Investment Properties: 117 High Street, Southend-on-Sea SS1 1LQ
117 High Street, Southend-on-Sea SS1 1LQ
OIEO £1,200,000 subject to contract - Freehold
- Secure Income South East Town Centre Investment Opportunity with Development Potential.
- Southend-on-Sea is a major seaside resort and commuter town as well as one of Essex’s principal commercial centres.
- Located immediately in front of Southend Central Station and the Southend Campus of South Essex College.
- The property occupies a Freehold island site.
- Total accommodation of 12,199 sq ft (1,133.29 sq m).
- The property is let to two tenants, River Island Clothing Company Limited and Kast Retail Limited t/a Quiz, producing a total current passing rent of £135,000 per annum.
- The opportunity includes angles in the short and medium term to add value through repositioning the building to provide retail plus residential or student accommodation, subject to planning.
- Offers are invited in excess of £1,200,000 (One million, two hundred thousand pounds) subject to contract and exclusive of VAT reflecting a Net Initial Yield of 10.62% assuming acquisition costs of 5.93%.
- A purchase at this level reflects an attractive Capital Value of £98 per sq ft.