Retail Investment For Sale by Auction on Thursday 13th July 2023 (unless sold prior).
Location
Located close to the junction with Bond Street in this pedestrianised retail thoroughfare amongst multiples such as John Lewis, Wagamama, ASK Italian, Tesco, Iceland, Costa Coffee and Pure Gym as well as a host of local retailers.
The property is within close proximity to the 300,000 sq ft retail and leisure mixed use Bond Street Development which was completed in December 2016, costing an estimated £37 million.
Chelmsford is a major retail and commercial centre which lies close to the main A12 some 14 miles north-east of Brentwood and enjoying easy access to the M25 (Junction 28) and the M11 (Junction 7).
Accommodation
Forming part of a mixed use building comprising a Ground Floor Shop.
Gross Frontage 17'10"
Internal Width 16'8"
Shop Depth 40'2"
Built Depth 49'6"
WC
GIA Approx. 830 sq ft
Terms
VAT is applicable to this Lot
TENURE
Leasehold for a term of 999 years from 29th September 2022 at a peppercorn ground rent.
TENANCY
The property is let on a full repairing and insuring lease by way of service charge to Figleaf Limited t/a Rohan (clothing retailer – see Note 1) for a term of 10 years from 1st March 2018 at a current rent of £21,000 per annum exclusive.
Note 1: Figleaf Ltd are a franchisee of Rohan who in turn are a national outdoor and travel clothing retailer with 53 branches (visit: www.rohan.co.uk).
Note 2: The tenant did not exercise their March 2023 Break Clause.
Note 3: There is a £3,750 Rent Deposit held.