South East Retail/Office Opportunity with Development Potential
111 High Street | Billericay | Essex | CM12 9AJ
subject to contract
Located in affluent Essex town
Available with Vacant Possession
Potential to extend the ground and first floors at the rear, add a second floor and convert to residential use
Potential to add a second floor, subject to planning
Potential to convert to residential use, subject to planning
Residential values in the area are approximately £375 psf
Estimated rental value of £60,000 per annum
£600,000 subject to contract
Asking price reflects a capital value of £139 psf
Yield of 9.52% achievable by letting the property at the estimated rental value
Billericay is an affluent south east commuter town located in the county of Essex and in the borough of Basildon. The town is located approximately 30 miles (48 km) east of London, 8 miles (12.8 km) south of Chelmsford and 33 miles (53 km) north west of Southend-on-Sea.
The town benefits from good road communications with the A12 being located 4 miles (6.4 km) west of the town which provides direct access to the M25 (Junction 28) which is approximately 7 miles (11 km) to the west. Billericay railway station provides direct journeys to London Liverpool Street within approximately 30 minutes with around 8 trains departing every hour.
Stansted Airport is located approximately 25 miles (40 km) to the north, Heathrow Airport is approximately 50 miles (80 km) to the west and Luton airport is approximately 50 miles (80 km) to the north west.
Billericay is one of the most affluent towns in the county of Essex with the average house price near the High Street on Deerbank Road being over £1.7m. The average price for a house in the town is £150,000 more than the Essex average. (Source - Zoopla.co.uk).
The town also benefits from ample parking.
The property is situated in a prime position on the western side of the High Street which is home to a mix of national and local businesses.
Some nearby occupiers include HSBC bank (adjacent), a large Waitrose Supermarket with car park, Poundland, Greggs, Iceland, Giggling Squid, Wildwood Kitchen, Superdrug, Costa Coffee, Ask Italian, Specsavers, Boots and WH Smith. There is free car parking directly outside the property.
The property also benefits from being in a densely populated residential area and is less than 500 metres from Billericay Railway Station.
The property is being offered with full vacant possession.
The property currently comprises a retail unit arranged over ground floor and first floor offices. There is a small parcel of land to the rear.
The ground floor was previously occupied as a Lloyds pharmacy consisting of a sales area and staff/storage accommodation to the rear.
The first floor comprises self-contained office accommodation, accessed from the front of the property and was occupied by a firm of accountants.
The property has been measured by BKR Floor Plans and provides the following areas:
|Sq Ft||Sq M|
|Net Internal Area|
|Gross Internal Area|
The measured survey is available to download and will be re-addressed to a purchaser at a cost of £325 + VAT.
The property is not listed.
As of 1st September 2020, new planning regulations allow for significantly greater flexibility to change uses within towns across England without the need to obtain planning permission.
Therefore, the property will benefit from a range of permitted uses, including office, restaurant, retail, financial and professional services, research and development, light industrial, clinic, health centre, nursery and indoor sports and recreation.
Subject to planning permission this property would lend itself well to residential use.
The property was let to Lloyds Pharmacy Limited, who were holding over since 5th September 2018 and vacated on 30th September 2020, following 40 years in occupation. The passing was £57,000 per annum. Lloyds Pharmacy sub-let the first floor to a firm of accountants at a rent of £10,000 per annum. The vendor did not agree to renew the sub tenants lease so this tenant has also vacated.
Therefore, the property is being offered with full vacant possession.
A schedule of dilapidations has been formally served on the tenant. The schedule can be made available upon request.
Based on recent new lettings on the High Street, the estimated rental value is £60,000 per annum. This is based on a Zone A rate of £45 psf and an allocation of £10,000 for the first floor self-contained office. Further information upon request.
The property has not been registered for VAT, therefor VAT will not be charged on the purchase price.
We are instructed to seek offers of £600,000 (Six Hundred Thousand Pounds), subject to contract. This price reflects a capital value of £138.66 per square foot GIA and based on the estimated rental value reflects a yield of 9.52%, assuming purchasers’ costs of 5.05%.
Please note that a purchaser will be re-charged the cost of searches and surveys which are provided in the data room.
Please note a purchaser will be charged a Transaction Fee of £5,000 + VAT.
Very low capital value of £138.66 psf;
Highly affluent location;
Potential for a first floor and ground floor extension at the rear, subject to planning;
Potential to add a second floor, subject to planning;
Potential to convert to residential use, subject to planning;
Self-contained upper parts with dedicated access from the front of the property;
The property occupies a prime location in the heart of the town centre;
No VAT payable;
Attractive yield of 9.52% by just letting the property at based on the estimated rental value;
Data Room and clicktopurchase®
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We have established relationships with a number of leading finance companies who are in a position to quote terms for suitable situations. To learn more, please visit our “Finance” section.
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