FREEHOLD RETAIL INVESTMENT FOR SALE 2D South Street & 2 ...
James Pilcher House, 49-50 Windmill Street, Gravesend, Kent, DA12 1BG Tel: 01474 537733 Fax: 01474 537039 Email: [email protected]
2D South Street & 2 Victoria Road, Deal, Kent CT14 7AW
FREEHOLD RETAIL INVESTMENT FOR SALE
Location Having won The Telegraph High Street of the Year award in 2013 Deal is a popular coastal town in east Kent, situated on the English Channel approximately eight miles north-east of Dover and eight miles south of Ramsgate. The A258 leads out of town and connects with the A2 at Dover which then leads west towards the M25 and London. The A257 leads out of Deal directly to Canterbury situated approximately 18 miles inland. It is formerly a fishing, mining and garrison town, and now benefits from a thriving independent retail centre with a Farmer’s Market on Wednesday, which sells local produce, as well as a long-running market on Saturday.
Description The property occupies a prominent position on the corner of South Street and Victoria Street, which forms part of the one way system circling the town centre, so maintains a good flow of both pedestrian and vehicular traffic. It is located just to the end of the High Street in a good secondary retail location. The property comprises two ground floor lock up shops, with two residential flats in the upper floors. The flats are sold off on long leasehold interests.
2D 2D , South Street, Deal CT14 7AW
Accommodation
Key Features
The property comprises the following, with approximate dimensions (areas are net internal):-
2D South Street G/f sales
403.65 sq ft
2D South Street Ancillary – kitchen 2 Victoria Road G/f sales
37.5 sq m
87.19 sq ft
8.1 sq m
497.23 sq ft
46.2 sq m
Leases and Tenants The shop units are both let on full repairing leases. 2 Victoria Street is let to a Richard Carson-Parker and Catherine Carson-Parker, for a term of 5 years from 1st October 2015, for a rent of £15,600, per annum, exclusive, payable quarterly in advance. There is an upwards only rent review on 1st October 2018. The lease is contracted outside of the security of tenure provisions of the Landlord and Tenant Act 1954. The tenant uses the shop for the sale of furniture, furniture paint, interior accessories and gifts. 2D South Street is let to a local business called Fonemate UK Limited, for a term of 5 years from 29th September 2015, for a rent of £10,400 per annum, exclusive, payable quarterly in advance. There is an upwards only rent review with effect from 29th September 2018. The lease is contracted outside of the security of tenure provisions of the Landlord and Tenant Act 1954. The tenant has an option to terminate the lease on 29th September 2017 (2nd anniversary) on 3 months written notice. The tenant uses the premises for the sale of mobile phones and mobile phone accessories.
Attractive freehold property in town centre location Whole building fully let - recent open market lettings Attractive net initial yield of 7.77% Small lot size
Proposal £320,000 is sought for the freehold interest, subject to contract. A purchase at this level would represent a net initial yield of 7.77% after allowing for acquisition costs of 4.8%.
Legal Costs Each party is to be responsible for their own legal costs associated with the transaction. We understand the property is not elected to tax therefore VAT will not be payable on the the purchase price.
EPC The property has an Energy Performance Certificate rating of D. A copy of the certificate is available upon request.
Location Plan
The flats in the upper parts are sold off on long leasehold interests which are subject to an annual ground rent of £25 per annum each. The total income for the property is therefore £26,050 per annum.
Tenure The property is marketed for sale freehold subject to the occupational tenancies of the shops and the long leasehold tenancies of the flats.
License No: 100053659 Copyright reserved, provided by Alcium Software Limited.
Viewing Strictly by appointment with sole agents Caxtons – via Kazeem Agboola or Charlotte Bland on 01474 537733 or [email protected] or [email protected] CVB/INVEST/SOUTHSTVICTORIAST/DEAL 18-Feb2016
2D South Street & 2 Victoria Road, Deal, Kent CT14 7AW
FREEHOLD RETAIL INVESTMENT FOR SALE
Location Having won The Telegraph High Street of the Year award in 2013 Deal is a popular coastal town in east Kent, situated on the English Channel approximately eight miles north-east of Dover and eight miles south of Ramsgate. The A258 leads out of town and connects with the A2 at Dover which then leads west towards the M25 and London. The A257 leads out of Deal directly to Canterbury situated approximately 18 miles inland. It is formerly a fishing, mining and garrison town, and now benefits from a thriving independent retail centre with a Farmer’s Market on Wednesday, which sells local produce, as well as a long-running market on Saturday.
Description The property occupies a prominent position on the corner of South Street and Victoria Street, which forms part of the one way system circling the town centre, so maintains a good flow of both pedestrian and vehicular traffic. It is located just to the end of the High Street in a good secondary retail location. The property comprises two ground floor lock up shops, with two residential flats in the upper floors. The flats are sold off on long leasehold interests.
2D 2D , South Street, Deal CT14 7AW
Accommodation
Key Features
The property comprises the following, with approximate dimensions (areas are net internal):-
2D South Street G/f sales
403.65 sq ft
2D South Street Ancillary – kitchen 2 Victoria Road G/f sales
37.5 sq m
87.19 sq ft
8.1 sq m
497.23 sq ft
46.2 sq m
Leases and Tenants The shop units are both let on full repairing leases. 2 Victoria Street is let to a Richard Carson-Parker and Catherine Carson-Parker, for a term of 5 years from 1st October 2015, for a rent of £15,600, per annum, exclusive, payable quarterly in advance. There is an upwards only rent review on 1st October 2018. The lease is contracted outside of the security of tenure provisions of the Landlord and Tenant Act 1954. The tenant uses the shop for the sale of furniture, furniture paint, interior accessories and gifts. 2D South Street is let to a local business called Fonemate UK Limited, for a term of 5 years from 29th September 2015, for a rent of £10,400 per annum, exclusive, payable quarterly in advance. There is an upwards only rent review with effect from 29th September 2018. The lease is contracted outside of the security of tenure provisions of the Landlord and Tenant Act 1954. The tenant has an option to terminate the lease on 29th September 2017 (2nd anniversary) on 3 months written notice. The tenant uses the premises for the sale of mobile phones and mobile phone accessories.
Attractive freehold property in town centre location Whole building fully let - recent open market lettings Attractive net initial yield of 7.77% Small lot size
Proposal £320,000 is sought for the freehold interest, subject to contract. A purchase at this level would represent a net initial yield of 7.77% after allowing for acquisition costs of 4.8%.
Legal Costs Each party is to be responsible for their own legal costs associated with the transaction. We understand the property is not elected to tax therefore VAT will not be payable on the the purchase price.
EPC The property has an Energy Performance Certificate rating of D. A copy of the certificate is available upon request.
Location Plan
The flats in the upper parts are sold off on long leasehold interests which are subject to an annual ground rent of £25 per annum each. The total income for the property is therefore £26,050 per annum.
Tenure The property is marketed for sale freehold subject to the occupational tenancies of the shops and the long leasehold tenancies of the flats.
License No: 100053659 Copyright reserved, provided by Alcium Software Limited.
Viewing Strictly by appointment with sole agents Caxtons – via Kazeem Agboola or Charlotte Bland on 01474 537733 or [email protected] or [email protected] CVB/INVEST/SOUTHSTVICTORIAST/DEAL 18-Feb2016
