2 Croft Way, Eastways Industrial Estate, Witham, Essex, CM8
- SIZE AVAILABLE
12,555 sq ft
1,166 sq m
- SECTOR
Leisure facility for sale
Key features
- Refurbishment and Fitout Costs in Excess of £1.7 million
- Let on a 10 Year Lease from July 2023
- Current Passing Rent £125,000 Per Annum
- Rent Review on the 1st August 2028
- Established Industrial Estate
- Three Phase Power and Gas Supply
- Close Proximity to the A12
- Secure Parking
Description
LOCATION
The property is situated on Croft Way, a turning off the popular Eastways Industrial Estate. Eastways Industrial Estate is located approximately one mile to the north east of Witham town centre and the property is less than a mile from Junction 22 of the A12. The A12 provides good connections to the East coast ports of Felixstowe & Harwich, the M25, M11 and Stansted Airport. A frequent main line rail service is available from Witham Station to London Liverpool Street with a journey time of approximately 45 minutes.
ACCOMMODATION
[Approximate Gross Internal Floor Areas]
Ground Floor 7,365 sq ft [684.22 sq m]
Mezzanine 5,190 sq ft [482.16 sq m]
Total: 12,555 sq ft [1,166.38 sq m]
SERVICES
We understand the property is connected to mains water, drainage, gas and three phase electricity. We have not tested any of the services and all interested parties should rely upon their own enquiries with the relevant utility company in connection with the availability and capacity of all of those serving the property including IT and telecommunication links.
BUSINESS RATES
We are advised that the premises has a rateable value of £74,000. Therefore estimated annual rates payable of approximately £40,404 (2024/25). Interested parties are advised to make their own enquiries.
ENERGY PERFORMANCE CERTIFICATE [EPC]
We have been advised the property falls within Class C (51) of the energy performance assessment scale. A full copy of the EPC assessment and recommendation report is available upon request.
LOCAL AUTHORITY
Braintree District Council
T.
TENURE
The property is held freehold under title no: EX522255.
TENANCY
The property is let to PHX Gym Witham Limited for a term of 10 years from the 23rd July 2023 at a passing rent of £125,000 per annum. There is a Rent Review on the 1st August 2028. Further details are available upon request.
TERMS
The property is offered for sale freehold subject to the existing lease to PHX Gym Witham. Our client is seeking £1,600,000 which reflect a Net Initial Yield of 7.38% assuming purchasers costs of 5.84%.
VAT
We understand the property is elected to VAT, however the sale should be eligible to be treated as a Transfer of Going Concern and may not be applicable.
LEGAL COSTS
Each party to bear their own legal costs incurred in this transaction.
ANTI-MONEY LAUNDERING REGULATIONS
Anti-Money Laundering Regulations require Fenn Wright to formally verify a prospective purchaser's identify prior to the instruction of solicitors.
Viewing
Strictly by prior appointment with the sole agents:
Fenn Wright
64 Newland Street, Witham, CM8 1AH
fennwright.co.uk
Contact
James Wright
John Logan
Brochures
2 Croft Way, Eastways Industrial Estate, Witham, Essex, CM8
NEAREST STATIONS
Distances are straight line measurements from the centre of the postcode- Witham Station0.2 miles
- Hatfield Peverel Station2.9 miles
- White Notley Station3.1 miles
Fenn Wright are East Anglia’s leading, independently owned partnership of commercial property agents, estate agents and Chartered Surveyors, with a reputation for providing the highest level of customer care. Although we’ve been around since 1768 we endeavour to mix traditional business values with contemporary methods. We have an unequalled presence throughout Essex and Suffolk with offices in the major hubs of Chelmsford, Colchester, Colchester Business Park and Ipswich - as well as branche
Notes
Disclaimer - Property reference 14870416FH. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by Fenn Wright, Chelmsford Commercial Sales and Lettings. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.
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