20 King Street Ramsgate Kent CT11 8NT

20 King Street
Ramsgate
Kent
CT11 8NT

Freehold Retail Investment

  • Entirely let to Iceland Foods Limited with Guarantee
  • Iceland lease expires in February 2030 (subject to option)
  • Fixed rental increases in 2020 and 2025
  • Approximately 7,712 sq ft
  • Customer car parking at rear
  • Popular Kent seaside town
  • Lot
    50
  • Auction
    13th July 2017
  • Rent
    £81,685 per Annum Exclusive
  • Status
    Sold
  • Price
    £1,165,000
  • Sector
    Supermarket
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
  • Expand
  • Photos
  • Map

* More information on the term "guide" can be found here

Freehold Retail Investment

  • Entirely let to Iceland Foods Limited with Guarantee
  • Iceland lease expires in February 2030 (subject to option)
  • Fixed rental increases in 2020 and 2025
  • Approximately 7,712 sq ft
  • Customer car parking at rear
  • Popular Kent seaside town
  • Lot 50
  • Auction 13th July 2017
  • Rent
  • Status Sold
  • Price £1,165,000
  • Sector
    Supermarket
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG

Property Information

Location
Miles
5 miles south of Margate, 15 miles east of Canterbury
Roads
A28, A256, A299
Rail
Ramsgate Railway Station
Air
London City Airport
Situation

The property is located in a prominent corner position fronting King Street and Broad Street, just behind the pedestrianised High Street. Nearby retailers include Boots the Chemist, WH Smith, Peacocks, New Look and Poundland. The property benefits from close proximity to Turner Street car park, the main town centre surface car park, benefitting from good pedestrian flow past the property.

Tenure

Freehold.

Location
Miles
5 miles south of Margate, 15 miles east of Canterbury
Roads
A28, A256, A299
Rail
Ramsgate Railway Station
Air
London City Airport
Situation

The property is located in a prominent corner position fronting King Street and Broad Street, just behind the pedestrianised High Street. Nearby retailers include Boots the Chemist, WH Smith, Peacocks, New Look and Poundland. The property benefits from close proximity to Turner Street car park, the main town centre surface car park, benefitting from good pedestrian flow past the property.

Tenure

Freehold.

Description

The property comprises a large ground floor shop with ancillary accommodation on part first floor. In addition, there are seven self-contained residential flats on part first and second floors (sublet on long leases). The property benefits from customer car parking and rear servicing.

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 a large ground floor shop with ancillary accommodation on part first floor. In addition, there are seven self-contained residential flats on part first and second floors (sublet on long leases). The property benefits from customer car parking and rear servicing.

VAT

VAT is applicable to this lot.

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
Ground
Part First
Part First/
Second
Retail
Ancillary
Residential -
Seven Flats
662.93 sq m
53.51 sq m
-
(7,136 sq ft)
(576 sq ft)
(-)
ICELAND FOODS
LIMITED (1) with a
guarantee from Iceland
Topco Limited (2)
25 years from
28/02/2005 until
27/02/2030 (3) on a full
repairing and insuring
lease
£81,685 (4)
rising to £92,419
in February 2020 (4)
and rising to £104,564
in February 2025 (4)
Total Commercial Area
716.44 sq m
(7,712 sq ft)
    £81,685 rising to
£92,419
in 2020

(1) For the year ending 25th March 2016, Iceland Foods Limited reported a turnover of £2,658,332,000, pre-tax profits of £58,172,000 and a total net worth of £740,354,000 (Source: Experian Group 15/06/2017).
(2) For the year ending 25th March 2016, Iceland Topco Limited reported a turnover of £2,674,700,000, pre-tax profits of £66,700,000 and shareholders’ funds of £337,700,000 (Source: Financial Statement for Year Ending March 2016).
(3) The lease provides for a tenant option to determine on 28th February 2025, subject to twelve months’ prior written notice.
(4) The tenant is paying half rent for six months from March 2017. The Vendor has agreed to adjust the completion monies so the property effectively produces £81,685 per annum from completion of the sale. The lease provides for fixed rental increases of 2.5% annually
compounded.

NB: Please note the flats have been sublet and sold off on long leases.

Property Documents

  • Catalogue Page
    Updated Date
    01.11.19
    File Size
    2 MB
    View PDF
  • Site Plan
    Updated Date
    01.11.19
    File Size
    3 MB
    View PDF
  • Common Auction conditions
    Updated Date
    10.06.21
    File Size
    168 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
David MargolisDavid Margolis +44 (0)20 7034 4862 +44 (0)7930 484 440david.margolis@acuitus.co.uk
Associate Auctioneers
Molyneux Rose LLP 143 New Bond Street
London
W1S 2TP
Chris Tippetts 020 7409 0130chris.tippetts@molyrose.co.uk
Seller's Solicitors
Fieldfisher Riverbank House, 2 Swan Lane
London
EC4R 3TT
Sara Lindemann 0207 861 4618sara.lindemann@fieldfisher.com

Useful Links

Acuitus Finance
Stuart BuchananStuart Buchanan +44 (0)20 7034 4850 +44 (0)7879 432868stuart.buchanan@acuitus.co.uk

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