Property photos
Auction
From
£850,000
Property for sale
High Street, Colchester CO1Local area information
Property location
Nearby amenities
- St John's Green Primary School 0.3 miles
- St Thomas More's Catholic Primary School, Colchester 0.3 miles
- Colchester Town 0.3 miles
- Colchester 0.8 miles
These distances are calculated in a straight line. The actual route and distance may vary.
Read our area guide for Colchester to find out more about the local area.
Features and description
- To be offered on Tuesday 24 September
- Well located in the town centre
- Promient position with return frontage in an established trading location
- Entirely let on a lease expiring 2036 (no further breaks)
- Providing 3,419 sq ft of accommodation
- Redevelopment potential subject to consents(1)
- VAT is not applicable
- Current Rent Passing £80,000 p.a.
- Guide Price £850,000 (reflecting 9.4% giy)
Strapline
Auction Sale - 24/09/2024
Prominent Freehold Restaurant Investment with Development Potential
Description
The property is arranged over basement, ground and three upper floors to provide a ground floor restaurant with ancillallary accommodation throughout the remainder of the property.
Accessed can be provided via the side return off St Nicholas Passage, providing an option to self-contain the upper parts
Location
Transport
Tenancy
The entire property is let to Preto Colchester Limited(2)(3) for a term of 20 years from 18.03.2016 at a current rent of £80,000 per annum.
The lease provides for Rent Reviews every 5th year, with the next Review being on the 8th March 2026 and contains Full Repairing & Insuring Covenants
The lease provided for a tenant break option at the 5th anniversay which was not exercised.
(2) Preto operate out of 6 locations accross London and Colchester and specialise in Brazilian food offerings. Website
(3) A rent deposit of £17,500 is held
Accommodation
Ground Floor 105.0 sq m (1,130 sq ft)
Basement 100.90 sq m (1,086 sq ft)
First Floor 44.40 sq m (478 sq ft)
Second Floor 45.50 sq m (490 sq ft)
Third Floor 21.80 sq m (235 sq ft)
Total 317.60 sq m (3,419 sq ft)
Not measured by Savills. Floor areas sourced from
Planning
(1)Part of the property maybe suitable for residential conversion subject to the existing lease and obtaining all relevant consents.
All enquiries should be made with the local council, Colchester Borough Council
Website:
Auction Sale - 24/09/2024
Prominent Freehold Restaurant Investment with Development Potential
Description
The property is arranged over basement, ground and three upper floors to provide a ground floor restaurant with ancillallary accommodation throughout the remainder of the property.
Accessed can be provided via the side return off St Nicholas Passage, providing an option to self-contain the upper parts
Location
- Colchester is a historic town situated adjacent to the A12, midway between Chelmsford and Ipswich and approximately 60 miles north-east of Central London. The town benefits from good road communications, being at the junction of the A12, A120 and A133, and regular rail services (London Liverpool Street in approximately 55 minutes).
- The property is located in a prominent corner position fronting High Street, with a significant return frontage down to St Nicholas Passage, in an established trading location.
- Nearby occupiers include The Entertainer (adjacent), Wimpy, Slug & Lettuce, Koru Asian Restaurant and gdk amongst many others
Transport
- Colchester benefits from good road communications via the A12, A120 and A133
- Colchester Rail Station provides regular rail services to London Liverpool Street (Journey time approx 55 mins)
Tenancy
The entire property is let to Preto Colchester Limited(2)(3) for a term of 20 years from 18.03.2016 at a current rent of £80,000 per annum.
The lease provides for Rent Reviews every 5th year, with the next Review being on the 8th March 2026 and contains Full Repairing & Insuring Covenants
The lease provided for a tenant break option at the 5th anniversay which was not exercised.
(2) Preto operate out of 6 locations accross London and Colchester and specialise in Brazilian food offerings. Website
(3) A rent deposit of £17,500 is held
Accommodation
Ground Floor 105.0 sq m (1,130 sq ft)
Basement 100.90 sq m (1,086 sq ft)
First Floor 44.40 sq m (478 sq ft)
Second Floor 45.50 sq m (490 sq ft)
Third Floor 21.80 sq m (235 sq ft)
Total 317.60 sq m (3,419 sq ft)
Not measured by Savills. Floor areas sourced from
Planning
(1)Part of the property maybe suitable for residential conversion subject to the existing lease and obtaining all relevant consents.
All enquiries should be made with the local council, Colchester Borough Council
Website:
Floor plans and tours
Tours (1)
1 virtual tour available
Step inside the property with a virtual tour or video walkthrough.
More information
Listed by
Savills - National Auctions
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