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£165,000

15 Stone Street, Cranbrook, Kent, TN17 3HF

Full description

RETAIL INVESTMENT WITH RESIDENTIAL GROUND RENT IN POPULAR AFFLUENT TOWN OFFERING ATTRACTIVE YIELD

  • Attractive, affluent rural town
  • £165,000 for the freehold
  • Prominent location
  • Ground Floor retail unit currently trading as a Menswear Retail Shop
  • Residential ground rent
  • Passing Rent - £12,000 pa showing a Gross Initial Yield of 7.3%
  • Low Purchaser's costs

  • Location: Cranbrook is a picturesque historic market town in the Weald of Kent offering a wide range of local shops and amenities such as Doctors, Leisure Centre, Schools and Banks. The subject property is situated on an adjoining street to the main High Street amongst a variety of shops, restaurants, cafes and Public Houses. Staplehurst mainline train station is about 5 miles away and offers services to London and Ashford International. The A21 gives access to the M25.
  • Accommodation: The property comprises retail area, which is split into two sections, a kitchen and WC. It also benefits from a rear garden, as well as a restricted height basement. We understand the upper parts (not inspected) comprise a 4 bed maisonette. Commercial: Retail Area: 728 sq ft 67.63 sq m Kitchen: 44 sq ft 4.02 sq m WC NIA: 772 sq ft 71.72 sq m Basement: 175 sq ft 16.27 sq m
  • Terms: The property is currently held under the following occupational leases: Retail 10 year lease from 1st June 2017 Tenant Only Break at years 2 & 5 with 6 months notice 3 Yearly Upwards Only Rent Review Passing Rent: £12,000 pa Outside L&T 1954 Act Residential 125 years from 24.6.2013 ground rent £100 pa doubling on 24.6.2026 and every 25 years thereafter therefore being £3,200 pa from 24.6.2126 until end of lease.
  • Rent: £165,000 for the freehold
  • Viewing: Strictly by prior appointment through the Surveyors. Please contact Alex Stanford e: alex.stanford@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: RV £11,250 @ 48.0p in the £ Rates Payable £5400 for the year 2018/19
  • VAT: We understand from our client that the property is not elected for VAT
  • EPC: Rating Retail E Flat F
  • Price: Mains Water, Electricity

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