Nearby occupiers including Primark, Marks & Spencer, WHSmith and Superdrug
Prominent pedestrianised location in Maidstone town centre close to Fremlin Walk Shopping Centre
Lot 41
Auction 18th October 2018
Rent £45,000 per Annum Exclusive
Status Sold
Price £605,000
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
17 miles north-east of Tunbridge Wells,
37 miles south-east of Central 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 is situated on the western side of the pedestrianised Week Street, between its junctions with Union Street and St Faiths Street, in the heart of Maidstone town centre. Nearby occupiers include Primark, Marks & Spencer, WHSmith and Superdrug. Fremlin Walk Shopping Centre is located a very short walk away. Brewer Street East car park is also a short walk away with car parking for approximately 61 cars.
Tenure
Freehold. To be held for a term of 999 years from completion at a peppercorn rent.
Location
Miles
17 miles north-east of Tunbridge Wells,
37 miles south-east of Central 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 is situated on the western side of the pedestrianised Week Street, between its junctions with Union Street and St Faiths Street, in the heart of Maidstone town centre. Nearby occupiers include Primark, Marks & Spencer, WHSmith and Superdrug. Fremlin Walk Shopping Centre is located a very short walk away. Brewer Street East car park is also a short walk away with car parking for approximately 61 cars.
Tenure
Freehold. To be held for a term of 999 years from completion at a peppercorn rent.
Description
The property comprises a well configured retail/A2 unit, arranged on the ground floor only, forming part of a larger building. The property benefits from rear loading accessed via
St Faiths Street.
VAT
VAT is applicable to this lot.
EPC
E
Description
The property comprises a well configured retail/A2 unit, arranged on the ground floor only, forming part of a larger building. The property benefits from rear loading accessed via
St Faiths Street.
VAT
VAT is applicable to this lot.
EPC
E
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews
Ground
Retail/A2
216.37 sq m
(2,329 sq ft)
A-PLAN HOLDINGS (1) t/a A-Plan Insurance
15 years from 12/02/2015 until 11/02/2030 on an effectively full repairing and insuring lease
£45,000 (2)
12/02/2020 12/02/2025 12/11/2029
Total
216.37 sq m
(2,329 sq ft)
£45,000 (2)
(1) A-Plan Holdings has been providing a personalised insurance service to over 600,000 clients since the 1960s and operates from over 80 high street branches. For the year ending 28th February 2017, A-Plan Holdings reported a turnover of £84,318,438, pre-tax profits of £27,569,985 and a total net worth of £19,756,887 (Sources: www.aplan.co.uk and Experian Group). (2) The current rent is £22,500 p.a., however the lease provides for a fixed rental increase to £45,000 p.a. on the 12th August 2019. The Vendor has agreed to adjust the completion monies so that the property effectively produces £45,000 from completion of the sale until 12th August 2019.
