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Lot 1 - 4-12 (even) High Street & 46-50 (even) Rosemary Road, Clacton-on-Sea, Essex, CO15 1NR

Guide Price* £1.2m +

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Property Type
Retail Property (high street)
Tenure
Freehold
Type
Commercial
Bidder Security Deposit
£3,500*

Property Summary

  • DEVELOPMENT OPPORTUNITY
  • Pair of freehold retail parades comprising of 7 retail units
  • Upper parts with planning permission for conversion & extension into 16 flats.
  • Centrally located
  • Close to amenities and transport links
  • Investment currently producing £47,000 per annum (rising) (Potential rental uplift) (*see note 1).

Centrally located pair of freehold parades of retail units with upper parts having planning permission for conversion and extension to provide 16 self-contained flats. (3 retail units let, 4 retail units and the upper parts vacant) - Part vacant Investment currently producing £47,000 per annum (rising)

Description

Centrally located pair of retail parades on the High Street and the adjacent Rosemary Road comprising of a mix of 2 and 3 storey buildings together with a large upper part with direct street door access adjacent to number 50 Rosemary Road.

Location

Situated in the central area of Clacton-on-Sea, both the High Street and Rosemary Road run between Station Road and Carnarvon Road, within a predominantly commercial catchment area. Further trade maybe gained from passing pedestrians and vehicular traffic going to and from Clacton-on-Sea railway station which gives direct access to London Liverpool Street station, along with local bus routes. Clacton Beach and the Pier are also within walking distance.

Tenancy Schedule

(Approximate dimensions)

Unit Floor Accommodation Tenant Tenancy Rent
4 High Street,
Clacton-on-Sea,
Essex CO15 1NR
Ground Retail Unit,
Gross frontage 6.25m
Shop depth 5.7m
Built depth 8.30m
Nancy's Kitchen Let on a new lease for a term of 9 years with 4 yearly rent reviews £15,000 p.a.
6 High Street,
Clacton-on-Sea,
Essex CO15 1NR
Ground Retail Unit,
Gross frontage 6.45m
Shop depth 5.80m
Built depth 17.75m
H & H Nails Let on a license (holding over). We understand that the tenant is seeking a new 5-year lease £16,000 p.a.
8-10 High Street, Clacton-on-Sea,
Essex CO15 1NR
Ground Double Retail Unit
Gross frontage 12.60m
Shop depth 17.10m
Built depth 23.25m
VACANT
12 High Street,
Clacton-on-Sea,
Essex CO15 1NR
Ground / First Retail Unit,
Gross frontage 6.35m
Shop depth 3.35m
Built depth 5.355m
VACANT
46 Rosemary Road, Clacton-on-Sea,
Essex CO15 1PB
Ground / Basement Retail Unit,
Gross frontage 6.17m
Shop depth 8.35m
Built depth 13.24m
Basement 46 sq.m
VACANT
48 Rosemary Road, Clacton-on-Sea,
Essex CO15 1PB
Ground / Basement Retail Unit,
Gross frontage 6.17m
Shop depth 8.35m
Built depth 13.24m
Basement 46 sq.m
VACANT
50 Rosemary Road, Clacton-on-Sea,
Essex CO15 1PB
Ground Retail Unit 67.15 sq.m Baz Cut
Barber Shop
Let on a lease for a term of 9 years from August 2024 with
4 yearly rent reviews
£16,000 (rising)
Upper Parts,
50 Rosemary Road, Clacton-on-Sea,
Essex CO15 1PB
First / Second Open space – approx. 1,065 sq.m VACANT
Total current rent payable £47,000 per annum (rising) together with vacant possession of 4 retail units and upper parts

Planning

Planning permission has been granted by Tendrng District Council on the 7th February 2024 (Ref: 19/00003/FUL) for the conversion of the existing first and second floors and erection of a third floor with extensions to create 16 self-contained flats to comprise of:

9 x 2-bedroom flats, 5 x 3-bedroom flats & 2 x 1-bedroom flats

Copies of the plans, and planning permission are available for inspection within the legal pack.

Note

Note (1): There is great potential for a rental uplift, we understand that when both parades of shops were fully let previously the rental income was approximately £114,000 per annum. Prospective purchasers must rely on their own enquiries in this regard.

Note (2): All internal floor areas have been provided by the vendor. Prospective purchasers must rely on their own enquiries in this regard.

EPC Rating

Please refer to the legal pack

VAT

VAT is not applicable to this lot

Disclaimer*

* Guide Prices are provided as an indication of each seller's minimum expectation (also known as the 'Reserve Price'). They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve Price (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide Price.

The Guide Price for the Lot does not include the Buyers Administration Fee of £1,500 (inclusive of VAT). In addition, the Guide Price does not include VAT on the sale price, or any additional costs, charges or encumbrances that might apply to some Lots and/or some buyers. The Special Conditions of Sale of the seller, and any applicable Addendum, will state if there are other costs, charges or encumbrances and whether the seller has elected to charge VAT on the sale price.

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EC1A 7BL

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