A mixed-use building in a prime city centre location is set to go under the hammer.
Located at 10-16 Vineyard Street in Colchester, the property is being auctioned through Dedman Gray Auctions and has been listed on Rightmove with a £650,000 guide price.
The three-storey, freehold building includes three ground-floor commercial units and five residential flats above, generating a total annual rental income of £67,302.
The commercial units are currently occupied by Brows on Fleek, Hollow Saints tattoo parlour, and Hair Revolution.
The flats consist of a one-bedroom unit and four studio apartments, all let on assured shorthold tenancies.
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The property is described as a "freehold mixed-use investment" and is fully tenanted.
The listing said: "For sale by public auction on October 8 at 12pm.
"Live streamed via the Dedman Gray website.
"Bidding available by telephone, proxy, and online."
Based on the current rental income, the property offers a gross yield of 10.4 per cent at the guide price.
The commercial leases vary in length and terms, with one unit let at £518.92 per month, another at £708.33 per month, and the third at £718.25 per month.
The residential flats generate between £695 and £775 per month.
The building is situated close to Colchester Town Rail Station and benefits from high pedestrian traffic.
Viewings are available strictly by appointment with the auctioneers.
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