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Pitsea Commercial Auction - 9Th December 2020

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Pitsea Commercial Auction - 9Th December 2020 LOT 12 - Pitsea Commercial Auction - 9th December 2020 Attractive Unbroken Freehold Shop & Residential Parade Investment 3-6 Broadway South & 5-8 Tudor Mansions, High Road and, 2/6/10/14/18, 1-4 Tudor Mansions and 1-4 Tudor Chambers, Station Lane, Pitsea, Essex, SS13 3BJ LOT 12 - Pitsea Attractive Unbroken Freehold Shop & Residential Parade Investment 3-6 Broadway South & 5-8 Tudor Mansions, High Road and, 2/6/10/14/18, 1-4 Tudor GUIDE PRICE * £2M - £2.25M Gross Initial Yield 10.58% Commercial - 9th December 2020 Online (Bidding will open at 11.00hrs am for ALL lots) Key Features Location • Comprising 9 shops and 12 flats Pitsea forms part of Basildon and is located 12 miles south of Chelmsford and 9 miles • Total Accommodation 1,408.8 sqm (15,164 sq ft) west of Southend-on-Sea • In the same family ownership since construction in 1929 The A13 lies immediately south of the property and links to the M25 approx 12 miles to the west • Prominent position opposite Pitsea Market & Pitsea Retail Park where occupiers include Pitsea Rail Station is approximately 500m from the property and provides frequent McDonalds, KFC, Lidl & Poundland services to London Fenchurch Street Station (39 mins) • Located 500m from Pitsea Rail Station The property is situated in a prominent corner position in the heart of Pitsea, opposite • VATis not applicable Pitsea Market and Northland Pavement which is home to Aldi, Greggs, Costa and The • Six Week Completion Available Range Occupiers close by include Domino's, TSB Bank, Paddy Power, Ladbrokes, Betfred and Total Current Rent Reserved Subway whilst Pitsea Retail Park is nearby and where occupiers include McDonalds, £211,525 p.a. KFC, Lidl and Poundland Tenure Additional Information Freehold • The flats are accessed via three separate stairwells from the front in addition to access via external staircases from the rear service yard VAT - VATis not applicable to this Lot. Allsop Sellers Solicitor Will Clough. Sarah Webster. Tel: 07500 949587 Brachers Solicitors Email: [email protected] Email: [email protected] Lot 12, Commercial Auction - 9th December 2020 Date Printed: 02/12/2020 | Page 2 of 30 Schedule Address Present Lessee Accommodation Lease Details Current Rent Next Review / Reversion (PA) 3 Broadway T Cribb & Sons (Willows) Ltd Ground Floor 87.95 sq m 947 sq ft 15 years from 01.06.2009 £15,000 p.a. Rent Review 2019 Outstanding South (1) Rent review every 5th year Calderbank letter served at FR& I £18,000pa 4 Broadway T Cribb & Sons (Willows) Ltd Ground Floor 52.85 sq m 569 sq ft A term of years from 03.10.2014 and expiring £12,000 p.a. Rent Review 2019 Outstanding South (1) 31.05.2024 Rent review 30.05.2024 FR& I A rent deposit of £3,000 is held 5 Broadway H Dave & N Shah Ground Floor 66.95 sq m 721 sq ft 15 years from 01.03.2011 £14,500 p.a. Rent Review 2021 South Rent review every 5th year FR& I A rent deposit of £3,000 is held 6 Broadway T D Pham Ground Floor 65.15 sq m 701 sq ft 10 years from 07.09.2011 £12,500 p.a. Reversion 2021 South FR& I A rent deposit of £6,250 is held 2 Station Lane R D E Forge Ground Floor 30.00 sq m 323 sq ft 12 years from 08.10.2014 £9,000 p.a. Rent Review 2020 (2) Rent review 08.10.2020 and every 3 year thereafter FR& I 6 Station Lane G Bond Ground Floor 29.50 sq m 318 sq ft 4 years from 11.04.2017 £9,000 p.a. Rent Review 2020 Outstanding Rent review April 2020 & 2021 Notice served at £9,750pa FR& I A rent deposit of £2,250 is held 10 Station Lane G Goodchild Ground Floor 57.15 sq m 615 sq ft 16 years from 25.03.2016 £11,800 p.a. Tenant exercised March 2021 Break Rent review every 4th year Option Tenant exercised Break Option wef 25.03.2021 FR& I 14 Station Lane B Simsek (plus guarantor) Ground Floor 56.90 sq m 612 sq ft 15 years from 04.08.2010 £6,685 p.a. Reversion 2025 (2) Rent review every 5th year FR& I 18 Station Lane H Yildiz Ground Floor 98.60 sq m 1,061 sq ft 15 years from 12.07.2011 £17,000 p.a. Rent Review 2021 (2) Rent review every 5th year FR& I Lot 12, Commercial Auction - 9th December 2020 Date Printed: 02/12/2020 | Page 3 of 30 Schedule (Continued) Address Present Accommodation Lease Details Current Rent Next Review / Lessee (PA) Reversion 1 Tudor Vacant First Floor 2-bed Flat 60.10 sq m 647 sq ft Mansions 2 Tudor Individual First Floor 4-bed Flat 114.20 sq m 1,229 sq ft Assured Shorthold Tenancy for a term of 6 months from £9,600 p.a. Holding Over Mansions 24.03.2020 3 Tudor Individual Second Floor 1-bed Flat 70.35 sq m 757 sq ft Assured Shorthold Tenancy for a term of 6 months from £7,500 p.a. Holding Over Mansions 01.02.2015 4 Tudor Individual Second Floor 4-bed Flat 113.90 sq m 1,226 sq ft Assured Shorthold Tenancy for a term of 6 months from £9,900 p.a. Holding Over Mansions 18.05.2018 5 Tudor Individual First Floor 2-bed Flat 58.90 sq m 634 sq ft Assured Shorthold Tenancy for a term of 6 months from £9,600 p.a. Holding Over Mansions 14.07.2017 6 Tudor Individual First Floor 2-bed Flat (3) 63.00 sq m 678 sq ft Assured Shorthold Tenancy for a term of 6 months from £8,400 p.a. Holding Over Mansions 27.12.2012 7 Tudor Individual Second Floor 1-bed Flat 60.00 sq m 646 sq ft Assured Shorthold Tenancy for a term of 6 months from £8,400 p.a. Reversion 2020 Mansions (3) 04.06.2020 8 Tudor Individual Second Floor 2-bed Flat 66.00 sq m 710 sq ft Assured Shorthold Tenancy for a term of 6 months from £10,200 p.a. Reversion 2021 Mansions (3) 04.11.2020 1 Tudor Individuals First Floor 2-bed Flat 63.85 sq m 687 sq ft Assured Shorthold Tenancy for a term of 6 months from £10,200 p.a. Holding Over Chambers 15.07.2019 2 Tudor Individual First Floor 2-bed Flat 58.40 sq m 629 sq ft Assured Shorthold Tenancy for a term of 6 months from £10,020 p.a. Reversion 2021 Chambers 02.10.20 3 Tudor Individuals Second Floor 2-bed Flat 69.85 sq m 752 sq ft Assured Shorthold Tenancy for a term of 6 months from £10,020 p.a. Reversion 2021 Chambers 20.08.2020 4 Tudor Individuals Second Floor 2-bed Flat 65.20 sq m 702 sq ft Assured Shorthold Tenancy for a term of 6 months from £10,200 p.a. Reversion 2020 Chambers 19.06.2020 Total 1,408.8 sq m 15,164 sq ft Total (annualised) £211,525 p.a. (1) Website address: www.tcribb.co.uk. For the year ended 30.09.2018 the lesse did not report a turnover or pre-tax profit but reported a net worth and shareholders funds of £1.502m (source: Experian 29.09.2020) (2) Not inspected by Allsop. Floor areas sourced from www.tax.service.gov.uk (3) Not inspected by Allsop. Accommodation details have been provided by the Vendor and floor areas sourced from EPCs N.B. The street traders plan reflects a dated situation as some tenants will not be trading due to lockdown restrictions. Lot 12, Commercial Auction - 9th December 2020 Date Printed: 02/12/2020 | Page 4 of 30 Featured 1 Lot 12, Commercial Auction - 9th December 2020 Date Printed: 02/12/2020 | Page 5 of 30 Featured 2 Lot 12, Commercial Auction - 9th December 2020 Date Printed: 02/12/2020 | Page 6 of 30 Featured 3 Lot 12, Commercial Auction - 9th December 2020 Date Printed: 02/12/2020 | Page 7 of 30 Featured 4 Lot 12, Commercial Auction - 9th December 2020 Date Printed: 02/12/2020 | Page 8 of 30 Featured 5 Lot 12, Commercial Auction - 9th December 2020 Date Printed: 02/12/2020 | Page 9 of 30 Featured 6 Lot 12, Commercial Auction - 9th December 2020 Date Printed: 02/12/2020 | Page 10 of 30 Featured 7 Lot 12, Commercial Auction - 9th December 2020 Date Printed: 02/12/2020 | Page 11 of 30 Featured 8 Lot 12, Commercial Auction - 9th December 2020 Date Printed: 02/12/2020 | Page 12 of 30 Featured 9 Lot 12, Commercial Auction - 9th December 2020 Date Printed: 02/12/2020 | Page 13 of 30 Featured 10 Lot 12, Commercial Auction - 9th December 2020 Date Printed: 02/12/2020 | Page 14 of 30 Featured 11 Lot 12, Commercial Auction - 9th December 2020 Date Printed: 02/12/2020 | Page 15 of 30 Featured 12 Lot 12, Commercial Auction - 9th December 2020 Date Printed: 02/12/2020 | Page 16 of 30 Featured 13 Lot 12, Commercial Auction - 9th December 2020 Date Printed: 02/12/2020 | Page 17 of 30 Featured 14 Lot 12, Commercial Auction - 9th December 2020 Date Printed: 02/12/2020 | Page 18 of 30 Featured 15 Lot 12, Commercial Auction - 9th December 2020 Date Printed: 02/12/2020 | Page 19 of 30 Featured 16 Lot 12, Commercial Auction - 9th December 2020 Date Printed: 02/12/2020 | Page 20 of 30 Featured 17 Lot 12, Commercial Auction - 9th December 2020 Date Printed: 02/12/2020 | Page 21 of 30 Featured 18 Lot 12, Commercial Auction - 9th December 2020 Date Printed: 02/12/2020 | Page 22 of 30 Featured 19 Lot 12, Commercial Auction - 9th December 2020 Date Printed: 02/12/2020 | Page 23 of 30 Pro map Lot 12, Commercial Auction - 9th December 2020 Date Printed: 02/12/2020 | Page 24 of 30 Lot 12, Commercial Auction - 9th December 2020 Date Printed: 02/12/2020 | Page 25 of 30 Lot 12, Commercial Auction - 9th December 2020 Date Printed: 02/12/2020 | Page 26 of 30 Lot 12, Commercial Auction - 9th December 2020 Date Printed: 02/12/2020 | Page 27 of 30 Lot 12, Commercial Auction - 9th December 2020 Date Printed: 02/12/2020 | Page 28 of 30 Lot 12, Commercial Auction - 9th December 2020 Date Printed: 02/12/2020 | Page 29 of 30 Disclaimer - - - Important notice - Pre-registration approval to bid, guide prices, reserves and additional charges Please note that charges and fees additional to the sale price might be payable by the successful buyer in respect of the Lot.
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