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, , 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 and is located 12 miles south of 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 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.

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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. Please read the information below and check the Special Conditions of Sale, the Particulars of Sale and any addendum for the Lot before deciding whether or not to bid. Pre-registration approval to bid Allsop now requires all bidders who wish to bid at our Auctions to Register beforehand. All checks required by current anti-money laundering legislation must be satisfactorily completed as part of this process before prior approval to bid will be given. Please us the links on our website to pre-register. Guide Prices 1. Where a guide price (or range of prices) is given, that guide is the minimum price at which (or range of prices within which) the seller might be prepared to sell on the date on which the guide price (or range of prices) is published. The guide price will normally be at or above any reserve price. 2. The guide price may be subject to change up to and including the day of the auction. The latest published guide price (or range of prices) is displayed on our website and you are advised to check the website regularly for updates. 3. All guide prices are Quoted "subject to contract". 4. Please note the guide price for the Lot does not include: - any Buyers' Fee charged by the auctioneers; - VATon the sale price; - SDLT or any other Government taxes; - additional costs and fees charged by the seller or third parties that might apply to some Lots and/or some buyers. 5. If a guide price is listed as "TBA", it means no guide price has been set at present. Please do not call our office about this - the guide price, or range of prices, will be published online immediately it becomes available and you should check the auction website regularly for updates. Reserve Prices 6. The reserve price is the minimum price at which the Lot can be sold. 7. Whilst every effort is made to ensure that the advertised guide prices are up-to-date. it is possible that the reserve price set for any Lot may exceed the previously quoted guide price. This is because the seller may fix the final reserve price just before the Lot is offered for sale. Buyers' fees, Seller's fees and additional charges 8. For each Lot, a Buyers' Fee is payable on the fall of the hammer to Allsop LLP as follows: Residential Auctions - Lots sold for £10,000 or more: Buyers' Fee of £1,250 inclusive of VAT - Lots sold for less than £10,000: Buyers' Fee of £250 inclusive of VAT Commercial Auctions - All Lots: Buyers Fee £1,000 inclusive of VAT 9. Additional charges and fees might be charged by the seller and/or other third parties. You are strongly advised to read the Special Conditions of Sale for the Lot prior to bidding to check for any additional charges and fees and to check the addendum which might also (but does not always) contain details of such amounts. 10. VAT may be chargeable in addition to the sale price for the Lot. The Lot Particulars and/or the Special Conditions of Sale will indicate whether VAT applies. Other Matters 11. Please note that lots may be sold or withdrawn at any time prior to auction. 12. Please note that the amount of Bidder Security (payable on application to bid at the auction) and the Buyer's Fee may each be varied from the standard amounts quoted. Please refer to the addendum, the Particulars and/or the conditions of sale. 13. Street trader plans are reproduced with the consent of Experian Goad Limited. Experian Goad Digital Plans include mapping data licensed from Ordnance Survey with the permission of the Controller of Her Majesty's Stationery Office. © Crown Copyright and Experian Copyright. All rights reserved. Licence number PU 100017316. Location plans are reproduced from the Ordnance Survey mapping with the permission of Ordnance Survey on behalf of the Controller of Her Majesty's Stationery Office, © Crown copyright and Database Rights 2018 OS 100060020 14. The plans and photographs shown in the catalogue are included in order to assist you in locating the Lot in question. They are not necessarily drawn to scale and any arrows on plans or photographs are merely to assist you in finding the Lot, not for the purpose of indicating legal boundaries. The Auctioneers cannot guarantee that any plans or photographs show the up to date position with regard to occupiers either for the Lot or for any other properties shown in such plans or photographs.

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