16 High Street Maidstone Kent ME14 1HT

16 High Street
Maidstone
Kent
ME14 1HT

Freehold Bank & Residential Ground Rent Investment

Let to TSB Bank Plc until 2026 (subject to option)
Includes 4 Flats (Let on Long Leases)
Prominent location within Maidstone Town Centre
Fremlin Walk Shopping Centre is located close by with parking for 760 cars
Nearby occupiers include Zara, Costa Coffee, JD Wetherspoon, House of Fraser, Wagamamas and Pret a Manger
VAT-free investment

Lot
3
Auction
17th February 2022
Rent
£36,000 per Annum Exclusive
Status
Sold
Price
£392,000
Auction Venue
Live Streamed Auction

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Freehold Bank & Residential Ground Rent Investment

Let to TSB Bank Plc until 2026 (subject to option)
Includes 4 Flats (Let on Long Leases)
Prominent location within Maidstone Town Centre
Fremlin Walk Shopping Centre is located close by with parking for 760 cars
Nearby occupiers include Zara, Costa Coffee, JD Wetherspoon, House of Fraser, Wagamamas and Pret a Manger
VAT-free investment

Lot 3
Auction 17th February 2022
Rent £36,000 per Annum Exclusive
Status Sold
Price £392,000
Sector
Bank
Auction Venue
Live Streamed Auction

Property Information

Location

Miles: 17 miles north-east of Tunbridge Wells, 37 miles south-east of Central London
Roads: A20, A229, A249, M20 (J6)
Rail: Maidstone East Railway Station
Air: London Gatwick Airport, London City Airport

Situation

Maidstone is the county town and administrative centre of Kent located 37 miles south-east of London. The property is situated in the heart of Maidenhead town centre on High Street. Fremlin Walk Shopping Centre is located approximately 300m away with the Fremlin Walk car park providing 760 spaces. Nearby occupiers include Zara, Costa Coffee, JD Wetherspoon, House of Fraser, Wagamamas and Pret a Manger.

Tenure

Freehold.

Location

Miles: 17 miles north-east of Tunbridge Wells, 37 miles south-east of Central London
Roads: A20, A229, A249, M20 (J6)
Rail: Maidstone East Railway Station
Air: London Gatwick Airport, London City Airport

Situation

Tenure

Freehold.

Description

The property comprises a ground floor banking hall with ancillary accommodation. The upper parts of the building comprise four flats let on long leases.

VAT

VAT is not applicable to this lot.

Completion Period

Six Week Completion

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

The property comprises a ground floor banking hall with ancillary accommodation. The upper parts of the building comprise four flats let on long leases.

VAT

VAT is not applicable to this lot.

Completion Period

Six Week Completion

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	Banking	260.92 sq m (2,809 sq ft)	TSB BANK PLC (1)	5 years from 01/03/2021 (2)	£35,000
First, Second, Third & Fourth Floors	Residential (4 x two bed flats)	-	VARIOUS	4 leases, each 125 years from 30/03/2005 expiring 29/03/2130	£1,000 (£250 per flat)
Total Commercial Area		260.92 sq m (2,809 sq ft)			£36,000

(1) For the year ending 31/12/2020 TSB Bank Plc reported a turnover of £1,064,000,000, pre-tax profits of £-156,200,000 and total shareholders equity of £1,724,900,000 (Source: NorthRow 12/12/2021).
(2) The lease provides for a tenant option to determine on 01/03/2024
NB: The seller has served notices on the residential tenants, pursuant to section 5B of the Landlord & Tenant Act 1987. No acceptance notices have been received from the tenants within the permitted period.

If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.