• A multi-let retail & office investment

• Prominent city centre position

• Affluent city located in the London commuter belt

• Active management opportunities

• Potential change of use to residential on upper floors, subject to planning

• Freehold

• £1,200,000, subject to contract

• 12.5% net initial yield

• £128 per sq ft / £1,374 per sq metre (gross internal area)

• The property is sold with the benefit of a rent guarantee from the vendor to ensure an investor has no issues receiving income in light of the Coronavirus Act 2020 Part 1 Section 82

The property is situated in a prominent position in the heart of the city centre at the northern end of the pedestrianised Moulsham Street immediately to the south of High Street, the principal retail thoroughfare for Chelmsford.

The property is a short walk from Bond Street Chelmsford, an open-air shopping and leisure destination on High Street which opened in 2016. Anchored by a 120,000 sq ft John Lewis department store the scheme includes 30 retail units, 7 riverside restaurants and cafes, a luxury cinema and a 288 space underground car park. Occupiers include The White Company, Joules, Jack Wills, Jojo Maman Bebe, The North Face, Byron, Bill’s and Wagamama.

Opposite Bond Street Chelmsford is High Chelmer Shopping Centre, comprising over 80 shops plus a 980 space multi-storey car park. Retailers include Primark, Next, Boots, JD Sports, River Island, Topman and Bang & Olufsen.

The Meadows Shopping Centre is also immediately to the north of the subject property. With over 200,000 sq ft of retail space, occupiers include Wilko, Superdrug, Card Factory, Warren James, Costa and Burger King.

The property comprises a mixed-use building with two retail units fronting Moulsham Street with offices above on first and second floors. There is a modern extension to the rear housing a retail unit fronting Kings Head Walk with offices above on first and second floors.

The retail accommodation has been fitted by the tenants to their individual corporate designs. The offices provides good quality air-conditioned accommodation as shown in the photo gallery.

Please refer to the tenancy schedule for information on the rates payable.

Freehold.

The tenants are required to contribute towards a service charge which for the year ending December 2021 totals £49,511. The Service Charge Accounts and Budgets are available to download.

Note that the recent letting to Obex Recuitment Limited is inclusive of service charge which for this letting amounts to £4,741.

Love Toast Limited was newly incorporated in November 2019 so their first accounts have not yet been filed at Companies House. A £10,000 + VAT rent deposit is held by the landlord.

UK Hairdressers 2911 Limited was newly incorporated in December 2019 so their first accounts have not yet been filed at Companies House.

Obex Recruitment – a rent deposit of £2,500 + VAT is held by the landlord.

Reed Specialist Recruitment Limited (Co. No 06903140) has reported the following figures:

The company is a specialist provider of permanent, contract, temporary and outsourced recruitment solutions. The ultimate parent company is Reed Global Limited. Established in 1960, REED has become the biggest family run recruitment business in the world. For further information visit www.reed.com.

Coco Nails Chelmsford Limited – a rent deposit of £17,523 + VAT is held by the landlord.

Better Agency Limited (Co. No. 08276373) was established in 2012 and is an experienced digital marketing agency that works with a divers range of global brands and SMEs including Lamborghini, Kelly Hoppen, Bentley Motors and Dura Digital PR. For the year ending 31st December 2019 the company reported Shareholders’ Funds of £7,865. For further information visit www.betteragency.co.uk. A rent deposit of £1,809 is held by the landlord

Elite Management Agency Limited (Co. No. 07810784) is an experienced agency which represents footballers throughout the Football Leagues. The services they offer include career development/management, financial planning, contractual negotiations, loan moves, media advice etc. For the year ending 31st October 2019 the company reported Shareholders’ Funds of £842,345. A rent deposit of £3,900 is held by the Landlord. For further information visit www.elite.gd. A rent deposit of £3,261 + VAT is held by the landlord.

Our client is seeking a figure of £1,200,000 (One Million, Two Hundred Thousand Pounds), subject to contract, reflecting a net initial yield of 12.5%, after allowing for standard purchaser’s costs of 5.93% taking into account the service charge shortfall of £4,741).

This amounts to a capital value of £128 per sq ft / £1,374 per sq m on the net internal area.

Please note that a purchaser will be re-charged the cost of the searches (£820.03) and the measured survey (£550 + VAT).

Please note a purchaser will be charged a Transaction Fee of £10,000 plus VAT.

1. An opportunity to acquire a freehold retail & office investment in an affluent city within the London commuter belt;

2. The property occupies a prominent position in the heart of the city centre;

3. Active management opportunities;

4. Potential change of use to residential on the upper floors, subject to planning;

5. A purchase at the asking price reflects an attractive net initial yield and attractive capital value;

6. The property is sold with the benefit of a rent guarantee from the vendor to ensure an investor has no issues receiving income in light of the Coronavirus Act 2020 Part 1 Section 82.