for sale retail/office investment · 4/3/2020 · for sale –retail/office investment . the...
TRANSCRIPT
www.taylorriley.co.uk 01233 629281 [email protected]
36/38 High Street, Ashford Kent TN24 8TE
For Sale –Retail/Office Investment
Description
The property is a three storey mid terrace premises with glazed frontage at ground floor level,
beneath hung tile elevations and a pitched, tiled roof. The ground floor is let to Cashino
Gaming and comprises retail space to the front and offices and WC’s to the rear, as well as
rear access for loading. The first floor and second floors are self-contained and let to
Sagittarius Marketing, with high quality office accommodation across both floors.
Upon vacant possession we believe the upper floors offer scope for conversion to residential,
subject to planning.
Location
The property is located on the lower end of Ashford High Street, with nearby occupiers
including McDonalds, NatWest, HSBC and Sport Direct amongst others. Ashford is located
53 miles (85 km) south-east of Central London, 20 miles (32 km) south-east of Maidstone
and 21 miles (34 km) west of the Port of Dover. It is regarded as a key business location in
Kent attracting a vast amount of inward investment in both commercial and residential
development. Ashford International Station provides regular high-speed services into
London, as well as international services to Paris, Brussels and Lille. This area is undergoing
major regeneration with residential, hotel, cinema, supermarket and office developments
either proposed or under construction.
36/38 High Street, Ashford Kent TN24 8TE
Accommodation
Net Internal Area
Cashino (Ground Floor) sq m sq ft
Sales Area 79.01 850
Rear Office 1 29.37 316
Rear Office 2 11.82 127
Total 120.20 1,294
Sagittarius (First Floor) sq m sq ft
Office 194.92 2,098
Kitchen 8.35 90
Utility Room 4.56 49
Total 207.83 2,237
Sagittarius (Second Floor) sq m sq ft
Office 22.57 243
Total 22.57 243
Investment Information
Floor Use Tenant Term Passing Rent
Rent Review
Ground Retail (Sui Generis)
Cashino Gaming Limited
10 Years from 01/04/2016
£32,500 pax 01/04/2021
First / Second Office (B1) Sagittarius Marketing (Kent) Limited
8 years from 01/08/2013
£20,000 pax 01/04/2017
Total £52,500 pax *NB: A break clause accompanies the rent review for Cashino Gaming. Time is not of the essence for the
Sagittarius rent review.
Terms We are instructed to seek offers in the region of
£610,000 (Six Hundred and Ten Thousands Pounds)
subject to contract and exclusive of VAT for the
freehold. A purchase at this price would equate to a
net initial yield of 8.19%, with purchaser costs at
5.08%.
VAT We understand the property is not elected for VAT.
Legal Costs Each side to bear its own legal and professional costs.
EPC
The ground floor is rated a ‘C’. We await an EPC for
the upper floors.
Rateable Value The premises are assessed at a total rateable value of
£39,000. Applicants are advised to make their own
enquiries via Ashford Borough Council.
N.B. In accordance with Money Laundering
Regulations, we are now required to obtain proof of
identification for purchasers.
36/38 High Street, Ashford Kent TN24 8TE
NOTE: Rental, prices or any other charges are inclusive of VAT unless otherwise stated.
MISREPRESENTATION ACT 1967. These particulars are believed to correct, their accuracy cannot be guaranteed and are expressly excluded from any other contract. Any intending purchaser must satisfy himself by inspection or otherwise as to the correctness of each of the statements contained in
these particulars. No fittings, appliances or services mentioned have been tested by Sibley Pares
Viewing/Enquiries
Strictly by prior appointment through the
Surveyors. Please contact Sibley Pares
Taylor Riley. Tel 01233 629281
Josh Olney e: [email protected]