56 Duke Street, Chelmsford, Essex, CM1 1JA

Lot Image

Auction sale - Monday 11th December 2017

Result:

Unsold, the last bid was £1,530,000

  • Freehold
  • Residential and Commercial corner property
  • Negotiations with current commercial tenant on going
  • Commercial space of 1,439 sq ft (133.69 sq m)
  • Eight x one bedroom flats
  • Vacant possession

Addendum

56 Duke Street, Chelmsford
If at the time of the contract completion the commercial lease has not been signed, the vendor will guarantee 12 months of rental income at £32,000 pa (payable monthly). If the tenant or other parties sign a lease in this 12 month period, this rental guarantee will stop.

Viewings

Tuesday 5th of December 11am – 12pm

Details

Location

Summary: Prominent corner location in the town centre within an established retail parade
Miles: London 37 miles, Colchester 24 miles
Roads: A12, M25 (junction 28), M11 (junction 7)
Rail: Chelmsford Railway Station (35 minutes to Liverpool Street Station)
Air: Stansted Airport
Nearby Occupiers: The Cooperative, Pizza Hut, Grand Central, M&S Food

Description

The property comprises a four storey corner building of modern construction, with four commercial units on the ground floor totalling approximately 1,439 sq ft ( 133.68 sq m) and eight newly refurbished one bedroom flats on the first, second and third floors. The property (known as The Curve), is located on the corner of Duke Street and Bloomfield Road, close to the bus and train stations.

Tenure

Freehold

Planning

There could be potential for alternative use and interested parties will need to carry out their own due diligence and make further enquiries to Chelmsford City Council (01245 606 606), www.chelmsford.gov.uk. The development will come with a 10 year Buildzone guarantee.

VAT

Refer to the legal documentation

Energy Performance Certificate

See website

Note

The vendor is currently in negotiations with a commercial tenant who is looking into taking all four commercial units on a new 15 year lease at £32,000 per annum (negotiations are ongoing). The sale is not subject to this letting and is based on full vacant possession, unless a lease is signed during the course of the marketing.

Address Floor Use SqM SqFt
Unit 1 Unit 2/3 Unit 4 (Curved frontage) Flat 1 Flat 2 Flat 3 Flat 4 Flat 5 Flat 6 Flat 7 Flat 8 Ground Ground Ground First First First Second Second Second Third Third Commercial Commercial Commercial Residential Residential Residential Residential Residential Residential Residential Residential 28.72 75.27 29.74 42.92 36.97 48.96 42.92 36.97 48.96 53.97 52.95 309 810 320 462 398 527 462 398 527 581 570
Areas have been provided by the vendor.

Joint auctioneers

Lambert Smith Hampton

Joe Reubin

01245 215579

jreubin@lsh.co.uk

Contact

Seller's solicitor

Edwin Coe LLP

Stephen Brower

020 7691 4105

stephen.brower@edwincoe.com

* Guide price

The guide price is an indication of the minimum price at which, or if a guide price range is given, within which, the seller is prepared to sell at the date of publication. The guide price is not an anticipated sale price or valuation. All prices quoted are subject to contract.

* Reserve price

The reserve price is the minimum price acceptable to the seller and the price below which the auctioneer cannot sell.

Both the guide and reserve may be subject to change up to and including the day of the auction. The guide price does not include either VAT which may apply to the sale or other amounts the seller may charge. The seller’s Special Conditions of Sale and addendum if any, will state whether there are other seller’s charges and whether the seller has elected to charge VAT on the sale price. On the fall of the hammer a buyer’s fee is payable of £990 inclusive of VAT.

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