1 Ballantyne Drive

Description

Colchester is the major economic centre in North Essex with a resident population now exceeding 185,000. The City benefits from excellent communication links by the A12 to the M25 (J. 28) linking the property towns such as London and Ipswich. Stansted Airport is situated approximately 35 miles to the west of the estate and is within a 50-minute drive time.

The property is situated on the Ballantyne Drive and benefits from a prominent riverfront position directly adjacent to the University Quays. Nearby occupiers including the University of Essex, Tesco Superstore, Home Bargains, and The Hythe railway station.

The property comprises a self-contained ground floor retail shop with concrete floor, walls and ceiling. There are suspended LED lights and WC facilities available. The first floor is also self-contained and has a fully glazed frontage.

Town Planning
The ground floor has Retail Use and is considered suitable for a range of commercial uses subject to planning. Interested parties should make their own investigations with Colchester City Council on 01206 282424. The First Floor has recently received planning to be converted to 5 1 Bedroom Flats (Application Reference 251441). This planning approval does not have landlord/freeholders consent; any residential implementation is subject to landlord/freeholder consent and lease variation.

Asking Price
The 999 year 2 Long Leaseholds are available to purchase at a combined asking price of OIRO £615,000. Both Long leaseholds commenced in January 2020 and are split by ground and first floor, the ground floor has a ground rent of £300 per annum and the first floor a ground rent of £290 per annum.