95/97 & 102 Magdalen Street, Colchester, Essex, CO1

Lot 1 - 95/97 Magdalen Street
This fenced, level site has been used for the sale of second-hand cars for almost twenty years. The site is rectangular in shape and benefits from security gates onto Magdalen street, along with a single phase power supply.
The property is shown edged red on the site plan for identification purposes only. We calculate the site area to be approx. 0.4 acres.

Lot 2-102 Magdalen Street

Formerly a building maintenance depot, the site has been operating as a hand car wash since 2011.
It benefits from two access points onto Magdalen Street, and to the rear of the site the workshop buildings extend to approx. 6,700 sq ft (622 sq m). These buildings are steel-framed with concrete bock walls and have a minimum eaves height of 3.1m
The property is shown edged red on the site plan for identification purposes only. We calculate the site area to be approx. 0.47 acres.

LOCATION
The Sites are located on the south side of Magdalen Street, approx. half a mile east of Colchester City Centre.
Surrounding uses comprise a mix of residential and commercial properties. A Tesco Express separates the two sites, with a Ford main dealership located to the west, and residential properties located to the rear and opposite.

ACCOMMODATION
[Approximate Gross Internal Floor Areas]

Lot 1: 0.4 acres [0.16 ha] approx.
Lot 2: 0.47 acres [0.19 ha] approx.

TERMS
Unconditional offers are invited for the freehold interest in the properties.
Guide prices:
Lot 1 £400,000 plus VAT
Lot 2 £500,000 plus VAT
VAT
Both sites are VAT elected. VAT will therefore be payable on the purchase price.

TENANCY
Lot 2, 102 Magdalen Street, is sold with the benefit of an existing tenancy, brief details of which are as follows:-

Tenant - An Individual
Term - 5 years commenced 23.06.23
Rent - £30,000 pa from June 2026
Security - Excluded from security of tenure provisions (pt II Landlord & Tenant Act 1954)
Break Clause - Landlord or Tenant at any time giving 6 months notice

ANTI-MONEY LAUNDERING REGULATIONS
Anti-Money Laundering Regulations require Fenn Wright to formally verify prospective purchaser's identity, residence and source of funds prior to instructing solicitors.

BUSINESS RATES
We are advised that the premises have a rateable value, with effect from the 1st April 2026, of
Lot 1 95-97 Magdalen Street - Car Sales Site £37,000
Lot 2 102 Magdalen Street - Hand Car Wash £35,000

Interested parties are advised to make their own enquiries with the local rating authority to confirm their liabilities

LEGAL COSTS
Each party will be responsible for their own legal costs.

VIEWINGS STRICTLY BY APPOINTMENT VIA SOLE SELLING AGENTS:
Fenn Wright
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