27 Earl Street Maidstone Kent ME14 1PE

27 Earl Street
Maidstone
Kent
ME14 1PE

Freehold Retail (and Commercial Ground Rent) Investment

Retail unit let to Ryman Limited
Tenant in occupation for over 35 years
Opposite Fremlin Walk Shopping Centre, housing retailers including House of Fraser, Zara, H&M, Topman and Boots the Chemist
Popular restaurant location with nearby occupiers including Zizzi’s, Pizza Express, ASK Italian, Wagamama, Nando’s and Prezzo along with Marks & Spencer, River Island, Superdrug and Primark
For the Seller's Legal Pack, please click the Property Documents tab below

Lot
54
Auction
7th July 2016
Rent
£30,000 per Annum Exclusive
Status
Sold
Price
£420,000
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Squafre
London W1H 7BG

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Freehold Retail (and Commercial Ground Rent) Investment

Retail unit let to Ryman Limited
Tenant in occupation for over 35 years
Opposite Fremlin Walk Shopping Centre, housing retailers including House of Fraser, Zara, H&M, Topman and Boots the Chemist
Popular restaurant location with nearby occupiers including Zizzi’s, Pizza Express, ASK Italian, Wagamama, Nando’s and Prezzo along with Marks & Spencer, River Island, Superdrug and Primark
For the Seller's Legal Pack, please click the Property Documents tab below

Lot 54
Auction 7th July 2016
Rent £30,000 per Annum Exclusive
Status Sold
Price £420,000
Sector
High Street Retail
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Squafre
London W1H 7BG

Property Information

Location

Miles: 17 miles north-east of Tunbridge Wells, 37 miles south-east of London
Roads: A20, A229, A249, M20 (Junction 6)
Rail: Maidstone East Railway Station Maidstone West Railway Station
Air: London Gatwick Airport, London City Airport

Situation

The property occupies a prominent corner position on the southern side of Earl Street, at its junction with Corn Exchange. The property is located opposite Fremlin Walk Shopping Centre which houses retailers including Zara, H&M, House of Fraser and Boots the Chemist. Other occupiers in the area include Nando's, Prezzo, ASK Italian, Cafe Rouge, Wagamama's, Prezzo, River Island, Marks & Spencer and Primark.

Tenure

Freehold.

Location

Miles: 17 miles north-east of Tunbridge Wells, 37 miles south-east of London
Roads: A20, A229, A249, M20 (Junction 6)
Rail: Maidstone East Railway Station Maidstone West Railway Station
Air: London Gatwick Airport, London City Airport

Situation

Tenure

Freehold.

Description

The property comprises a ground floor shop, with further sales/ancillary accommodation at basement level. In addition there is self-contained accommodation currently being used as a dance
studio at first, second and third floors let on a long lease.

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Review/(Reversion)
Ground Basement	Retail Retail/Ancillary	73.77 sq m 75.90 sq m	(794 sq ft) (817 sq ft)	RYMAN LIMITED (1)	10 years from 01/11/2011 (2)	£30,000	01/11/2016 (31/10/2021)
First, Second & Third	Dance Studio	-	(-)	AN INDIVIDUAL	999 years from 01/07/2008	Peppercorn	(30/06/3007)
Totals		149.67 sq m	(1,611 sq ft)			£30,000

(1) For the year ending 28th March 2015, Ryman Limited reported a turnover of £131,005,000, pre-tax profits of £7,918,000 and a total net worth of £44,489,000 (Source: Experian Group 23/05/2016). Ryman trade from about 220 shops in the United Kingdom (Source: www.ryman.co.uk 01/06/2016).
(2) The lease to Ryman Limited provided for tenant options to determine in June 2014 and October 2016. Both break options were exercisable on 6 months’ notice and both break options were not exercised.