Robins House, North Gunnels, Basildon, Essex SS14 1HZ
Offers in excess of £3,650,000
Commercial and Residential Investment opportunity in Basildon
Commercial and Residential Investment opportunity
6 existing residential units
3 commercial units measuring 1,659m2 / 17,859ft2
Lapsed planning consent for a 125-bedroom hotel
Designated Regeneration Zone
Net passing rent of £258,500 pa
Offers in excess of £3,650,000. A purchase at this level would reflect a net initial yield of 7.1%
The existing mixed-use building is situated in the heart of Basildon’s town centre and currently comprises 6 residential units and 3 commercial units, which include The British Heart Foundation retail unit measuring (6,936sq ), Dropzone play centre (8,423 2) and a public house named The Roadhouse Diner (2,500 2). The site was once a well-renowned cinema and was converted to the above after its closure in 2008. The property offers significant development potential fitting with the future regeneration of Basildon’s town centre, subject to gaining the necessary permissions.
Basildon is a popular retailing and business location in Essex approximately 30 miles east of Central London, 17 miles south of Chelmsford and 12 miles west of Southend on Sea.
The property occupies a prominent position within Basildon town centre on North Gunnels to the north of the main pedestrianised shopping parades of Town Square, East Square and East Walk. Nearby occupiers include River Island, Sports Direct, Toys R Us, Santander Bank, RBS and Marks & Spencer.
Basildon Festival Leisure Park (1.1miles) is the Borough’s principal commercial leisure complex, which contains a multiplex cinema, bowling alley, wake boarding centre, a nightclub, restaurants and hotels.
The property sits opposite The Euro Car Park providing 1320 spaces and an additional 700 car-parking spaces are provided within the Eastgate Centre.
There are two railway lines to the north and south of the town. Access to these is via five railway stations: Basildon, Laindon, Pitsea, Billericay and Wickford. Rail services from Billericay and Wickford connect to Stratford City enabling transfer to Eurostar Services at Stratford International and terminate at London Liverpool Street. From 2018, Crossrail services will be fully operational from Shenfield, one stop east of Billericay, linking with Maidenhead and Heathrow Airport, via Central London.
British Heart Foundation
Let for a term of 11 years from the 18th August 2011 at a rental of £70,000 per annum.
Dropzone Leisure Limited
Let for a term of 15 years from 16th December 2014 at an initial rent of £91,100 per annum with fixed uplifts of 2.5% per annum compounded on the 5th year or market rent whichever is higher. The tenants have paid a rental deposit of £91,100 to be held for the term of the lease with interest accrued to the tenant.
Roadhouse The Diner Limited
Let for a term of 15 years from 11th December 2015 at a rental of £45,000 per annum with fixed uplifts of 1% per annum compounded on the 5th year or market rent whichever is higher. The tenant benefits from an 18-month rent-free period. Lease guarantor information is available upon request.
Over the next 20 years Basildon Council has identified the town as an area of major regeneration. The Council’s local plan identifies the need for further office, leisure and residential accommodation. To address the current lack of residential accommodation in Basildon, the council have acknowledged the need for 15,000 further homes (3,600 of them being affordable), particularly in the town centre. The Master Plan has also identified the town centre area of Eastside, which is in close proximity to the property as a location for high-quality residential development. This includes the redevelopment of East Walk, and the surface car park to its rear, as well as the northern end of the pedestrianised Southernhay, which includes the buildings currently tenanted by Sports Direct and Toys R Us.
The town centre, Station Square and Transit Mall will take up the majority of the commercial regeneration forming a new £35 million college campus and new transport hubs respectively. Another site earmarked for regeneration is East Square. The site will address the need for new leisure with the square and is due to be transformed into a major new public piazza focused around a new 8-12 screen cinema and hotel, restaurants, cafes and shops.
For further information regarding the regeneration please contact Basildon Council on 01268 533333.
Viewings can be made from the road in the first instance. Please contact a member of the team if you would like to meet us on site.
The Headlease, Commercial leases and AST’s will be sent in the form of an information pack that can be requested from a member of the Highfield Team.
We understand that VAT is applicable.
999 year lease (Virtual Freehold)
We are inviting offers in excess of £3,650,000 for the virtual freehold interest.
Please note the information provided by Highfield Investments London Limited, trading as Highfield Investments has been given in good faith, however all parties must undertake their own due diligence to satisfy themselves in regards to accuracy.