Home   \\   Price
£950,000

The Old Bakery, 277, Gillingham Road, Gillingham, Kent, ME7 4QX

Full description

INVESTMENT OPPORTUNITY FOR SALE

  • Let on a 15 year FRI lease at £50,000 pa, 5 yearly rent reviews, RPI Indexed, plus ground rents on 8 newly converted 2-bed residential flats
  • Held in Ltd Company - TOGC available (saving on SDLT)
  • Let to Sainsbury's Supermarkets Ltd
  • Offers invited in the region of £950,000
  • ARY 5.35%
  • NIY 5.01% (6.75% costs)
  • Service charge

  • Location: The property is located on the edge of Gillingham Town Centre, in a densly populated residential area adjacent to Gillingham Football Stadium (Priestfields). The property is also 0.3 miles (5 minutes walk) from Gillingham Train Station and Gillingham Town Centre. Gillingham is located in the Medway Towns in the south east of England, approximately 35 miles from the centre of London. There are excellent communications being just off J1 of the M2 leading to the M25 and motorway networks. Train services are 42 minutes from St Pancras International and 51 minutes to London Victoria.
  • Accommodation: The substantial former bakery was recently refurbished to provide 8, 2-bed residential flats with access from the rear car park, over the ground floor retail shop, now let to Sainsbury's Supermarkets Ltd. The retail area benefits from demised parking/forecourt to the front and there is parking for residents to the rear. Accommodation: Ground Floor Retail 220 sq m (2,370 sq ft) Stores 105 sq m (1,130 sq ft) Total 325 sq m (3,500 sq ft) FF GIA 325 sq m (2,500 sq ft) SF GIA 325 sq m (3,500 sq ft)
  • Terms: Investment Information The ground floor retail is let to Sainsbury's Supermarkets Ltd on a 15 year FRI Lease from 24th August 2015 (expiring 23/08/30) at a commencing rent of £50,000 per annum. The lease is subject to 5 yearly rent reviews collared at 5.101% and capped at 18.7686% (between 1.02% x 3.76% pa). There is a tenant break on the 10th anniversary subject to a 6 month rent penalty clause. The 8 flats are sold on long-leases subject to ground rents with fixed increases every 25 years. The current ground rent income is £800 per annum (£100 per flat). There is a service charge currently running at approximately £7,000 per annum, including buildings insurance and management fees.
  • Rent: Tenure: Freehold held in a SPV Offers invited in the region of £950,000
  • Viewing: Strictly by prior appointment through the Surveyors. Please contact Phil Hubbard e: phil.hubbard@sibleypares.co.uk or Matt Sadler e: matt.sadler@sibleypares.co.uk
  • Legal Costs: Each side to bear its own legal and professional costs
  • Rateable value / Council Tax: Commercial RV 19,500 @ 46.6p in the £ Rates payable £9,087 for the year 2017/18
  • VAT: The property is registered for VAT which will be charged at the prevailing rate.
  • EPC: Commercial Rating (C) 56

Map Here