Price Offers in excess of £1,500,000

Rates Payable Interested parties are advised to confirm the rating liability with Basildon Council on 01268 533333.

Service Charge n/a

Estate Charge n/a

EPC Rating This property has been graded as D (89)

Description

The investment comprises a three-storey building, fully tenanted with tenants on existing leases, currently generating an annual income of £115,000. However, Harvey Copping Harrison is in communication with the landlord in regard to terminating their lease so a new lease can commence.

A portion of the ground floor and part of the first floor are leased to Aslan Fitness Limited under a 20-year agreement commencing on October 2, 2024. The lease includes an 18-month rent-free period, after which an annual rent of £55,000 will be payable, subject to rent reviews every five years. These reviews are capped and collared between 1.5% and 3.5%. Additionally, the lease includes tenant break options in the 10th and 15th years. The vendor will make up the balance of the remaining rent-free period.

The remaining portion of the first floor is leased to Harvey Copping Harvey Copping lease will be terminated shortly, and negotiations for a new lease are expected to commence soon.

The second floor is leased to Animo Associates, with the lease set to expire on November 29, 2027. They are paying an annual rent of £37,000.

Viewings

Strictly by prior appointment via vendors appointed agents Ayers & Cruiks.

Terms

A portion of the ground floor and part of the first floor are leased to Aslan Fitness Limited under a 20-year agreement commencing on October 2, 2024. The lease includes an 18-month rent-free period, after which an annual rent of £55,000 will be payable, subject to rent reviews every five years. These reviews are capped and collared between 1.5% and 3.5%. Additionally, the lease includes tenant break options in the 10th and 15th years. The vendor will make up the balance of the remaining rent-free period.
The remaining portion of the first floor is leased to Harvey Copping Harvey Copping lease will be terminated shortly and negotiations for a new lease are expected to commence soon.
The second floor is leased to Animo Associates, with the lease set to expire on November 29, 2027. They are paying an annual rent of £37,000.

Price

Offers in excess of £1.5 million.