stamp duty: £80,000
mortgage fees: £1,500
conveyancing fees: £4,000
NO OF UNITS
TOTAL SQ FT
PRICE SQ FT
The property is located in the centre of Leigh-on-Sea (Southend-on-Sea) and comprises a Marston’s managed pub on the ground floor with three offices on the first floor, all fully tenanted and in total generating £74,560 in gross rent per annum.
Ground floor: A Marston’s managed pub on a fully repairing and insuring lease which expires in June 2022, generating £47,000 per annum.
First floor: Three offices with separate access from the pub and let to three different commercial tenants on separate licences, which in total generate £27,560 of rent per annum.
In addition, the current owner has obtained planning permission and building regs for the development of six apartments on the flat roof of the property, which will be spread over two floors with stairs and lift access. The estimated open market value of the flats once built has been estimated at £1,650,000. Initial architect plans have been sought and floorplans provided (please note that the floorplans are almost identical for both floors). The vendor is in the process of seeking building construction quotes and estimates that the cost of construction of the residential apartments to be in the region of £900,000. There is also the potential for planning permission to be sought for a penthouse on the new flat roof of the apartments.
The building has a non-domestic energy performance certificate rating of D (87).
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Southend-on-Sea is a resort town on the Thames Estuary in Essex, in the South East of England.
Southend-on-Sea lies 40 miles east of central London and is connected to London by road via the A127 and A13 (with a travel time of around 1 hour 20 minutes) or by train via Southend Central Station to London Fenchurch Street Station (55 minutes) or via Southend Victoria Station to London Liverpool Street Station (about 1 hour).
Its proximity to London has made Southend-on-Sea a popular commuter town with around a fifth of the working population commuting to London on a daily basis prior to the COVID-19 pandemic. Together with Southend-on-Sea being one of the most densely populated areas in the UK (outside of London) and having a high proportion of people aged over 65 years, this has resulted in considerable pressures on the local housing market, making it a relatively expensive place to buy a home. Southend-on-Sea also topped Simply Business’s best places to invest in buy-to-let property in October 2018.
The local economy is focused on tourism, with around 6 million visitors a year who are drawn to the beach and the traditional attractions of an English seaside resort, including the longest leisure pier in the world. Southend-on-Sea has industrial parks located at Progress Road, Comet and Aviation Ways in Eastwood and Stock Road in Sutton. Firms located in Southend-on-Sea include Olympus Keymed, Hi-Tec Sports, MK Electric and Royal Bank of Scotland card services, whilst Southend University Hospital employs over 4,450 people.
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