Mixed use for sale

TheŠpropertyŠcomprises a multi-let mixed use commercial building which is arranged over 5 floors (basement, ground and three upper floors). TheŠgroundŠfloorŠisŠmade up of three retail unitsŠwhichŠ sitŠabove streetŠlevelŠandŠbenefit fromŠa stepped/ramped coveredŠwalkway. The shop fronts were replaced earlier this year. The upperŠpartsŠcompriseŠmodern air conditioned office accommodation, which are accessed via two separate communalŠ entrances. The communal entrances were also refurbished earlier this year and both benefit from a lobby area for visitors and an eight person passengerŠlift. Communal WCsŠareŠlocated on the landings and alternate between male and female floor by floor. There are also disabled WC facilities located in the basement and accessed via the passenger lifts. The WCs were refurbished in 2021. ToŠtheŠrearŠofŠthe property isŠa secure car park providing 22 marked car parking spaces. The car park benefits from an automatic barrier and is accessed from Friars Walk via Parkway. We are advised by our client that the building had a new roof covering in 2020.

Location
Grosvenor House is prominently located on New London Road, a short distance from the High Street and close to the junction with Parkway, the ring road round the city centre. The City of Chelmsford is located approximately 30 miles northeast of London and benefits from excellent communications via the A12 giving direct access to the M25 (Junction 28) within 12 miles. The M11 and Stansted Airport are also easily accessible. The City's railway station is approximately 0.4 miles away and provides a frequent services to London Liverpool Street with journey times from 32 minutes.

Services
We understand the property is connected to mains water, drainage, gas and electricity. We have not tested any of the services and all interested parties should rely upon their own enquiries with the relevant utility company in connection with the availability and capacity of all of those serving the property including IT and telecommunication links.

Accommodation
The Vendor has had a measured survey carried out by Land Survey Solutions Limited which reports the areas contained within the Accommodation Schedule. Please refer to the marketing brochure.

Tenure
The property is held freehold under title no: EX872916.

Tenancies
The freehold interest is subject to 10 effective full repairing and insuring leases by way of a service charge generating a rental income of £204,200 per annum exclusive. The second floor is currently vacant and subject to terms agreed the Vendor is prepared to provide a 1 year rent guarantee on the second floor upon sale which would increase the annual rental income to £276,793. A copy of the Leases and Tenancy Schedule is available upon request.

Service Charge
There is a service charge running towards the upkeep of the building. Further information is available upon request.

Anti-Money Laundering
Anti-Money Laundering Regulations require Fenn Wright to formally verify prospective purchaser's identity, residence and source of funds prior to instructing solicitors.

Terms
The Freehold interest subject to the existing lease agreements is available for sale and offers are in the region of £2,950,000.

VAT
We understand that the property is elected to VAT. The sale may be eligible to be treated as a Transfer of Going Concern, however, should this not be the case, VAT will be payable on the purchase price.

Legal Costs
Each party to bear their own legal costs incurred in this transaction.

Viewing
Strictly by appointment with the sole agents:
Fenn Wright
20 Duke Street, Chelmsford CM1 1HL
[use Contact Agent Button]
fennwright.co.uk
Contact:
James Wright [use Contact Agent Button]
John Logan [use Contact Agent Button]