8 St. George's Street Canterbury Kent CT1 2SR

8 St. George's Street
Canterbury
Kent
CT1 2SR

Prime Retail Investment in Historic City Centre

  • Let to Warren James (Jewellers) Limited
  • March 2019 tenant break option not exercised
  • Open market rental increase from £45,000 pa to £58,000 pa at March 2019 Rent Review
  • Prime location in historic and touristic cathedral city
  • Adjacent to Marks & Spencer, and close to Fenwick, Cote Brasserie, Cafe Rouge, Caffe Nero, Starbucks, Primark, McDonald's and WHSmith
  • Lot
    7
  • Auction
    12th February 2020
  • Rent
    £58,000 per Annum Exclusive
  • Status
    Sold
  • Price
    £715,000
  • Sector
    High Street Retail
  • Auction Venue
    The Montcalm Hotel
    2 Wallenberg Place
    Marble Arch
    London W1H 7TN
  • On Behalf of Trustees
  • Expand
  • Photos
  • Map

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

Prime Retail Investment in Historic City Centre

  • Let to Warren James (Jewellers) Limited
  • March 2019 tenant break option not exercised
  • Open market rental increase from £45,000 pa to £58,000 pa at March 2019 Rent Review
  • Prime location in historic and touristic cathedral city
  • Adjacent to Marks & Spencer, and close to Fenwick, Cote Brasserie, Cafe Rouge, Caffe Nero, Starbucks, Primark, McDonald's and WHSmith
  • Lot 7
  • Auction 12th February 2020
  • Rent
  • Status Sold
  • Price £715,000
  • Sector
    High Street Retail
  • Auction Venue
    The Montcalm Hotel
    2 Wallenberg Place
    Marble Arch
    London W1H 7TN
  • On Behalf of Trustees

Property Information

Location
Miles
28 miles east of Maidstone
60 miles south-east of Central London
Roads
A2, A28, M2, M20
Rail
Canterbury East, Canterbury West
Air
London Gatwick
Situation

Canterbury is an historic Cathedral City, popular with tourists and home to the University of Kent, Canterbury Christchurch University and the University College for Creative Arts. The property is situated in a prime retailing location on the south-west side of the pedestrianised St George's Street, Canterbury's main retailing location. The property is adjacent to a large Marks & Spencer store, and close to other retailers including Fenwick, Cote Brasserie, Cafe Rouge, Caffe Nero, Starbucks, Primark, McDonald's and WHSmith. Whitefriars Shopping Centre is a very short walk away.

Tenure

Long Leasehold. Held from Canterbury City Council for 99 years from 17/12/1996 until 16/12/2095 with an option to renew for a further 51 years at expiry (thus having potentially 126 years unexpired), at a geared head rent of the higher of 13.5% of rents received or £2,500 per annum for the first 75 years and £5,000 per annum thereafter.

Location
Miles
28 miles east of Maidstone
60 miles south-east of Central London
Roads
A2, A28, M2, M20
Rail
Canterbury East, Canterbury West
Air
London Gatwick
Situation

Canterbury is an historic Cathedral City, popular with tourists and home to the University of Kent, Canterbury Christchurch University and the University College for Creative Arts. The property is situated in a prime retailing location on the south-west side of the pedestrianised St George's Street, Canterbury's main retailing location. The property is adjacent to a large Marks & Spencer store, and close to other retailers including Fenwick, Cote Brasserie, Cafe Rouge, Caffe Nero, Starbucks, Primark, McDonald's and WHSmith. Whitefriars Shopping Centre is a very short walk away.

Tenure

Long Leasehold. Held from Canterbury City Council for 99 years from 17/12/1996 until 16/12/2095 with an option to renew for a further 51 years at expiry (thus having potentially 126 years unexpired), at a geared head rent of the higher of 13.5% of rents received or £2,500 per annum for the first 75 years and £5,000 per annum thereafter.

Description

The property comprises a three storey building, arranged as a ground floor shop with mezzanine, first and second floor ancillary accommodation.

VAT

VAT is applicable to this lot.

EPC

Band E. See legal pack at acuitus.co.uk

Description

The property comprises a three storey building, arranged as a ground floor shop with mezzanine, first and second floor ancillary accommodation.

VAT

VAT is applicable to this lot.

EPC

Band E. See legal pack at acuitus.co.uk

Tenancy & Accommodation

Floor Use Floor Areas (Approx) Tenant Term Gross Rent p.a.x
Ground
Mezzanine
First
Second
Retail/Ancillary
Ancillary
Ancillary
Ancillary
107.37 sq m
11.96 sq m
107.74 sq m
30.43 sq m
(1,155 sq ft)
(129 sq ft)
(1,159 sq ft)
(327 sq ft)
WARREN JAMES
(JEWELLERS)
LIMITED (1)
10 years from 21/03/2014
until 20/03/2024 on a full
repairing and insuring
lease
£58,000
Total
257.33 sq m
(2,770 sq ft)
    £58,000

(1) For the year ending 31st March 2018, Warren James (Jewellers) Limited reported a turnover of £117,917,000, pre-tax profits of £40,200,000 and a total net worth of £125,282,000 (Source: Experian Group) and operates from about 220 stores around the UK (www.warrenjames.co.uk).

If you are the successful bidder, Acuitus requires a separate payment of £1,250+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.

Property Documents

  • Catalogue Page
    Updated Date
    22.01.20
    File Size
    800 KB
    View PDF
  • Site Plan
    Updated Date
    22.01.20
    File Size
    801 KB
    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
Seller's Solicitors
Stephenson Harwood LLP 1 Finsbury Circus
London
EC2M 7SH
James Trundle 0207 808 2247james.trundle@shlegal.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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