Lot 35 Mixed Use Investment Property In Essex Coastal Market TownAuction Date:
14th December 2022
89 High Street, Maldon, Essex, CM9 5EP
Currently let at £36,000 per annum
Estimated rental value in the region of £40,000 per annum
Situated in the attractive coastal market town of Maldon, approximately 10 miles to the east of Chelmsford, is this mixed use commercial and residential investment property, situated in the thriving High Street which leads down to the Quay and Promenade Park. Arranged over three levels the building comprises a ground floor retail unit and two flats above (which were fitted-out approximately 10 years ago), with a further ground floor residential unit to the rear of the building.
Ground Floor
Commercial Unit
Entrance into main retail area, office and store/food preparation area.
Tenancy
The retail area is let to a butcher who has recently signed a new five-year lease from 1st September 2022 at a current rental of £10,800 per annum, with a tenant break and rent review on the third anniversary of the lease term.
Flat 1
Entrance hallway, living room, kitchen and cloakroom with W.C.
Second Floor
Two bedrooms and bathroom with W.C.
Tenancy
Holding over under the terms of an original Assured Shorthold Tenancy at a current rental of £700 per calendar month. We have been advised by the Seller that the tenant has been in occupation in excess of five years.
Council Tax Band B
First Floor - Flat 2
Kitchen, bathroom with W.C., living room and bedroom.
Tenancy
Holding over under the terms of an original Assured Shorthold Tenancy at a current rental of £625 per calendar month.
Council Tax Band A
The Studio
Living room with kitchen area, bathroom/W.C. and bedroom with French doors opening onto a small decked courtyard area.
Tenancy
Currently vacant, but terms have been agreed to let the property on an Assured Shorthold Tenancy at a rental of £775 per calendar month.
To the side of the building is a communal entrance way with stairs leading to first floor communal landing. Private entrance to flats.
Council Tax Band A
Outside
There is a driveway to the side of the property leading to park around the rear of the building which may offer parking or potential for alternative uses, subject to all necessary consents being obtainable.
Local Planning Authority
Maldon District Council. Website: maldon.gov.uk. Tel: 01621 854477.
Site Measurements
The property extends to approximately 0.04 hectares (0.11 acres).
There is an addendum available to be read
in conjunction with the legal documentation.
Joint Agents
Fenn Wright
01245 261226
Important
All lots are sold subject to the Common Auction Conditions and Special Conditions of Sale (unless varied by the Sellers Solicitors), together with the Addendum, which will be available on Auction Day.
* Price Information
Guides are provided as an indication of each Seller’s minimum expectation. They are not necessarily figures at which a property will sell for and may change at any time prior to Auction. Unless stated otherwise, each Lot will be offered subject to a reserve (a figure below which the Auctioneer cannot sell the Lot during the Auction).
We expect the reserve will be set within the guide range or no more than 10% above a single figure guide. Please check our website regularly at cliveemson.co.uk, or contact us on 01622 608400, in order to stay fully informed with the up-to-date information.
Additional Fees
An Administration fee and Other non-optional fees may also be payable in addition to the bid price. All lots are offered subject to the Common Auction Conditions and Special Conditions of Sale or Revised Special Conditions of Sale (as applicable) and may include the repayment of search and other fees and or costs payable by the buyer.
All buyers are advised to inspect all available legal documentation prior to bidding and will be deemed to fully understand what they may be liable for if they are successful in purchasing. This should also include Stamp Duty, Land Registry fees and VAT which may become payable on completion in line with any property transaction, whether it is by auction or private treaty. If, as a buyer, you are in doubt you should seek advice from your own professional advisors. For more information on fees please go to Buyers Fees
