121-129A Old Road, Clacton-on-Sea, Essex, CO15 3AW
Guide Price* : £875,000
Freehold mixed use investment producing £86,240 per annum
- Freehold residential units
- Seven residential units to the upper parts let on ASTs producing £54,240 per annum combined
- Guide price of £875,000 reflects an attractive Net Initial Yield of 9.3%
The property comprises a part two and part three storey building, configured to comprise a dental surgery to the ground floor with six residential units to the first floor and an additional residential unit on the second floor.
The dental surgery has a frontage to Old Road and is arranged across two separate retail units which do not interlink. The interior is modern and laid out to provide two reception areas and a number of surgery rooms.
The flats are accessed via three separate entrances from Old Road, with the exception of 129a which benefits from a private entrance to the rear of the property. The flats are generally in good condition with modern appliances and central heating throughout, several have balconies to the Old Road frontage.
Externally there is a car park to the rear providing parking for thirteen cars, which can be accessed through an archway from Old Road or from Key Road via a side entrance.
The property occupies a prominent corner site at the junction of Old Road and Key Road, approximately 500m to the north of Clacton-on-Sea town centre. Old Road is an established secondary location with a mix of retail and residential units, as well as supermarkets, a car dealership and places of worship within the vicinity. National occupiers in the immediate area include Aldi and Lidl supermarkets, whilst the Ramworth Doctors Surgery is approximately 100m to the south.
The property benefits from good transport links, Old Road connects directly to the A133, which is the main arterial route providing access to Colchester. Clacton-on-Sea rail station is approximately 300m to the east and provides rail connections throughout Essex and East Anglia as well as regular trains to Central London.
The ground floor is let to Whitecross Dental Care Limited, t/a My Dentist, on a lease for a term of 15 years at a passing rent of £32,000 per annum with an outstanding rent review from January 2019. There is a mutual break option in 2024.
The seven residential units are let on ASTs at a total passing rent of £54,240 per annum. Five of the ASTs have expired and the tenants are holding over.
Whitecross Dental Care Limited t/a My Dentist are Europes largest dental care provider with a network of over 600 dental practices and over 5 million UK clients.
For the year ended 31 March 2018, Whitecross Dental Care Limited reported a Turnover of £163.83m
Tendring District Council - www.tendringdc.gov.uk (01255 686868)
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We understand the property is elected for VAT. It is anticipated that the sale can be dealt with as a transfer of a going concern
Our Property Finance team have sourced indicative auction finance terms for this property at 75.00% LTV.
For more details please contact:
020 7198 2241
020 7198 2292
* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation. 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 (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.
Administration Fee The successful purchaser will be required to pay the auctioneers administration fee of £1,200 inclusive of VAT on purchases of £20,000 and above and £360 inclusive of VAT for purchases below £20,000. Other additional costs/fees may apply - Click here.
Sold for £1,050,000
This auction lot is now closed.
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The successful purchaser will be required to pay the auctioneers administration fee of £990 inclusive of VAT on purchases of £20,000 and above and £240 inclusive of VAT for purchases below £20,000. Other additional costs/fees may apply - Click here.
Subject to Contract and Exclusive of VAT © Lambert Smith Hampton April 2020
Disclaimer: Lambert Smith Hampton Group Limited and its subsidiaries, including 574, and their joint agents if any ("LSH") for themselves and for the seller or landlord of the property whose agents they are give notice that: (i) These particulars are given and any statement about the property is made without responsibility on the part of LSH or the seller or landlord and do not constitute the whole or any part of an offer or contract. (ii) Any description, dimension, distance or area given or any reference made to condition, working order or availability of services or facilities, fixtures or fittings, any guarantee or warrantee or statutory or any other permission, approval or reference to suitability for use or occupation, photograph, plan, drawing, aspect or financial or investment information or tenancy and title details or any other information set out in these particulars or otherwise provided shall not be relied on as statements or representations of fact or at all and any prospective buyer or tenant must satisfy themselves by inspection or otherwise as to the accuracy of all information or suitability of the property. (iii) No employee of LSH has any authority to make or give any representation or warranty arising from these particulars or otherwise or enter into any contract whatsoever in relation to the property in respect of any prospective purchase or letting including in respect of any re-sale potential or value or at all. (iv) Price or rent may be subject to VAT and any prospective buyer or tenant must satisfy themselves concerning the correct VAT position. (v) Except in respect of death or personal injury caused by the negligence of LSH or its employees or agents, LSH will not be liable, whether in negligence or otherwise howsoever, for any loss arising from the use of these particulars or any information provided in respect of the property save to the extent that any statement or information has been made or given fraudulently by LSH. (vi) In the case of new development or refurbishment prospective buyers or tenants should not rely on any artists’ impressions or architects’ drawings or specification or scope of works or amenities, infrastructure or services or information concerning views, character or appearance and timing concerning availability or occupation and prospective buyers or tenants must take legal advice to ensure that any expectations they may have are provided for direct with the seller or landlord and LSH shall have no liability whatsoever concerning any variation or discrepancy in connection with such matters.