A prominent retail building in Colchester, formerly occupied by an Asian food shop, has been listed for sale at £525,000, presenting a rare riverfront investment opportunity in a well-established part of the town.
The property on Ballantyne Drive, close to University Quays, comprises a self-contained ground-floor retail unit together with a separately accessed first floor, delivering a total of 6,588 sq ft (612 sq m).
The ground floor is arranged as retail accommodation with concrete floors, walls and ceilings, suspended LED lighting, WC facilities and a frontage suitable for a range of commercial uses, subject to planning.
The first floor is also self-contained and benefits from a fully glazed frontage.
The premises are being sold with full vacant possession and are available by way of two 999-year leasehold interests commencing in January 2020: the ground floor lease carries a £300 per annum ground rent, while the first floor lease carries £290 per annum.
On the planning side, the ground floor currently benefits from retail use and may be suitable for alternative commercial uses, subject to permission and relevant statutory consents from Colchester City Council.
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The first floor has recently received planning permission for conversion into five one-bedroom flats under Planning Application Reference 251441, although that approval was granted without the landlord/freeholder’s consent, meaning any residential scheme would still require the necessary landlord consent and lease variation before implementation.
Prospective buyers are advised to make their own enquiries with the council on permitted uses and the practical and legal steps needed to realise the approved residential scheme.
The building sits in a highly visible riverfront position directly adjacent to University Quays, within an established mix of commercial, retail, educational and transport amenities.
Nearby occupiers and facilities include the University of Essex, Tesco Superstore, Home Bargains and The Hythe Railway Station, while local schools within roughly half a mile include Kendall Church of England Primary School and Old Heath Community Primary School.
Colchester Town centre is around 1.3 miles away.
Colchester remains North Essex’s major economic centre, with strong transport links via the A12 to the M25 (Junction 28), London and Ipswich; Stansted Airport is approximately 35 miles away.
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