Property Auctions 24/Oct/2019 | 11/15 Week Street & Rose Yard, Maidstone, Kent, ME14 1QW

Freehold Retail and Leisure Investment

Three prominent retail units on busy pedestrianised pitch with substantial leisure building at the rear
Fully let with tenants including Mountain Warehouse and Game
Nearby occupiers include EE, Clarks, Lush, Marks & Spencer and WH Smith
Asset management potential

Lot 28
Auction 24th October 2019
Rent £352,500 per Annum Exclusive
Status Sold Post
Price
Sector
High Street Retail
Auction Venue
The Montcalm Hotel
2 Wallenberg Place
London W1H 7TN
On behalf of a Major Fund Manager

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
Air: London Gatwick Airport, London City Airport

Situation

Maidstone is the county town and administrative centre of Kent located 35 miles east of London.
The property occupies a prominent position on the principal retailing pitch on Week Street, which is a busy thoroughfare between the Fremlin Walk Shopping Centre and The Mall. Nearby occupiers include EE, Clarks, Lush, Marks & Spencer and
WH Smith.

Tenure

Freehold.

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
Air: London Gatwick Airport, London City Airport

Situation

Maidstone is the county town and administrative centre of Kent located 35 miles east of London.
The property occupies a prominent position on the principal retailing pitch on Week Street, which is a busy thoroughfare between the Fremlin Walk Shopping Centre and The Mall. Nearby occupiers include EE, Clarks, Lush, Marks & Spencer and
WH Smith.

Tenure

Freehold.

Description

The property comprises three retail units fronting Week Street and a five storey building at the rear fronting Rose Yard. 11 Week Street comprises a ground floor retail unit, with basement, first and second floors linked to the Rose Yard building at the rear. 13 Week Street comprises a ground floor retail unit with ancillary accommodation on basement, first and second floors. 15 Week Street comprises a double fronted ground floor retail unit with ancillary accommodation at basement, first and second floors. Rose Yard is a former warehouse arranged over five floors, which is currently let to a leisure operator which we understand is to be refurbished to provide event space.

VAT

VAT is applicable to this lot.

EPC

Available to download at acuitus.co.uk

Description

The property comprises three retail units fronting Week Street and a five storey building at the rear fronting Rose Yard. 11 Week Street comprises a ground floor retail unit, with basement, first and second floors linked to the Rose Yard building at the rear. 13 Week Street comprises a ground floor retail unit with ancillary accommodation on basement, first and second floors. 15 Week Street comprises a double fronted ground floor retail unit with ancillary accommodation at basement, first and second floors. Rose Yard is a former warehouse arranged over five floors, which is currently let to a leisure operator which we understand is to be refurbished to provide event space.

VAT

VAT is applicable to this lot.

EPC

Available to download at acuitus.co.uk

Tenancy & Accommodation

Unit	Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Reviews/ (Reversion)
Part 11 Week St	Ground	Retail	385.45 sq m	(4,149 sq ft)	MOUNTAIN WAREHOUSE LIMITED (1)	5 years from 21/12/2018	£120,000	(20/12/2023)
13 Week St	Ground Basement First Second	Retail Ancillary Ancillary Ancillary	220.37 sq m 155.33 sq m 60.29 sq m 58.53 sq m	(2,372 sq ft) (1,672 sq ft) (649 sq ft) (630 sq ft)	GAME RETAIL LIMITED (2)	5 years from 24/06/2015	£95,000	(23/06/2020)
15 Week St	Ground Basement First Second	Retail Ancillary Ancillary Ancillary	236.16 sq m 35.49 sq m 45.43 sq m 59.64 sq m	(2,542 sq ft) (382 sq ft) (489 sq ft) (642 sq ft)	MONSOON ACCESSORIZE LIMITED (3)	10 years from 25/12/2012	£97,500	(24/12/2022)
Part 11 Week Street	Basement First Second	To be used as Leisure/Ancillary	199.93 sq m 249.44 sq m 213.96 sq m	(2,152 sq ft) (2,685 sq ft) (2,303 sq ft)	INDIVIDUAL (4)	10 years from 22/08/2018 (5)	£40,000	(22/08/2023)
Rose Yard Building	Ground Basement First Second Third		132.67 sq m 224.08 sq m 217.76 sq m 227.89 sq m 238.39 sq m	(1,428 sq ft) (2,412 sq ft) (2,344 sq ft) (2,453 sq ft) (2,566 sq ft)
Total			2,960.81 sq m	(31,870 sq ft)			£352,500

(1) For the year ending 25th February 2018, Mountain Warehouse Limitred reported a turnover of £225,910,000, pre-tax profits of £20,810,000 and a total net worth of £80,270,000 (Source: Experian Group 26/09/2019).
(2) Game is the UK's sole specialist high street gaming retailer, with over 300 stores nationwide providing an authoritative range of gaming and gaming lifestyle products and services (Source: storefinder.game.co.uk 26/09/2019).
(3) In July 2019, a proposal by Monsoon Accessorize Limited for a Company Voluntary Arrangement (CVA) was accepted by the company's creditors. 15 Week Street is a category 2 store. Under the terms of the CVA, the rent has been reduced by 25% to £97,500 and mutual rolling breaks subject to 60 days' notice. For further information please refer to the legal pack.
(4) The tenant plans to refurbish the building to provide event space linked with the nearby Source Bar. The tenant is under an obligation to install an electricity substation on the site within 2 years - please refer to the lease for further information.
(5) The tenant has a personal option to purchase their demise on a 150 year lease for £600,000 on or before the fifth anniversary of the term, subject to six months' notice. For further information please refer to the legal pack.