FOR SALE

THE GABLES

116 HIGH STREET

MALDON

ESSEX

CM9 5ET

One wellstones watford hertfordshire WD17 2AE t 01923 230414 f 01923 230415 e admin@warrantgroup.net

TOWN CENTRE RESTAURANT/RESIDENTIAL INVESTMENT

Properties

21.0m

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QUEST PLACE

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This map was created with Promap

The Gables 116 High StreetMaldon Essex CM9 5ET

Ordnance Survey © Crown Copyright 2010. All rights reserved. Licence number 100020449.Getmapping plc 2010. Plotted Scale - 1:1250

THE GABLES 116 HIGH STREET MALDON ESSEX CM9 5ET

Location

Maldon is an attractive historic town, located at the mouth of the Blackwater Estuary in Essex. The population within Maldon is approximately 21,462.

The town is located approximately 10 miles east of Chelmsford, 20 miles south west of Colchester, 33 miles south east of Stanstead Airport and 50 miles north east of London. The A414 provides access to Chelmsford and thereafter Junction 7 of the M1. From Chelmsford the A12 links with Junction 28 of the M25. The railway station 5 miles distant at Witham provides a service to London Liverpool Street in approximately 45 minutes.

Situation

The property is located on the southern side of the High Street, immediately opposite to JD WETHERSPOONS and close to the junction with Wantz Road.

National Multiple occupiers within the town include LLOYDS TSB BANK, NATWEST BANK, BARCLAYS BANK, MARKS AND SPENCERS SIMPLY FOOD, MORRISONS LOCAL, BOOTS SUPERDRUG and many public houses and restaurants. The property stands within close proximity of PREZZO PLC, the Italian style restaurant group that now operates in excess of 150 restaurants throughout the south-east.

Description

The property comprises a building constructed of brick under a tiled roof which is arranged as a ground floor restaurant with basement and five flats over first and second floors, all of which are approached by way of a separate entrance to the rear. In addition, there are six car parking spaces to the rear.

The conversion works to create the 5 flats above were completed on 29th August 2007. h

Accommodation

The approximate floor areas are as follows:-

Gross Frontage 36 ft 11m Ground Floor Area 2,201 sq ft 204.50 sq m Basement Area 345 sq ft 32.05 sq m TOTAL 2,546 sq ft 236.55 sq m In addition, there is an external terrace included in the restaurant demise to the rear of the property, measuring approximately:- Rear Terrace 823 sq ft 76.45 sq m

Flat 1 2No. Bedroom with living room, kitchen and bathroomFlat 2 1No. Bedroom with living room, kitchen and bathroomFlat 3 1No. Bedroom with living room, kitchen and bathroomFlat 4 1No. Bedroom with living room, kitchen and shower roomFlat 5 1No. Bedroom with living room, kitchen and bathroom There are 6No. car parking spaces on land to the rear.

Rating Assessment The Rateable Value is £24,250The Uniform Business Rate for 2015/16 is 49.3p in the £.

Planning

The property is Grade II Listed and falls within the Maldon District Conservation Area.

Further planning enquiries should be made to Maldon District Council on 01621 854477.

PAGE 02

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This map was created with Promap

Ordnance Survey © Crown Copyright 2015. All rights reserved. Licence number 100022432.Getmapping plc 2015. Plotted Scale - 1:1250

THE GABLES 116 HIGH STREET MALDON ESSEX CM9 5ET PAGE 03

TENANCY

The entire property presently produces an income of £62,500 per annum exclusive as shown on the Schedule of Tenancies as follows: -

NOS TENANT USE LEASE TERMS RENT (£) NEXT REVIEW / EXPIRY

ERV (£)

pax pax

Ground Floor, Basement and Mr R Compton & Mrs H Kose-Compton T/A Intimo Restaurant Let on a FR&I lease for a term of 25 years from 27th June 2008 subject to five yearly upward only rent reviews.

£30,000 June 2018 £35,000

Rear TerraceThere is a minimum increase to £35,000 per annum exclusive at the next rent review on the 27th June 2018. Six months rent plus VAT (£14,683.50) is held as a deposit.

Car Parking Space VACANT Car Space - - £500

Flat 1 Mr S McGeough Residential Let on an Assured Shorthold Tenancy for a term of 12 months from 17th September 2015 at a rental of £750 per calendar month. A deposit of £975 is held.

£9,000 September 2016 £9,000Includes 1No. Parking Space

Flat 2 Mr J Travella Residential Let on an Assured Shorthold Tenancy for a term of 12 months from 4th September 2015 at a rental of £675 per calendar month. A deposit of £1,012.40 is held.

£8,100 September 2016 £8,100Includes 1No. Parking Space

Flat 3 Miss J Allington & Mr J Stephens Residential Let on an Assured Shorthold Tenancy for a term of 12 months from 9th November 2015 at a rental of £650 per calendar month. A deposit of £975 is held.

£7,800 November 2016 £7,800Includes 1No. Parking Space

Flat 4 Mr H K Longman & Miss L E Richards Residential Let on an Assured Shorthold Tenancy for a term of 12 months from 19th October 2015 at a rental of £575 per calendar month. A deposit of £862.50 is held.

£6,900 October 2016 £6,900Includes 1No. Parking Space

Flat 5 VACANT Residential - - £6,900Includes 1No. Parking Space

TOTAL ACTUAL AND ESTIMATE INCOME £61,800 pax £74,200

THE GABLES 116 HIGH STREET MALDON ESSEX CM9 5ET PAGE 03

TERMS

Price

£1,100,000 Subject to Contract

A purchase at this level would reflect a Net Initial Yield of 6.39%, assuming costs of 5.5% on conclusion of letting Flat 5.

Value Added Tax

The property is registered for Value Added Tax and accordingly VAT is payable on the purchase price.

Energy Performance CertificateA copy of the EPC will be provided upon request.

Legal Costs

Each party is to bear their own legal costs.

Viewing

Strictly by appointment with the Owners, Warrant Properties Limited, One Wellstones, Watford, Hertfordshire WD17 2AE (Telephone: 01923 230414)

Estate Agents Act 1979

In accordance with the requirements of the Estate Agents Act 1979, Warrant Properties Limited is the freehold owner of the property.

Ground and Basement Plan Second Floor Plan

First Floor Plan

JAMES FASAL

jamesfasal@warrantgroup.net

Warrant Properties Limited One Wellstones, Watford, Hertfordshire WD17 2AE

Telephone: 01923 230414Website: www.warrantgroup.net

Further Information and Contact

Disclaimer:

Warrant Properties Limited gives notice that these particulars are set out as a general outline only for the guidance

of intending purchasers and do not constitute, nor constitute part of, an offer or contract. All descriptions,

dimensions, references to conditions and necessary permissions for use and occupation and their details are

provided in good faith and are believed to be correct but any intending purchaser should not rely on them as

statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness

of each of them.

No person in the employment of Warrant Properties Limited has any authority to make or give any representations

or warranty whatever in relation to these properties or their particulars, nor enter into any contract relating to the

property on behalf of Warrant Properties Limited. No responsibility can be accepted for any expenses incurred by

intending purchasers in inspecting properties which have been let, sold or withdrawn. January 2016