Market Hill, Saffron Walden

Offers in excess of £575,000

Commercial Property

Overview

Commercial Property for sale in Market Hill, Saffron Walden

Retail & Office Investment For Sale

Key Features:

  • Freehold
  • Located in the town centre close to Market Place
  • Three Ground Floor retail units with 5 office suites at First Floor
  • Potential to convert first floor to residential, subject to planning
  • Income of £48,400 per annum
  • Net Initial Yield of 8%

LOCATION Saffron Walden is an attractive and affluent commuter market town within Uttlesford District in rural North Essex. The town has a resident population of 15,000 and is a popular tourist destination due to its charm, character and wealth of medieval listed buildings.

The town is served by Audley End Station less than 3 miles away which provides a regular service to London's Liverpool Street in approximately 55 minutes and Cambridge in approximately 20 minutes. By road the M11 can be accessed at junction 9, with Bishops Stortford and Stansted airport within 19 miles.

The property is situated on the east side of Market Hill, on the corner of Market Hill and The Cockpit, approximately 20 metres north of Market Place. Market Hill is a well-established retail pitch in the town centre, close to the prime retail pitch of King Street and linking Market Place to Church Street, 100 metres to the north. Nearby occupiers include Holland & Barrett, Angela Reed, M&Co and Saffron Walden Library. 

DESCRIPTION Winstanley House comprises a two storey Grade II* Listed building arranged over basement, ground and first floors. The property is of timber frame construction with lath and lime plaster render, under a pitched tiled roof. The property comprises three retail units at ground floor fronting Market Hill and extending along The Cockpit. The first floor comprises five office suites accessed via a communal entrance from The Cockpit. There is a courtyard area to the rear of the property. 

ACCOMMODATION The property provides the following floor areas:-

GROUND FLOOR
Shop 1 (Retail) 34.03 sq m / 366 sq ft
Shop 2 (Retail) 25.80 sq m / 278 sq ft
Shop 3 (Retail) 26.82 sq m / 289 sq ft

FIRST FLOOR
Office 1 (Office) 15.09 sq m / 162 sq ft
Office 2 (Office) 14.83 sq m / 160 sq ft
Office 3 (Office) 12.58 sq m / 135 sq ft
Office 4 (Office) 14.24 sq m / 153 sq ft
Office 5 (Office) 23.69 sq m / 255 sq ft

Total (Net Internal Area) - 167.08 sq m / 1,798 sq ft 

TENURE Freehold. 

VAT It is our understanding that the property is not elected for VAT. 

EPC A copy of the EPC's is available on request. 

TENANCIES The retail and office units have all been let on initial 6 month Law Society leases, with the exception of Office 3, these have all expired and either party has the ability to break the lease subject to two months notice.

GROUND FLOOR
Shop 1 - Mrs M Creighton £10,000.08 per annum
Shop 2 - Miss A Miller £8,500 per annum
Shop 3 - Ms H Walls £7,800 per annum

FIRST FLOOR
Office 1 - Mr N Bartlett £5,100 per annum
Office 2 - Miss F O'Leary £3,840 per annum
Office 3 - Ms N Robson £3,300 per annum
Office 4 - Mr A Jevans £3,900 per annum
Office 5 - Mr M Newey £6,000 per annum

Total - £48,440.08 per annum
 

PROPOSAL Offers in excess of £575,000 
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