Million-pound residential property in Colchester centre sold
A commercial property in the heart of Colchester is set to be transformed into flats after being sold for more than £1.5 million.
Ellisons Solicitors, which has offices in Colchester's Head Street, was instrumental in the proceedings by aiding in an unconditional contract for the sale of the 15,367 square foot former offices, located at 2 St John's Street.
Constructed in the early 1990's, the building has been occupied as offices. The new owners are set to develop the building into luxury residential flats, with dedicated parking spaces.
Ellisons' Bethan Williams, Senior Associate Solicitor, assisted by Kerry Fielding, Chartered Legal Executive, were delighted to help their client exchange within just four weeks of Heads of Terms being agreed.
Ms Williams said: "It was a pleasure to manage the swift sale of these premises which, was a testament to our client's early notification regarding the terms being discussed. Ellisons Solicitors has managed this site since our client acquired it and our client's proactive approach, teamed with our prior knowledge, ensured that the Buyer was able to carry out their due diligence without any delays. We are thrilled to have helped bring a vacant commercial building back to life in Colchester city centre."
Michael Moody, of Fenn Wright, who brokered the terms of the sale said: "This prime spot in the centre of Colchester being revitalised into flats demonstrates the demand for residential conversion opportunities in Colchester. It is great to see that the city centre will have a refreshed building to offer to residential occupiers."
Malcolm Hobbs of Hobbs Estates Ltd (seller) said: "We are incredibly excited to have reached this point, thanks in large part to Ellisons Solicitors for their brisk as ever due diligence. We look forward to seeing the new owners enhance the building and ensure that the Colchester high street remains a desirable location for business and pleasure."
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