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Unoccupied Pub (Let to Morrisons) with Development Potential, Chelmsford


£1,050,000
346 Baddow Road, Chelmsford, CM2 9RA

Basic Facts

Status: Type: Tenure: Freehold Gross Yield %: 6.2
Gross Rent: £ 65,000 Lease Term: 15 years from Mar '15 VAT applicable: Yes

Property Description

  • Freehold pub with development potential let to a blue-chip, convenience store who is not in occupation
  • Former pub arranged as a ground floor retail unit with first floor ancillary accommodation
  • Areas measure as follows: Ground floor sales 961 sq.ft., ground floor ancillary 138 sq.ft. and first floor 1,932 sq.ft.
  • The building sits on a large plot of 0.27 acres and benefits from 15 car parking spaces

Location Description

  • The subject property is situated in a prominent location on the roundabout where Beehive Lane meets Baddow Road. This links with the A1114 and A1060 to provide access to both the city centre and surrounding towns south and west of the city.
  • The property benefits from high through traffic as it is surrounded by large swathes of residential properties, Great Baddow High School and the Great Baddow Millennium Community Centre.
  • Chelmsford is an attractive cathedral city located in the heart of Essex. It is 30 miles north east of central London, 20 miles south of Colchester and 16 miles east of Harlow. The city is also some 13 miles south east of Stansted Airport.
  • The total population within Chelmsford’s catchment is approximately 167,000, with a district shopping population of 232,700. Chelmsford is the dominant retail location within its catchment area and captures a large volume of the available spend within the area. Furthermore, the catchment population is affluent, with a significantly above average proportion of working adults classed within the most affluent AB social group.
  • The city benefits from excellent communications infrastructure. The city is located some 12 miles south east of the M25, just 15 minutes from junction 28. The A12 also provides access to the north east to towns such as Witham, Colchester and Ipswich. Other nearby roads include the A130 which provides access to Braintree and Basildon and the A414 which run west to Harlow.
  • Chelmsford railway station is one of the busiest commuter stations in the country, with approximately 15,000 passengers travelling through Chelmsford every day. The railway station provides access to central London, Braintree and Ipswich with journey times of 35 minutes, 28 minutes and 40 minutes, respectively

Additional Notes

  • The property is held by way of a 15 year lease to WM Morrison Supermarkets Ltd for £65,000 p.a., expiring 24th March 2030. There is a tenant only break option on 25th March 2025 requiring 6 months notice. Rent reviews are every 5 years with the next review on 25th March 2020 – it is linked to RPI with a cap and collar of 3% and 1% p.a. compounded, implying a maximum rent of £75,352 p.a. in 2020
  • There is an opportunity to obtain vacant possession by negotiating a surrender premium from Morrisons who are commited until 2025
  • The site then lends itself to re-letting or redevelopment subject to planning
  • The rateable value is understood to be ca. £14,500 p.a. and rates £7,148.50 p.a. Interested parties are advised to verify this with the Local Authority.

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