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Gibraltar House, 2 - 8 High Street, Wickford SS12 9AZ
Mixed-Use Investment Opportunity For Sale
AVAILABLE O
N
REDUCED TERMS
HOME SUMMARY
SUMMARY
Gibraltar House, 2 - 8 High Street, Wickford SS12 9AZ
• Mixed-use investment comprising 4 x retail units, 1 x office unit and a 17 room HMO extending to approximately 8,740ft2
• Fully let a variety of tenants including Ladbrokes and Subway currently producing £177,350 per annum
• Popular town centre location approximately 0.2 miles from Wickford Station
• Offers are invited in excess of £2,000,000 for the 968 year virtual freehold which reflects £228 per ft2 on the existing areas and 8.3% NIY
DESCRIPTION & LOCATION TENANCIES TERMS
www.kingsbury-consultants.co.uk
DEVELOPMENT
DESCRIPTION
LOCATION
The existing property comprises a 3 storey mixed-use building consisting of 4 x retail units at ground floor level extending to approximately 2,713ft2 in total and a 17 room HMO occupying the first and second floors extending to approximately 5,363ft2.
To the rear of the property is a self-contained 2 storey office building which extends to approximately 664ft2 along with 5 surface level parking spaces which belong to Gibraltar House.
The overall size of the building is approximately 8,740ft2 situated on a 0.26 acre plot of land.
The property occupies a prominent position on the High Street in Wickford, within Basildon Council. Wickford is a popular town of circa 33,000 residents within the County of Essex, located approximately 30 miles to the east of Central London.
The High Street is host to numerous restaurants, shops and amenities, with many of the buildings containing residential upper parts.
Wickford Station is located approximately 0.2 miles from property, providing direct National Rail services to Central London, including London Liverpool Street in circa 40 minutes.
DESCRIPTION & LOCATIONHOME SUMMARY TERMS
www.kingsbury-consultants.co.uk Gibraltar House, 2 - 8 High Street, Wickford SS12 9AZ
TENANCIES DEVELOPMENT
HOME SUMMARY DESCRIPTION & LOCATION TENANCIES TERMS
www.kingsbury-consultants.co.uk Gibraltar House, 2 - 8 High Street, Wickford SS12 9AZ
TENANCIES2 & 4 High Street – The two adjacent A1 retail units are let to Ladbrokes Betting & Gaming Ltd (www.ladbrokes.com) on a 15 year lease from 24th June 2013 at a current rent of £29,650 per annum. The lease is subject to 5 yearly rent reviews and a break clause on 23rd June 2023. Ladbrokes is owned by its parent company GVC Holdings PLC and currently operates from in excess of 1,800 stores across the UK and Ireland, they have been in occupation in this unit since 1989.
6 High Street – The A1 retail unit is let to Subway Realty Ltd (www.subway.com/en-GB) on a 15 year lease from 4th April 2014 at a current rent of £17,000 per annum. The lease is subject to 5 yearly rent reviews and a break clause on 4th April 2024. Subway is owned by its parent company Subway International Holdings BV and currently trades from in excess of 40,000 stores across the world.
8 High Street – The A1 retail unit is let to Helen Rollason Cancer Research Ltd (www.helenrollason.org.uk/) on a 10 year lease from 6th October 2014 at a current rent of £17,000 per annum. The lease is not subject to a rent review or break clause. Helen Rollason currently operate from 5 other shops across Essex and Hertfordshire.
10 High Street – The A1 retail unit is owned and operated by the freeholder of the property.
Rear Office – The rear B1 office unit is currently let to the Basildon, Billericay and Wickford Citizens Advice who have been in occupation since 1989. The current lease is a 5 year lease from 25th March 2016 at a current rent of £10,000 per annum.
HMO – The first and second floors are let to Stef & Philips Ltd (www.stefphilips.com) on a 10 year lease from 9th February 2015 at a current rent of £100,000 per annum net of any management costs. Stef & Philips currently manage 1,500 rooms across the UK.
Three of the rear parking spaces are let to various tenants as per the detailed tenancy schedule below.
DEVELOPMENT
Unit Floor Tenant Size ft2 Lease Start Lease End Rent Review Break Date Rent £ / p.a.
2 High StreetGround Ladbrokes
63424/06/2013 23/06/2028 24/06/2023 23/06/2023 £29,650
4 High Street 7536 High Street Ground Subway 676 04/04/2014 03/04/2029 04/04/2024 04/04/2024 £17,0008 High Street Ground Helen Rollason Charity Shop 650 06/10/2014 24/03/2024 - - £17,000Rear Office Ground & First Citizens Advice 664 25/03/2016 24/03/2021 - - £10,000
HMO First & Second Stef & Philips 5,363 09/02/2015 08/02/2025 - - £100,000Parking Space 2 Ground VIP Security - 25/06/2019 24/06/2020 - - £600Parking Space 3 Ground - - - - - - -Parking Space 4 Ground Ayshford Sansome - 29/09/2018 28/09/2020 - - £2,400
Parking Space 14 Ground - - - - - - -Parking Space 15 Ground Ad Infinitum - 25/05/2019 24/05/2022 - - £700
Total 8,740 £177,350
HOME SUMMARY DESCRIPTION & LOCATION DEVELOPMENT TERMS
www.kingsbury-consultants.co.uk Gibraltar House, 2 - 8 High Street, Wickford SS12 9AZ
TENANCIES
The property is not listed and not located within a conservation area .
Prior Approval was granted on 28th March 2014 and has now lapsed (reference 14/00113/PACU) for the conversion of the first and second floors to 10 residential flats (5 x 1 bed and 5 x 2 bed units).
Subsequently planning permission was granted on 13th October 2014 (reference 14/00876/FULL) for the conversion of the first and second floors to create a 17 room HMO which has been implemented and completed with the current tenant (Stef & Philips) being in occupation since 2015.
PLANNING & DEVELOPMENT POTENTIAL
TENURE
The property is to be sold for the 968 year virtual freehold with the existing tenants remaining in-situ.
TERMS
Offers are invited in excess of £2,000,000 for the 968 year virtual freehold which reflects
£228 per ft2 on the existing areas and 8.3% NIY.
VAT
We understand that the property is not elected for VAT.
ADDITIONAL INFORMATION
Further information including approved planning documents can be found within the dataroom using the access code ‘Gibraltar’.
CONTACT
To discuss any aspect of the property of disposal process, please contact the sole selling agents:
Jordan Oldfield020 7183 [email protected]
Chris Incledon020 7183 [email protected]
Kingsbury on their own behalf and on behalf of the Owner / Landlord of this property whose agents, gives notice that this document does not constitute any form of contract for sale or lease. Statements should not be relied upon, and interested parties are advised to satisfy themselves as to the correctness of each statement. Kingsbury is the trading name of Kingsbury Investment & Development Consultants Ltd registered in England No: 06869268.
TERMSHOME SUMMARY DESCRIPTION & LOCATION
www.kingsbury-consultants.co.uk
Kingsbury
1st Floor, 81 Alie Street, London E1 8NH
Gibraltar House, 2 - 8 High Street, Wickford SS12 9AZ
TENANCIES DEVELOPMENT