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
    24/Oct/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
Important Auction & Property Update
  • 11/15 Week Street & Rose Yard<br>Maidstone<br>Kent<br>ME14 1QW
  • Expand
  • Photos
  • Map

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

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.

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

UnitFloorUseFloor Areas (Approx)TenantTermRent p.a.xReviews/
(Reversion)
Part
11 Week St
GroundRetail
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 StGround
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 StGround
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.

Property Documents

  • Site Plan
    Updated Date
    02.10.19
    File Size
    3 MB
    View PDF
  • Catalogue Page
    Updated Date
    02.10.19
    File Size
    2 MB
    View PDF
  • Common Auction conditions
    Updated Date
    19.09.19
    File Size
    150 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF
  • Money Laundering Regs
    Updated Date
    19.09.19
    File Size
    36 KB
    View PDF

Contacts

Acuitus
Georgina RobertsGeorgina Roberts +44 (0)20 7034 4863 +44 (0)7899 877 224georgina.roberts@acuitus.co.uk
Billy StruthBilly Struth +44 (0)20 7034 4854billy.struth@acuitus.co.uk
Seller's Solicitors
Hamlins LLP Roxburghe House, 273-287 Regent Street
London
W1B 2AD
Alexy Pemberton 020 7355 6008alexy.pemberton@hamlins.com

Useful Links

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