Southend prime unit with development potential 80 rooms

Southend prime unit with development potential 80 rooms
£1,945,000Freehold SS1 1JF
20th May 2022

At a Glance

  • £129,250 pa rental income
  • Well positioned on prime pitch
  • Development potential for upper floors
  • Near Southend Central Railway Station, 5 minutes walk to the seaside

Current Building

The property comprises a large four storey building totalling 19,465 gross sq ft (1,808 sq m), arranged to provide well configured retail sales accommodation and currently yields £129,250 pa. Well positioned on the prime pitch, there are three great tenants: Marks & Spencers , Coral Estates and Crazy Cave.

Freehold & VAT elected.

Accommodation & Tenant

Marks & Spencer PLC – 45 years at £34,000 pa from 01/03/1982

First (Sales) : 4,661 sq ft / 433 sq m
Second (Ancillary) : 4,675 sq ft / 434.3 sq m
Total NIA: 9,336 sq ft / 867.3 sq m

Coral Estates Ltd – 15 years at £35,250 pa from 26/02/2006

Lower Ground (Sales) : 1649 sq ft / 153.1 sq m
Ground (Entrance) : 173 sq ft / 16 sq m
Total NIA : 1,882 sq ft / 169.3 sq m

Crazy Cave – 5 years at £60,000 pa from 02/03/2021

Ground (Sales) : 4,110 sq ft / 381.8 sq m
Lower Ground (Ancillary) : 1975 sq ft / 1836.4 sq m
Total NIA : 6,085 sq ft / 565.3 sq m

Development Potential

Direct access available from High Street for upper floors. A fantastic opportunity to redevelop the upper floors of this prime site, we are particularly excited about the potential to develop co-living, hostel, hotel or student accommodation, subject to planning. Capital value £100 per sq ft.  

The CGI image above (right) shows potential redevelopment on a floor plate of c.5,000 sq ft of 18 rooms per floor, totalling 80 rooms over the 4.5 floors illustrated. This image shows the potential development within the profile of the existing street. Floor plans available. Whilst undertaking planning, the property is underpinned by substantial rental income. Great roof top views of the sea.

Location

Southend-on-Sea is a popular seaside town, and one of the major commercial centres in Essex, England. It recently was awarded City status. Southend is located 42 miles east of Central London and has two main railway stations and an international airport.

Southend consists of a long High Street. The unit is located at the seaside end on the semi-pedestrianized High Street, close to Southend Central Station and Primark, H&M, Greggs, Boots, Superdrug with the seaside just five minutes walk.

68 High St, Southend-on-Sea SS1 1JF, UK

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