Maldon is an attractive and affluent coastal town, situated 14 km (8.7 miles) east of Chelmsford, 24 km (15 miles) south of Colchester and 79 km (49 miles) north-east of London.
Strong road communications connect to and provide access for the surrounding population including Great Totham, Purleigh, Witham and Tollshunt DArcy. The A414 links directly to Chelmsford in the west, whilst the B1019 provides access into London, via the A12 to the south.
The closest train station is Hatfield Peverel, 8.3 km (5.2 miles) from the town centre, with direct routes into London Liverpool Street, Ipswich and Colchester with fastest journey times of 40 minutes, 45 minutes and 15 minutes respectively.
The recently completed Blackwater Retail Park provides approximately 5,753 sq m (61,933 sq ft) of purpose built retail warehouse accommodation, on a site totalling approximately 2.6 hectares (6.4 acres).
Arranged in a north facing terrace of 6 units and a west facing terrace of 2 units, around forecourt parking for 285 vehicles (including 12 family and 19 disabled), the scheme provides modern, flexible retail floorplates. With the exception of Aldi all units benefit from 7.5 m (24.6 ft) eaves heights comfortably capable of incorporating mezzanine floors either trading or storage.
Customer access is via the roundabout junction of the A414 and B1018, to the western boundary of the site.
Tenants are currently on-site fitting out their respective units with target opening dates ranging from 11 October to 22 November 2018.
The property is held Freehold.
Leases/Agreements for lease have been signed by 5 tenants who are currently fitting out their respective units, whilst Heads of terms have been agreed and solicitors instructed in relation to two of the three remaining units.
We propose that any unit remaining vacant at the point of sale will have a two-year vendor rental, rates and service charge guarantee in place. The total income from the park will stand at £1,008,965 pa, in accordance with the Tenancy Schedule.
Further information in relation to the remaining units and retailers in negotiation is available on request.
Further information can be found within the schedule below.
The property has been elected for VAT and it is anticipated that the transaction will be treated as the Transfer of a Going Concern.
Offers are sought in the region of £17,190,000 (Seventeen million one hundred and ninety
thousand pounds), subject to contract and exclusive of VAT for the Freehold interest
in this property.
Based on a Day 1 income of £1,008,965 pa a purchase at this level would show the following yield profile, allowing for purchaser's costs of 6.74%.
Initial Yield - 5.50%
Running Yield (Aug 2023) - 5.79%
Running Yield (Aug 2028) - 6.13%
Running Yield (Aug 2033) - 6.52%
Running Yield (Aug 2038) - 6.97%
The running yields above assume average RPI of 3.00% pa is achieved on the Aldi review.