• Located in affluent Essex town

• Available with Vacant Possession

• Potential to extend the ground and first floors at the rear, add a second floor and convert to residential use

• Potential to add a second floor, subject to planning

• Potential to convert to residential use, subject to planning

• Residential values in the area are approximately £375 psf

• Estimated rental value of £60,000 per annum

• £600,000 subject to contract

• Asking price reflects a capital value of £139 psf

• Yield of 9.52% achievable by letting the property at the estimated rental value

The property is situated in a prime position on the western side of the High Street which is home to a mix of national and local businesses.

Some nearby occupiers include HSBC bank (adjacent), a large Waitrose Supermarket with car park, Poundland, Greggs, Iceland, Giggling Squid, Wildwood Kitchen, Superdrug, Costa Coffee, Ask Italian, Specsavers, Boots and WH Smith. There is free car parking directly outside the property.

The property also benefits from being in a densely populated residential area and is less than 500 metres from Billericay Railway Station.

The property is being offered with full vacant possession.

The property currently comprises a retail unit arranged over ground floor and first floor offices. There is a small parcel of land to the rear.

The ground floor was previously occupied as a Lloyds pharmacy consisting of a sales area and staff/storage accommodation to the rear.

The first floor comprises self-contained office accommodation, accessed from the front of the property and was occupied by a firm of accountants.

The property is not listed.

As of 1st September 2020, new planning regulations allow for significantly greater flexibility to change uses within towns across England without the need to obtain planning permission.

Therefore, the property will benefit from a range of permitted uses, including office, restaurant, retail, financial and professional services, research and development, light industrial, clinic, health centre, nursery and indoor sports and recreation.

Subject to planning permission this property would lend itself well to residential use.

Freehold.

The property has not been registered for VAT, therefor VAT will not be charged on the purchase price.

We are instructed to seek offers of £600,000 (Six Hundred Thousand Pounds), subject to contract. This price reflects a capital value of £138.66 per square foot GIA and based on the estimated rental value reflects a yield of 9.52%, assuming purchasers’ costs of 5.05%.

Please note that a purchaser will be re-charged the cost of searches and surveys which are provided in the data room.

Please note a purchaser will be charged a Transaction Fee of £5,000 + VAT.

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