Investment for Sale – Prime Position in Moulsham Street – ideal for portfolio that is self managed

For Sale

£1,500,000

Property ID:

None

Description

Investment for sale. Located in historic part of the City of Chelmsford on the popular area of Moulsham Street. Sale includes: Parade of 7 retail shops, entrance to apartments, car parking spaces & 19 ground rents. Ideal for a self managed portfolio.

Numbers 57 to 62: all let
Number 63: entrance to residential properties on peppercorn rent
All flats sold off on long leases
Car parking spaces
19 ground rents from flats at the rear
Planning permission obtained for 2 flats on part of the rear car park with further potential.
No VAT chargeable on the property

Description
The property is known as Godfrey’s Mews after the historic company called Godfreys, who in the 1800’s were located on the site and were rope and tent makers.

The premises, of concrete frame with brick cavity walls construction under a slate roof, was built circa 1990 as part of a larger development of shops, offices and flats which are located at the rear. The retail tenants each have a rear door and have a pedestrian right of access from the rear car parking area adjacent to the site. Car parking spaces are available for the tenants use under separate licenses.

The upper floors over the retail premises, once office accommodation, has recently undergone conversion to apartments, all sold, with access from number 63 which forms part of the service charge on a peppercorn rent. EPC information is available on request.

There is currently a net income of £106,000 per annum from the 7 retail units, combined approximate area of 2,761sq ft (256.5sq m), 12 parking spaces and ground rents from 19 of the flats in Godfreys Mews. Increasing to at least £108,550 in July 2024.. Outgoings are recovered by way of a separate service charge. Full tenant, lease and service charge details are available on request.