for many years and we understand the current planning designation is sui generis car showroom and vehicle servicing with repair premises and ancillary offices.

This is a longstanding arrangement without a specific planning consent. The property is not listed or within a Conservation Area so far as we are aware.

Utilities
Electricity and water supplies are provided to a single landlords account and apportioned between tenants.

Environmental Issues
The property previously included some fuel sales. We have correspondence confirming the underground tanks were cement slurry filled to the satisfaction of Essex County Council's Petroleum Officer in 1999.

A Groundsure Siteguard Environmental Risk Report has recently confirmed the site to carry an 'Acceptable Environmental Risk' for banking security.

VAT
The property is VAT elected.

Terms
The property is available for sale subject to the existing tenancies for the sum of £1.3 million which will deliver a gross initial yield of circa 7.25%.

Legal Deposit
The buyer will be required to pay a non-refundable deposit when purchase terms are agreed.

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 sole agents:

Fenn Wright
Tel: 01206 85 45 45
Email: colchestercommercial@fennwright.co.uk

Features

  • Attractive Freehold Commercial/Residential Investment
  • Rents reserved £94,500 per annum increasing to £99,500
  • Showrooms, Workshops, Yard & Self Contained Residential Accommodation
  • 0.78 of acre (0.32 hec)/11,750 sq ft (1,091 sq m)
  • Excellent profile and road frontage
  • Energy Performance Certificates (4) - Ratings C, D, D & F

Map

Call our

Development team on

01206 216 565
Make an enquiry

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