Description
The property comprises of a three storey ‘art deco’ brick building with rendered façade, mixed glazing and a flat roof. The ground floor has been sensitively amalgamated and adapted to provide full glazed fenestration and a shell and core unit with capped services ready for Co-op’s fit-out. There is an internal stair case and lift shaft which lead to the self-contained first floor of the Co-op unit and the first floor has been segregated for the various back of house areas including inhouse bakery, office, staff room etc.

Access to the residential accommodation is via a communal entrance on the elevation fronting Seaward Avenue. A stair case leads to a 1 bedroom flat (included within the sale), which comprises of lounge/kitchen, bedroom and bathroom. The staircase then leads to a further three flats, a corner 3 bedroom flat (included within the sale), with lounge, kitchen and bathroom. The two other flats have not been inspected but comprise a 2 bedroom and 1 bedroom apartment (both of these have been sold off on a long leasehold interest). The flats have recently been refurbished to a decent specification.

External Areas
The front and side have been recently tarmacked and provide retail parking and a servicing solution for the retail unit. Access at the rear is also provided to the flat meters.

Tenure
Freehold. The site is currently subject to an Agreement For Lease to Co-op Group Food Ltd with an outstanding Deed of Variation at a new rent of £72,500pa, 15-year term no breaks, 6 months rent free, 5-yearly reviews to CPI collar at 1% cap at 3%. The new lease is subject to some ‘snagging works’ being completed which are estimated at £42,600 + VAT.

There are 4 flats, 2 have been sold-off on a long leasehold interest and 2 let (as described above) on Assured Shorthold Tenancy agreements at rentals of £15,000 pa and £9,900 pa.

A copy of the AFL, snagging works and AST’s can be provided upon request.

Price
We are seeking £1,700,000 for the Vendor’s freehold interest. The price reflects a net initial yield of 5.4% once the lease to Co-op completes and the asset is fully income producing. The sale however will involve the purchaser completing the snagging works and absorbing the rent free period in order for the deed of variation and lease to complete to The Co-op Group Food Ltd. These costs and timescales will need to be incorporated/factored in, within any proposal made.

VAT & Stamp Duty Land Tax
VAT and SDLT may be applicable at the prevailing rate. It is assumed that the sale will be treated as a TOGC and therefore VAT waivered.

Planning & Conservation
From 1st September 2020 under the Town and Country Planning (Use Classes) Order 1987 (as amended) we understand the property benefits from Class E retail use on the ground and part first floor and then C3 residential on part first and second floors.

We understand the property is not listed nor located in a Conservation Area.

Rateable Value
The units will be assessed for their rateable value and council tax upon completion of the works.

EPC
The commercial unit will be assessed upon completion of the works.

Viewings
Formal viewings can be made strictly by appointment with Savills. Where appropriate, we recommend interested parties carry out a discreet customer inspection in the first instance. We kindly request that no approaches are made to staff or the business directly, where applicable.

Money Laundering
Regulations require Savills to conduct various checks on purchasers and tenants. Further details are available upon request.