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 £2.75m.
The property comprises an unbroken 1980’s triangular parade of retail and former school premises around a central service yard. There are 14 multi-let retail units extending to 9,984sq ft located at ground level fronting Baron Road and Heralds Way. The first and second floor office accommodation is vacant and extends to 28,866sq ft. The overall passing rent on the property is £181,817 per annum
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 and 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.