Stop Press: The Bath House, Le Cateau Road, Colchester CO2 7NA – Let to Ellisons Solicitors. See our News Page for information on this innovative project.

Retail (let to Oxfam) and ground rent investment in Frinton-on-Sea.

  • Lock-up retail unit, with two flats above (sold off).
  • Prominently located in Frinton’s main shopping street.
  • Retail area 881 sq. ft. (81.8 sq. m).
  • Lease to Oxfam renewed in March 2018.
  • No VAT on purchase price.
  • Gross rent £15,200 per year (from March 2019).

FOR SALE

Property Location

43, Connaught Avenue,
Frinton-on-Sea,
Essex CO13 9PN.
Property Specification
Location

The property is situated within the established and popular Connaught Avenue, the main shopping street in Frinton-on-Sea. The street has a mix of multiple retailers and local independent traders, as well as Banks and restaurants.

Description

A four-storey property with a lock-up shop on the ground floor, a two-bedroomed flat (43a) on the first floor and a three-bedroomed flat (43b) on the second/third floors. There is a staircase to the rear of the proeprty giving access to both flats, and 43a also has it's own staircase directly off Connaught Avenue. There is rear access from a service road off Old Road, and car parking is available on Connaught Avenue and the surrounding streets.

Accommodation

Shop Frontage              15/4.

Shop Depth                   48/10.

To the rear is a staff kitchen and toilet.

NET RETAIL AREA 881 SQ. FT. (81.8 SQ. M)


Flats - not inspected.


Lease Terms


The property is let under the following leases:


43, Connaught Avenue (shop) - term of 10 years from 30th March 2018, under effectively full repairing and insuring terms via a service charge. The rent is £13,500 a year increasing to £15,000 from 30th March 2019, payable quarterly in advance. There is an upward-only rent review on 30th March 2023, and tenant-only options to break on 30th March 2021 and 2023, subject to six months'  prior written notice. If the tenant exercises the first break in 2021, then it will pay a "penalty" of £3,750.


43a, Connaught Avenue - two-bedroomed flat, sold off on long lease expiring on 24th January 2178, fixed ground rent of £100 a year.


43b, Connaught Avenue - three-bedroomed flat, terms as for 43a above.


EPC


We understand that the property has the following EPC ratings - 43 (shop) - D99, 42a (flat) - D58 and 43b (flat) - D55.


Local Taxation


The shop appears in the 2017 Rating List as Shop and Premises with a rateable value of £13,000 and both flats are shown in Council Tax Band B.


Price


Offers in the order of £225,000 are invited for the freehold of the property, subject to the current leases. We understand that there is no VAT on this sale. The asking price represents a gross yield of 6.75% once the shop retn is £15,000.


Further Information


For further information on this property, please contact the sole agent, Jon Ablewhite (jon@mrallp.co.uk) at Morley Riches & Ablewhite, on (01206) 505707.

Download PDF

Our Services

Clients choose to work with our friendly, professional team time and time again because we consistently deliver a quality service that makes their lives easier. Our plain-speaking approach ensures everyone is kept on the same page and that a project can move forward in a timely and cost-effective way.

find-a-commercial-property-icon

Commercial Estate Agency

property-management-icon

Property Management

property-valuation-icon

Property Valuation

Landlord and Tenant

Building Surveying

Development Consultancy

What people say about working with us

  • "Peter Riches of MRA has managed an industrial property we own for the last 10 years and we have been delighted with the way our business has been handled. We have always found Peter to be very professional in his attitude; he has a good understanding of what we are trying to achieve, listens to our ideas and offers suggestions of his own. The rest of the team at MRA are always polite, friendly and helpful and we highly recommend the company and the services they offer."
    A J Kernahan, Developments Limited
  • "Peter Riches and his team was recommended to me by a fellow business man.   He has proven himself to be up to a very high standard in his profession and I like the way that he is prompt to deal with any situation in a professional way.   He has a dynamic, enthusiastic team around him which gives me confidence in my decision making in which I value his experienced advice."
    Adrian Coolbergen, Coolbergen Properties
  • "We have acted alongside Peter Riches of Morley Riches and Ablewhite for a number of years for a mutual client which is a major national landowner. Peter is sharp and incisive and a pleasure to deal with and we value the expertise and commitment he brings to transactions. We look forward to continuing to work with Morley Riches and Ablewhite in the future."
    Anthony Alderman, Partner of Bond Dickinson LLP
  • "We are very happy with the friendly, professional and pro-active commercial property management service which we receive from Jon Ablewhite and we accordingly have no hesitation in recommending him and his firm."
    Rodney Stock, Bishop’s Stortford
  • "Morley, Riches & Ablewhite – forgettable name, but seriously unforgettable service! We engaged MRA about 3 years’ ago on recommendation.  We have never regretted it. Good, practical advice on all property aspects, including new leases, professional discussions with existing Landlords and advice generally. At all times the service has been prompt, professional and cost-effective.  Communication skills are first rate and we have confidence in the calibre of MRA’s team and their ability to provide commercial insight and evolve innovative win / win solutions."
    John May, Director, Thompson & Morgan Group Holdings Limited
  • "Morley Riches & Ablewhite have managed two of our multi-let office investments since 2008.  We have always been completely satisfied with their performance and feel comfortable that our tenants are in safe hands.  Rents are always collected promptly and accounted to us accurately.  Service charge accounts are always well maintained and presented to our tenants. We have also instructed Peter Riches to undertake a range of professional work on other properties in our portfolio including valuations, rent reviews, records of condition and schedules of dilapidation.  Again, we have always been pleased with the outcome and as a result have been happy to recommend him to other property owners known to us."
    Graham Holdgate, Moreland Limited
Get In Touch

Get in touch

Email enquiries@mrallp.co.uk
Telephone 01206 505707

If you’ve got a question about the services we deliver, or would like some advice on how we can support your project, simply get in touch and we’d be more than happy to help.

Alternatively complete the form below for a member of our team to get in touch.

Your Name (required)

Your Email (required)

Telephone (required)