Wivenhoe Medical Centre, Phillip Road, Wivenhoe, Essex, CO7 9BA

Guide Price* : £425,000

Freehold Commercial Ground Rent Investment (Existing Tenants to Remain in Place)

Upon Instructions of

  • Freehold Ground Rent Investment
  • Let to Assura HC Ltd with 121 years unexpired
  • Generating an income of £15,000 per annum
  • Guide price of £425,000 reflects an attractive gross yield of 4%

Description

The property comprises of a converted Victorian school building currently used as a Medical Centre accommodating a GP's Practice with a fenced Multi Use Games Area (MUGA) adjacent. The property is circa 7,298 sq ft (678 sq m) GIA and situated on a site of 0.66 acres (0.266 hectares).

Location

The property is located in the town of Wivenhoe in Essex, approximately 3 miles (4.8 km) south east of Colchester.

The property is situated on a private road just off Wivenhoe High Street circa 0.2 miles from Wivenhoe Train Station.

Wivenhoe Station provides connections to London Liverpool Street, Colchester, Clacton-on-Sea, and Walton-on-the-Naze.

Tenure

Freehold

Planning

Colchester Borough Council

Tenancy

The freehold interest is held subject to a superior lease with 121 years unexpired at a passing rent of £15,000 per annum, with rent reviews linked to the occupational sub-lease (next due 9th November 2020, and every three years thereafter for the remainder of the sublease) - The rent reviews are geared to 13% of the passing rent under the occupational sub-lease, or £15,000 (whichever is the greater). The current rent under the occupational sub-lease is £110,000 per annum.

The adjacent Multi Use Games Area (MUGA) is let at a peppercorn rent for a term of 20 years from October 2017.

Please see legal pack for further details. For further information regarding the Freehold/Leasehold structure, please also review "Related Documents"

VAT

Refer to the legal documentation

Bidder AML Requirements

For clarification, before being approved to bid, we require the following from all bidders, the documents must be certified by a solicitor who is a member of the law society and be sent from the certifiers e-mail to aarthy@574.co.uk:

• Certified copies of Government issued ID –provided by the certifying solicitor
• Proof of address from within the last three months – provided by the certifying solicitor

The certification must comply with HMRC requirements:
• a statement that the document is “Certified to be a true copy of the original seen by me” and where appropriate, “This is a true likeness of the person” from a person who is competent at document inspection and impostor detection, such as a person from a regulated industry or in a position of trust
• an official stamp of the person certifying and indication of professional status
• been signed and dated with a printed name
• the occupation and address or telephone number

If bidding as a company we will require confirmation of the company name and number and documentation from all persons with significant control.

Contact

* 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.

The auction has not yet started
Minimum Opening Bid

£400,000


Bidding Opens On
7th Oct 2020 12:00
End Date

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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.


Office Contact

Max Mason
07917 865 212

Vendor

Related Documents

Legal Documents

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Agreement Documents


Subject to Contract and Exclusive of VAT © Lambert Smith Hampton September 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.