News

Manchester-based agents Zameero Ltd, acting on behalf of the Pervaiz Naviede Family Trust, have announced they were prepared to bid up to £800,000 for a prime retail site in Colchester at a recent auction.

The double fronted property at 12-13 High Street in the town centre is presently let on a new lease to Waterstones booksellers and leads to Prudential’s shopping centre. While the passing rent was recently reduced from £100,000 per annum to a new rent of £65,000 a year, it was felt that future rent increases would be achievable with the possibility of achieving £100,000 again.

Majid Zameer, director of Zameero said “Our research showed there is very little high street vacancy in the town and as such felt the lot offered for sale was an excellent opportunity and in a prime market could be worth closer to £1.5m.”

The investment. Listed at the Acuitus auction, was sold prior to the auction.