Investment Properties: 117 High Street, Southend-on-Sea SS1 1LQ

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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.