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£585,000

15a King Street, Maidstone, Kent, ME14 1BA

Full description

Retail Investment in Maidstone Town Centre

  • Freehold Investment for Sale
  • £585,000 for the freehold subject to the occupational tenancy showing a reversionary yield of 7.12%
  • Car Parking for up to 6 Cars
  • Town Centre Location
  • Air-Conditioning

  • Location: The property is located on King Street, Maidstone, the County Town of Kent adjacent to the Gateway and The Mall. King Street has a mixture of established retail and office occupiers and benefits from excellent prominence being adjacent to the Bus Station and The Mall rooftop car park. Maidstone is the County Town of Kent and the administrative headquarters of KCC. Maidstone offers excellent shopping facilities at Fremlin Walk and The Mall and a wide range of restaurants and entertainment venues. Its location to the motorway networks is second to none with junctions 6 to 8 of the M20 easily accessible leading to the M25 and the Continent. Maidstone East offers rail services to London Victoria in under one hour.
  • Accommodation: Comprises retail area and first floor office space, ladies & gents WC's, kitchenette and car parking for up to 6 cars at the rear of the premises. Frontage 7.31 m Depth 16.05 m Retail Area 1,244 sq ft 115.59 sq m First Floor 1,126 sq ft 104.48 sq m Total 2,370 sq ft 220.07 sq m
  • Terms: The property is currently let to Heart of Kent Hospice as summarised below: 10 year lease from 21st October 2016 (8 years unexpired) on a stepped rent basis as below: Initial 3 years of term: £35,000 pa Years 4,5,6: £37,100 pa Years 7,8,9,10 : £41,685 pa Tenant Break 21st October 2021 with 6 months notice. In addition 4 of the car parking spaces are currently let seperately for £2,400 pa. Reversionary Yield of 7.12% taking purchasers costs at 5.8% Heart of Kent Hospice, established in 1991, provides exceptional care for people facing the challenge of living with a terminal illness in Maidstone, Aylesford, Tonbridge, Malling and surrounding areas.
  • Rent: £585,000 for the freehold
  • 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: RV £34,000 @ 48.0p in the £ Rates payable £16,320 for the year 2018/19
  • VAT: We understand from our client that the property is not elected for VAT
  • EPC: Rating D (86)
  • Price: Mains Electricity Air-conditioning

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