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Southend-on-Sea – Well Let Freehold Mixed-Use Building

Central House, 101-115 High Street, Southend-on-Sea, Essex, SS1 1AB

Offers in excess of £7,500,000

Property Type:
Commercial
Sub Type:
Mixed-use
Tenure:
Freehold
Net Initial Yield:
9.65%

Income

£766,202 p.a

Description

  • Southend on Sea is a major Commercial Centre and Seaside Town
  • Excellent transport links served by Southend Central and Southend Victoria Stations which provide regular services into Central London (Liverpool Street & Fenchurch Street) & the A127 & A13
  • Prominent location in the heart of the Town Centre adjacent to Southend Central Station with a commanding frontage onto the High Street and a return frontage onto Clifftown Road
  • Landmark unbroken freehold building of 62,906 sq ft arranged as four retail units over ground and 1st floor and a six storey mixed-use residential (3rd floor) and office (4th, 5th & 6th floor) tower called Central House
    The third floor of Central House was converted to nine, two bedroom flats in 2018 through permitted development rights at a cost of approximately £600,000
  • Large car park to the second floor (64 spaces) which was resurfaced in 2019 at a cost of £250,000. The parking ratio is 1:376 sq ft
  • Multi let to 16 tenants with a total Contractual Income of £766,202 p.a.
  • WAULT of 5.6 years to expiry and 5.3 years to break
  • 84% of the rent received from strong covenants and a spread of use and income risk between retail, residential and office uses
  • Asset management opportunities to include agreeing a surrender with Primark and re-letting 115 High Street
  • The building is outside of the Article 4 Direction, falls outside of the Clifftown Conservation Area and is not listed
  • Development potential for conversion of the 1st floor ancillary accommodation above the shops and the 4th, 5th & 6th floor office accommodation into residential flats subject to obtaining the necessary consents and vacant possession on the 1st floor which is subject to leases
  • WAULT of 5.6 years to expiry and 5.3 years to break
  • 84% of the rent received from strong covenants and a spread of use and income risk between retail, residential and office uses
  • Asset management opportunities to include agreeing a surrender with Primark and re-letting 115 High Street
  • The building is outside of the Article 4 Direction, falls outside of the Clifftown Conservation Area and is not listed
  • Development potential for conversion of the 1st floor ancillary accommodation above the shops and the 4th, 5th & 6th floor office accommodation into residential flats subject to obtaining the necessary consents and vacant possession on the 1st floor which is subject to leases.