FOR SALE

High Street, Maldon CM9 5EP

Offers in excess of £2,000,000

Description

The existing building comprises a 3-storey mixed use building consisting of a ground floor retail unit extending to approximately 6,684 sq.ft. which is accessed via the High Street. Located to the rear of the retail unit is first floor storage space extending to approximately 2,563 sq.ft. which is also occupied by the retail tenant on a short term license agreement. The property benefits from planning permission for the redevelopment of the rear storage space and the creation of 5 new residential units.

The first and second floors above the retail unit fronting the High Street currently consist of 3 x residential flats extending to approximately 2,077 sq.ft. in total, the units are self-contained and benefit from circa 320ft2 of amenity space each. Access to these units are taken via Mill Close to the side of the building.

The overall size of the building is approximately 11,324 sq.ft. situated on a 0.35 acre plot of land. To the rear of the property is a large car park with with access taken via the Butt Lane car park.

Location

The property is located on the High Street within the centre of Maldon, Essex and within the Maldon Conservation Area.

The immediate area comprises a broad mix of both residential and commercial uses. The property benefits from being located 5.5 miles to the A12 which provide direct access to the M25, East London the wider East of England.

Tenancies

The ground floor retail unit is let to Poundstretcher Limited for 10 years from 1st November 2020 at a passing rent of £105,000 per annum. The lease is subject to a tenant only break clause in the 5th year. Poundstretcher also have a lease in place for the rear storage area on the first floor at nil rent, this lease is subject to a rolling 3 month landlord only break clause. Subject to serving notice on Poundstretcher to vacate, the rear storage area could potentially be rented to generate further income with the ERV expect to be in the region of £18,000 per annum. The flats are all holding over on AST agreements and pay a combined rent of £26,160 per annum.

Planning & Development Potential

A planning application was refused on 24th August 2018 (reference: FUL/MAL/18/00659) for the demolition of rear storage area and creation of 8 x residential units across first, second and third floors. The application was refused due to the bulk and massing of the proposed scheme and the impact this would have on the conservation area as well as issues surrounding the proposed amenity space of the units and parking in relation to the retail unit.

Planning permission was granted on 21st October 2019 (reference: FUL/MAL/19/00816) which addressed issues with the 8 unit refusal including amenity and parking. The consent is for the demolition of the rear storage area and creation of 5 x  residential units (2 x 2 bed and 3 x 2 bed duplex units) extending to approximately 5,220 sq.ft. across first and second floors as well as a new ground floor storage area extending to approximately 2,207 sq.ft. All the units are for private sale with no S106 or CIL contributions due.

Now that the principle of development has been established, there is potential to enhance the scheme and re-configure the internal layouts to increase upon the density subject to obtaining the necessary planning consents.

Tenure

The property will be sold freehold, with the existing tenancies remaining in-situ.

VAT

The property is elected for VAT.

Terms

Offers invited in excess of £2,000,000 which reflects a low capital value of £176 per ft2 on the existing floor areas.

Additional Information

Further information including planning documents and technical documents are available in the dataroom using access code ‘Maldon’.


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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  • Prominent 3-storey mixed-use building extending to approximately 11,324 sq.ft. comprising a retail unit with rear storage, 3 x residential units and a rear car park situated on a site of 0.35 acres
  • Fully let producing a combined income of £131,160 per annum with the retail unit let to Poundstretcher and the residential units on AST agreements
  • Planning permission for the creation of 5 large x 2 bed units to the rear of the building totalling 5,220ft2 plus a ground floor storage unit of 2,207 sq.ft., whilst retaining the Poundstetcher and 3 x residential units to the front
  • Popular town centre location within Maldon, Essex
  • Offers invited in excess of £2,000,000 which reflects a low capital value of £176 per sq.ft. on the existing floor areas

To discuss this opportunity further, please contact Jordan Oldfield or Joe Cooper on 020 7183 2529

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