Addington Capital, the property investment and asset management specialist and its joint venture partners have sold 34-46 Baron Road and 11-23 Herald’s Way, an unbroken town centre retail parade with vacant upper parts in South Woodham Ferrers, Essex.
The property has been acquired by a private family office for £2.75 million.
The property comprises an unbroken 1980’s triangular parade of retail and former school premises around a central service yard. There are fourteen multi let retail units extending to 9,984 sq located at ground level fronting Baron Road and Heralds Way. The first and second floor office accommodation are vacant and extend to 28,866 sq ft. The overall passing rent on the property is £181,817 per annum.
South Woodham Ferrers is a popular Essex town located 40 miles east of Central London. It has good transport connectivity with regular services to London Liverpool Street from South Woodham Ferrers Station in 52 minutes.
Jon Thorp of Addington Capital said, “Our business plan for the property has been successful and we have reached the right stage in our cycle to sell. The property has potential for redevelopment to alternative uses, including residential, flexible office space, educational & leisure accommodation, subject to obtaining the necessary consents.”
Agents for the vendors were Allsop LLP.
The scheme was acquired by Addington in 2018 as part of the Bonsai Portfolio.
