Home   \\   Price
£1,295,000

10 - 11, Market Street, Faversham, Kent, ME13 7AA

Full description

Ground floor commercial investment opportunity with first floor development potential.

  • Commercial Investment Opportunity
  • Planning for Residential Development on Upper Floors for 13 Apartments
  • Good Access to Rear via Public Car Park

  • Location: Faversham is an attractive market town located midway between Canterbury 8 miles to the East and Sittingbourne 8 miles to the West. The town enjoys excellent road access being adjacent to the A2 and within 2 miles of Junction 6 of the M2 Motorway. The property is located on the south side of Market Street approximately ½ mile north of Faversham railway station in a busy retail pitch. Nearby retailers include Nationwide, Your Move, Superdrug and Boots.
  • Accommodation: A mid terrace commercial property, previously used as a Woolworths store, located in the centre of Faversham. The building dates from the 1950s and is of brick construction under a flat roof and is currently arranged as ground floor retail with mixed office, amenities and storage areas on the first floor. The property is not Listed but does form part of the historic core of the medieval market town. There is a rear loading area accessed via Leslie Smith Drive, which backs on to one of the main car parks for Faversham town centre. Schedule of Accommodation for Proposed Residential A full set of plans for the proposed can be provided on request unit beds floor terrace sq ft 1 1 1st floor No 573.7 2 1 1st floor Yes 529.6 3 2 2nd floor Yes 733.0 4 2 1st floor No 875.1 5 1 1st floor Yes 608.2 6 2 1st floor No 875.1 7 2 1st floor No 736.3 8 1 1st floor No 545.7 9 1 1st floor No 540.3 10 2 2nd floor Yes 881.6 11 1 2nd floor No 662.1 12 1 2nd floor Yes 813.8 13 1 2nd floor No 504.8 Total 8879.3
  • Terms: Terms Existing Accommodation & Tenancy The tenant is GS Cheema & PS Baines, trading as BK Homewares (Multi Save). They have a 15-year lease on the whole of the building from 26/06/09 at £67,885 per annum. This lease can be amended to a new 15 year lease at £50,000 per annum for just the ground floor to allow for redevelopment on the upper floors. Ground Floor Retail: 753.62 sq m 8,112 sq ft First Floor Retail / Mixed Use: 444.25 sq m 4,782 sq ft Telecom on the roof is a 10-year lease from 30/06/09 at £11,000 per annum. Planning Swale Borough Council have granted planning consent (16/503847/FULL) to convert the first floor and to extend to provide a traditional pitched roof, creating a second floor. The proposed will accommodate 13 apartments (5 No. 2 beds / 8 No. 1 beds) which will be accessed via Leslie Smith Drive. At present this consent cannot be implemented without some alterations at ground floor level to provide additional support and these alterations would require an adjustment to the existing lease and consent for the tenant.
  • Rent: Tenure The majority of the site is freehold, with a small part of the rear of the site leasehold from Faversham Council for a term that expires 24th December 2058 at a rent of £120 per annum. Existing Accommodation & Tenancy The tenant is GS Cheema & PS Baines, trading as BK Homewares (Multi Save). They have a 15-year lease on the whole of the building from 26/06/09 at £67,885 per annum. There is also a mobile antenna on the roof that would remain untouched as part of the redevelopment. Tele-com have a 10-year lease from 30/06/09 at £11,000 per annum.
  • Viewing: Strictly by appointment with the Surveyor. Please contact Mark Presland E:mark.presland@sibleypares.co.uk, or Matt Sadler e: matt.sadler@sibleypares.co.uk T: 01622 673086
  • Legal Costs: Each side to bear their own legal and professional costs
  • Rateable value / Council Tax: £42,000 as at 2016/17 (Applicants are advised to make their own enquiries of the local Borough Council)
  • VAT: All figures are exclusive of VAT which will be charged at the prevailing rate.
  • EPC: Rating C (56)

Map Here