Mixed, retail, office and residential investment opportunity. Currently producing £59,800 per annum
For sale - £685,000
22 - 26 Union Street, Maidstone, Kent, ME14 1ED
Property description
This substantial property provides a mixed, retail, office and residential investment opportunity in the centre of Maidstone. The building provides two retail units, and office and a flat all let and income producing. There is a car park to the rear accessed from Church Street.
Location
The property is located in Union Street, Maidstone town centre, just off the prime retail area of Week Street and close to the nearby Fremlin Walk shopping centre. The premise are located on the corner of Union Street and Church Street.Maidstone is the County Town of Kent and is served by mainline railway services at Maidstone East and West.
Accommodation
22 Union Street - Ground FloorCoffee shop including servery & seating area: 307 sq ft (28.56 sq m)Store/baker room: 34 sq ft (3.2 sq m)WC facilitiesDoor to rear yard and one parking space24-26 Union Street - Ground FloorHome MediaGround Floor retail area: 560 sq ft (52 sq m)Right rear demo room: 151 sq ft (14 sq m)Left rear demo room: 144 sq ft (13.4 sq m)First FloorKitchen: 84 sq ft (7.8 sq m)Middle room: 228 sq ft (21.2 sq m)Front room: 133 sq ft (12.36 sq m)Second FloorRear room: 95 sq ft (8.8 sq m)Front room: 152 sq ft (14.1 sq m)Basement: 113 sq ft (10.5 sq m)Two parking spaces22a Union Street - First & Second Floor OfficeFirst floor: Office 1: approximately 149 sq ft (13.84 sq m)Office 2: approximately 84 sq ft (7.8 sq m)Kitchen: approximately 57 sq ft (5.3 sq m)WC facilitiesSecond floor: Office 3: approximately 147 sq ft (13.7 sq m)Office 4: approximately 84 sq ft (7.8 sq m)One parking space24a Union StreetFirst FloorKitchenDinerLoungeBathroomSecond Floor:BedroomBedroomOne parking space
Terms
For Sale Freehold subject to the various tenancies.Property 22 Union Street (Ground Floor)Tenant: Coffee ShopPassing rent: £12,000 per annum to be paid quarterly in advanceTerm: 10 years from 1st January 2018Rent Review: 31st December 2022 and every five years thereafterRepair, Decoration & Insurance: virtual full repairingProperty 22A Union Street (1st & 2nd Floors)Tenant: The Right Tuition CompanyPassing rent: £8,000 per annum to be paid quarterly in advanceTerm: 5 years from 18th May 2022Rent Review: 18th May 2025Repair, Decoration & Insurance: virtual full repairingProperty 24-26 Union Street (Basement & Ground Floor of 24 & whole of 26)Tenant: Home Media LimitedPassing rent: £26,000 per annum to be paid monthly in advanceTerm: 5 years from 24th March 2024Rent Review: N/aRepair, Decoration & Insurance: virtual full repairingProperty 24a Union Street (1st & 2nd Floors)Tenant: Private individualPassing rent: £1,150 per monthTerm: Assured Shorthold Tenancy from 16 December 2025
Price
£685,000 (No VAT is payable)
Rateable Value
Property - 22 Union Street (Ground Floor)Description: Shop & premisesRateable Value (2026) £7,800UBR in £ 43.2pProperty - 22A Union Street (1st & 2nd Floors)Description: Shop & premisesRateable Value (2026) £7,100UBR in £ 43.2pProperty 24-26 Union Street (Basement & Ground Floor of 24 & whole of 26)Description: Shop & premisesRateable Value (2026) £20,000UBR in £ 43.2pRates Payable: Potentially nil if this is the occupiers only property as occupiers of premises with a Rateable Value below £12000 may qualify for full relief.Potential applicants are advised to check with the Local Rating Authority Maidstone Borough Council for the actual business rates payable.
Planning & Building Regulations
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
Each party to be responsible for their own legal and other costs associated with the transaction.
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