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£500,000

143c Sevenoaks High Street, Sevenoaks, Kent, TN13 1UY

Full description

The property is a three storey end of terrace premises of frame construction with brick elevations beneath a flat roof. The premises comprise a single ground floor lock-up shop of 1,598 sq. ft. with return frontage occupied by A-Plan Holdings t/a A-Plan Insurance at a passing rent of £36,250 pax. The upper 2 floors consists of 6 residential flats accessed via a communal staircase to the rear, all of which are let on long leaseholds currently generating ground rents of £100 per annum per flat.

  • Prominent Freehold Retail Investment
  • Approximately 6 years unexpired
  • Producing income of £36,850 per annum
  • GIY of approximately 7.37%
  • Prominent retail location on Sevenoaks High Street
  • Good covenant strength
  • Offers in excess of £500,000
  • 6 residential flats

  • Location: The property is located in a prominent retailing position on the West side of Sevenoaks High Street at its junction with Pembroke Road. Sevenoaks is an affluent market town in Kent which is highly attractive to commuters. Nearby occupiers include Wagamama, Pizza Express, M&S, Tesco and Costa. The town is located just outside the M25, 40 miles south-east of Central London, 18 miles west of Maidstone and 14 miles north of Royal Tunbridge Wells. Road communications are excellent with the A25 3 miles to the north-west providing direct access to the M25. Rail services to London Charing Cross, Blackfriars and London Bridge provide frequent services to Central London with a journey time of 22 minutes.
  • Accommodation: Ground Floor Retail Tenant: A-Plan Holdings t/a A Plan Insurance. 10 year term from 02/07/2015. Passing rent - £36,250 pax. Rent review - 02/07/2020. First/Second Floor Residential (Flats). Private Landlords. 6 leases of 125 years from 06/10/2010. Passing rent - £600 pax*. Rent review - 06/10/2035. *NB: The residential leases are subject to a 100% increase in rent every 25 years at review. Tenant Covenant A-Plan Holdings (trading as A-Plan Insurance) has been trading since 1963, during which time it has provided personalised insurance services to its clients and has expanded to over 80 branches in the UK. Most notably, A-Plan Holdings acquired Endsleigh from Zurich at the beginning of 2018. From the year ending February 2018, A-Plan Holdings reported a turnover of £93,357,176, an increase in 12% from 2017, a pre-tax profit of £29,948,892 and shareholder funds of £28,304, 854. A-Plan Holdings has a Creditsafe rating of 92/100 which indicates a 'Very Low Risk' of business failure.
  • Terms: We are instructed to seek offers in excess of £500,000 (five hundred thousand pounds) subject to contract and exclusive of VAT for the freehold. A purchase at this price would equate to a gross initial yield of 7.37%.
  • Rent: Offers in excess of £500,000 (five hundred thousand pounds) Service charge payable quarterly by all the tenants. Full details available on request.
  • Viewing: Strictly by prior appointment through the Sole Agents. Please contact Sibley Pares Taylor Riley. Tel 01233 629281 Joel Wyatt e: joel.wyatt@sibleypares.co.uk Phil Hubbard e: phil.hubbard@sibleypares.co.uk
  • Legal Costs: Each side to bear its own legal and professional costs.
  • VAT: This property is elected for VAT and anticipate that the sale would be handled as a TOGC.
  • EPC: Full EPC information available of request.

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