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Town Centre Retail/Office Investment For Sale

  • Prominent High Street location.
  • Attractive period building.
  • Current income £25,000 a year.
  • Vacant office suite, renewals in 2019 and 2020.
  • Offers in the region of £400,000 for the freehold.

FOR SALE

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Additional Information

IMG_0789 IMG_0790104 High Street Billericay Plan

Property Location

104/104A/104B, High Street, Billericay CM12 9BY.
Property Specification
Location

The property is in a prominent location in High Street, a busy road in the centre of Billericay, and is situated near several national and multiple retailers.

Accommodation

A two-storey period building recently refurbished externally, together with a separate self-contained single-storey retail unit. The main building is of rendered brick construction, timber windows with a plain tiled pitched roof to the front and a corrugated metal lean-to roof to the rear. The separate building (104A) is again of rendered brick construction with a mono-pitched corrugated metal roof. Access to this property and also 104B is by way of a private pedestrian walkway, owned by the neighbouring property. See the attached plan.

The property comprises three shop units, all currently let, together with a vacant office suite on the first floor.

Shop 104

Retail area        19/3 x 20/0

   TOTAL NET RETAIL AREA & ITZA 385 SQ. FT. (35.8 SQ. M).


Shop 104A


Retail area        13/0 x 11/8, plus 15/9 x 12/9, plus 12/10 x 11/0 overall.


TOTAL NET RETAIL AREA & ITZA 476 SQ. FT. (44.2 SQ. M).


Shop 104B


Retail area        14/2 x 13/3


Kitchen             13/0 x 8/3


Store                  4/3 x 4/0, plus 3/9 x 3/0.


TOTAL NET RETAIL AREA 341 SQ. FT. (31.7 SQ. M) - ITZA 188 SQ. FT. (17.5 Sq. M).


First Floor Office Suite


Rear Office          14/3 x 14/4.


Front Office 1      15/2 x 7/3.


Front Office 2      12/6 x 12/0 maximum.


TOTAL NET OFFICE AREA 455 SQ. FT. (42.3 SQ. M).


Energy Performance Certificates


104 - rating of G (174); 104A - E (105); 104B - D (97) and First Floor Offices - E (101).


Tenancies


104 - Let to Adam Shaw trading as Sparklers Jewellers, on a 15 year lease from 30th July 2017. The lease contains a break option on 30th July 2027, and the rent is £10,000 a year.


104A - Let to Theresa Brook and Alison Curle trading as Gimme Shooz, on a 5 year lease from 24th June 2015. The rent is £8,000 a year.


104B - Let to Hayley Goffi trading as Billericay Bakery on a 7 year lease from 6th January 2012. The rent is £7,000 a year.


104C (Offices) - Currently vacant, estimated rental value £3,500 to £4,000 a year.


Tenure


The freehold of the whole property is offered for sale, subject to the tenancies set out above, at a price of £400,000. This equates to a gross yield of 6.25% on the current rents, increasing to 7.25% assuming that the first floor is let for £4,000 a year. We understand that VAT will not be charged on the sale.


Viewing/Further information


Please contact the sole agents, Morley Riches & Ablewhite - Jon Ablewhite (jon@mrallp.co.uk) or Amelia Valentin (amelia@mrallp.co.uk) - 01206 505707.

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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.

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What people say about working with us

  • "I have worked with Morley Riches and Ablewhite for several years. I have always found them to be trustworthy, professional, responsive and accurate while offering a flexible approach to problem solving. They provide excellent value for money and also deliver additional value through their thorough knowledge and network. Reputation and branding are important to any business so it’s important to select organisations who have a compatible constitution and culture. MRA demonstrate empathy with corporate objectives, they manage customer relationships effectively and efficiently and work seamlessly as part of a team. I would recommend them to anyone who needs a professional property service."
    Steve Heywood, Hills Building Group
  • "We have employed the services of Morley Riches & Ablewhite for over 10 years and have always found them to be Professional to deal with. Both Peter and Jon have a wide knowledge of the local commercial market which has enabled them to advise us on various aspects within our diverse business."
    Ian Newman, East Anglian Group
  • "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
  • "Jon Ablewhite of Morley, Riches and Ablewhite has provided professional services to my company for many years. This has included sales, purchasing and renting of office properties in and around Colchester. He has been very professional and thorough, combining this with an understanding of the needs of a business client such as ourselves. Together with Peter Riches, he forms a very strong and likeable team."
    Russell Sainty, Seaford Properties 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
  • "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
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