The property comprises a substantial building with accommodation arranged on basement, ground and two upper floors. The main property consists of 62 High Street, a substantial ground floor shop together with upper floor accommodation. The adjacent property, 64, is smaller and is currently let to Toast (Coffee House/Snacks).
There is a central doorway between 62 and 64 providing access to the upper parts known as 64A. Access to the upper parts of 62 is currently internal.
64A is currently let to Prem Commercial Limited.
Planning Consent has now been obtained to incorporate the development of all the upper parts of the building into 6 apartments, approached via the central doorway.
The property also has the benefit of rear access.
Location
Braintree is a growing town in North Essex with a resident population approaching 45,000. In recent years the town has expanded rapidly and benefits from excellent Intercity links to London Liverpool Street and following the dualling of the A120 immediate access to Stansted Airport and the M11, the former of which provides substantial employment.
This property is situated in Braintree town centre, a short walk from Sainsburys, Tesco, the George Yard Shopping Centre, Savers, British Heart, Hays Travel, Specsavers and NatWest and HSBC Banks. Currently Great Square, this part of High Street and Bank Street are in the process of being partially pedestrianised.
The property occupies one of the best trading positions within the centre of Braintree, outside George Yard Shopping Centre and is situated not far from the multi-million pound regeneration project due to be completed later this year, known as Victoria Square. Upon completion this will provide a 70 bed Travel Lodge Hotel, 30 Apartments, a Livewell Health Centre, Bus Depot, Pharmacy and two other retail units.
Accommodation
62 High Street (Vacant)
Ground Floor Sales - 129.41 sq m (1,393 sq ft)
ITZA - 73.51 sq m (791 sq ft)
Ground Floor Ancillary - 40.41 sq m (435 sq ft)
64 High Street (Toast)
Ground Floor Sales - 44.12 sq m (475 sq ft)
ITZA - 38.73 sq m (417 sq ft)
Basement Sales - 12.63 sq m (136 sq ft)
Basement Stores - 33.44 sq m (360 sq ft)
First Floor – Flat 1 - 42.2 sq m (454 sq ft)
First Floor - Flat 2 - 46.9 sq m (541 sq ft)
First Floor – Flat 3 - 82.6 sq m (889 sq ft)
Second Floor – Flat 4 - 41.9 sq m (451 sq ft)
Second Floor – Flat 5 - 48.4 sq m (520 sq ft)
Second Floor – Flat 6 - 85.6 sq m (921 sq ft)
Terms
Tenure - Freehold.
Rating Assessment:
The current assessments are as follows:-
62 High Street - Shop and Premises Rateable Value £30,250
64A High Street - Office and Premises RateableValue £7,100
64 High Street - Shop and Premises Rateable Value £13,500
The assessment for No 62 includes all the upper parts which will become part of the residential scheme.
(This information is for guidance purposes only and all parties should make their own enquiries).
Planning - Planning Consent was granted by Braintree District Council (Application No: 20/01006/FUL dated 25 June 2020) for a change of use of the first and second floors from A1 Retail to six residential flats
Tenancies - 64 High Street is let to Robert Ely trading as Toast on a full repairing and insuring lease for a term of 10 years from 14.11.2019 expiring 13.11.2029 (TOB 14.11.2022) subject to 6 months prior notice, at £13,800 per annum.
The upper floors of 64A are currently let to Prem Commercial Limited on a full repairing and insuring lease for a term of years expiring 06.09.2024 with a TOB as at 31.08.2021, at a rent of £5,500 per annum
Possession - The property is sold subject to the existing tenancies of Nos 64 and 64A and with vacant possession of No 62.
Price - Offers are sought in excess of: £575,000
VAT - The property is partially elected for VAT. The sale will be as a TOGC.
Documents - Copies of the Planning Consent, accompanying plans, EPCs and existing Lease are all available upon request.
Identity Checks - In order to comply with Anti-Money Laundering Legislation, the successful purchaser will be required to provide identification documents, including a current passport or driver’s licence and utility bill.
Legal Costs - Each side to be responsible for their own legal costs
Specification
- Currently let and income producing
- Current income £19,300 per annum
- Ground Floor ERV £39,800 per annum
- PP granted for 2 no. 2 bedroom flats and 4 no. 1 bedroom flats
- Offers invited in excess of £575,000