Potential residential conversion opportunity of upper parts (subject to lease and consents)
Prominent town centre location close to Boots the Chemist, Greggs, Savers and Iceland
VAT-free retail investment
Lot 11
Auction 14th February 2019
Rent £26,000 per Annum
Status Sold
Price £354,000
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
16 miles north-east of Gillingham
26 miles north-west of Canterbury
50 miles south-east of Central London
Roads
A249, M2, M20
Rail
Sheerness-on-Sea Railway Station
Air
London Gatwick Airport
Situation
The property is prominently situated on the eastern side of High Street, north of its junction with Broadway, in the heart of Sheerness town centre. Nearby retailers include Boots the Chemist, Greggs, Savers and Iceland, with branches of Nationwide and Halifax banks also located nearby. Rose Street Car Park is located nearby with car parking for over 150 cars.
Tenure
Freehold.
Location
Miles
16 miles north-east of Gillingham
26 miles north-west of Canterbury
50 miles south-east of Central London
Roads
A249, M2, M20
Rail
Sheerness-on-Sea Railway Station
Air
London Gatwick Airport
Situation
The property is prominently situated on the eastern side of High Street, north of its junction with Broadway, in the heart of Sheerness town centre. Nearby retailers include Boots the Chemist, Greggs, Savers and Iceland, with branches of Nationwide and Halifax banks also located nearby. Rose Street Car Park is located nearby with car parking for over 150 cars.
Tenure
Freehold.
Description
The property comprises a well configured double-fronted ground floor shop, with separately accessed accommodation on the first and second floors, most of which is not currently used by the tenant. Access to the upper parts is via a large garden to the rear.
VAT
VAT is not applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a well configured double-fronted ground floor shop, with separately accessed accommodation on the first and second floors, most of which is not currently used by the tenant. Access to the upper parts is via a large garden to the rear.
VAT
VAT is not 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 First Second
Retail/Ancillary Ancillary Ancillary
151.43 sq m 89.28 sq m 91.79 sq m
(1,630 sq ft) (961 sq ft) (988 sq ft)
HOLLAND & BARRETT RETAIL LIMITED (1)
5 years from 23/05/2018 (2) on a full repairing and insuring lease
£26,000
Total
332.50 sq m
(3,579 sq ft)
£26,000
(1) For the year ending 30th September 2017, Holland & Barrett Retail Limited reported a turnover of £461,408,000, pre-tax profits of £81,776,000 and a total net worth of £244,129,000 (Source: Experian Group 07/01/2019). (2) The lease provides for a tenant option to determine on 23rd May 2020, which is subject to a three month rent penalty (£6,500) if exercised.
