117 High Street Southend-On-Sea SS1 1LQ
England, • Retail • Offers are invited in excess of £1,200,000
About this listing
• Secure Income South East Town Centre Investment Opportunity with Development Potential. • Southend-on-Sea is a major seaside resort and commuter town as well as one of Essex’s principal commercial centres. • Located immediately in front of Southend Central Station and the Southend Campus of South Essex College. • The property occupies a Freehold island site. • Total accommodation of 12,199 sq ft (1,133.29 sq m). • The property is let to two tenants, River Island Clothing Company Limited and Kast Retail Limited t/a Quiz, producing a total current passing rent of £135,000 per annum. • The opportunity includes angles in the short and medium term to add value through repositioning the building t provide retail plus residential or student accommodation, subject to planning. • Offers are invited in excess of £1,200,000 (One million, two hundred thousand pounds) subject to contract and exclusive of VAT reflecting a Net Initial Yield of 10.62% assuming acquisition costs of 5.93%. • A purchase at this level reflects an attractive Capital Value of £98 per sq ft.
NIY (on NOI)
Offers are invited in excess of £1,200,000