FOR SALE

Gibraltar House, Wickford SS12 9AZ

Offers in excess of £2,000,000

Description

The existing property comprises a 3 storey mixed-use building consisting of 4 x retail units at ground floor level extending to approximately 2,713 sq.ft. in total and a 17 room HMO occupying the first and second floors extending to approximately 5,363 sq.ft.

To the rear of the property is a self-contained 2 storey office building which extends to approximately 664 sq.ft. along with 5 surface level parking spaces which belong to Gibraltar House.

The overall size of the building is approximately 8,740 sq.ft. situated on a 0.26 acre plot of land.

Location

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.

Tenancies

2 & 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.

Planning & Development Potential

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.

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 sq.ft. 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’.


Disclaimer - Kingsbury on its own behalf and on behalf of the Owner / Landlord of this property whose agent Kingsbury is, 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.


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  • Mixed-use investment comprising 4 x retail units, 1 x office unit and a 17 room HMO extending to approximately 8,740 sq.ft.
  • 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 sq.ft. on the existing areas and 8.3% NIY

To discuss this opportunity further, please contact Jordan Oldfield or Chris Incledon on 020 7183 2529

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