4 Church Walk, Colchester, Essex, CO1 1NS
Guide Price* : £180,000
- Vacant ground floor workshop with residential upper parts
- Town Centre location
- Upper parts let on AST producing £6,300 per annum
- Potential for conversion to provide additional residential unit (subject to planning)
- Guide Price of £180,000 reflects low capital value of approximately £210 per sq ft
The property comprises a single end of terrace buildings arranged across basement, ground and two upper floors.
The basement is currently used as storage, and is accessed from the ground floor, which is currently used as workshop/laboratory space in conjunction with the occupants business of repairing and maintaining dentures. The ground and basement floors will be sold with vacant possession.
The first and second floors are accessed by a separate entrance from Church walk and comprises a single, two bedroom, residential unit including living room, kitchen and bathroom. The residential unit, known as 4a, is let on an assured shorthold tenancy (AST) agreement for a period of 6 months from 6th July 2021 and producing a rent of £6,300 per annum (£525 pcm).
We understand from the vendor that the property measures approximately 845 sq ft in total (not including the basement) however bidders should not rely on these measurements and make their own enquiries.
The property is situated in the centre of Colchester, approximately two minutes walking distance from Colchester Town Station.
Church walk is a small single lane adjoining Head Street and immediately to the south of the High Street and the principal retail area of Colchester and Culver Square Shopping Centre.
Church Walk is predominantly used by smaller businesses, similar to the former use of the ground floor of the subject premises. Many of the upper parts along the street are used as residential and there appears to be increasing use of ground floor units as residential.
The residential upper parts are let on an assured shorthold tenancy (AST) for a period of 6 months from 6 July 2021 and paying a rent of £525 pcm (£6,300 per annum).
The property is not elected for VAT
* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation, i.e. 'The Reserve'. 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.
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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.
Subject to Contract and Exclusive of VAT © Lambert Smith Hampton June 2022
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.
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