Freehold Retail and Office Investment with Residential Planning Permission
Two Retail Units let to Paytemp Plus Limited (t/a Jark Recruitment) and Brook Street (UK) Limited (t/a Brook Street Recruitment)
Planning permission for three residential flats on upper floors
Established retail/office location within town centre
Six Week Completion
Lot 6
Auction 13th February 2014
Rent £24,750 per Annum Exclusive
Status Sold
Price £320,000
Sector High Street Retail
Auction Venue The Millennium Hotel 44 Grosvenor Square London W1K 2HP
Property Information
Location
Miles
17 miles north-east of Tunbridge Wells, 35 miles south-east of London
Roads
A229, A249, M20 (Junction 6)
Rail
Maidstone East, Maidstone Barracks
Air
London City Airport, London Gatwick
Situation
The property is situated within Maidstone town centre on the western side of Pudding Lane, at its junction with Medway Street. Pudding Lane, which adjoins High Street to the south, is known as an established office area, with the town’s prime shopping facilities at Fremlin Walk, Royal Star Arcade and The Mall all within easy walking distance.
Tenure
Freehold.
Location
Miles
17 miles north-east of Tunbridge Wells, 35 miles south-east of London
Roads
A229, A249, M20 (Junction 6)
Rail
Maidstone East, Maidstone Barracks
Air
London City Airport, London Gatwick
Situation
The property is situated within Maidstone town centre on the western side of Pudding Lane, at its junction with Medway Street. Pudding Lane, which adjoins High Street to the south, is known as an established office area, with the town’s prime shopping facilities at Fremlin Walk, Royal Star Arcade and The Mall all within easy walking distance.
Tenure
Freehold.
Description
The property comprises two ground floor retail units with basement ancillary accommodation and self-contained vacant offices on first and second floors with additional basement accommodation.
Note
Planning permission has been granted to convert the upper floors into 2 x two bedroom flats and 1 x one bedroom flat. Full details are available at http://www.maidstone.gov.uk/residents/planning (Ref: 12/1302).
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises two ground floor retail units with basement ancillary accommodation and self-contained vacant offices on first and second floors with additional basement accommodation.
Note
Planning permission has been granted to convert the upper floors into 2 x two bedroom flats and 1 x one bedroom flat. Full details are available at http://www.maidstone.gov.uk/residents/planning (Ref: 12/1302).
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
No.
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews
11
Ground Basement
Retail Ancillary
28.33 sq m 28.52 sq m
(305 sq ft) (307 sq ft)
PAYTEMP PLUS LIMITED (1) (t/a Jark Recruitment)
10 years from 03/08/2012 until 02/08/2022
£10,250
03/08/2015 and 03/08/2018 (2)
15
Ground Basement (3)
Retail Ancillary
92.81 sq m 12.60 sq m
(999 sq ft) (136 sq ft)
BROOK STREET (UK) LIMITED (4) (t/a Brook Street Recruitment)
10 years from 22/11/2013 until 21/11/2023 (5)
£14,500 (6)
22/11/2018
13
First Second Basement
Office Office Storage
98.00 sq m 51.00 sq m 41.31 sq m
(1,056 sq ft) (548 sq ft) (445 sq ft)
VACANT POSSESSION
Planning Permission for Three Residential Flats
-
Totals
352.57 sq m
(3,796 sq ft)
£24,750
(1) Jark have been in occupation since 2006. Established in 1996, they are a well established employment business that have ranked in the top 100 recruitment companies in the UK for several years. (Source: www.jark.co.uk 13/01/2014) (2) The lease provides a tenant option to determine on the third and sixth anniversary of the term. (3) The basement accommodation for 15 Pudding Lane is accessible only through 13 Pudding Lane’s basement, which is currently vacant. (4) With over 60 years experience in the recruitment business and more than 100 branches nationwide, Brook Street is one of the UK’s most successful recruitment agencies. (Source: www.brookstreet.co.uk 14/01/2014) (5) The lease provides a tenant option to determine on the fifth anniversary of the term and the date which is seven years and six months from commencement of term. (6) For the purposes of clarification, Brook Street (UK) Limited is currently benefiting from a concessionary rent of £7,250 p.a.x. due to expire on 22nd November 2014. The seller has agreed to adjust the completion monies so that the unit will effectively produce £14,500 p.a.x. from completion of the sale.
