Substantial Retail Unit in Prominent High Street Location Long Term Investment With RPI Rent Reviews Shop With Two Flats
For sale - £750,000 Offers in the region of 2,443 Sq Ft (226.95 Sq M)
High Street, Sittingbourne, Kent, ME10 4PH
Property description
The premises comprise:- Open plan retail unit.- Fully glazed frontage with recessed glazed central door and return frontage.- First floor stock room, staff room, office and male and female WCs.- 2 self-contained flats, one let on a PST and the other occupied by a member of staff.
Location
This retail unit occupies a prominent position on the best part of the High Street and backing on to the The Forum Shopping Centre The Light multiplex cinema, associated fast food restaurants such as Nando's and car park and, beyond that, Sittingbourne mainline railway station. Other prominent retailers in the vicinity include: Boots, Santander, Starbucks, O2, Vodaphone, W H Smith, Superdrug, Halifax, NatWest Bank, Greggs, Subway, HSBC, Wimpey and Lloyds Bank.
Accommodation
The area is net internal and approximate:Ground floor sales area:...………….2,090 sq ft...…...……....(194.2 sq m)First floor stock room:...240 sq ft...……………..(22.2 sq m)First floor office:.............52 sq ft...…...….............(4.8 sq m)Staff room:...............…..61 sq ft.......…53 sq ft.....(5.6 sq m)...(32.6 sq m)TOTAL:............…..............……….......2,443 sq ft...............…...(226.8 sq m)First Floor: 2, One bedroom, self contained flats.
Terms
LEASE TERMS:20 year lease from 3rd December 2020 without break clauses.5 yearly upward only rent reviews based on increases in the RPI All Items Index Value.Tenants Full Repairing and Insuring terms.Deposit.Guarantor.Lease assigned with AGA.A copy of the shop Lease and the tenanted flat Agreement are available on application.
Price
Rent: £63,677.88 per annum exclusive payable quarterly in advance following review of 3rd December 2025.Price: £750,000This represents an initial yield of 8.5%, or 8.05% after the deduction of costs at 5.5%.VAT:VAT is payable in addition to the sale price.
Rateable Value
(Payable by Tenant)Description: Shop & PremisesRateable Value: £33,500UBR in £: 49.9pBusiness Rates Payable: £16,716.50This does not include the Council Tax for the 2nd floor flats also payable by the tenant..Potential applicants are advised to check with the Local Rating Authority Swale Borough Council (01795 417454, ndr@swale.gov.uk) for the actual rates payable.
Planning & Building Regulations
The property was previously used as a retail shop. Under the recently amended Town & Country (Use Classes) Order 1987, the unit falls within Class E (Business). It is therefore considered that the property can be used for a variety of uses including retail, restaurant, medical, creche and fitness, subject to contract.It is the responsibility of the purchaser or tenant to satisfy themselves that the intended use of the property complies with the relevant planning permission and building regulations in force at the time of the purchase or letting.
Legal Costs
Ingoing tenant to be responsible for both parties legal costs.
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