New lease signed with HSBC

Excellent covenant strength

Bank and office Investment

Prominent corner location

Location:: Located in the heart of the historic town of Colchester. Colchester lies 56 miles northeast of London and has excellent connections via the Great Eastern Main Line to Liverpool Street. The A12 also provides efficient road access to and from London. Chelmsford and Ipswich are also within close proximity to Colchester town centre. The property itself occupies a prominent corner location at the junction with North Station Road and Victoria Chase. Near by occupiers include Machine Mart, Domino's Pizza, Coral and Cartridge World plus numerous other independent traders.

Description:: The property is arranged over three floors and benefits from a 20 car parking spaces to the rear. The ground and first floor is currently occupied by HSBC bank. The second floor provides self-contained office accommodation currently occupied by Prism Europe Ltd. The office accommodation benefits from a lift, central heating (untested), WC's, part suspended ceiling and trunking. Details of the tenancies are as follows: Ground Floor and First Floor - The ground and first floor is let to HSBC bank at £93,375 per annum exclusive. The current lease expires 24th April 2012 but HSBC have already signed a new 10 year lease beginning 24th April 2012. The rent will remain at £93,375 per annum exclusive and the rent payable will be at half rent for the first 15 months. There is a tenant only break clause at the end of year 5 subject to 12 months written notice. We have been informed by the Vendor that the ground floor area is approximately 320 sq m (3,444 sq ft), whilst the first floor is approximately 315 sq m (3,391 sq ft). Second Floor - The second floor provides self-contained office accommodation currently occupied by Prism Europe Ltd on a 5 year lease paying £30,000 per annum exclusive. We have been informed by the Vendor that the second floor net internal area is approximately 380 sq m (4,090 sq ft).

Terms:: The Vendor is seeking offers within the region of £2,000,000 for the freehold interest.

Viewings:: PLEASE CONTACT HARLOW OFFICE COMMERCIAL DEPARTMENT Tel. 01279390411 b.ellice@clarkehillyer.co.uk b.tonks@clarkehillyer.co.uk

Legal Costs:: Each party are to be responsible for their own legal costs.



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